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Bitcoin - The Future of Digital Currency
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Knightrous
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Joined: 15 Jun 2004
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http://hackaday.com/2013/12/03/stealing-100-million-in-bitcoins/

Blackmarkets are taking some punishment Smile
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Post Wed Dec 04, 2013 9:06 am 
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Spockie-Tech
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A fool and their money are soon parted. Smile

What kind of idiot leaves any significant amount of money sitting in an account on a fundamentally untraceable website (tor) in a crypto-currency ? A soon-to-be robbed fool.

Still, its interesting to see the "manhunt" that is developing for the stolen coins. Some guy has come up with the clever idea of sending uniquely recognisable tiny amounts of Bitcoins (0.000666 for example) to the known stolen wallets, allowing him to follow them through tumblers and other anonymising services as the thief attempts to hide where the coins came from.

It wont get the coins back for those robbed, but it *might allow them to link them to a person eventually if he tried to cash out or something. Interesting trail following

Oh, Someone has done something I thought would be a good idea a while back. This is well worth a look.

http://coinmap.org/


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Post Wed Dec 04, 2013 12:19 pm 
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Knightrous
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It might be interesting if the guy that did it isn't interested in cashing in. If he just 'loses' them, it's a whole bunch of coins goneski from the system. Speeds up the move to Satoshi's though Laughing
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Post Wed Dec 04, 2013 1:01 pm 
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Knightrous
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So it appears that Satoshi Nakamoto has been found.

http://arstechnica.com/business/2014/03/bitcoin-creator-satoshi-nakamoto-revealed-after-years-of-mystery/

If he is indeed the real person, he seems like an interesting character.
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Post Fri Mar 07, 2014 9:33 am 
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Spockie-Tech
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Typical Mainstream Media Beat Up. (which they are now backing away from)

Find some poor Schmoe with the same name, claim its him, and because he doesnt speak english well, his response of "I am not involved and I cant talk about it" (due to his prior work agreements) becomes "I am no longer involved and I wont talk about it"

Even if he *was the initial idea creator, what right does that give her to publish all his personal details without his consent ? Putting his name, address, car rego, and everything of someone who supposedly owns hundreds of millions of dollars worth of coins into the public domain. The guy lives with his 90+ year old ma.. Why not just hang a "Kidnap/Blackmail Me !" sign on his door while you are at it ?

The two bit sleaze Journo who published all this poor guys details needs her ass reamed for this pathethic attention grabbing stunt. I hope he sues her and her trashy rag into oblivion.
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Post Sat Mar 08, 2014 12:10 pm 
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Valen
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Joined: 07 Jul 2004
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I now have .04btc from helping somebody on IRC ;->
I'm *in*!

Now to wait 20 years until i'm a gazillionaire lol.

Or I fire up a miner on this and all the other computers I look after lol https://www.dropbox.com/lightbox/home/shared%20pics
free electricity means free money right !@#$ the planet?
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Post Mon Mar 10, 2014 1:58 pm 
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Spockie-Tech
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Remember when I told you all about them ** $3 each ? Wink

I dont think it will take 20 years. The next year or so should tell whether this thing is going to fly. Id say its looking about 80% likely so far.. Smile

I think mining has moved out of the reach of individuals with non ASIC's these days. I recall Mining about 0.4 (I forget) coins with my Radeon something or other gfx card years back with about 6 weeks of work..

Nowaadays, if you had free electricity, lived in iceland and needed a heater and had enough warehouse space to fill it with Radeons you *might make a living out of them Smile

It was quite some time ago that the Bitcoin network exceeded the power of the *worlds top *500 Super Computer *combined. ! Shocked
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Post Mon Mar 10, 2014 3:40 pm 
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Valen
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I heard about them before they were $3 each and well before GPU mining was a thing lol. I coulda paid my house off :-<

But the stock side aside it was nice being able to do an international funds transfer without 16 banks and 14 governments taking a slice.

I can see it being the "next pay pal"

That said I think it'll be replaced by something instant, no 10 minute block chain times.
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Post Mon Mar 10, 2014 4:02 pm 
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Spockie-Tech
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quote:
Originally posted by Valen:

I can see it being the "next pay pal"

That said I think it'll be replaced by something instant, no 10 minute block chain times.


I cant see *how. Strong Crypto isnt going to happen on consumer-grade hardware in anything like *instant or close to it.

For that matter, EFTPos isnt "instant" either, its just *looks that way to the end user. Because the banks/merchants accept the chargeback-risk in return for the convenience of payment. Try bying $5k worth of stuff with your Visa over the phone and you will find they all want a signature in person to pass the risk to the bank.

Bitcoin Payment systems can do the same. If you are buying less than say $50 worth of stuff, the merchant can be 99% sure youve paid as soon as the transaction hits the network (seconds). He can be 99.99% sure with just 1 confirmed block (usually ~5min), most high value merchants (1K+) accept 3 blocks as being pretty solid.

People can built instant confirmation systems *on top of the bitcoin protocol and the clearing can take place in the background just like visa does daily, but bitcoin does constantly.

I keep hearing hopefuls saying "something better will come along". (hoping to get in earlier on "Bitcoin V2.0" )..

Personally, I doubt it.

Something Open source, multi OS client, with the years of R&D and testing that Bitcoin already has, with hundreds of thousands of people running their PCs, FPGA's, ASICS and so on taking care of the crypto, with a multitude of exchanges, payment gateways, markets, forums, mindshare and so on ? Not very likely.

Im sure others will *try, VisaCoin, Litecoin, Dogecoin, buttcoin, whatever, they are all just imitators riding off the original open source code with tiny tweaks and little to offer .
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Post Mon Mar 10, 2014 7:27 pm 
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Valen
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The total volume of transactions to be processed won't change so the amount of crypto needed isn't much different if you process transactions instantly vs 10 minute blocks.
bitcoin rewards doing lots of pointless crypto which is where there is so much of it.
I would suggest a better reward would be for processing transactions, have people compete to get the most transactions by offering the lowest transaction fee or something like that.

Most eftpos transactions are instant, try shopping with a zero balance on your card and it'll generally be declined, the banks all got together on that one fairly recently and created a new clearing house for the transactions.

The merchant wanting you to sign is about accepting liability for a fraudulent transaction IE the customer saying it wasn't them. If you have a signature that matches the card the bank accepts the liability and the merchant isn't liable for the fraud. I'm not sure which way it plays out with a pin. Anything without that and the merchant is liable for chargebacks in the case of a fraud claim.
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Post Tue Mar 11, 2014 12:35 am 
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Nick
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Joined: 16 Jun 2004
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That's some very good ideas, its a lot like the way that the credit transaction company I worked at did things.

Post Tue Mar 11, 2014 1:00 am 
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Jaemus
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Where can I get a DogeCoin? Such currency, wow.
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Post Tue Mar 11, 2014 8:48 am 
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Spockie-Tech
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Bitcoins "Pointless" Crypto isnt pointless. Smile

The whole "Wasted electricity" thing is another media wank point. Its how the network is secured and why it has *not been hacked in any way, despite *individual companies* poor implementation system being hacked, the Bitcoin protocol is completely untouchable so far.

The rapid rise in mining power is a great example of why you *need to be doing this type of thing. If there was a fixed crypto payment system with billions/trillions floating around in it, how long would it take for a few pools to arise to break it ?

The "wasted power" of bitcoin that the media likes to waffle about is completely *wrong.

How much do you think it costs to print money (paper, polymer or metal coins), constantly reissue/ replace it as it wears out (days to years), securely destroy the old notes, transport them around the country in petrol powered armoured trucks with security guys standing guard over them, build bank vaults, safes, ram-raid proof atm's, pursue and prosecute counterfeiters, and all of the other costs Ive missed associated with physical fiat currency ?

I used to work at Note-Printing-Australia (where the polymer notes are made), and I can tell you the process of creating, supporting, securing and distributing normal money (and thats just around 1 country) far outweighs the cost of the electricity consumed to secure the Bitcoin Crypto Network.

And thats not even taking into account the fact that bitcoins are as easy to send across the world as they are across the street, which certainly isnt the case for normal money either.

Anyway, enough ranting Smile
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Post Tue Mar 11, 2014 11:48 am 
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seanwilliam1988



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“And the online Casino's that are now using them.” - Online gambling industry is actually one of the huge contributors in the bitcoin community. As far as I know, online casino is one of the first industries that accepted bitcoin as form of payment.[/url]

Post Sat Apr 12, 2014 8:27 pm 
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Knightrous
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http://arstechnica.com/security/2014/06/bitcoin-security-guarantee-shattered-by-anonymous-miner-with-51-network-power/

That's a lot of processing power....
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Post Tue Jun 17, 2014 9:02 pm 
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