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Bitcoin P2P Currency: A Dangerous Project?

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posted on May, 15 2011 @ 03:43 PM
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Found this about Bitcoin and I like it:

What Are Bitcoins?
=========
Bitcoins are virtual coins in the form of a file that is stored on your device. These coins can be sent to and from users three ways:

1. Direct with peer-to-peer software downloaded at bitcoin.org
2. Via an escrow service like ClearCoin
3. Via a bitcoin currency exchange

Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.

The benefits of a currency like this:

a) Your coins can’t be frozen (like a Paypal account can be)
b) Your coins can’t be tracked
c) Your coins can’t be taxed
d) Transaction costs are extremely low (sorry credit card companies)

-----------------
After month of research and discovery, we’ve learned the following:

1. Bitcoin is a technologically sound project.
2. Bitcoin is unstoppable without end-user prosecution.
3. Bitcoin is the most dangerous open-source project ever created.
4. Bitcoin may be the most dangerous technological project since the internet itself.
5. Bitcoin is a political statement by technotarians (technological libertarians).*
6. Bitcoins will change the world unless governments ban them with harsh penalties.

You can watch a simple video here:






Read the full story here:
launch.is...
edit on 15-5-2011 by ckno1 because: (no reason given)




posted on May, 15 2011 @ 03:54 PM
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I already use them!

It's great because if you help out with the processing of transactions by offering your own hardware to the P2P network, you can be awarded transaction fees which are usually only a bitcent (0.01).

I don't think it is dangerous at all.

I think they can't really do much about it because it does not replicate the "official" currency in any way, unless they decide to ban all unofficial currencies which would include things like arcade tokens, air miles, cdn tire money, facebook credits, et cetera.



posted on May, 15 2011 @ 04:07 PM
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a new form of enslavement

use gold

silver

or

barter

screw the new world order



posted on May, 15 2011 @ 04:18 PM
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Originally posted by Truther9111776
a new form of enslavement

use gold

silver

or

barter

screw the new world order


P2P means the whole thing is operated by everyone. You don't have to get chipped or whatever by the bank, because YOU ARE THE BANK!



posted on May, 15 2011 @ 04:19 PM
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Am I the only one that doesn't understand that at all? Bitcoin mining? What the hell?



posted on May, 15 2011 @ 04:25 PM
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Originally posted by TKDRL
Am I the only one that doesn't understand that at all? Bitcoin mining? What the hell?


BitCoin mining is this:

Let's say I love bitcoin so much that I want to help them somehow.

What I would do, is I would go out and buy a super awesome computer and then run the BitCoin software on it. Then I would click "Generate Coins".

What this does, is uses my super awesome computer to process completely anonymous transactions for people as well as do some extreme number crunching so that a certain amount of BitCoins are distributed to avoid inflation.

A reward for this, would be me getting a certain amount of those new bitcoins depending on how much numbers or how much my super awesome computer is helping.



posted on May, 15 2011 @ 04:42 PM
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reply to post by Conscious
 


Sounds really odd. Is this part of that cloud computing stuff you always hear about? Also, I hope whatever it does is encrypted and not able to be traced... What if it has your computer doing something illegal like DDOS



posted on May, 15 2011 @ 04:49 PM
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I always enjoy new technologies, but I don't think what we need is more/different currencies, it is MY point of view that the whole concept of "money" is retarded from a humane pov and useful only as a control/exploitation tool.
Interesting subject nonetheless.



posted on May, 15 2011 @ 04:51 PM
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Originally posted by TKDRL
reply to post by Conscious
 


Sounds really odd. Is this part of that cloud computing stuff you always hear about? Also, I hope whatever it does is encrypted and not able to be traced... What if it has your computer doing something illegal like DDOS


It's open source software, programmers like me can openly view the code behind it and see what it is doing.

BitCoin is almost completely anonymous because you have a unique ID that can be renewed or thrown out at any time. The only problem is IP addresses. IP addresses are traceable to the ISP, and in most cases can not be renewed unless dynamic.

But that is the internets fault and not BitCoins.

Cloud computing is a whole other disgusting story, and I encourage you to stay away from all cloud-based computing nonsense.

Cloud Computing is just corporations asking you to save YOUR files on their SERVERS. Which means if you can't get to their servers, you can't get to your files. They want you to pay for this absurdity too.
edit on 15-5-2011 by Conscious because: (no reason given)



posted on May, 15 2011 @ 04:59 PM
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its just another fake currency,just like the one zynga created on facebook.....they will create/print as many coins as your wallet can afford and more.



posted on May, 15 2011 @ 05:07 PM
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reply to post by Conscious
 


I guess that helps, if people unlike me, that know programming language can scrutinize it. Maybe when I get my super computer this summer I will check it out... Only thing I am worried about it the bandwith using, stupid tiered limited internet we have here


I do 3D CGI, and paint in photoshop at 40 inch squared size 300 DPI. I honestly don't think any of those cloud computers would be any good for me. External hard drives are pretty cheap, and they don't cost a monthly fee. I will be sticking to regular old PC's



posted on May, 15 2011 @ 05:10 PM
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I think Bitcoin is a good idea. For instance companies like Paypal are known to rob people of their assets. Paypal is a bank that does not have to abide by any banking regulation. VISA and Mastercard are for stores. Their plan is not to let average citizens do trade with one-another. And the government think it's a crime to have too much cash. Currency needs to be outside the control of banks and government. Peer to peer is the ONLY hope mankind has to survive.



posted on May, 15 2011 @ 07:31 PM
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Thankyou for bringing this to my attention! This must be the single most important discovery and something i see will gain enormous traction once it hits mainstream.

This is the first time a monetary system has been done correctly, from what i see!

Yes, there really is hope, and open-source mindset is really fighting tyranny on all fronts.



posted on May, 15 2011 @ 10:40 PM
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Sooo....?!?!?1

What the bla do i do with these COINS?!?

Can a buy a car?
Can i go to the grocery and buy some?!?

WHAT????



posted on May, 16 2011 @ 02:54 AM
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Unfortunately nobody clicks the link for all answers:


Where Do Bitcoins Come from?
=========
Bitcoins are created by a complex algorithm. Only 21M can be made by the year 2140. Your desktop bitcoin software can make bitcoins, but at this point the electricity and time it would take to produce a bitcoin is larger than the actual value of a bitcoin (your laptop might take five years to make one, and they currently trade at $6.70 per bitcoin [ see mtgox.com... for the latest exchange rate ].

Bitcoin miners use super cheap GPUs (not CPUs) to create the coins, but as more people come online to make them, the algorithm adjusts so that one block can only be made every 10 minutes.


Who Invented Bitcoins?
=========
An individual with the name -- or perhaps handle -- of Satoshi Nakamoto first wrote about bitcoins in a paper called Bitcoin: A Peer-to-Peer Electronic Cash System. This person has stepped back from the project and trusted Gavin Andresen to take charge as the project’s technical lead.


How Does One Buy and Sell Bitcoin?
=========
Currently Paypal and credit card companies are making it illegal to sell bitcoins. Why? Simple: PayPal’s terms of service prohibit "currency exchange."

CoinPal had its account frozen, details here.

Given that you can’t whip out your Paypal account and buy them, and that it will become harder and harder to get them, bitcoins will be bartered for services in the real world.

For example, a Hacker News community member named Nicholas Carlson just boasted that he is being paid for a programming project in bitcoins.


Bitcoins in Real Life
============
In the next year you’ll hear about people in casinos in Vegas buying and sell bitcoins for cash and casino chips.

Imagine a bachelor party comes to Vegas and STNY (someone that’s not you) gives $550 to a guy at a bar and he takes out his laptop or tablet and ships 100 bitcoins to STNY’s phone. STNY then goes to Craigslist and ships some bitcoins to an escort and a drug dealer, who then show up in person to provide goods and services.


The Drug Underground and Bitcoin
============
Last month folks were buzzing about an online drug marketplace called SilkRoadMarket, which was reportedly trading in, well, all kinds of drugs: marijuana, mushrooms, '___', ecstasy and '___'.

Of course, since bitcoin transactions are untraceable, you would have zero recourse if you sent a dozen bitcoins to someone for a couple of tabs of '___'. Just like you might lose your $10 if you gave it to a kid in the school yard for a dime bag and he never came back.


Let’s Make Some Predictions
============
We are 100% certain that governments will start banning bitcoins in the next 12 to 18 months. Additionally, we’re certain bitcoins will soar in value and a crush of folks will flood the system and start using them.

Currently there are 6M coins at $6.70 each for a total economy of about $40M. Bitcoin speculation and hoarding will also cause a massive spike in bitcoin value. For example, if 10M people find out about bitcoins in the next year and want to buy $100 worth, $1B will be infused into the bitcoin economy.

Finally, there will be massive breakage in bitcoins. If your laptop crashes and you didn’t back up your bitcoins, well, you’re SOL. If someone steals you laptop that has 10,000 bitcoins on it you won on Bitcoin Poker, you’re SOL. Lost your USB drive with 500 bitcoins on it after a night out on the town? You’re SOL.

Sites like 99designs, eLance and oDesk will start accepting bitcoins for payment. If they don’t, they will face competition from folks who do.

Bottom line: The world is going to be turned over by bitcoins unless governments step in and ban them by prosecuting individuals.



posted on May, 16 2011 @ 03:26 AM
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Damn



Sounds cool enough



posted on May, 16 2011 @ 04:41 AM
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reply to post by ckno1
 

Being one to reject most technology I do not wish to have the monetary system turned into something you do on your cell phone or ipad and not have in your hand. I prefer to have a little in my pocket thank you. If you cannot use the devices you cannot access your money. Reminds me of during the recent storms in the south, I went into a grocery that had not closed yet but the power was off. They couldn't ring anyone up. A store full of food for sale, but not one genius in there had the sense to ring an order with a pen and paper, or even a caculator. They would starve to death with their technology based systems.



posted on May, 16 2011 @ 08:36 AM
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reply to post by space cadet
 


Well, one has to keep in mind that when they ring someone up in stores today it's not just to calculate how much you owe them. It's also one of the primary tools of the inventory management system so that the milk and eggs you just bought get subtracted from the inventory to help them keep track of when they have to order more.

It's possible that they could have done it without even then, but it would require them to somehow manually keep track of every single item UPC sold and then ring them up after the power came back on. While possible, it's a bit impractical, and I doubt any store would be concerned enough about the sales enough to risk it.

To the OP...the whole bitcoin thing sounds a bit strange and I find it doubtful that it's going to go all that far. Would be interesting to see what becomes of it.
edit on 16-5-2011 by Dashdragon because: (no reason given)



posted on May, 16 2011 @ 10:50 AM
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Anyone who has a firm idea and canot produce information
so that the SIMPLEST can understand IS witholding INFO.

I still dont get the WHOLE picture...
AND, its hard to get information.

Thus, im not only sceptic but i also
suspect it´s designed to make trouble...



posted on May, 16 2011 @ 10:53 AM
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I don't get it you all complain your Dollar is no longer made from GOLD or SILVER it is paper and worthless.

You cannot go and ask for your dollar's worth of gold with your dollar treasury receipt.

Now you want to support a fictional currency online, can I exchange that for gold?

So let me get this right, Bitcoin is backed by the Dollar, which is back by?


edit on 16-5-2011 by zookey because: (no reason given)




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