BITCOIN Revolution

Discussion of all things crypto and blockchain.
kingofthesea2003
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Joined: Mon Jul 23, 2012

BITCOIN Revolution

Postby kingofthesea2003 » Mon Dec 02, 2013

I watched an interesting program on-line last night given by Michael Robinson. In it he tells how Thomas Edison tried to re-invent paper currency in 1921 and how others thru the years have improved on a method of truly coming up with a form of untrackable and unmanipulateable money. I guess in 2009 Bitcoin came into being and since then feathercoin, litecoin, goldcoin and a few others have come into vogue. I have noticed more than a few stores, Ebay sellers, Amazon sellers and others are now accepting some of these as payment. In the program Mr. Robinson warned that precious metals would lose most of their value as hedges against inflation He actually said worthless unless used for jewelry, electrical and manufacturing applications. Bitcoin, etc., cannot be counterfeited. The various cyber monies also cannot be manipulated by any financial or banking entities. Value is strictly set by supply and demand.
He says China is dumping huge amounts of gold, etc. on the market that is causing supply to far outweigh demand.
I think before all is said and done Edison will have achieved his Revenge on the Fed.

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spincity
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Re: BITCOIN Revolution

Postby spincity » Mon Dec 02, 2013

These Virtual currencies are not without security issues:
http://www.networkworld.com/news/2013/1 ... 76352.html
Million-dollar robbery rocks Bitcoin exchange
Latest BTC security breach affects major European exchange, which shuts down personal wallet service
By Jon Gold, Network World
November 25, 2013 04:26 PM ET

Network World - Bitcoin Internet Payment Services, a Denmark-based exchange billing itself as Europe's biggest, was robbed of bitcoins worth more than $1 million in a theft that took place over the course of the past several days.

Bitcoins are a decentralized digital currency generated by computers “mining” for the solutions to complex math problems, and authenticated on a peer-to-peer basis – not by a central banking authority. It’s the third major heist this month – about $1.4 million worth was stolen several weeks ago from an anonymous Australian who ran an online wallet service known as Inputs.io, and a Chinese exchange abruptly vanished two weeks ago, taking more than $4 million with it.

[MORE BITCOIN: Online gaming company settles complaint over secret bitcoin mining]

Smaller thefts, which affected consumer exchanges in the Czech Republic and Poland, have also taken place this month.

In the latest incident, BIPS was apparently targeted by a distributed denial-of-service attack earlier this month. A follow-up attack, according to bitcoin news site Coindesk, subsequently knocked out key security systems and allowed the thieves to make off with 1,295 BTC.

In response to the incident, BIPS said in a statement that it was forced to pull the consumer payments functionality of its services off-line, and warned users that they would have to transfer any balances to a different wallet service.

“BIPS will temporarily close down the wallet initiative to focus on real-time merchant processing business which does not include storing of Bitcoins,” the statement said, adding that BIPS will attempt to re-open its consumer wallet service with improved security measures in the future.

BIPS customers aren’t happy with the exchange’s response to the incident. Many have taken to the Bitcointalk forums to accuse BIPS’ leadership of carelessness – and, in several cases, hinted at actual malfeasance. One user, who says he or she lost 90 BTC (about $71,000, at the time of this writing), has created an online form so that others can sign up to be part of possible legal action against BIPS.

Bitcoins, thanks to their general anonymity and lack of centralized regulation, have become popular among illegal users, who can use it as a convenient medium of exchange for illicit goods or services. Huge price spikes have driven the value of a bitcoin to more than $750, making the crypto-currency an attractive target for unscrupulous hackers.

Email Jon Gold at jgold@nww.com and follow him on Twitter at @NWWJonGold.

Read more about security in Network World's Security section.

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eventurer
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Re: BITCOIN Revolution

Postby eventurer » Mon Dec 02, 2013

Why isnt bitcoin able to be manipulated? Seems like with any commodity that has supply and demand can be manipulated with deep enough pockets.
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tnradcon
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Joined: Thu Jul 04, 2013

Re: BITCOIN Revolution

Postby tnradcon » Mon Dec 02, 2013

I think I'll just keep stacking. Downward pressure on PMs is music to my ears.

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mnymgr1
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Re: BITCOIN Revolution

Postby mnymgr1 » Mon Dec 02, 2013

the stream of past historical data for transactions keeps them from being manipulated, I think.

what I found interesting this weekend was reading about some techie who threw out an old harddrive and with it, a whole bunch of BTC. When reading about BTC and how they will eventually number 21million, keep in mind all these people losing them will never be found again. And currency, or hedges against inflation, must be used and spread among different parties so they all accept it as 'money'. 21 million BTC is not much in the whole scheme of things. And the big watch and see for everyone should be how many of these currencies are released under different names. It is fairly easy to start this all up and have a coin come out named mnymgr1Coin. Multiply by a million different coins and all of a sudden, what are they worth ? Meanwhile, God isn't making us more silver (I think :) )
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