Author Topic: Bitcoin currency (merged topics)  (Read 247342 times)

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #270 on: May 31, 2015, 04:17:20 PM »
Bet DPR wishes he'd pled out. Dude didn't have a clue he was in way over his head.

Here's a good article: http://arstechnica.com/tech-policy/2015/05/sunk-how-ross-ulbricht-ended-up-in-prison-for-life/

Offline R_Morgan

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Re: Bitcoin currency (merged topics)
« Reply #271 on: May 31, 2015, 05:38:12 PM »
I think he was hoping for a privacy advocate who snuck in under the radar and would hold out in the jury. I wouldn't have don't had I been there

However he had to know that the government was going to pull out all the stops, push every charge they could and make an example of him. 

Truth is he is correct. He did make drug purchasing safer and more reliable.

Drugs should be safe. People used to be shot and killed over buying booze and being robbed when trying to buy it in back alleys with trucks, etc.   

However he lost his credibility with my libertarian sensibilities and philosophy when he ordered multiple deaths, thought they had been carried out and ordered more.   

He should be guilty of conspiracy to commit murder. But that's it.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #272 on: June 01, 2015, 04:22:58 AM »
He should be guilty of conspiracy to commit murder. But that's it.

Well, that part of the saga will be tried in Baltimore in a few months. Even if he gets off on appeal for his current sentence, he won't beat the murder for hire.  He's screwed.  Totally screwed.

Offline R_Morgan

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Re: Bitcoin currency (merged topics)
« Reply #273 on: June 01, 2015, 05:47:15 AM »
Well, that part of the saga will be tried in Baltimore in a few months. Even if he gets off on appeal for his current sentence, he won't beat the murder for hire.  He's screwed.  Totally screwed.

I feel for the families that had sons, etc od on the drugs they bought there, however the fact that silk road existed was not the cause for them to start using it was merely a new avenue for them to buy their drugs. If silk road had not been there the outcome would have likely been the same and would they have preferred them to have had to drive into nasty parts of town and knock on doors of run down houses or go to their mailbox? 

Drug addicition is a horrible thing, but a website doesn't cause it, many factors and choices in their lives prior to it led to their od. As a father I understand, I would be lashing out at whatever I could find. I never fault the bereaved over bad judgements such as sandy hook. I never fault those parents for calling for gun control, I fault the pushers using them for their own benefit.

Offline Prodigy

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Re: Bitcoin currency (merged topics)
« Reply #274 on: June 01, 2015, 08:06:39 AM »
This is probably the most stark example of the difference in legal classes.  He was a small fish going against the stream, creating a place for people to buy and sell anything online:  Life in prison.  Meanwhile, a huge bank (and likely many more in the future) is found to have been working directly with one of the biggest drug cartels in the world (you know, the kind that actually murders scores of people every week):  slapped on the wrist with a relatively small fine.

http://www.huffingtonpost.com/avinash-tharoor/banks-cartel-money-laundering_b_4619464.html

Quote
Bank of America, Western Union, and JP Morgan, are among the institutions allegedly involved in the drug trade. Meanwhile, HSBC has admitted its laundering role, and evaded criminal prosecution by paying a fine of almost $2 billion. The lack of imprisonment of any bankers involved is indicative of the hypocritical nature of the drug war; an individual selling a few grams of drugs can face decades in prison, while a group of people that tacitly allow -- and profit from -- the trade of tons, escape incarceration.



Well, that part of the saga will be tried in Baltimore in a few months. Even if he gets off on appeal for his current sentence, he won't beat the murder for hire.  He's screwed.  Totally screwed.

Yep, I think Ulbritcht is a POS who deserves prison for life, but certainly not for the reasons he was sent there.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #275 on: July 06, 2015, 02:29:47 PM »
$275/BTC

Been awhile since we've seen this steep a climb.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #276 on: July 08, 2015, 01:42:12 PM »
For all the brain wallet fans out there, it's not as safe as you think.

http://www.wired.com/2015/07/brainflayer-password-cracker-steals-bitcoins-brain/


Quote
Reddit user “thonbrocket,” describes how they had used a phrase from an obscure poem in Afrikaans as a passphrase, and was shocked to find that it was guessed.


Random beats "clever" every time.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #277 on: July 21, 2015, 12:55:32 AM »
Another great Antonopoulos talk:  https://youtu.be/_0mykANOMGQ

In bitcoin land, Roger Ver may be Jesus, but Andreas Antonopoulos is the Apostle Paul.

Offline David in MN

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Re: Bitcoin currency (merged topics)
« Reply #278 on: July 21, 2015, 09:56:28 AM »
Another great Antonopoulos talk:  https://youtu.be/_0mykANOMGQ

In bitcoin land, Roger Ver may be Jesus, but Andreas Antonopoulos is the Apostle Paul.

Andreas is like the best ambassador of the cause. He's done Rogan a few times as well.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #279 on: July 31, 2015, 11:47:33 PM »
Japan has arrested Mark Karpeles in connection with the bitcoin losses at Mt Gox:  http://www.bbc.com/news/world-asia-33745611

Offline David in MN

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Re: Bitcoin currency (merged topics)
« Reply #280 on: August 19, 2015, 07:30:13 AM »
Lyn Ulbricht (mother of Ross Ulbricht the convicted owner of Silk Road) on the Freedom Feens.  Interesting if biased discussion.

http://www.freedomfeens.com/2015/08/15/interview-with-lyn-ulbricht-mother-of-silk-road-hero-ross-ulbricht-freedom-feens-radio/

Offline bigbear

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Re: Bitcoin currency (merged topics)
« Reply #281 on: September 02, 2015, 02:08:19 PM »

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #282 on: November 03, 2015, 12:25:38 PM »
Bitcoin has blown past $300 and now $400 in the last few days. China's exchanges have the highest volumes, leading some to speculate that the population there is utilizing it as a way to avoid capital controls and currency devaluation brought on by their economic downturn. But, who really knows?  It's been almost exactly two years since the $1200 price spike.

Offline Prodigy

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Re: Bitcoin currency (merged topics)
« Reply #283 on: November 04, 2015, 12:31:23 PM »
I used to have a bitcoin price monitor app on my phone that would alert me with any change greater than 3% (up or down).  I hadn't had it on for a few months, but just today decided to see where things were at.  Over 100% increase since my last check, most of that in the last 2 days.  Weird timing on my part.

And now I'm getting multiple alerts every hour, which means swings of 3% or more.  I still don't worry about the price, but it's a passing interest at this point.  Might turn that app off for now, though...

The only reason I could foresee bitcoin not doing very well long term is goverment regulation.  If all the states step up and follow New Yorks example, it will be the death of bitcoin innovation, entrepreneurs, and usage in the US.



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Re: Bitcoin currency (merged topics)
« Reply #284 on: December 09, 2015, 05:33:02 AM »
Bitcoin: Sydney home of suspected founder Craig Steven Wright raided by Australian Federal Police over Australian Tax Office warrant.

http://www.abc.net.au/news/2015-12-09/bitcoin-suspected-founder-craig-wright-home-raided-by-afp/7014254

Well I always thought that the mysterious founder of Bitcoin was a Japanese American, Dorian Nakamoto....now it seems Bitcoins roots may be linked to Australia....perhaps a collaboration between the Silicon Valley and Kangaroo Valley??

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #285 on: December 09, 2015, 08:03:32 AM »
Bitcoin: Sydney home of suspected founder Craig Steven Wright raided by Australian Federal Police over Australian Tax Office warrant.

http://www.abc.net.au/news/2015-12-09/bitcoin-suspected-founder-craig-wright-home-raided-by-afp/7014254

Well I always thought that the mysterious founder of Bitcoin was a Japanese American, Dorian Nakamoto....now it seems Bitcoins roots may be linked to Australia....perhaps a collaboration between the Silicon Valley and Kangaroo Valley??

Definitely unexpected. Very interesting.

Offline Prodigy

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Re: Bitcoin currency (merged topics)
« Reply #286 on: December 09, 2015, 09:20:02 AM »
Well I always thought that the mysterious founder of Bitcoin was a Japanese American, Dorian Nakamoto..

Newsweek got that story about as wrong as you possibly can, and screwed with that poor guys life more than anyone deserves.


Online Mr. Bill

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Re: Bitcoin currency (merged topics)
« Reply #287 on: January 18, 2016, 02:31:53 PM »
Longtime Bitcoin developer Mike Hearn drops out of the project entirely, stating that Bitcoin has failed.  Long, detailed blog post:

The resolution of the Bitcoin experiment

Quote
...Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised form of money that lacked “systemically important institutions” and “too big to fail” has become something even worse: a system completely controlled by just a handful of people. Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system.

Think about it. If you had never heard about Bitcoin before, would you care about a payments network that:

    Couldn’t move your existing money
    Had wildly unpredictable fees that were high and rising fast
    Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button (if you aren’t aware of this “feature” that’s because Bitcoin was only just changed to allow it)
    Is suffering large backlogs and flaky payments
    … which is controlled by China
    … and in which the companies and people building it were in open civil war?

I’m going to hazard a guess that the answer is no. ...

Offline Prodigy

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Re: Bitcoin currency (merged topics)
« Reply #288 on: January 18, 2016, 03:15:52 PM »
Longtime Bitcoin developer Mike Hearn drops out of the project entirely, stating that Bitcoin has failed.  Long, detailed blog post:

The resolution of the Bitcoin experiment


And then none other than Satoshi himself rode in on a white horse, took back control over Bitcoin, and saved it from certain doom...

*cough*

Anyway, I kind of wish I'd been paying more attention but ever since the big debate about block sizes started I saw more and more infighting and gradually drifted away.  It's now been months since I've done any readin of bitcoin related news.  This was an interesting, if somewhat depressing, post.  Thanks for posting it Mr. Bill - it has inspired me to dive back into the pool and see what's going on.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #289 on: January 18, 2016, 03:17:36 PM »
Longtime Bitcoin developer Mike Hearn drops out of the project entirely, stating that Bitcoin has failed.  Long, detailed blog post:

The resolution of the Bitcoin experiment

The prevailing theory is that this was a tantrum thrown over the block size debate, a ragequit.  But who knows?  Some even accuse him of being in cahoots with big finance to kill Bitcoin before they roll out their own blockchain technology.  He got one thing right, though, it is an experiment.

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Re: Bitcoin currency (merged topics)
« Reply #290 on: January 20, 2016, 08:36:52 AM »
The prevailing theory is that this was a tantrum thrown over the block size debate, a ragequit.  But who knows?  Some even accuse him of being in cahoots with big finance to kill Bitcoin before they roll out their own blockchain technology.  He got one thing right, though, it is an experiment.

With the way the markets are heading I don't see Bitcoin dying. Some people might see Bitcoin and virtual currencies as life boats from the mass devaluing of currencies around the world. Time will tell but I for one don't think these virtual currencies have even remotely hit their high water mark.

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Re: Bitcoin currency (merged topics)
« Reply #291 on: January 20, 2016, 11:58:46 AM »
With the way the markets are heading I don't see Bitcoin dying. Some people might see Bitcoin and virtual currencies as life boats from the mass devaluing of currencies around the world. Time will tell but I for one don't think these virtual currencies have even remotely hit their high water mark.

I agree, however, the real gamble to me is... will Bitcoin be "THE" virtual currency? Or, will something else take it's place?

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #292 on: January 20, 2016, 02:08:52 PM »
I agree, however, the real gamble to me is... will Bitcoin be "THE" virtual currency? Or, will something else take it's place?

Who knows?  It's all a big gamble, but at some point the ecosystem becomes large enough that it makes sense to fine tune what everyone is using, rather than reinventing the wheel. Look at internet protocols, there's all kinds of things that would be done differently knowing what we know now. But it works well enough and since we are all dependent on it, we tweek it as best we can to get it to do what we want it to.

It's going on 5 years since I started this thread and Bitcoin is still kicking, despite plenty of reports of impending doom. Prediction is hard, especially about the future.

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Re: Bitcoin currency (merged topics)
« Reply #293 on: January 20, 2016, 02:29:45 PM »
I agree, however, the real gamble to me is... will Bitcoin be "THE" virtual currency? Or, will something else take it's place?

That is the question. I tend to go bounce around. For example I have been buying and selling Name Coin on BTC-E. For the last two months it's been bouncing between $0.50 and $0.35. Some might say, "it's only 15 cents, so what" but you have to look at the percentage of the move which typically is between 20% and 30%. I'm coming close to doubling my holdings. I only have $1,200 invested in this so if I screw up it's not going to ruin me. Plus it's kinda fun to trade and the fees are next to nothing.

Offline livingfreedom

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Can we get a crypto currency thread going I would love to contribute
« Reply #294 on: April 27, 2016, 04:43:50 AM »
Hello my name is Brandon,

I have been a long time listener to the show. I am absolutely obsessed with cryptography, encryption and crypto currencies like Bitcoin. I believe bitcoin is the most disruptive tech to come along since the birth of the internet. What most people don't realize is that bitcoin is just the beginning, just the tip of the iceberg. Bitcoin has triggered an avalanche of innovation that is coming like a tsunami. We need to learn and play with these new animals so that we can understand the future of commerce and money. Not saying to go invest, but I am saying to buy a little and understand it. I believe that the only way I could really "get" crypto was to get some in my hands and play with it. I have been doing tons of research, trial and error and the like with many of these new protocols. I started a podcast where I am going to be doing a lot of talking about these things. I would love to talk with others about their experiences with and curiosities about these things in this community which I respect so much!

Offline bigbear

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Re: Bitcoin currency (merged topics)
« Reply #295 on: April 28, 2016, 11:56:56 AM »

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #296 on: May 29, 2016, 04:17:23 PM »
For unclear reasons, the bitcoin price is sharply up since Friday, briefly touching $550, and higher, on some exchanges.  A year ago it was less than $200.  With this recent price rise, the total value of all bitcoin is now over $8 billion.

Offline richze90

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What is Bitcoin and how does it work?
« Reply #297 on: June 05, 2016, 10:37:37 AM »
Hey everyone, I started listening to TSP in March and listen to the show daily.  I love the different perspectives and the balanced non-alarmist approach to building a sustainable lifestyle.  On recent shows I have noticed some interest in Bitcoin as a show topic and even a question asking Jack what Bitcoin wallet he uses.  I feel I can lend some of my experience with Bitcoin to other listeners who are interested in getting started.   

I started using Bitcoin (and other cryptocurrencies) in 2013 after discovering it while researching the Cyprus financial crisis in March of that same year.  At first I was skeptical and thought it was some cheesy digital token that some company controlled.  However, after digging deeper and reading Satoshi Nakamoto’s (Bitcoin creator) whitepaper I understood that Bitcoin was revolutionary because there was no central authority to control or expand the money supply and it had all the benefits of Gold and Silver plus the ability to take your money anywhere on Earth without it being subject to confiscation.  While this was exciting by itself it also presented a way to reduce my participation in the corrupt financial system and help build a parallel financial system that is resistant to deflationary shocks.

I receive part of my income in Bitcoin and I use it as a way for me to store wealth outside the financial system, buy stuff online to include PM purchases, and even help others buy bitcoin locally with cash.  I consider myself a Bitcoin expert and advocate, but I realize I do not know everything.  If you have heard something contrary to what I post, please call me out so we can discuss and make sure the information I post is completely accurate.  What I will discuss in my upcoming posts are ways to use Bitcoin safely and securely.  Bitcoin is still a risky asset as there could be some bug in the Bitcoin codebase that could cause confidence in the ledger to be lost!  Just like any investment it should be part of a portfolio that has balanced risk. 

Now that this is out of the way let's get started.  My goal is to create simple easy to understand posts that will allow folks to get started with Bitcoin.  Bitcoin deep down is a very complex and will do my best to keep these posts at a level that make sense for everyone. 

What is Bitcoin and how does it work?

I feel it is a good idea that everyone understands how something works before diving in if only at a basic level.  So before I create a post on how to create a wallet lets go over how Bitcoin works. 

Bitcoin is a peer to peer network that is used to exchange digital value without a company/government consent.  Bitcoins are not actually sent over the internet, instead transactions are recorded on a public ledger.  This public ledger consists of “blocks” that are created on average every 10 minutes and are recorded permanently to the “blockchain” (Take a look at https://insight.bitpay.com/).  As such this public ledger means all transactions are pseudonymous and not entirely private.  The moment your random Bitcoin address is linked to your identity anonymity is lost!   

Who creates these blocks?  Bitcoin miners do!  Miners are collectively the payment processing engine for Bitcoin.  The miners are computers with specialized processors that listen to the Bitcoin network and record a list of all valid transactions that were made since the last block.  As they gather the transactions they are also solving a mathematical puzzle.  The first miner to solve the puzzle wins the block reward (currently 25 bitcoins) and publishes the block with all of the transactions they gathered for all other miners to see.  All miners on the network then validate that the puzzle was solved correctly and then they start to mine the next block and repeat this process. 

The transactions that miners are listening for are created by Bitcoin wallets.  A Bitcoin wallet will typically generate and save a “private key”.  A private key is just 52 characters randomly generated by the wallet (it can even be created offline by rolling a die many times).  This private key gives the wallet holder control of the corresponding address (this key should be kept in a safe place and not shown to anyone).  With this private key, the wallet software generates the corresponding Bitcoin address (this is the public address that you can show everyone) and scan the Blockchain to determine how many bitcoins belong to that address.  When someone sends bitcoins to another address the wallet will use the private key that it has stored to send out a signed message to the network indicating the quantity and address that the bitcoins have been transferred to. 

Hopefully that was simple and straightforward as I intended.  Let me know if there are any questions or if you want anymore details into certain functionality.  In my next post I will give an overview of the different wallet types and tell you what I use to store my Bitcoin. 

Offline WarrenPuckett

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Re: Bitcoin currency (merged topics)
« Reply #298 on: June 14, 2016, 10:47:31 AM »
Can't the government just block the websites and bring down Bitcoin that way?

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #299 on: June 15, 2016, 10:44:27 PM »
Flirting with $740 in the last couple hours.  Brexit, China, halving of the mining reward, flying pigs......who knows why?


Can't the government just block the websites and bring down Bitcoin that way?

That's the beauty of the widely distributed peer-to-peer blockchain concept, it doesn't require the centralized points of failure necessary with previous digital currencies, which makes it difficult to bring down.