Online Cash Bitcoin Could Challenge Governments, Banks

Discussion in 'privacy general' started by nightrace, Apr 16, 2011.

  1. ronjor

    ronjor Global Moderator

    Joined:
    Jul 21, 2003
    Posts:
    120,502
    Location:
    Texas
    http://www.reuters.com/article/2015/03/12/us-bitcoin-ibm-idUSKBN0M82KB20150312
     
  2. Palancar

    Palancar Registered Member

    Joined:
    Oct 26, 2011
    Posts:
    2,344
    Much of the article was a good read, BUT ---- >

    Did anyone notice the part where this newest blockchain WOULD BE controlled by the Gov and would have identification to the owner of the tokens/coins within the chain? The Gov just can't keep their hands off of the control button, not ever.

    The thing that makes Bitcoin crystal clear better is that NOBODY (not a single Gov of any kind) controls the blockchain. Under M$ new proposal this would be more like a blockchain credit card where instead of using a card you use YOUR blockchain coins for transactions. They would know everything and who spends what.

    Can't we just get out from under "Big Brother"??
     
  3. mirimir

    mirimir Registered Member

    Joined:
    Oct 1, 2011
    Posts:
    9,252
    Well, this is rather like an anti-dodgecoin ;)

    But exchanging these with Bitcoins would be no worse than using linked bank accounts.
     
  4. ronjor

    ronjor Global Moderator

    Joined:
    Jul 21, 2003
    Posts:
    120,502
    Location:
    Texas
    http://techcrunch.com/2015/03/17/rakuten-bitcoin-bitnet/
     
  5. Justintime123

    Justintime123 Registered Member

    Joined:
    Jun 15, 2013
    Posts:
    99
    Something tells me that speculators are behind the push on bitcoin. Sucking people in before cashing in. Pump and dump. Get on the bandwagon before you are left behind...playing on greed. Doesn't pass the smell test with all of volatility. Manufacturers buying raw materials with bitcoins worth $1200 one day only to wake the next day and find them worth $800...do I see implosion here. Maybe this is the nerds revenge, the way to get back at the man. You know, the playground bully who picked on the nerds for being weird and freaky at school before ending up with a Harvard MBA and a lucrative Wall Street job.

    Can't wait for tweenies, grandma, and stress out moms to take hold of bitcoin feverish pitch to the masses while learning crytography, chiphers , understanding FULL cert fingerprints, mathematical modelling and algorithyms while using their air-gap computers for cold storage...air-gap can be defeated.

    Dark Web’s ‘Evolution Market’ Vanishes

    The Evolution Market, an online black market that sells everything contraband — from marijuana, heroin and ecstasy to stolen identities and malicious hacking services — appears to have vanished in the last 24 hours with little warning. Much to the chagrin of countless merchants hawking their wares in the underground market, the curators of the project have reportedly absconded with the community’s bitcoins — a stash that some Evolution merchants reckon is worth more than USD $12 million.
     
  6. ronjor

    ronjor Global Moderator

    Joined:
    Jul 21, 2003
    Posts:
    120,502
    Location:
    Texas
  7. mirimir

    mirimir Registered Member

    Joined:
    Oct 1, 2011
    Posts:
    9,252
    Why do we care that a nonprofit is (or is close to) bankrupt?

    I'm guessing that they didn't sell their Bitcoins fast enough in late 2013 to early 2014. And if so, that would be reassuring, as evidence that they weren't in on the Mt Gox debacle.
     
  8. J_L

    J_L Registered Member

    Joined:
    Nov 6, 2009
    Posts:
    8,738
    Personally, I use websites to generate free bitcoins, so the only risk is my time and banking errors I guess (other than highly unlikely infection).
     
  9. ronjor

    ronjor Global Moderator

    Joined:
    Jul 21, 2003
    Posts:
    120,502
    Location:
    Texas
    http://www.infosecurity-magazine.com/news/bitcoin-flaws-beckon-hackers/
     
  10. ronjor

    ronjor Global Moderator

    Joined:
    Jul 21, 2003
    Posts:
    120,502
    Location:
    Texas
    http://bits.blogs.nytimes.com/2015/...s-used-to-attack-coinbase-a-bitcoin-exchange/
     
  11. Palancar

    Palancar Registered Member

    Joined:
    Oct 26, 2011
    Posts:
    2,344
  12. deBoetie

    deBoetie Registered Member

    Joined:
    Aug 7, 2013
    Posts:
    1,832
    Location:
    UK
    And the last statement can be applied as well to certificate creation/signing (particularly masters), password management, key and secret management and so on.
     
  13. ronjor

    ronjor Global Moderator

    Joined:
    Jul 21, 2003
    Posts:
    120,502
    Location:
    Texas
    http://techcrunch.com/2015/04/16/pe...-establishing-trust-in-the-bitcoin-ecosystem/
     
  14. lotuseclat79

    lotuseclat79 Registered Member

    Joined:
    Jun 16, 2005
    Posts:
    5,390
    Bitcoin is a game within a game.

    -- Tom
     
  15. kazuki49

    kazuki49 Registered Member

    Joined:
    Apr 21, 2015
    Posts:
    1
  16. Palancar

    Palancar Registered Member

    Joined:
    Oct 26, 2011
    Posts:
    2,344
    It is very possible to use Bitcoins anonymously if you take the time and understand the process of moving repeatedly. Bitcoin is metaphorically the same as general internet security. There are those that will sacrifice convenience and learn what's needed to assure their security, while others always go the easy/lazy route and get exposed. I would refer you to the numerous VPN threads around here. Many posts looking for a "one click" solution for a broken connection, but few will actually take the time to learn how to protect themselves. Its the same thing, just think about it!
     
  17. lotuseclat79

    lotuseclat79 Registered Member

    Joined:
    Jun 16, 2005
    Posts:
    5,390
  18. Minimalist

    Minimalist Registered Member

    Joined:
    Jan 6, 2014
    Posts:
    14,399
    Location:
    Slovenia
  19. lotuseclat79

    lotuseclat79 Registered Member

    Joined:
    Jun 16, 2005
    Posts:
    5,390
    Bitcoin and the Ontology of Money

    -- Tom
     
  20. hawki

    hawki Registered Member

    Joined:
    Dec 17, 2008
    Posts:
    5,614
    Location:
    DC Metro Area
    "First Blythe Masters, Now Goldman Investing In Bitcoin...

    ...a little over a month ago we reported that none other than former head of JPM's commodities head, Blythe Master, had reemerged from the shadows as chief executive of the Bitcoin startup Digital Asset Holdings, then all those who valiantly clung to the belief that Bitcoin is some aspiration to a libertarian, anti-status quo contrarianism, were promptly quieted..........

    .....As the FT reported then, the startup aims to be a venue for buyers and sellers of financial assets to meet and transact, switching currencies into bitcoin in order to cut the cost and time of settlement and make use of the decentralised “block chain” as a secure record of transactions.'....

    ....earlier today we learned that Goldman Sachs Group Inc. is one of two lead investors in a $50 million funding round for bitcoin startup Circle Internet Financial Ltd...

    ...It wasn't just Goldman: 'Goldman’s commitment to Circle follows investments by the New York Stock Exchange, Spain’s Banco Bilbao Vizcaya Argentaria SA and USAA Bank in San Francisco startup Coinbase, which runs a bitcoin exchange and competes with Circle in the market for bitcoin wallets, with which users store and send digital currency..."

    http://www.zerohedge.com/news/2015-04-30/first-blythe-masters-now-goldman-investing-bitcoin
     
  21. ronjor

    ronjor Global Moderator

    Joined:
    Jul 21, 2003
    Posts:
    120,502
    Location:
    Texas
  22. lotuseclat79

    lotuseclat79 Registered Member

    Joined:
    Jun 16, 2005
    Posts:
    5,390
    Bitcoin faces a crossroads, needs an effective decision-making process.

    -- Tom
     
  23. ronjor

    ronjor Global Moderator

    Joined:
    Jul 21, 2003
    Posts:
    120,502
    Location:
    Texas
  24. lotuseclat79

    lotuseclat79 Registered Member

    Joined:
    Jun 16, 2005
    Posts:
    5,390
  25. Palancar

    Palancar Registered Member

    Joined:
    Oct 26, 2011
    Posts:
    2,344
    Tom,

    That is an interesting read. Dawning my "tin foil hat" I think I would positively avoid keeping a BTC wallet on any device that has these chips on it. Just to be sure if there is any behind the scenes stuff generated, it would not have access to an offline wallet's credentials. I see long term potential for BTC. Not betting the house yet, but leaning in a bit more!
     
  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.