Online Cash Bitcoin Could Challenge Governments, Banks

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

  1. chronomatic

    chronomatic Registered Member

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    Was just about to post this. According to Shamir and his co-author (Shamir is one of the best cryptographers in the world), there are some shenanigans going on at the top of Bitcoin. They are essentially accusing the "early adopters" of hoarding Bitcoins (and trying to hide the fact they are doing it). This could result in severe devaluation of the currency if they ever decide to dump the coins.
     
  2. mirimir

    mirimir Registered Member

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    I was an early adopter, and mined a few hundred Bitcoins. In late 2010, I sold them all to someone who was trolling the Bitcoin Forum. Bitcoins were worth about $0.05 then ;)
     
  3. lotuseclat79

    lotuseclat79 Registered Member

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    Internal FBI risk assessment of BitCoin network (pdf)
    -http://www.wired.com/images_blogs/threatlevel/2012/05/Bitcoin-FBI.pdf- (1.8 MB: unclassified, dated 24 April 2012).

    -- Tom
     
    Last edited by a moderator: Nov 16, 2012
  4. lotuseclat79

    lotuseclat79 Registered Member

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    WordPress Brings Bitcoin to the Blogging Masses.

    -- Tom
     
  5. lotuseclat79

    lotuseclat79 Registered Member

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  6. lotuseclat79

    lotuseclat79 Registered Member

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  7. lotuseclat79

    lotuseclat79 Registered Member

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  8. lotuseclat79

    lotuseclat79 Registered Member

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    Bitcoin-Central Is Now The World's First Bitcoin Bank...Kind Of.

    -- Tom
     
  9. lotuseclat79

    lotuseclat79 Registered Member

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  10. lotuseclat79

    lotuseclat79 Registered Member

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  11. Mrkvonic

    Mrkvonic Linux Systems Expert

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    I am not sure I fully understand bitcoin.

    But if I do, it's not different than any other virtual commodity.

    Just like money, which is pegged to gold. So bitcoins are pegged to finite quantity. Just like there's a finite amount of gold, and it's regulated. But it's also virtual. If you think about it, gold is just metal. You can declare it worthless if you want.

    And this means the more you trade, the more expensive it gets. Supply, demand. So the only question is, who wants to start his own monopoly with a new gold-like tender? Eventually, someone will make big bucks from this. The first lucky winner of the Klondike gold rush.

    Mrk
     
  12. lotuseclat79

    lotuseclat79 Registered Member

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  13. lotuseclat79

    lotuseclat79 Registered Member

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  14. Security Novice

    Security Novice Registered Member

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    As soon as bitcoins are approved by the banks, it's only redeeming feature--the anonymity and lack of money trail--will be completely negated. Thus making it useless. Hopefully another hard-to-trace currency takes its place.
     
  15. CasperFace

    CasperFace Registered Member

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    CASH is readily accepted by banks too - but that doesn't necessarily negate the anonymity or lack of money trail with regard to physical currency. :rolleyes: Similarly, Bitcoin would NOT be rendered "useless" merely as a result of recognition by financial institutions.
     
  16. lotuseclat79

    lotuseclat79 Registered Member

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  17. lotuseclat79

    lotuseclat79 Registered Member

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  18. lotuseclat79

    lotuseclat79 Registered Member

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  19. lotuseclat79

    lotuseclat79 Registered Member

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  20. mirimir

    mirimir Registered Member

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  21. lotuseclat79

    lotuseclat79 Registered Member

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  22. lotuseclat79

    lotuseclat79 Registered Member

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  23. mirimir

    mirimir Registered Member

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    Is the long-awaited anarcho-capitalist breakout immanent?

    (I loved _The Last Trumpet Project_!)
     
  24. lotuseclat79

    lotuseclat79 Registered Member

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  25. lotuseclat79

    lotuseclat79 Registered Member

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