Bitcoin

[kzig]

http://en.wikipedia.org/wiki/Bitcoin

https://en.bitcoin.it/wiki/FAQ

Paper by one of the designers:

http://www.bitcoin.org/sites/default/files/bitcoin.pdf

Seems like an interesting idea, and it looks as though it's starting to take off in earnest. I'm not particularly tech-savvy; I heard about it a few days ago via the EVE-O forums.

The wikipedia page estimates the size of the bitcoin economy at about $50m - I'll be interested to see how long it takes to grow to a point where a government attempts to ban it on the grounds that it provides an untraceable means of payment.

I'm not mining myself and I have no personal interest in the success of Bitcoin. I prefer to donate spare computing cycles to the folding@home project rather than calculating hashes all day.

[spiralJunkie]

ctrl+c/vtrl+v@ wallet

[Al Simmons]

A bit like a 21st century version of Liberty Dollars. I expect governments will try to ban/prosecute this bit coin thing too as it takes money out of transactions they can tax.

http://en.wikipedia.org/wiki/Liberty_Dollar

[56k Lagman]

God damn hippies trying to get their foot in the door again

[hippoking]

Monopoly money.

[56k Lagman]

Molonopy money.

[Jon.J]

I don't get it... why not just use *actual* money?

[hippoking]

I don't get it... why not just use *actual* money?

But don't you see, this is open source!

[fffuuu]

I don't get it... why not just use *actual* money?

because it's digital and supposedly untraceable/anonymous.

read an article about it. not very fluid though. in order to turn it into actual hard currency you have to basically fence it for a small percent through one of several less than savory brokers in 3rd world countries.

it has its uses, but really only if you're unnaturally paranoid about something, or doing something illegal.

actual tewwowists/drug dealers don't use it yet, they still deal in hard cash.

[fng]

I don't get it... why not just use *actual* money?

because it's digital and supposedly untraceable/anonymous.

read an article about it. not very fluid though. in order to turn it into actual hard currency you have to basically fence it for a small percent through one of several less than savory brokers in 3rd world countries.

it has its uses, but really only if you're unnaturally paranoid about something, or doing something illegal.

actual tewwowists/drug dealers don't use it yet, they still deal in hard cash.

I thought it was some kind of response to the current fucked financial system or something?? Because you cant' speculate on bitcoin maybe.

[James Snowscoran]

So why are these bits and bytes worth anything? I don't get it, why the fuck would people trade in real currency for this shit in the first place?

e: And to above poster, the wiki article says the long-term amount of coins is more or less fixed so speculating against it wouldn't be too hard at all.

[Kransthow]

So why are these bits and bytes worth anything? I don't get it, why the fuck would people trade in real currency for this shit in the first place?

I assume you can buy goods and services with them, which is pretty much the same legitimacy that real currency has.

[arian snow]

cute concept.

but no fucking way.

[James Snowscoran]

No, real currency has legitimacy and value because the government of country x has declared that all transactions taking place in said country must accept the national currency as a legitimate form of payment.

[Mrenda]

No, real currency has legitimacy and value because the government of country x has declared that all transactions taking place in said country must accept the national currency as a legitimate form of payment.

Yes, to a degree, but not really. Laws can only mandate that its accepted as tender, it can't create the currencies value. We've been dealing in fiat currency for a long time. It's only value is in perception.

[Kransthow]

No, bitcoin currency has legitimacy and value because the bitcoin users have declared that all transactions taking place on the p2p network must accept bitcoin as a legitimate form of payment.

fyp

[fffuuu]

No, real currency has legitimacy and value because the government of country x has declared that all transactions taking place in said country must accept the national currency as a legitimate form of payment.

...

I thought it was some kind of response to the current fucked financial system or something?? Because you cant' speculate on bitcoin maybe.

nope. you can 'speculate' on anything, because bitcoin value will change relative to the value of other currency, whether it is bitcoin value changing, or other currency losing or gaining value.

a response to our fucked financial system would be to stop letting the majority share of the market be nothing but people with large amounts of money speculating on anything and everything.

[Lallante]

I love all the people saying "it would never work"..

Its worth $50m. It is working, albeit on a relatively small scale.

[hippoking]

I love all the people saying "it would never work"..

Its worth $50m. It is working, albeit on a relatively small scale.

And how would you convert that $50m into actual currency? Via Linden Dollars?

[Lallante]

I love all the people saying "it would never work"..

Its worth $50m. It is working, albeit on a relatively small scale.

And how would you convert that $50m into actual currency? Via Linden Dollars?

Why would you need to if you can buy stuff from people with it directly.