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Thank you Johnny Cash;
That is quite revealing. A bubble around nothing at all; finally!
That is quite revealing. A bubble around nothing at all; finally!
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Couple of points. That's a good article; learned things I wasn't aware of. The author mentions 'Satoshi's' 500-word essay. Link to that can be found HERE.
Mentions lack of wallet encryption. The latest bitcoin client (0.4.0) includes it. Be careful though - without your passphrase you have no bitcoin.
Security expert Dan Kaminsky thinks highly of bitcoin "I have a tremendous amount of respect for BitCoin; I count it in the top five most interesting security projects of the decade. Entire classes of bugs are missing." And I'd agree that the design is bombproof, and even further, the banksters or government cannot shut it down.
While I have redeemed lawful money for years now (and will continue), and successfully avoided the bankster's Income Tax, the primary utility of bitcoin is transacting outside central banking. Using bitcoin as currency, there can be no question that I am outside the Federal Reserve districts, outside the FR system. And therefore absent federal privilege, absent liability for federal excise.
Now if the global banking system collapses and we go to an asset-backed Treasury dollar, bitcoin may not be as useful. But I'm confident it'll survive regardless.Comment
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Quick update. I'm still mining bitcoins (almost 1 per day). The bubble has settled down to about $3 USD per bitcoin now. The leading exchange, MtGox, has added new functionality like a smartphone app, and funding with cash (ie. lawful money) for verified users at any Chase bank. Bitcoin continues to receive regular press.
It remains a viable means of transacting outside central banking. That is to say ... the cartel has been unable to stop it.
Last edited by Guest; 12-06-11, 11:21 PM.Comment
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Bitcoin: Crypto-Anarchism and the Digital Money Revolution
Imagine if we lived in a world where your bank accounts could never be audited, seized or controlled by the state. Imagine if the currency system itself made organized theft impossible. In the future, I predict this is precisely how currency systems will operate. While this may sound like a bold claim, economic analysis demonstrates why my prediction may become reality.
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Clif High discovers bitcoin: ".. and everytime you spend a bitcoin it is like you're shoving your foot that much further up the Bernank ..."
Grab the March 20 audio file here:
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New Hampshire Deputy Secretary of State recognizes bitcoin as legal
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I'm certain that was done with an eye towards enhancement of the "royal revenues" .....Originally posted by JohnnyCash View PostComment
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Any other suitors besides stoneFree mining bitcoins? I have been for over a year now. I pre-ordered a few ASIC rigs from Butterfly Labs, waiting on delivery. There will be an interesting shift in the dynamics of bitcoin mining when the ASIC mining machines come online. Definately a disruptive technology.FishnetComment
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I've never used bitcoin but been reading the links which stoneFree and others have been providing.Originally posted by fishnet View Post
I can't figure out what a bit coin is.
I gather that it exists in cyberspace, so it must be made from electrons somehow, and it is mined.
But how is "it" mined?
Who mines it, where and how?
What kind of equipment does the miner use and where are the mines?
Once it's mined, how is it placed in circulation?Treefarmer
There is power in the blood of JesusComment
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It is mined using processor cycles.Originally posted by Treefarmer View Post
The equipment is a computer or cluster of computers.
Once mined, they may go into a virtual wallet.Comment
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fishnet! a whole year? I never knew. I have a (FPGA -field programmable gate array) BFL Single right here mining away at 826MH/s (lousy cellphone pic). I removed the casing for better cooling:
It performs as advertised. I too have BFL ASIC on pre-order, hope they can deliver as projected. Yes, ASIC (application-specific integrated circuit) will be huge, very disruptive. BFL (ButterflyLabs) is a very interesting company. I see at least one of the owners/principals came up against the IRS CID and was detained for something like 2 years overseas before trial. You see this is another unintended consequence. It appears the banking cartel has created ... how shall we say ... another very motivated individual who's probably figured out the fiat money fraud and is working very hard (as I am) for .... Well let's just leave it at that. Message to the cartel: YA DUN GOT TOO GREEDY!Last edited by Guest; 10-11-12, 04:43 AM.Comment
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I could not resist the opportunity to manufacture a medium of exchange like the cartel does.Originally posted by stoneFree View Post
I have been mining since June of 2011, running a bank (pun intended) of multi-card mining machines with Radeon HD 5770's graphics cards, using the Eligius pool and MtGox. Once the ASICs arrive I will shut down the 5770's. Ordered three BitForce Single 'SC' 60 GH/s in early August..... a waiting game for delivery.FishnetComment
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Too cryptic, I need elaboration please.Originally posted by shikamaru View Post
Do processor cycles have anything to do with computer CPI?
Is the value of a bitcoin derived from the work that a computer performs?
If so, what kind of work is performed and who benefits?
What IS a bitcoin? Is it a data packet or potential energy?Treefarmer
There is power in the blood of JesusComment
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