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  • Bitcoins

    Not sure if anyone else has seen these but it seems super interesting.

    Bitcoins are basically a digital currency that is untraceable and not linked to any government or agency. It's distribution is based on an algorithm, so in other words its creation and distribution is not human controlled (at least not directly). And it is not like paypal which is a digital representation of a country's currency, this is its own independent currency. You send someone bitcoins directly for a transaction. Who ever controls the key owns that bitcoin. I think you could even put bit coins on a flash drive and trade the flash drive.

    Now the question is if this is legal or not. Having an untraceable and uncontrollable currency is definitely not something a government is going to like.

    More info:
    http://forum.bitcoin.org/index.php?topic=7269.0

  • #2
    Re: Bitcoins

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

    There's a very interesting thread here (don't stop at the first post, it gets better as it develops):

    http://www.quora.com/Is-the-cryptocu...in-a-good-idea

    What I find interesting is the similarity to Hawala:

    http://en.wikipedia.org/wiki/Hawala
    Dude, seriously, WHAT handkerchief?

    snooggums' density principal: "The more dense a population, the more dense a population."

    Iliana: "You're a great friend but if we're ever chased by zombies I'm tripping you."

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    • #3
      Re: Bitcoins

      I am reviving this thread. It seems Bitcoins are starting to take off. Does anyone have bitcoins/ use bitcoins? If so, what are your experiences with it?
      |TG-73rd|Socomseal
      |TG-73rd Member| Former TG Irregular ArmA Platoon Leader| Former TG ArmA Admin XO| TG Pathfinder - Spartan 1 |TGU ArmA Instructor |Former TG-18th Member| |Former TG-1st Member|

      "Its easy to argue about issues from afar. But until you have experienced the issue first hand, you have not seen all the facts."

      Carver you will be cut off for a long time before reinforcements can reach you "I am the reinforcements the main force is only coming to bring me body bags and to clean up the mess Im about to make" - General Carver

      Comment


      • #4
        Re: Bitcoins

        I have never used them. A man in Alberta is selling his house for Bitcoins but will accept cash. The house is listed as $405,000 Canadian dollars (261,000; $395,000).

        Globe and Mail Friday, Mar. 22 2013
        http://www.theglobeandmail.com/news/...ticle10073392/

        BBC News Tech 20 March 2013 13:17 ET
        http://www.bbc.co.uk/news/technology-21863593


        Comment


        • #5
          Re: Bitcoins

          Its an interesting experiment and is one, of many, ways to continue the breakdown of national boundaries. I'm unsure of the exact currency but it is a very interesting movement. I'm personally not an early adopter and would rather invest in the dollar... though Newsmax is telling me to expect another crash, buy Aftershock the Novel, and invest in gold....

          Comment


          • #6
            Re: Bitcoins

            I have bitcoins and using them regularly to purchase subscriptions and items.

            The rapid acceptance of bitcoins has promoted the rising of using them for illegal activities. Probably the most well known use of bitcoins for illegal activity is through the use of the website 'the silk road'

            http://en.m.wikipedia.org/wiki/Silk_Road_(marketplace)

            While I don't use bitcoins to purchase illegal items( illegal being what I deem it to be based off my moral compass) many sites I use only accept bitcoins and could be classified as legal grey areas. While I won't mention them by name, these sites deal in things such as illegal file sharing of movies and TV shows.

            We see time and time again, any new product that comes to the market, in this case a currency, that can be exploited by criminal elements will always find way to benefit them.

            Following on from the adoption of BTC by criminal elements is the quick succession of the adoption of bitcoins from....you guessed it... The pornography industry. A quick Google search of bit coins&porn shows many many results that show the rapid adoption of bit coins as a excepted payment. There is even a Reddit forum where female redditers will post nude pictures in return for bit coin payments.

            I'm sure quantumquack will jump in soon and give his view, as he was a early adopter of it and has seen it evolve.
            sigpic

            Former Pathfinder
            Former ARMA Admin
            Former ARMA TGU instructor
            Former TGU Headmaster
            Current Noob
            Im also pretty bad at World of Tanks -

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            • #7
              Re: Bitcoins

              Just as an aside I think it is really cool to see how rapidly our civilization is changing as the technology improves. Observing the BitCoin is really cool.

              Comment


              • #8
                Re: Bitcoins

                Originally posted by RedTalon View Post
                Not sure if anyone else has seen these but it seems super interesting.

                Bitcoins are basically a digital currency that is untraceable and not linked to any government or agency. It's distribution is based on an algorithm, so in other words its creation and distribution is not human controlled (at least not directly). And it is not like paypal which is a digital representation of a country's currency, this is its own independent currency. You send someone bitcoins directly for a transaction. Who ever controls the key owns that bitcoin. I think you could even put bit coins on a flash drive and trade the flash drive.

                Now the question is if this is legal or not. Having an untraceable and uncontrollable currency is definitely not something a government is going to like.

                More info:
                http://forum.bitcoin.org/index.php?topic=7269.0
                I'll make a few quick points:

                It is legal. Although, just like cash and other currencies, can be used for illegal activities.

                You cannot counterfeit it like the fed counterfeits the dollar. Each bitcoin is unique.

                Payments with bitcoin cannot be "clawed" back like Paypal, cc, and other payment systems. (This is a good thing that it cannot be "clawed" back)

                It is a traceable in a manner of speaking. Bitcoin is pseudonymous.

                Bitcoin is decentralized and is akin to bitorrent as far as network structures goes. No government can shut it down.

                Only 21,000,000 bitcoins will ever exist.

                You can "mine" bitcoins, although now-a-days a mining rig will cost you $10,000 or 100 bitcoins or so.

                Bitcoin allows you to be your own bank essentially.

                And finally, no agency or entity can take my Bitcoins.


                (I could go on, but the information is out there if you are curious)

                Comment


                • #9
                  Re: Bitcoins

                  Whats the purpose of only having 21 million bit coins? Is it arbitrary or based on something else? (The entire US economy could not be sustained purely on bit coins assuming only 21 million exist; much like the entire global economy couldn't be represented in gold)

                  How does the market perceive its value? Is it based on the difficulty of 'mining' or arbitrary perceptions of value?

                  While it 'avoids' taxation it is directly related to your access to the internet and whether or not your nation, Private Corporate Internet Provider, has the infrastructure and means to sustain it. Decentralized or not it is dependent on your own access.

                  What do you mean 'clawed'?

                  I'm going to look this up. If anything I bet I could convince people to buy my bit coins for real money in a few years, or gold like newsmax tells me.

                  Comment


                  • #10
                    Re: Bitcoins

                    Originally posted by Ytman View Post
                    Whats the purpose of only having 21 million bit coins? Is it arbitrary or based on something else? (The entire US economy could not be sustained purely on bit coins assuming only 21 million exist; much like the entire global economy couldn't be represented in gold)

                    How does the market perceive its value? Is it based on the difficulty of 'mining' or arbitrary perceptions of value?

                    While it 'avoids' taxation it is directly related to your access to the internet and whether or not your nation, Private Corporate Internet Provider, has the infrastructure and means to sustain it. Decentralized or not it is dependent on your own access.

                    What do you mean 'clawed'?

                    I'm going to look this up. If anything I bet I could convince people to buy my bit coins for real money in a few years, or gold like newsmax tells me.
                    Bitcoins are divisible.
                    Bitcoin does not avoid taxation. Not sure where you got that from.
                    Clawed back, means people who pay for a good or service, dispute it, and get the payment back.
                    There are many ways people value bitcoins for some of the reasons I have stated above.

                    Comment


                    • #11
                      Re: Bitcoins

                      Very good explanation on why there will only be 21 million coins.

                      https://en.bitcoin.it/wiki/Controlled_supply
                      sigpic

                      Former Pathfinder
                      Former ARMA Admin
                      Former ARMA TGU instructor
                      Former TGU Headmaster
                      Current Noob
                      Im also pretty bad at World of Tanks -

                      Comment


                      • #12
                        Re: Bitcoins

                        Thanks Quantum and Bol. I'll check that wiki.

                        Comment


                        • #13
                          Re: Bitcoins

                          Quantum or Bola, do you buy your bitcoins with real money, or do you mine?
                          |TG-73rd|Socomseal
                          |TG-73rd Member| Former TG Irregular ArmA Platoon Leader| Former TG ArmA Admin XO| TG Pathfinder - Spartan 1 |TGU ArmA Instructor |Former TG-18th Member| |Former TG-1st Member|

                          "Its easy to argue about issues from afar. But until you have experienced the issue first hand, you have not seen all the facts."

                          Carver you will be cut off for a long time before reinforcements can reach you "I am the reinforcements the main force is only coming to bring me body bags and to clean up the mess Im about to make" - General Carver

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                          • #14
                            Re: Bitcoins

                            I considered mining once upon a time but its actually quite the undertaking and you have to invest a slab of before you see any significant returns.

                            Comment


                            • #15
                              Re: Bitcoins

                              I've read that you can have a mining group to speed up the process. However, each miner only gets a small percentage of the coin. Which is still better than getting none at all, mining by yourself.
                              |TG-73rd|Socomseal
                              |TG-73rd Member| Former TG Irregular ArmA Platoon Leader| Former TG ArmA Admin XO| TG Pathfinder - Spartan 1 |TGU ArmA Instructor |Former TG-18th Member| |Former TG-1st Member|

                              "Its easy to argue about issues from afar. But until you have experienced the issue first hand, you have not seen all the facts."

                              Carver you will be cut off for a long time before reinforcements can reach you "I am the reinforcements the main force is only coming to bring me body bags and to clean up the mess Im about to make" - General Carver

                              Comment

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