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Bitcoins
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Historically, people used sticks, shells etc. as currency/money in the absence of gold or silver.
As soon as gold or silver becomes available, people use those instead because they are better forms of money.
Up until 5 years ago, there was no alternative currency which could tick all of the boxes that gold and silver does.
Now, not only is there an alternative, but something which is better.
Er why do you think there was not the alternative of gold and silver?
That alternative is always there. The cycle will repeat, we are on currency at the moment we will go back to money this has always happened.0 -
MercilessKiller wrote: »BUT - No one knows who created it (if anyone replies to this saying otherwise, they're wrong and guessing using whatever "facts" are out there. Unfortunately, there is no official confirmation of who or what created BTC). This is a big red flag, as while the intention may be good, who knows what potential blockers BTC may hit in the future. Mining is set to get harder as time goes on, and who knows what this could release into the BTC world... There could be some surprises, we just don't know.
The source code for Bitcoin is open, everything is available for you to read through. Thousands of contributors have done this and there are many active today constantly contributing, the only way that there could be "surprises" is if Satoshi foresaw something that nobody else has considered yet and the network will react in a certain way to such a thing, but that doesn't really stand up to any real criticism.
To my mind the anonymity of Satoshi is of no real concern as everything is open, so I'm genuinely curious what you believe the problems could be that can be caused by the anonymity of the creators of Bitcoin?
I agree that we just don't know, but I can't even think of a scenario that is plausible that could undermine the protocol because of the creators anonymity.Incidentally, is Bitcoin still limited to 7 transactions per second?
That's a configuration issue, there's been discussion about raising it and it will be happening should transaction volume increase. That's not a technology limitation (although there are technology considerations), it's just what was decided to be a reasonable figure.0 -
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I have made enough money from Bitcoin in the last 10 weeks to be able to buy a 3 bed semi in my area for cash.
Think of the income on that, should I choose to go down that route.
LOL, yeah right. :rotfl:
We used to have a silver bug on here who 'made a fortune'. He showed us his 'stash' on a photo, there were a couple of coins and a very small bar. He probably lost his shirt when the price crashed cos we don't see him no more. Though your persistent posts have the same desperate, frantic ring to them.... :think:
You haven't made anything until you cash out and, going off the experience of the PM bugs, that never happens. We get inundated in posts when your rollercoaster is rising and you vanish when it drops down (with a few frantic "I'm buying on the falls and making a fortune" posts as they catch a falling knife, that stop when the price has fallen to the extent that even they know the jig is up).
Anyway, it's fun to watch and it passes the time, so please keep it up.
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citricsquid wrote: »
To my mind the anonymity of Satoshi is of no real concern as everything is open, so I'm genuinely curious what you believe the problems could be that can be caused by the anonymity of the creators of Bitcoin?
It is a good thing that he/she/they have remained anonymous.
Bitcoin itself has suffered attacks and criticisms and has weathered them all.
It is very, very secure and works as it should and has finally silenced any arguments on technical grounds.
Subsequently, since Bitcoin itself cannot be attacked, the next step to try to discredit it would be an attack on the inventor. Which in all likelihood would turn dirty.0 -
citricsquid wrote: »To my mind the anonymity of Satoshi is of no real concern as everything is open, so I'm genuinely curious what you believe the problems could be that can be caused by the anonymity of the creators of Bitcoin?
I agree that we just don't know, but I can't even think of a scenario that is plausible that could undermine the protocol because of the creators anonymity.
Well, maybe it is my human mind with the unavoidable fear of the unknown?
Anonymity of the creators maybe a good or a bad thing, but I think anonymity does undermine it's very existence because of "trust". I understand with the open code, that helps with trust, but then if it's so open and so trusted, why would the creators indeed be so hidden? It's kind of an oxymoron that doesn't make any sense to me.
Either way, I did try to invest, so it didn't put me off *that* much - However, I do still believe it is something to take note of. Just like you wouldn't put something in your bag in an airport someone you don't know has given you, I may not want to put my finances in the hands of a system created by someone also completely anonymous (kind of an extreme example but you get the picture!)[FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]0 -
It is 100% secure and works as it should and has finally silenced any arguments on technical grounds.
Subsequently, since Bitcoin itself cannot be attacked, the next step to try to discredit it would be an attack on the inventor. Which in all likelihood would turn dirty.
Actually, proof of concepts show that it can be attacked and even discusses how.
Also, there is no proof it is 100% secure. That's a sweeping statement which can't be proven.
Why shouldn't the owner face up to critics and answer them? That would help prove how much of a great currency it is? Rather than hide... what you're saying doesn't make sense. I understand you defending the system but please think about what you're writing first...
Saying something is 100% secure is absurd [FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]0 -
MercilessKiller wrote: »Actually, proof of concepts show that it can be attacked and even discusses how.
Also, there is no proof it is 100% secure. That's a sweeping statement which can't be proven.
Why shouldn't the owner face up to critics and answer them? That would help prove how much of a great currency it is? Rather than hide... what you're saying doesn't make sense. I understand you defending the system but please think about what you're writing first...
Saying something is 100% secure is absurd
You are right of course.
Sorry, I should have said very, very secure.0 -
There have been timing attacks on BTC traders and this will continue to happen. As it continues to grow, more hackers will spend time finding ways to exploit trading and mining, and this will continue to be an issue just like it is for the existing banking system.
So it will face the same problems standard currencies do which leaves it in a vulnerable position. The lack of regulation can work against BTC in terms of protecting the currency, which I know is seen as a good thing, but could just turn out to be a bad one some day!
Like I said, great for a gamble, but it is a big risk, and that's what a gamble is![FONT=Arial, Helvetica, sans-serif]"The internet is a great way to get on the net."
- Bob Dole, Republican presidential candidate[/FONT]0 -
LOL, yeah right. :rotfl:
We used to have a silver bug on here who 'made a fortune'. He showed us his 'stash' on a photo, there were a couple of coins and a very small bar. He probably lost his shirt when the price crashed cos we don't see him no more. Though your persistent posts have the same desperate, frantic ring to them.
You haven't made anything until you cash out and, going off the experience of the PM bugs, that never happens. We get inundated in posts when your rollercoaster is rising and you vanish when it drops down (with a few frantic "I'm buying on the falls and making a fortune" posts as they catch a falling knife).
The gains sound incredible and they are.
That's the reality of it. I had a bet on here with someone 6 weeks ago that the price would be higher in 12 months time than its then current price of £80.
As of today the price has gone up fivefold. So even £5k worth bought then would now be worth £25k.
Now I hold a lot more than £5k worth and bought them at an average price of £57 and have been earning them from my website. Given this, it is easy to see how many people have become rich very quickly.
It has been one hell of a ride and has completely changed my life.0
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