Bitcoins

csm888

MFW_ASAP wrote: »

Perhaps bitcoins are different and there isn't really that much to see and so it would be easy to photoshop evidence.

Bitcoin is probably the best currency for proving ownership.
Each address that contains coins is secured with a private key. You can create a message such as "CSM888 owns this as requested by moneysaving expert 19/11/13" and sign it with the private key.

Anyone can then use the Bitcoin addresses public key to decrypt the message, which would prove I was the owner of the private key. You could then look in the Bitcoin address using something like BlockChain.info and determine how many bitcoins are in it.

This is really total proof, and can't be faked.

MFW_ASAP

csm888 wrote: »

Bitcoin is probably the best currency for proving ownership.
Each address that contains coins is secured with a private key. You can create a message such as "CSM888 owns this as requested by moneysaving expert 19/11/13" and sign it with the private key.

Anyone can then use the Bitcoin addresses public key to decrypt the message, which would prove I was the owner of the private key. You could then look in the Bitcoin address using something like BlockChain.info and determine how many bitcoins are in it.

This is really total proof, and can't be faked.

Has anyone used this method to completely prove their holding and make doubting Thomases like me look foolish?

csm888

MFW_ASAP wrote: »

Has anyone used this method to completely prove their holding and make doubting Thomases like me look foolish?

Someone called Maria2 appeared on Bitcointalk forum earlier this year and claimed to be an earlier adopter and other wild claims. Many people said she was lying and to prove it by using the method I detailed.
Actually she had to sign a message with a Block Address from some coins that were mined in I think 2010. She managed to do this and was therefore subsequently believed by the community.

The Bitcoin client has this signing functionality built in.

Public/Private keys or asymmetric cryptography is cool stuff.

Satoshi

dryhat wrote: »

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.

just out of interest, how do you pay gap gains in fiat on your 'gains' in alternative currency to fiat?

black_taxi_2

is the mother of all pyramid schemes crashing?

Satoshi

black_taxi wrote: »

is the mother of all pyramid schemes crashing?

I hope there is a big dip I will buy more.

BaileyB

Whats the best site to see a daily track of it all?

csm888

Graphs and charts.. take your pick
http://bitcoinwisdom.com/markets/mtgox/btcusd
http://coinorama.net
http://bitcoin.clarkmoody.com
http://bitcoincharts.com/markets/

Talk and info, there is only one place really...
https://bitcointalk.org

Satoshi

bitcoincharts.com

Just look at that long term chart, it look like a tracer round hit a wall and shot stright up.

Nothing moves up that much without a correction.

BoracicLint

One drawback I have experienced with Bitcoins personally, is the ability to trade is very antiquated and slow. With the price so volatile, anybody with a significant holding may struggle to offload them at the price they want. This should act as a barrier to speculators, however now there are ETFs popping up allowing people to trade on the spot price with much more speed. This will only make matters worse I feel.

Also sending Bitcoins with no transaction charge makes the blocks less attractive to miners, so it can often take hours for verification. This is fine if you are sending small amounts, but can be problematic if you are sending large quantities and require 6 confirmations before you can be satisfied the transaction is genuine.

These are of course just teething problems, and I think once the infrastructure surrounding Bitcoin transactions improves, so will their adoption into the mainstream