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2013-02-26 03:56 31844048 Anonymous (bitcoin logo.png 135x134 24kB)
someone explain to me bitcoin. how does someone just MAKE a currency. how is there only a limited amount, how does this shit work?
0 min later 31844065 Anonymous
Magic. Just like wikipedia, where you could have read about this.
5 min later 31844204 Anonymous
>>31844065
thats cool
12 min later 31844394 Anonymous
you mine for maths and bitcoins pop out.
19 min later 31844616 Anonymous
>>31844065
ok I still don't get it
21 min later 31844668 Anonymous
>>31844616
https://en.bitcoin.it/wiki/Main_Pag e
21 min later 31844678 Anonymous
Like gold, there isn't an unlimited amount of bitcoin.
I believe something like 21,000,000 bitcoins are expected to be mined over the next 200 years.
25 min later 31844787 Anonymous
>>31844678
there isn't an unlimited amount of gold you dolt
26 min later 31844817 Anonymous
>>31844787
>what the fuck is a double negative
27 min later 31844831 Anonymous (jacksonville jaguars.gif 236x224 1983kB)
>>31844787
28 min later 31844860 Anonymous
>>31844787
>2013
>having poor reading comprehension
Try re-reading his post a few times.
37 min later 31845078 Anonymous
>>31844678
so what happens when we run out of bitcoins
39 min later 31845105 Anonymous
>>31845078
You can't
39 min later 31845115 Anonymous
>>31845078
We just start using 8x the power to make Bytecoins.
40 min later 31845133 Anonymous (1351056709093.jpg 251x251 5kB)
>>31845115
42 min later 31845169 Anonymous
>>31845115
how many bytecoins in a buttcoin?
44 min later 31845192 Isaac
>>31844678
Yeah, except not 200 years, i think current expectations place all coins mined at 2016
47 min later 31845246 Anonymous
>>31845192
"all coins mined" what does that mean? There aren't going to be any more bitcoins after a certain period of time?
48 min later 31845267 Anonymous
>>31845192
I've heard more in the 2020, 2050 range when we run out of Bitcoins.
48 min later 31845270 Anonymous
>>31845246
nope. so pretty much after 2016 they're worthless
48 min later 31845289 Anonymous
>>31845246
It means the limit will have been hit and they'll stop being MADE.
49 min later 31845305 Anonymous
>>31845289
how do I make bitcoins
50 min later 31845310 Isaac
>>31845267
>>31845246
>>31845270
Did some research. Turns out i'm only semi right.
By around 2020, 99% of all coins will have been mined and mining will basically give shit all.
Once all coins are mined, they circulate.
50 min later 31845323 Anonymous
Your computer can do work to basically compute and find bitcoins
the computations done are used by major facilities, banks and enterprises for their security systems and encryption the bitcoins were sold to the firms and they were used
50 min later 31845327 Anonymous
>>31845289
what does it mean "all coins mined" though? Is it an arbitrary number of bitcoins and they're just going to stop allowing more to be made after that point? Or is there some actual reason they'll stop being made after a certain number?
51 min later 31845341 Anonymous
>>31845323
are we just doing someone's hacking?
51 min later 31845343 Anonymous
>>31845289
Isn't the act of mining what records bitcoin transactions, though? so what keeps the system working without miners?
53 min later 31845365 Anonymous
Once they stop making more, doesn't that mean there'll be no inflation? And isn't that considered, by most economists, to be a bad thing?
53 min later 31845366 Anonymous
>>31844048
you come up with an idea so good that people decide to play along
53 min later 31845374 Anonymous
>>31845310
And then, they do just as the federal reserve, they "make" more, or rather, start giving out notes or hashes, codes, whatever that supposedly have value.
53 min later 31845375 Isaac
>>31845327
The system will only allow x amount of coins to be made
>>31845343
Once all the coins are mined i believe there's a kind of tax or something on transactions which will be mineable. Can't remember
53 min later 31845378 Anonymous
>>31845327
bitcoins are finite, there is literally a finite number of them able to be discovered because as someone explained it to me that all the bitcoins cover all the combinations of encryptions
53 min later 31845389 Anonymous
>>31845343
Tiny transaction fees. These can be (and are) used today.
54 min later 31845390 Anonymous
>>31845375
what system is this? who controls the whole thing
54 min later 31845394 Anonymous
>>31845341
>2013
>not understanding how Bitcoins work even though they've been around for years
laughinggirls.png
54 min later 31845402 Anonymous
>>31845378
okay, so there is some real reason for the limit other than just "We're gonna stop making them at a certain point." Cool
54 min later 31845406 Anonymous
>>31845394
this is actually not that unbelievable.
54 min later 31845410 Anonymous
>>31845390
Everyone and no-one.
55 min later 31845415 Anonymous
>>31845402
Every has combination will have been used, supposedly.
55 min later 31845429 Anonymous
>>31845415
*hash
56 min later 31845453 Anonymous
>>31845410
>I don't know so I'll say some dumb buddhist shit instead
56 min later 31845461 Anonymous
Care to spare a bitcoin?
166wvZUzA8j7Ltf3eZZK8KW1fCeiAPFVtr
57 min later 31845468 Anonymous
>>31845390
>asking shitty questions on /g/ when the answers are out there already
>wondering why there are only shitty replies
>shiggy
57 min later 31845473 Anonymous
>>31845461
a bitcoin is worth 30 bucks. get a job
57 min later 31845487 Anonymous
>>31845468
>diggy
58 min later 31845491 Anonymous
>>31845453
>thinking people actually control it
>making up a word like "bud-isem"
>twenty thirty
58 min later 31845495 Anonymous
>>31845473
really? I thought they were only like 17
59 min later 31845509 Anonymous
>>31845495
>not knowing how to use bitcoincharts
59 min later 31845510 Anonymous
>>31845495
nope. they went up.
59 min later 31845517 Anonymous
How do you guys convert your bitcoins to PayPal?
59 min later 31845526 Anonymous
>>31845509
>not knowing to use mt gox
59 min later 31845527 Anonymous
>>31845495
Yeh, like a month ago.
59 min later 31845528 Isaac
>>31845495
>>31845509
>>31845510
>Implying some neet faggot on /g/ was going to give you $17 but not $30
1 hours later 31845530 Anonymous
>>31845461
>being a beggar
1 hours later 31845540 Anonymous
>>31845517
>PayPal
No.
1 hours later 31845544 Anonymous
I think I understand bitcoins now but how does the price go up? Wouldn't it only go down since the number of solved hashes can only grow?
1 hours later 31845555 Anonymous
>>31845544
>something with a limited supply becoming cheaper as it becomes more rare
confirmed for retarded
1 hours later 31845556 Anonymous
>>31845540
Well how do you get them into cash or your bank account?
1 hours later 31845567 Anonymous
>>31845555
/g/ is always so angry
1 hours later 31845570 Anonymous
>>31845544
the price of bitcoins used to be massive, very expensive and very lucrative
the price of bitcoins dropped immensely due to saturation of miners, which increased the readily available supply of bitcoins, thus the price dropped
today the price just fluctuates like a little economy, up and down
1 hours later 31845594 Anonymuos
>>31845544
Because scarcity of new product.
Once the difficulty level goes up, there's less chances of getting more coins for your efforts, so that causes the price to go up.
1 hours later 31845613 Anonymous
>>31845556
>irc.freenode.net #bitcoin-otc
>mtgox
>vircurex
>Talking to people IRL
1 hours later 31845614 Anonymous
>>31845555
>quads
Confirmed for retarded
1 hours later 31845627 Anonymous
>>31845555
Fuck I don't know anything about the economy
Nice quads anyways
1 hours later 31845637 Anonymous (1361426173917.jpg 317x270 14kB)
>>31845555
Truth spake the quads.
1 hours later 31845646 Anonymous
>>31845627
its not the pure scarcity of the bitcoins that drives them up
its the difficulty to mine them that results in scarcity which drives the price up
1 hours later 31845669 Anonymous
PONZI SCAM
1 hours later 31845693 Anonymous
>>31845246
Welcome to the concept of a deflationary currency.
1 hours later 31845775 Anonymous
>>31845669
who benefits from it then
1 hours later 31845779 Anonymous
>>31845267
You can calculate it knowing the number of bits for the reward (64), initial reward (50), start year (2009) and number of years for reward halving (1.5).
It's 2140 if I remember correctly.
1 hours later 31845784 Anonymous
>>31845775
admin
1 hours later 31845794 Anonymous
>>31845784
Nobody's admin, retard.
1 hours later 31845805 Anonymous
>>31845784
admin?
1 hours later 31845826 Anonymous
>>31845365
Deflation, actually.
1 hours later 31845868 Anonymous
>>31845826
so, definitely a bad thing?
1 hours later 31845886 Anonymous
>>31845868
Keysists say it's a bad thing, classical economists (not sure the terms are proper) say it's good.
1 hours later 31845905 Anonymous
>>31845868
how bitcoin deflation works:
>get a bitcoin somehow, by mining or trading
>put it in your wallet
>wait a while
>bitcoin value increases as the currency deflates
>your face when your bitcoin is worth 10x more in a few years
>never had to use a bank
1 hours later 31845922 Anonymous
>>31845905
well that sounds awesome! I got like 0.07655 BTC from a while ago. How much will I have in a month
1 hours later 31845943 Anonymous
>>31845922
>expecting an accurate prediction of the future in the short term
1 hours later 31845956 Anonymous
so is bitcoin like stocks or....
1 hours later 31845981 Anonymous
>>31845956
>hurr durr what is this disruptive technology exactly analogous to
1 hours later 31846015 Anonymous
Why can't there ever be one post in one Bitcoin thread that isn't 100% retarded?
1 hours later 31846029 Anonymous
>>31845956
It's like every other currency, so you can buy it and sell when he price rises.
1 hours later 31846049 Anonymous
>>31846015
seriously. I think it's just that NOBODY understands it so they make ass remarks to try to come off as smart
1 hours later 31846054 Anonymous
>>31845905
yeh...but the money isn't just appearing out of thin air, you know...
1 hours later 31846061 Anonymous
>>31845981
lol?
1 hours later 31846114 Anonymous
>>31846049
DING DING DING!
welcome to 4chan
1 hours later 31846130 Anonymous
>>31846054
Money isn't appearing out of thin air, but value is
1 hours later 31846162 Anonymous
>>31846015
It's not that easy to understand. I had to spend a few hours talking on #bitcoin to understand the basic architecture. I still don't know everything.
1 hours later 31846191 Anonymous
>>31846049
just read the source code if you're so suspicious then
1 hours later 31846215 Anonymous
I hadn't opened up my bitcoin wallet in like 4 months. it had to synchronize over 21,000 blocks or some shit for like 2 weeks straight. it has 200 blocks remaining now. what is this blocks
1 hours later 31846222 Anonymous (1359998428827.png 302x255 71kB)
Hi OP
Here are some helpful links with information.
http://bitcoin.org/
https://en.wikipedia.org/wiki/Bitco in
http://www.mtgox.com
r/Bitcoin/
You'll be able to find answers to your questions there.
Sincerely
-Anonymous
1 hours later 31846241 Anonymous
>>31846215
don't you want to know if your transactions are valid?
go outsource your wallet if you're lazy or on a shit connection
1 hours later 31846278 Anonymous
wait...bitcoins are worth 30 bucks now? does this mean I have like 300 dollars from my 10 bitcoins? holy fuck time to go shopping!
1 hours later 31846280 Anonymous
>>31846049
>>31846114
>4chan in charge of teaching cryptography to other idiots
1 hours later 31846300 Anonymous
>>31846222
what is mtgox?
1 hours later 31846342 Anonymous
>>31846300
Magic The Gathering Online Exchange
1 hours later 31846368 Anonymous
pick one [in order of likelyhood]
>created by drug dealers / other black marketers online to serve a means for currency to launder money into real currency
>created by a scammer so he could mine a shit ton of buttcoins, market it to internet lolbertarians/retards/get rich quick fags/drugfags
>rainbow table attack on sha1
>created by someone who actually thought the world needed the ability to buy drugs and child porn anonymously online [possibly a cyrptoanarchist fuckhead see : https://en.wikipedia.org/wiki/Assas sination_market ]
1 hours later 31846376 Anonymous
>>31846300
ask r/Bitcoin
You'll probably get a real answer there, otherwise, just use google please.
1 hours later 31846378 Anonymous (HA_HA_HA,_OH_WOW.jpg 562x437 40kB)
>>31846342
holy shit LOL
1 hours later 31846392 Anonymous
>bitcoin
>literally 95% of the market travels through the silk road as a currency instantly converted back to usd for drugs
1 hours later 31846399 Anonymous
>>31846376
I don't feel like making a readdit account. let me borrow yours
1 hours later 31846406 Anonymous
>>31846342
goon detected
go back to SRS / your hugbox
1 hours later 31846419 Anonymous
>>31846392
this would be true if it was two years ago
1 hours later 31846439 Anonymous
>>31846392
>usd
America please go
1 hours later 31846449 Anonymous
>>31846368
Yeah, sure, a rainbow table attack on super long coinbase strings. That's plausible. Yeah.
1 hours later 31846454 Anonymous
>>31846439
this is an american website. you pls go
1 hours later 31846457 Anonymous (1360011928248.png 86x46 2kB)
>>31846399
You can browse r.e.d.d.i.t. anonymously you big silly.
1 hours later 31846464 Anonymous
>>31846406
Go look it up.
1 hours later 31846479 Anonymous
>>31846457
but not post questions
1 hours later 31846491 Anonymous
>>31846479
just use mailinator to make a fake account it takes like 2 seconds
1 hours later 31846504 Anonymous
>>31846406
SRS? hugbox? what are these terms that I'm not familiar with
1 hours later 31846518 Anonymous
>>31846399
Go to freenode, channel #bitcoin.
1 hours later 31846519 Anonymous
>>31846491
nah. I'd much rather just ask here. I don't have to make an account here
1 hours later 31846531 Anonymous
>>31846439
>usd
>de facto international currency of the entire world
>it's 8:40 in california
>did you get your homework done already?
1 hours later 31846533 Anonymous
>>31846518
ok I'll try that later
1 hours later 31846550 Anonymous
>>31846464
>>31846504
I'm familiar with your meta to call it by it's full name
1 hours later 31846554 Anonymous
>>31846533
But don't ask them questions such as "what is mtGox". Use a search engine and wikiedia. Also bitcoin.it.
1 hours later 31846564 Anonymous
>>31846449
isn't bitcoin all just SHA-1 hashing
1 hours later 31846613 noko
send me bitcoins u fagets
>1VqhzCSikCKh4pF32SyWhgk6KiyATGXmm
1 hours later 31846616 Anonymous
>>31846564
f(x)=sha256(sha256(x)) is used as hash for mining.
1 hours later 31846660 Anonymous
anyone want to give me some bit cunts? I'd like any amount. even 0.0001.
1B28KCNTpBqifisjWP9F2jqHEY9UNnqs7Q
1 hours later 31846720 Anonymous
If I started minting gold coins with my face on them and people started accepting them, bam, it's a currency. It might be illegal, but still, there you go. Bitcoin might not have a physical representation but there are a set number, and people accept them. The fact people accept them give them value, you can use them to buy things. Therefore, it's a valid currency.
1 hours later 31846779 Anonymous
>>31846720
I'm going to start my own currency. Gonna call it bytecredits.
1 hours later 31846788 Anonymous
>>31846720
It's Illegal, at least in USA.
Also there's a guy that produces physical bitcoins.
1 hours later 31846797 Anonymous
>>31846616
why double hash
1 hours later 31846801 Anonymous
>>31846788
it's not illegal in the USA. don't be retarded.
1 hours later 31846828 Anonymous
>>31846801
It is illegal though it's illegal under anti-money laundering laws. get fucked faggot, tha'ts obejctive truth
1 hours later 31846851 Anonymous
>>31844048
the only requirement to create a currency is trust and good faith. of course bad design can lead to trust and good faith decreasing and the failure of a currency. let's see how bitcoin goes.
1 hours later 31846857 Anonymous
There’s no central bank to regulate it; it’s digital and functions completely peer to peer. No, this is not a currency
2 hours later 31846897 Anonymous
>>31846797
I don't know.
>>31846857
A central bank is not required for a currency to exist. Nor is a physical representation.
2 hours later 31846909 Anonymous
>>31846897
so are TF2 earbuds a currency too then?
2 hours later 31846933 Anonymous
alright i buy into this thread, im broke so is anyone willing to send me bitcoins? i am begging so i will do whatever you guys want
1Co3VjnrbMYJfx65FVBVYPCXJNEGjuHjgW
>my code
2 hours later 31846959 Anonymous
>>31846909
Abstractly, yes, if people are willing to exchange goods/services for TF2 earbuds.
2 hours later 31846961 Anonymous
>>31846909
Yes actually
2 hours later 31846963 Anonymous
>>31846909
If you can use it as a universal to some degree object that you can exchange for gods, then yes.
2 hours later 31846967 Anonymous
>>31846857
>There’s no central bank to regulate it; it’s digital and functions completely peer to peer. No, this is not a currency
Gold Is A Currency.
Gold Does Not Have A Central Bank.
2 hours later 31846979 Anonymous
>>31846857
enjoy your fiat bux
2 hours later 31846986 Anonymous
>>31846963
>universal
but buttcoins are nowhere even close to universal.
2 hours later 31847006 Anonymous
>>31846933
Anybody want me to do shit for bitcoins? Poor /g/ent needs money
2 hours later 31847007 Anonymous
>>31846986
your butt is universal
2 hours later 31847022 Anonymous
>>31846828
Quote the section and subsection of the law you think it's in violation of.
2 hours later 31847028 Anonymous
>>31846986
what, do you want us to tell you that, no, bittcoins aren't a currency?
2 hours later 31847036 Anonymous
>>31847007
you mom's butt is universal
2 hours later 31847041 Anonymous
>>31847006
crossdress as animu and video tape
21 million bitcoins could be yours
2 hours later 31847100 Anonymous
15D59uuq8GucsKjddcj1oqL85U5ZCgxogy
anybody want to give me some buttcoins so I can buy myself a small pizza tomorrow?
2 hours later 31847112 Anonymous
>>31847100
where do you even buy pizza with bitcoins
2 hours later 31847126 Anonymous
>>31846986
They are universal, because you can continently pay with them for anything in theory.
Compare it to cattle. Cattle is hardly money, because while you might find someone to exchange two pigs for a cow (I don't know if that's a fair exchange rate), hardly anyone will want a cow form you, because even if he wants the cow to exchange it further, he needs to have some place to put the cow in, feed it etc. which isn't convenient.
2 hours later 31847136 Anonymous
IS GOLD A CURRENCY /G/
2 hours later 31847161 Anonymous
>>31847126
except 99.99% of the things you buy with ""buttcoins"" you have to convert to usd first lmao get fucked turbonerd
2 hours later 31847165 Anonymous
>>31847112
http://pizzaforcoins.com/
2 hours later 31847178 Anonymous
>>31847161
except not at all
2 hours later 31847189 Anonymous
>>31847136
what is /G/?
2 hours later 31847199 Anonymous
>>31847189
/g/'s aut brother
2 hours later 31847229 Anonymous
how do I upload my wallet.dat to blockchain? I am paranoid my harddrive might crash and I'll lose all my buttcunts
2 hours later 31847301 Anonymous
>>31847229
Don't do this, because then blockchain can spend your coins. What if it gets hacked?
>download truecrypt
>encrypt your wallet.dat
>upload encrypted file to derpbox/rapidshit/whatevery
2 hours later 31847341 Anonymous
>>31847229
Your wallets stores private ECDSA keys, so if you loose it, you won't be able to create transactions moving coins from associated addresses.
2 hours later 31847370 Anonymous
>>31847301
good point. one more question. if I back up my wallet.dat like you said and then I get some coins but then my hard drive crashes. when get my backup wallet.dat will I still have all my coins? or will I only have as many as I did when backed up. tl;dr. will I constantly have to back it up?
2 hours later 31847438 Anonymous
who created the coins? where did they come from? how are they wish any real money? someone has to be losing money for that to happen don't they?
2 hours later 31847439 Anonymous
>>31847370
wallet.dat holds private keys to bitcoin addresses. It usually also contains 100 spare private keys.
Without using a fancy deterministic wallet, if you back up wallet.dat, then make 101 bitcoin addresses, and then get money in the 101th address, and then lose your wallet.dat, your backup will not have the money from the 101th address made after the backup
2 hours later 31847466 Anonymous
>>31847438
0/10
2 hours later 31847506 Anonymous
>>31847439
I should probably add that new bitcoin addresses can and will be generated a lot
2 hours later 31847508 Anonymous
>>31847439
okay. I think I get it, thanks!
2 hours later 31847578 Anonymous
>>31847438
>who created the coins?
Miners create new coins.
>where did they come from?
Reward blocks.
>how are they wish any real money? someone has to be losing money for that to happen don't they?
Don't really understand these. Do you know how money work and what's currency exchange?
2 hours later 31847727 Anonymous
>>31847578
no
2 hours later 31847738 Anonymous
>>31847508
ok, I'm not sure I know how truecrypt works. I feel like a buffoon
2 hours later 31847742 Anonymous
>>31847178
>muh drugs
>muh child porn
2 hours later 31847754 Anonymous
>>31847301
>not knowing eveyr single one of those sites deletes encrypted content on a regular basis
based retardbro
2 hours later 31847792 Anonymous
>>31847742
>muh greentext
2 hours later 31847829 Anonymous
>>31847754
mega doesn't dude.
2 hours later 31847842 Anonymous
>>31847742
>muh meems!
2 hours later 31847877 Anonymous
>>31845390
Everyone that participates in the system. The system itself is basically open source code that adheres to principles laid out by the inventor in a white paper.
Everyone watches each other basically to prevent destructive/criminal behaviour.
2 hours later 31847933 Anonymous
>>31847877
so it's like true economic anarchy. I like this.
2 hours later 31847964 Anonymous
>>31845343
You pay what's basically a tip to miners to process your transaction. The larger the tip the faster somebody will come by and process it for you. If you decide to not tip at all, your transaction will eventually be processed, but it'll take forever.
The same rules regarding computing power and cost of electricity will still apply, which will dictate the average transaction fee size.
2 hours later 31848014 Anonymous
>>31847842
>>31847792
epic counter arguments oh wait you hav enone :&)
2 hours later 31848036 Anonymous
>>31846278
>mfw I find out my ancient wallet with 15 btc is corrupted and unsalvageable
2 hours later 31848057 Anonymous
>>31848036
what happens to those bitcoins? lost forever?
2 hours later 31848070 Anonymous
>>31847933
essentially, yes. I wouldn't doubt it if alan moore would support bitcoins fully
2 hours later 31848217 Anonymous
>>31848057
They can not be spend further.
3 hours later 31848370 Anonymous
How do I handle bitcoins programmatically?
I want to make a bitcoin washer and fuck around with other bitcoin ideas.
3 hours later 31848392 Anonymous
>>31847964
>40 KB
did GE invent this?
3 hours later 31848413 Anonymous
>>31848370
Implement the protocol.
3 hours later 31848435 Anonymous
https://www.youtube.com/watch?v=Um6 3OQz3bjo
https://en.bitcoin.it/wiki/Main_Pag e
https://en.wikipedia.org/wiki/Bitco in
http://www.econtalk.org/archives/20 11/04/andresen_on_bit.html
3 hours later 31848479 Anonymous
>>31848435
>andresen on bit
read that as anderson on bit. I got excited. my panties get wet over anderson cooper everytime
3 hours later 31848507 Anonymous
>>31847754
Dropbox hasn't deleted my 24GB volume.
I find RARs almost daily with passwords on pretty much every filesharing site.
Do you think they have the time to check everything?
Quit talking shit.
3 hours later 31848512 Anonymous
>>31848479
srry bbz
Russ is a pretty cool guy, though. Maybe he'll get those fluids working.
3 hours later 31848669 Anonymous
>>31845169
I can fit 20
3 hours later 31848723 Anonymous
If someone buys me damascus bitcoins I will video myself popping them into my ass
3 hours later 31848752 Anonymous (CropperCapture[7].png 423x78 2kB)
I bought most of my bitcoins, and with the rise in prices, I've more than doubled my investment. Pretty cool. Tax free, too.
3 hours later 31848847 Anonymous
>>31848752
Good luck trying to cash those out without running into Anti Money Laundering laws :^)
3 hours later 31848969 Anonymous
>>31848847
$17K isn't that much money.
3 hours later 31848976 Anonymous
>>31848847
investing is a kind of laundering now?
3 hours later 31849028 Anonymous
>>31846801
http://en.wikipedia.org/wiki/Privat e_currency
3 hours later 31849069 Anonymous
>>31849028
it's not a private currency
3 hours later 31849113 Anonymous
right now warren buffet could destroy the buttcoin market if he wanted to
3 hours later 31849126 Anonymous
>>31846801
Even if it's not explicitly illegal, the federal gov't has stomped out every attempt at one under the pretext of currency counterfeiting.
e.g. http://en.wikipedia.org/wiki/Libert y_dollar
3 hours later 31849151 Anonymous
>>31849069
>http://en.wikipedia.org/wiki/Liber ty_dollar
Then what is it?
3 hours later 31849203 Anonymous
>>31849151
it's an alternative currency. http://en.wikipedia.org/wiki/Altern ative_currency
3 hours later 31849209 Anonymous
bitcoin is dumb
you can pretty much only buy bitcoins with a credit card or a bank account, then basically those coins that you buy can easily be traced by the fbi
3 hours later 31849252 Anonymous
>>31849209
Bitcoins are great, but you just shouldn't think that they magically make you anonymous.
3 hours later 31849383 Anonymous
>>31849151
>implying Bitcoin has to be classified under an existing definition
>yfw you accept the fact that it's actually a Cryptocurrency
3 hours later 31849411 Anonymous
I don't support this opinion, and there are important differences (namely not claiming to offer any material worth)..
https://en.wikipedia.org/wiki/Liber ty_Dollar
>The Liberty Dollar (ALD) was a private currency produced in the United States.
>The currency was issued in minted metal rounds (i.e. coins), gold and silver certificates and electronic currency (eLD). ALD certificates are "warehouse receipts" for real gold and silver owned by the bearer.
>According to court documents there were about 250,000 holders of Liberty Dollar certificates.
>It was created by Bernard von NotHaus, the co-founder of the Royal Hawaiian Mint Company.
>In May 2009, von NotHaus and others were charged with federal crimes in connection with the Liberty Dollar ...
>On March 18, 2011, von NotHaus was pronounced guilty of "making, possessing, and selling his own currency".
...
>In 2006 the U.S. Mint issued a press release stating that prosecutors at the Justice Department had determined that using Liberty Dollars as circulating money is a federal crime. The press release also stated that the "Liberty Dollars" are meant to compete with the circulating coinage (currency) of the United States and such competition consequently is a criminal act.
>The Liberty Dollar organization responded to the Mint's press release by stating that "[t]he Liberty Dollar never has claimed to be, does not claim to be, is not, and does not purport to be, legal tender."
...
>The Liberty Dollar offices were raided by agents of the Federal Bureau of Investigation (FBI) and the United States Secret Service on November 14, 2007. Bernard von NotHaus, the owner of Liberty Services, sent an email to customers and supporters saying that the FBI took all the gold, silver, and platinum, and almost two tons of Ron Paul Dollars.
cont'..
3 hours later 31849478 Anonymous
>>31849411
>fighting a monopoly is illegal
3 hours later 31849486 Anonymous
>>31849383
there is nothing "new" about bitcoins. It is just a currency run by the community instead of a bank/government. The purpose of it is still to be a universal way of exchanging wealth. In the us it is illegal to create a competing currency so in the US bitcoins are illegal.
4 hours later 31849511 Anonymous
anything can be a currency as long as people accept it as payment. Whether it be physically and of value (physical goods), physical and but not physically valuable (money), non-physical but of physical value (work, favors, promises, etc), non-physical and non-physically valuable (bitcoins).
But anything, physical or not can be of value if people accept it so.
4 hours later 31849522 Anonymous
>>31849411
>The seizure warrant was issued for money laundering, mail fraud, wire fraud, counterfeiting, and conspiracy.
>A federal grand jury brought an indictment against von NotHaus and three others in May 2009 in United States District Court in Statesville, North Carolina,[24] and von NotHaus was arrested on June 6, 2009.
>On March 18, 2011, Von NotHaus was convicted of "making, possessing and selling his own coins", after a jury in Statesville, North Carolina deliberated for less than two hours.[26] The jury found him guilty of one count under 18 U.S.C. § 485 and 18 U.S.C. § 2, one count of violating 18 U.S.C. § 486 and 18 U.S.C. § 2, and one count of conspiracy, under 18 U.S.C. § 371, to violate sections 485 and 486.[27] He faces up to 15 years in prison, a $250,000 fine, and may be forced to give $7 million worth of minted coins and precious metals to the government, weighing 16,000 pounds.
>Attorney for the Western District of North Carolina, Anne M. Tompkins, described the Liberty Dollar as "a unique form of domestic terrorism" that is trying "to undermine the legitimate currency of this country".[28] The Justice Department press release quotes her as saying: "While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country."
>According to the Associated Press, "Federal prosecutors successfully argued that von NotHaus was, in fact, trying to pass off the silver coins as U.S. currency. Coming in denominations of 5, 10, 20, and 50, the Liberty Dollars also featured a dollar sign, the word "dollar" and the motto "Trust in God," similar to the "In God We Trust" that appears on U.S. coins"
>>31849478
It's not just illegal, it's domestic terrorism! (lo)
4 hours later 31849534 Anonymous
>>31849511
and by money I mean paper or plastic money. not coins, since those do have a physical value (in the metal that they're made out of). Plastic and paper's physical value is next to non-existant just like the few bytes of storage bitcoins use.
4 hours later 31849537 Anonymous
>>31849478
You are the property of the banks. If a thing is good for the banks, you must do it. If a thing is bad for the banks, you may not ever do it.
No exceptions.
4 hours later 31849550 Anonymous
>semen as DNA verifiable currency
>economic crisis solved
>world hunger also solved
4 hours later 31849562 Anonymous
>>31849550
by selling semen and having poor people eat it?
4 hours later 31849604 Anonymous
>>31849562
>there is a limited supply
>anybody can issue it (well not really)
>it can be traced back to the issuer and verified
>it can store other cryptographic information in extra base pairs
>commodity
>relatively simple to stockpile and harvest
4 hours later 31850217 Anonymous
Wait.
Its seriously illegal in murka?
4 hours later 31850227 Anonymous
>>31850217
no, it's not illegal. don't be daft. it's internet currency. that's like saying online bullying is illegal
4 hours later 31850234 Anonymous
>>31849562
Soylent White is people.
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