10 votes

"BITCOIN" posts get no traction here... WHY?

I just noticed something... I posted a bunch of really informative and useful links and stories here, and they are all being VOTED DOWN!

It just seems unnecessary, I mean, it is only information, and in my view it is EXACTLY fitting to the liberty message, and in line with Ron Paul's competing currency ideas.

So who is doing all the down voting of bitcoin related articles??

Any ideas?

-- maybe I don't quite see how this site works --

Dear Michael (Nystrom), it sure would be nice if we could see all the voting activity, not only the final vote count. It would make it more interesting to sort posts according to "activity"

here are my recent posts:

Expatriating from the United States? Consider this!

Wikipedia Accepts 'Enemies Of The Internet' Currencies

Why Bitcoin Acceptance Should Be A Litmus Test Of Liberty Proponents

The future of Bitcoin: new applications and rebuilding the banking system

Why do I bother trying to EDUCATE here about BITCOIN?

Gold vs Bitcoin

Here are other people's (GREAT) posts about Bitcoin:

Allten's Bitcoin Thread

Bitcoin Report Vol 26 with BrotherJohnF VIDEO

Adam Kokesh: What is Bitcoin and Why is it Important

Gold, Silver and Bitcoin: The ultimate interview by VisionVictory



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I have a

firm grip, thank you. I don't think you read the entire exchange(s) between myself and TxRedneck. I began to feel he was less genuinely interested in answers than potentially arguing.

There is no ego, just a polite jab back at his advances, like the following:

"So this Nobody wrote the original protocol?"

Inflationary means the amount of currency to the ratio of people using it increases overall. Deflationary means the opposite.

I have a question. Can bit

I have a question. Can bit coins be loaned? Can I purchase something without owning any bit coins with the promise to repay them at interest at a future date?

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"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence

I don't have the answer to those questions

because only the market can answer them. Bitcoin aside from the rules embedded in the code has no rules what one can or cannot do with their bitcoins.

Btw, did you read my explanation for block reward in that other thread?

You are correct gold is not a

You are correct gold is not a currency.

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"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence

It has been

in the past.

So has salt. Do you suggest

So has salt. Do you suggest that salt is a currency?

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"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence

Sure

it could be. The definition of currency:

The fact or quality of being generally accepted or in use.

Do you just like trying to argue?

Although I'm well aware there

Although I'm well aware there are pockets of "acceptance", gold does not meet the "generally" accepted standard. It WAS a currency.

----------------------------------------------------------
"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence

Whatever

Whatever

Bitcoin "Block Reward" explained

The concept of "block reward" is a central aspect of the (somewhat) complicated bitcoin protocol.

In as simple a way as possible it is:

- the reward "miners" are allocated for findg a block
- a block is a grouping of transactions that took place in the last 10 minutes
- a miner is someone runnig an application on their pc checking for fraud (double spending mainly) amongst the new transaction he sees, if the transactions are good, they all get included into the process of hashing
- hashing is a way of encrypting/locking the last 10 minutes of transactions in the a block of clean transactions by looking for a special "key"
- a key is a sequence of digits that when you multiply with the hash of the last 10 minutes' list of clean transaction will result in a solution that starts with a whole bunch of zeros
- the number of zeros are determined by the difficulty of said block
- the difficulty is set by the protocol automatically so that regardless of how many people mine, only one miner will find a solution every 10 minutes (or thereabouts)
- the difficulty and the reward are automatically adjusted by the protocol... noone can change these rules of the protocol
- the reward has been set at 50 bitcoins every 10 minutes for the first half of all the bitcoins that are in existence: 21 million BTC in total
- once half of them are allocated (10.5 million) then the reward is halved to 25 until half of the remaining bitcoins that have not been allocated are "rewarded" (I like to say, allocated) to miners
- halving of rewards will continue until all the 21m bitcoins have been allocated (each halving will take about 4 years, and 99% of the bitcoins will have been alocated by about 2040 or so... see this graph)

Clarification: Most people use the term: "generated" instead of ALLOCATED for the bitcoins entering the bitcoin economy/system

I prefer allocation, because the reality is that when this whole thing started, ALL THE BITCOINS were GENERATED by the protocol at its inception (that is the FULL 21,000,000 bitcoins)

read more about it here:
http://bitcoinmagazine.net/block-reward-halving-a-guide/

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

The block reward is both how

The block reward is both how new bitcoin enter the system, and one of two ways that 'miners' are compensated for their contributions to security of the blockchain. For the first four years, it was 50 bitcoins per block, roughly one every ten minutes. Recently that reward has been cut in half to 25 bitcoins, and will continue to do that roughly every four years (every 210,000 blocks, precisely) until the block reward is so small that it can no longer be expressed as a variable in bitcoin. This would not occur until about 2130 AD, but under no condition can there ever be more than 21 million bitcoins, as this mathmatical function trends towards that limit, like a basic high school calculus problem. There is no person who has any say in whether or not this happens, it's simply encoded into the protocol. And the protocol also has teeth, as any attempt to do anything outside of what the protocol expects is an 'invalid' transaction, and will neither be acted upon by the network, or even distributed.

Bitcoin, sound money, and the FED

This may be a matter of some concern, for if even Ron Paul supporters are (for now) sceptical about BITCOIN, supporters of alternative sound money have a bigger job ahead of them they they realize!

We don't know how much longer the US Dollar (FRN) can continue to withstand the ever-growing inflationary assaults that come daily from the Central Bank and the US Treasury,(to say nothing of Congress,with its ever more out-of-control deficits and borrowing). Currency collapse, runaway hyperinflation, and resultant misery look more and more inevitable, and while gold (and silver) can and will take up the slack eventually, there are great benefits to be derived from an impartially administered electronic currency as well.

I have no answer,except to encourage BITCOIN to continue to inform everyone as assiduously as possible of its advantages over FRNs, its independence from the State, and to continue to improve its accessability and convenience of use.

Will BITCOIN be available to everyone when the day we dread finally arives? I have no idea, but it sounds like too good an idea to just give up on!

PEACE AND FREEDOM!!

"The worst thing that can happen to a good cause is not to be attacked successfully, it is to be defended badly". F. Bastiat

"First they ignore you, then they laugh at you, finally they attack you, and then you win"! Mohandas Gandhi

DO NOT COUNT ON GOLD AND SILVER

Gold and silver should be collected as RISK MANAGEMENT TOOLS.

The likelihood is that their ownership and trade will be ULTIMATELY OUTLAWED here just as it was under every single totalitarian government ever in the history of the world.

People will earn a week's rations card for turning in people they believe have gold/silver or whom they encounter attempting to barter gold/silver after the "Hoarding" directives are implemented by Homeland S curity.

You should have SOME, maybe even a LOT, of gold and silver. But as mamma said, never put all your eggs in one basket!

Funny story about FED and BITCOIN

If you haven't read this article, it is really funny!

http://blog.bitinstant.com/blog/2012/9/15/brazil-and-the-glo...

there are now some members of the Atlanta Federal Reserve who are in possession of Bitcoin – perhaps simply holding it on their own phones will make them less antagonistic toward this alien technology. I can imagine them taking this sample back to their laboratory to be dissected, and surely they will try to figure out a way to print more of it.

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

Imagine

Imagine this scenario. You have been fighting for the cause of liberty, you did what you could to get Ron Paul elected, you shouted "End the Fed" at the top of your lungs at many rallies and protests.

The current government continues to grow, the Federal Reserve continues its stranglehold on those in charge. They grow weary of these peons in the US giving them a bad name. So they push their bought and paid for politicians to pass some laws. They crack down on these liberty lovers and, just like they did in Missouri, they designate you a potential terrorist.

Now they start coming for everyone. Word gets out on these boards...GET THE HELL OUT!

People start to scramble for the exits, some stay and fight to their deaths as they are portrayed by the media as domestic terrorists out to destroy America. Those that make it to the airport find out once they get there that traveling with large amounts of money makes them suspects. Anyone with gold is automatically singled out and investigated. The borders get locked down as cars are checked and gold and dollars are confiscated.

Or...
you had a backup plan of buying Bitcoins. You keep a good amount in a few different addresses, paying with cash anonymously through some place like Bitfloor. You book a flight to some vacation destination. At the border you carry your minimal amount of cash for your "vacation" along with swim suits, sun screen, etc. Typical American, no domestic terrorist here carrying large amounts of cash or gold.
You get to your destination, book another flight to your new home of choice. Arrive, boot up your Bitcoin client and enter in your private key that you memorized or e-mailed to yourself in an encrypted message or just wrote on the inside of your shoe. You have full access to all of your funds in the local currency or you can just pay for things in Bitcoin.

This is EXACTLY what I'm SCARED OF!

This scenerio is EXACTLY, what I am afraid of. I am totally not sure about when the SHTF scenerio will happen, or if it will at all... but if it does, THIS IS FOR SURE A GREAT POSSIBILITY!

Thanks for the comment!

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

Think of it multigenerationally.

I don't think it will end up being Gestapo dragging you away in the middle of the night to a camp, but blowing a virus under the door which will switch off certain genomes in your DNA such that you are sterile (or your children will be) for no discernable reason.

They will BREED liberty out of the population for those people the drugs dont work on.

Because

It cannot be exchanged without being monitored by some kind of system.
It cannot be passed onto future generations without someone or something knowing all about it.
If government forces decide to pass a law that allows it to fully monitor every transaction, no more anonymity.
It is forever dependent upon an artificial life form that could change or even disappear over time.
With gold, there is no way for an overbearing power or government (who may not be desired) to ever track it, attain it, or even find the place where it's buried it without approval by its owner. Those are some of the reasons that keep powerful entities from becoming ALL powerful.
Further, that gold will still be gold 5,000 years from now.
If you secretly find or dig up an old lost gold coin from 1810 on your land, its yours. Not one person needs to know about it. You can give it to one of your kids before you die and the government can't tax it. It can be exchanged as payment for something to someone you trust and the government can't tax it.

Not true

Gold is easily detected by metal detectors and xray scanners.
If the government wants it they can confiscate it. If you ever find yourself in a situation where you need to move across geopolitical borders gold is dangerous to move. Ask the Jews how it worked out for them when they were fleeing Germany.
Bitcoin can be stored in a string of text as small as 34 characters, this can be memorized if need be. Only the first 8 are needed to check the existence and balance of the coin. The full address is needed to spend it.
Places to store this string of 34 characters... use your imagination.

Pass down

I fully plan on giving my child a locket when they are born or some sort of jewelry that they can keep for the rest of their life.

Hidden within will be a public and private key that, once they are old enough, they will be able to use to access the Bitcoins that I have transferred to them.

I would, of course, make back-ups in case the kid loses it on the playground or drops it from a roller coaster. Which I could then just transfer the funds to a new address and have a new piece made.

Inside the Mega-Hack of Bitcoin: the Full Story

http://www.dailytech.com/Inside+the+MegaHack+of+Bitcoin+the+...

Mt. Gox loses database; exchanges close after 500,000 coins are missing or stolen

The storm had been building for over a week now. Last Monday at around 5 p.m. 25,000 Bitcoins were transferred from 478 accounts on the currency's largest exchange -- Mt. Gox. But that was just the beginning. Now Mt. Gox is admitting to a major breach and has shut down, in an unprecedented action. In all, approximately $8.75M USD worth of Bitcoins appear to have -- at least temporarily -- been stolen in the intrusion.

-----------------

III. Accounts Breached

Over the last couple weeks people began to claim their accounts had been hacked and their Bitcoins stolen.

On Monday at around 5 pm, 25,000 bitcoins were transferred into account "1KPTdMb6p7H3YCwsy FqrEmKGmsHqe1Q3jg". The coins in question came from 25,000 accounts. Given recent trading values, that would indicate the counts were worth somewhere between $375,000 and $500,000 USD.

Mt. Gox's support team insisted such claims were isolated. "Magical Tux" a Tokyo-based member of the support team wrote on Saturday:

Ok, we've been seeing a "lot" of cases recently.

So far I have 10 known cases of people whose coins were stolen (someone logged in on the account using their password, traded USD for BTC, withdrew all the BTC). Considering we have now over 60000 accounts (2 months ago we had 10 times less), this seems to be a problem coming mainly from users.

Problem is many have been posting in various places (forums, reddit, twitter, irc, etc) causing a lot of fear among users when the problem is still fairly limited.

Responding to commenters upset about the 25k Bitcoin heist, he comments:

As I already replied you, your funds were stolen by someone logging in onto your account with your password. Your funds are right now on a bitcoin address and have not moved since then.

As a reminder we assume no responsibility should your funds be stolen by someone using your own password.
...
The coins stolen from Mt.Gox were not stolen using any CSRF exploit... [the thieves] logged in on users account using the correct login and password. We have logs showing the loggin succeed on first try.

Mt. Gox's carefree attitude over account theft (e.g. if you lose your password it's your only fault) would only last so long, though. Because a much worse breach was coming.

IV. "Tango Down" -- Mt. Gox Closes

In recent weeks, we suggested that the Bitcoin markets cooperate to close trading in cases where extreme volatility (deflationary or inflationary) was observed. Many Bitcoin proponents did not take kindly to this suggesting, saying that closing currency exchanges for market events would be blasphemy and the antithesis of everything the market stood for.

http://www.dailytech.com/Inside+the+MegaHack+of+Bitcoin+the+...

The MegaHack is 1.5 year old!

I don't want to spam, but you are unfortunately asking that which has been explained before here:

do not mistake these "hacks" for flaws in the the actual bitcoin protocol/system.

Even the ECB report recognizes this:

From time to time, Bitcoin is surrounded by controversy. Sometimes it is linked to its potential for becoming a suitable monetary alternative for drug dealing and money laundering, as a result of the high degree of anonymity. On other occasions, users have claimed to have suffered a substantial theft of Bitcoins through a Trojan that gained access to their computer...
...However, practically identical problems can also occur when using cash, thus Bitcoin can be considered to be another variety of cash, i.e. digital cash. Cash can be used for drug dealing and money laundering too; cash can also be stolen, not from a digital wallet, but from a physical one; and cash can also be used for tax evasion purposes. The question is not so much related to the format of money as such (physical or digital), but rather to the use people make of it.

http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyscheme...

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

No mistake, here is a current example

Hackers stole about US$250,000 from BitFloor, a BitCoin exchange, on Monday, and it does not have the money to reimburse account holders, according to the website's founder.

BitCoins are an electronic currency that are generated as computers solve a changing mathematical problem. A BitCoin is essentially just a secret number, which is protected from unauthorized transfers by public key cryptography, that is associated with an 34-character alphanumeric "address" that a user holds.

BitFloor, based in New York City, allowed account holders to buy and sell BitCoins, exchange the currency for U.S. dollars and transfer the money using the ACH (Automated Clearing House) system.

The cryptography wrapped around BitCoins is designed to make it nearly impossible to derive the private keys needed to gain possession of the secret number. But in the case of BitFloor, hackers found the keys.

http://www.pcworld.com/article/261894/bitcoin_exchange_loses...

How is that any different from...

...and old fashioned bank robbery (pre-1933)?

Silly me

I forgot people could sit in their shanties and siphon people's money off them through a telegraph machine or early phone.

Is it really any idiot who can do it?

Or does it require a specialist hacker expert, kind of like a specialist hacker bankrobber like Dilinger.

In other words, your analogy that any idiot can do it from their home is a weak one. I certainly can't. I'll bet $1000 that you can't either.

Your words not mine

and why are you betting FRN instead of bitcoin?

And further, you have no idea what I can or can't do. I won't be using whatever talents I have to do dishonest deeds such as you refer to though.

Because I am neither a bitcoin user nor supporter.

I have no bitcoins and I have no current plan to get or "mine" any.

That said, I'm evaluating the pros and cons posted here. That's it.

I stand by my statement that I'll bet $1000 you cannot do the hack from your example. I certainly cannot. And just like 99.9% of people are not bank robbers, they will not be bitcoin robbers.

Thank you for

being open minded :)

That's all us Bitcoin supporters ask. It's a bit like introducing someone "asleep" to Ron Paul for the first time.

However, once people get it they usually don't go back ;)

Also, a clarification about the BitFloor "hack". This was NOT due to any weakness in Bitcoin itself as the other poster alludes to. Bitfloor left the keys out in the open. You are correct that it's similar to sloppy security procedures for an old-fashioned bank.

I've looked into it and

I don't see any reason I should trade dollars for bitcoin.
I worked hard for my worthless fed notes, and I will not trade it for a just as worthless digital note.
I mean why would the bitcoin exchanges want dollars anyway?

I would be interested in mining though. Actually performing a service to obtain something of potential value is different.
Not trading one thing of value to most people(dollar) for something of value to a few people(bitcoin).