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Bitcoin IS The Shark.. J/K. It's A f#$%ing Honey Badger. ( Or: Why Bitcoin Has Value! )

I think the people that are against bitcoin might be missing the bigger picture. ( I could be wrong.)

To paraphrase Reddit CEO Yishan Wong: "For the FIRST TIME IN HISTORY the world has a low-friction electronic payments and trust-delegation system." ( emphasis mine ) And Wong doesn't even like bitcoin.. well ok, he doesn't like the 'crazy libertarian' crowd that apparently comes along with it.

However, Bitcoin is NOT just currency.. I think this might be where people make their mistake. Bitcoin is a trust-less, cryptographically secure protocol and public ledger system than can be used for a lot of different things.. ( Including currency. )

And that's pretty valuable...

For instance: Namecoin. ( A bitcoin spinoff ) Also, User MMJ Ministry recommends bitshares

Namecoin uses the bitcoin protocol to provide a distributed, trust-less, cryptographically secure DNS system. If you're not familiar with DNS - The (D)omain (N)ame (S)ystem is what allows you to look up http://dailypaul.com instead of 123.12.84.21. ( or whatever the real IP address is... too lazy to look it up. )

So why does this matter?

I'm glad you asked.

The current domain system is centralized and controlled by ICANN. You DON'T OWN A .COM DOMAIN, you only 'lease' it. So ( if/when ) all of ( your/our/their/his or her ) worst fears ( possibly ) come true and SHTF, guess what.. ICANN, at the governments whim, can just TAKE your domain name back.

Bastards!

SO... Basically, don't post anything that pisses off the gov. enough for them to want to take your domain. Not that anyone would, or that you're even remotely worried about the possibility of the gov. seizing your domain. But hey, they can... If they want... at anytime.

Michael posted something on here the other day ( http://www.dailypaul.com/315454 ) about not uploading copyrighted Images, or videos, or anything really.. In a worst-case scenario, the gov. "could" shut down the Daily Paul over copyright violations. Highly unlikely, but technically possibly.

Ok, are you with me so far?

How does the Bitcoin PROTOCOL ( Namecoin in this case ) fix this?

Well, you purchase your domain name WITH NAMECOIN. http://meowbit.com/how-to-register-dot-bit-domains/ ( which is a .bit, not .com ) Which is then recorded in the public, distributed, trust-less, cryptographically secure blockchain ( ledger ).

Now everyone who is running a Namecoin client has a copy of the blockchain (ledger) with your Namecoin DNS info in it.

So when I want to lookup: http://website.bit, my browser queries the Namecoin BLOCKCHAIN DNS, not the regular DNS, and it routes me to the right website or IP address.

End result: THE GOV. CANNOT SEIZE YOUR DOMAIN NAME! Period - the end. AND... they'd have to shutdown EVERY computer worldwide that is running a namecoin client to stop people from being able to visit your website.

( They could still potentially find and seize your servers that you are hosting the domain on.. but you can avoid this by routing your .bit domain name to a TOR hidden service... but that's a whole other topic. )

I'm not sure how somebody wouldn't see value in this system? Especially this crowd, eh? ;)

My god, I think about every major bank ( I'm exaggerating ) has come out at this point and said publicly that the BTC protocol has value. UBS was the latest: http://www.coindesk.com/swiss-bank-ubs-banks-absorb-benefits... ... errr...Not that I'm suggesting you trust the banks..

And this is just one example... other than using BTC as currency. There are more..

Not sure if any of this info has been posted before. My apologies if it has. Hopefully this will help some people see the real value of Bitcoin.. or at least the bitcoin protocol.

================================================

Honey Badger don't give a s#*t if you like it or not.. and just when you think it's dead.. "it's gonna get right back up and start eating all over again because it's a hungry little bastard!"

http://www.youtube.com/watch?v=W5_tXcfWPjk

TLDR; 'bitcoin' has not jumped any sharks. It'll be around for a while, and it don't give a s&*t if you're along for the ride or not. My advise? Take the ride! https://coinbase.com/?r=52759b0501664d1443000033&utm_campaig... <--- Full disclosure.. if you sign up, I'll get like $5 worth of BTC! Woot woot!

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(No subject)

฿ump, great info!

http://i43.tinypic.com/8xrozq.jpg

BitShares DNS is similar to namecoin but much better imo
http://vimeo.com/user24356268/review/89219239/9a45e730ca

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
My ฿itcoin: 17khsA7MvBJAGAPkhrFJdQZPYKgxAeXkBY
http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Thanks!

Namecoin was just the first thing that came to mind! :)

I wrote this pretty quick. If there's anything else you feel like I should add, let me know!

Great info.

Thanks.

"Damn the pandas, full steam ahead"

-Admiral David Farragut

Thank YOU!

:)

Thanks

Here is what the OP was responding to
http://www.dailypaul.com/315620/has-bitcoin-jumped-the-shark

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Yup

I'll buy smaulgld.bit and hold it for you... if you want. ;)