hundy bitcoins
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Of course. Unless a real bank gets behind it, it's just a pen stroke away from being a memory. You can't just plop down ATMs around the world to transfer "untraceable" money or exchange your cash for another untraceable currency. That's called money laundering. Unless those using the ATMs give up their anonymity, the odds of this being successful are very slim. I can't even fathom the red tape involved in doing this. And kudos to them if they do pull it off.Comment
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Correction, they use it to misinform a broader audience.
Sensationalism is used to sell the story, a newspaper isn't going to let things like facts get in the way of a story
This is just my opinion from what I've read about Bitcoin but it's clearly in a speculative bubble but right now it's in a speculative bubble based on real demand from actual users unlike every other Ponzi Scheme that the bankers have created by using fraudulent CDOs and such to create demand that was never there so IMO this bubble has a long way to run before it implodes.
The thing that may change this will be if it generates mainstream usage in online business within a short space of time. I'm surprised most porn sites are not offering it as a signup option, it's perfect for porn or any micro payment system.
I think it's a real shame that it's ended up in such a speculative bubble, there is no doubt at some point it will crash in value. There has been flash crashes in the past so when that happens again, even if only temporarily you can bet your ass the media headline will be "Bitcoin Crashes In Value"It's like Alex Jones quoting his own website InfoWars.com as it being the truth, when it is the only source for the information. Somehow, in the craziness of it all, people believe it. If the mainstream media paints a bad picture of bitcoin, telling everyone who is thinking of using it how unstable it is, it will more or less be over for the majority of people as they believe what they are told. Perhaps that is the point.
The death of bitcoin doesn't necessarily have to come directly from a government. There is more than one way to skin a cat.
When it does drop through the floor that's what will destroy confidence in it, and if a lot of people get burnt on this they probably won't ever use it again A bit like porn customers who where victims of card bangers etc
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TBH I don't see this as the peak, or anywhere near the peak for that matter.
Bitcoin is only starting to get mainstream attention. With any speculative bubble (Ponzi Scheme) it crashes dramatically once you run out of suckers to invest, this thing is just getting started IMO
It'll be interesting to see if the Bankers get involved, once you start seeing it discussed daily in the media and front page headlines about Bitcoin, that'll be the time to cash out or when the taxi driver starts talking about how Bitcoin is a good investment LOL
Granted if I had bought Bitcoins around $1 or $2 I'd be cashing out 95% of them and laughing my way to the bank right now.Comment
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this is something i've been wondering about too, the lack of being able to chargeback has been pitched as a good thing, it's not. obviously as a buyer i want to be able to chargeback but as a merchant my potential shoppers are more inclined to purchase from me knowing they have that safety net, i.e., i make sales due to customers being able to chargeback.
in fact, i think this would have to be upgraded for the next level of adoption- merchant support.Comment
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i'm with you. this will blow over, the price will settle to who knows where, i'm pretty stunned it's staying at $140~ for not only, what, a week now, but coming back after the attacks.TBH I don't see this as the peak, or anywhere near the peak for that matter.
Bitcoin is only starting to get mainstream attention. With any speculative bubble (Ponzi Scheme) it crashes dramatically once you run out of suckers to invest, this thing is just getting started IMO
It'll be interesting to see if the Bankers get involved, once you start seeing it discussed daily in the media and front page headlines about Bitcoin, that'll be the time to cash out or when the taxi driver starts talking about how Bitcoin is a good investment LOL
Granted if I had bought Bitcoins around $1 or $2 I'd be cashing out 95% of them and laughing my way to the bank right now.
but, yes, exactly eh, real bubbles take years to develop, drunk post so i'll make a prediction-
this will settle to some degree, the hype will hit again for btc, rinse and repeat until
1.most the coins are mined in 3.5 years, which i would think lessen the craziness and then we can all see if it can work as a currency
or 2) a serious security breach fubar's the whole thing totally or 3) wall street/the government fubar it.
so a few more years, which is pretty quick eh.Comment
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Even if all the gov'ts in the world fight against BTC, it cannot be shutdown if it has people support imho. It's peer to peer and encrypted. If people in general find it worth something, value it for whatever reason, it will always have a worth $ amount imho.
“If you think tough men are dangerous, wait until you see what weak men are capable of.”
—Jordan B. Peterson
Listen to Pomp tell why is Bitcoin importantComment
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sha-3 for btc?
The only known way to ascertain the security of a cryptographic algorithm is to leave it under close scrutiny of hundreds of cryptographers for several years, and see what comes out. So the right perspective here is historical.
MD5 was published in 1992; it was actually designed the year before (1991). In 1993, first weaknesses were spotted, then bigger weaknesses in 1996 (collisions on the compression function, found by Dobbertin). It took 8 years for these weaknesses to be turned into actual collisions by Wang, in 2004. Seven years later, in 2011, we can create MD5 collisions at will (and much more efficiently than with Wang's original method), but preimage and second-preimage resistances of MD5 are still as good as ever.
From this we can infer that when weaknesses are found in hash function, they do not appear overnight: we have quite some time to react. Also, the first MD5 weaknesses were discovered only one year after its publication, and that was in the early 1990s when the public research in cryptography involved much fewer people than nowadays.
Let's see what this gives for SHA-256: first published in 2001; ten years later (2011), we still have no clue whatsoever on the slightest hint of a weakness. This would be suggestive that SHA-256 is indeed robust, and collisions for SHA-256 are not just right around the corner. Also, I have not looked in full details at the Bitcoin protocol, but it seems that collisions are not a real danger for Bitcoin -- it rather relies on preimage resistance, for which not only SHA-256 is rock solid, but even MD5 would still be reliable.
However, it is dangerous to make statistics on a single measure. In 2007, it was estimated that there was a relatively high risk that the attacks on MD5 could be transported to SHA-1 and then SHA-256/512 -- this prompted NIST to organize the SHA-3 competition. It turned out that attacks on SHA-1 have somehow stopped progressing, and there is no attack on SHA-2. Whether this is because SHA-2 is really robust, or because all the cryptographers are busy trying to break the SHA-3 candidates, is not known (but my opinion is the former: SHA-2 is a secure hash algorithm).Comment
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