If bitcoin fails or underperforms, it will be for other reasons, most likely legal.Things like pornographic live web shows etc. where all the provider would be out is his or her time.The bot will help you link your Bitcoin and Byteball addresses by making a micropayment or signing a message.Probably only 10c in the dollar, but there is some underpinning.If ever this trust is lost, the system fails almost instantly.
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So every node that can participate must be in unanimous agreement about the state of the block.Today BitCoin is a flat peer to peer network in which all nodes are equal.There is an history to track the same way I can track your post back to BlackKnight.Jenga 06-16-2011, 11:37 PM Is the ordinary guy, who knows how to use the computer only for email, to surf the net, and maybe to use MS Word, going to be sophisticated enough to deal with bitcoins in a secure manner.
It is the exchange rate with hard (government backed) currency that determines it value.Restaurant customers suck but not often in that particular way and life goes on.The idea is that the database is distributed across thousands of computers.This historically leads to sudden catastrophic failures of currencies.The issue with scalability is the size of the block chain a long way down the road.If you get in on it at less than the non-made-up figure, you might be in a position to make some money.You are experiencing a small sample of what the site has to offer.
DrCube 06-12-2011, 04:21 PM As far as I can tell, bitcoin is attempting to be the internet version of cash.If you had half a million in gold in your house and several people knew about it, you might consider a safe.USB-drive cash tokens that are bitcoin network clients, maybe.Sunspace 06-14-2011, 08:49 PM Jenga would you mind starting a thread on Ripple networks.As more people enter the system each coin is worth more and each fraction of a coin is worth more.If you are interested in BitCoins I recommend giving it a read.The point about the tax is that they are forced to sell the bitcoin to satisfy a legal requirement, the purchase of bitcoin is voluntary.I could see how this would be the case if the bitcoin number is thought of as more of an authorization number that allows you to conduct transactions.
Not storing your bitcoins in one of them is like storing cash under the mattress instead of inside a bank vault.Message board - Online Community of active, educated investors researching and discussing Stocks.An example of such a problem would be if Eve sent a bitcoin to Alice and later sent the same bitcoin to Bob.Its conclusions are questionable but overall a very well researched story.I thought it was some new Nintendo thing, but it sounds like the cutting edge of Internet commerce.
However the intention is to evolve it towards a more typical two-tier structure in which low powered client nodes connect to long-lived, high powered supernodes.This would ordinarily mean that the system would collapse, but the whole thing is based on the foundation of a fantastic hypothesis, a wild guess, an astounding leap of faith.Given that the bitcoin model to avoid national boundaries, just why the any individual government would bother to bail one out is also not clear.Even with that lower number, not all Bitcoins are necessarily for sale though.Still have lots of mindnumbing reading to do actually get a handle on all this, but I managed to get everything downloaded and installed and have already earned a bit over one cent.Turble 06-16-2011, 12:36 AM For anybody who might be interested in trying this Bitcoin stuff, I have found a reasonably clear guide to setting it up.
Also, the expensive hardware and energy costs must start really cutting into profits at some point.The vanilla client is configured to accept a transaction after 6 confirmations.People can keep one where they have everything perfectly itemized for the taxman, and another where the password is hidden away on a random page of a random book on a random shelf of your personal library.
It has nothing whatsoever to do with the payments to and from web sites that have set themselves up as exchanges.Whack-a-Mole 06-14-2011, 12:53 PM The Economist magazine has a really well done article on Bit Coins ( ).The only real natural enemy of the thing is the government itself.You will also run afoul of the usual money movement laws if you move bitcoin around with large effective values without notifying the government.Again, the encryption.Francis Vaughan 06-12-2011, 02:04 AM Most governments are pretty clear about income taxes.However, there is a Bitcoin Investment Trust on the OTC market.The value of having a Paypal account increases with every merchant that accepts it.I read it gets harder and harder to generate coins the more coins there are and the more people are mining.Even if there was a bank who would safeguard Bitcoins with the same care they take with my cash, I would be losing many of the benefits of Bitcoin in doing that.
The value of a currency is its usefulness in transactions, and the more places where transactions can be made, the more useful the currency is.This is a Meetup dedicated to the discussion and spread of Bitcoins.
Bitcoin HK Message Board - Bitcoin HK (Hong Kong) | Meetup
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TheMerkle - Blockchain Forum Is A Message Board ForHowever if this is a key use, you have the problem that the value of the bitcoin is determined simply by the confidence that other criminals and dictators have in the system, and eventually you find that the value of the bitcoin is simply guaranteed by other criminals and dictators.You would only benefit if your client gave your own self-paying transaction a slight head start to the one the vendor got because the first is the likely one to be written to the block by a miner somewhere in the world.
Does anyone know enough details of the BC protocol to take a crack at this.The bitcoin program itself is free, but the start-up costs in expanding the network are still extensive.One loudmouth in your congress could try to make a name for himself and slip a law through that would face no real opposition.
Bitcoin • r/Bitcoin - redditAssume some number of DN begin rapid transactions amongst themselves. (E.g., A sends a bitcoin to B, who immediately sends it back to A.Most of all, you trust them not to run the servers in a fraudulent manner.Bitcoin Brands Inc. a leading publicly traded bitcoin company in America.If you used a simple password you will not be able to login on Mt.Gox until you change your password to something more secure.
Some more bubbles to come before we get there I believe though.In general private banks found that they needed to hold onto enough negotiable currency to survive any forseeable run.
I guess eventually there may be some erosion or inaccuracy due to rounding error.There is no way to increase the value of bitcoins except by demand.A bitcoin itself is a number generated by a complex computer algorithm.Ultimately, the block chain could be forked and the old one discarded, he said.The block chain is distributed to all clients, and in doing so, informs them of transactions.Deflation is disastrous for investment if there is only one currency but Bitcoin will never be the only currency available (partly because of its deflating nature) so that problem is mitigated.In response to this I asked what happened if someone with vast resources simply tried to out-mine everybody else.Moneylending is theoretically possible (although legal enforcement of contracts could be tricky), but people who invest professionally are going to continue to use official currencies to interact with the official financial institutions.This way you can learn about Bitcoin yourself or forward these. validating every account login with a text message,. board of directors that.