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 Post subject: Bitcoin
PostPosted: Thu Apr 21, 2011 12:12 am 
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Heard about this recently. Did a search on here and didn't find any previous mentions.

Anybody tried it out or have any thoughts on it? Seems interesting but many things to get get my head around.

http://www.bitcoin.org/



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 Post subject: Re: Bitcoin
PostPosted: Thu Apr 21, 2011 12:22 am 
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bit-coin
noun /bit koin/

Paper currency backed by nothing but blind idiotic faith.
- see also euro, dollar, pound, pyramid scheme, catastrophe, food kitchen


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 Post subject: Re: Bitcoin
PostPosted: Thu Apr 21, 2011 9:33 pm 
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TheEmigrant wrote:
bit-coin
noun /bit koin/

Paper currency backed by nothing but blind idiotic faith.
- see also euro, dollar, pound, pyramid scheme, catastrophe, food kitchen

faith
noun /fāTH/

Confident belief in the truth, value, or trustworthiness of a person, idea, or thing.

gold
noun, often attributive /'gōld/

A dense inert bright yellow element that is the most malleable and ductile metal, occurring in rocks and alluvial deposits.


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 Post subject: Re: Bitcoin
PostPosted: Sun May 29, 2011 8:54 pm 
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have done more reading since starting this thread. it's fascinating and will definitely be interesting to watch.

the price of bitcoins has skyrocketed since I found out about them from just over US $1 to >$8 today. that's in just over 1 month - that screams bubble but may not be.
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-03-31zeg2011-05-30zvztgSzm1g10zm2g25


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 Post subject: Re: Bitcoin
PostPosted: Sun May 29, 2011 10:40 pm 
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It's a fascinating approach.

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 Post subject: Re: Bitcoin
PostPosted: Thu Jun 02, 2011 11:42 pm 
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Jon Matonis
http://www.blogger.com/profile/04111660030028727950
Quote:
I am an Austrian School economist from George Washington University focused on expanding the circulation of nonpolitical digital currencies. My career has included senior influential posts at Sumitomo Bank, VISA, VeriSign, and Hushmail.


Here his is on Max Keiser's show:


His blog:
http://themonetaryfuture.blogspot.com/


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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 03, 2011 12:30 am 
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If it can be coded, it can be decoded.

Put your money into this and some 14 year old Albanian kid with a PC and a grudge against the girl next door will ride you like youre coming in last in a donkey derby.


Last edited by needle on Fri Jun 03, 2011 12:34 am, edited 1 time in total.

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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 03, 2011 12:32 am 
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needle wrote:
If it can be coded, it can be decoded.

Put your money into this and some 14 year old Albanian will ride you like your coming in last in a donkey derby.

You're obviously not a great believer in cryptography so?


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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 03, 2011 12:34 am 
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What Goes Up... wrote:
needle wrote:
If it can be coded, it can be decoded.

Put your money into this and some 14 year old Albanian will ride you like your coming in last in a donkey derby.

You're obviously not a great believer in cryptography so?


14,15.

Its written by some anonymous person who probably coded backdoors into the system.

EDIT - just downloaded and installed it for shitzengigglez.
Started to use up 98% of my CPU..............


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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 03, 2011 1:32 pm 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
needle wrote:
EDIT - just downloaded and installed it for shitzengigglez.
Started to use up 98% of my CPU..............


Ah, needle... :D

8DD

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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 03, 2011 2:46 pm 
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needle wrote:
What Goes Up... wrote:
needle wrote:
If it can be coded, it can be decoded.

Put your money into this and some 14 year old Albanian will ride you like your coming in last in a donkey derby.

You're obviously not a great believer in cryptography so?


14,15.

Its written by some anonymous person who probably coded backdoors into the system.

EDIT - just downloaded and installed it for shitzengigglez.
Started to use up 98% of my CPU..............


Maybe it has to hack all your passwords by brute force? NOW do you believe in cryptography? :mrgreen:

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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 03, 2011 4:08 pm 
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needle wrote:
What Goes Up... wrote:
needle wrote:
If it can be coded, it can be decoded.

Put your money into this and some 14 year old Albanian will ride you like your coming in last in a donkey derby.

You're obviously not a great believer in cryptography so?


14,15.

Its written by some anonymous person who probably coded backdoors into the system.



It's open source so you can see exactly what's in there and how it works. Or at least you can trust that there have been many experts scrutinizing the code carefully to see that there's no known weakness/backdoor etc. in it.

Quote:
EDIT - just downloaded and installed it for shitzengigglez.
Started to use up 98% of my CPU..............


do you have the generate coins setting turned on? if you do I recommend you to turn it off as the mining code included in the standard client is very inefficient and you're basically wasting your time. Most miners now are using high end GPUs to do the mining - there's a whole mining sub-culture. Even talk of FPGAs and rumors of ASICS being developed. If you're interested have a look at this forum http://forum.bitcoin.org


Last edited by kirian on Sat Apr 06, 2013 11:31 pm, edited 1 time in total.

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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 03, 2011 5:03 pm 
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What Goes Up... wrote:
needle wrote:
If it can be coded, it can be decoded.

Put your money into this and some 14 year old Albanian will ride you like your coming in last in a donkey derby.

You're obviously not a great believer in cryptography so?


Yeah, I'm sure its totally safe....

http://www.theregister.co.uk/2010/12/15 ... oor_claim/
Quote:
Allegations that the FBI may have smuggled back doors or weaknesses into openBSD's cryptography have created uproar in the security community.

.........

Chris Wysopal, CTO of application security tools firm Veracode and former high profile member of hacker collective L0pht Heavy Industries, said that the issue of potential backdoors doesn't stop with OpenBSD: "If OpenBSD w/all their auditing was backdoored where does that leave Linux, Windows, FreeBSD, OS X. Who thinks they stopd at smallest dist?"


I'm sure that a made-for-money-laundering system like this is perfectly safe.


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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 03, 2011 9:30 pm 
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TUG?

I need some patronising ignorance. Its been a whole 4 hours....


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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 03, 2011 9:51 pm 
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needle wrote:
Yeah, I'm sure its totally safe....

http://www.theregister.co.uk/2010/12/15 ... oor_claim/
Quote:
Allegations that the FBI may have smuggled back doors or weaknesses into openBSD's cryptography have created uproar in the security community.

.........

Chris Wysopal, CTO of application security tools firm Veracode and former high profile member of hacker collective L0pht Heavy Industries, said that the issue of potential backdoors doesn't stop with OpenBSD: "If OpenBSD w/all their auditing was backdoored where does that leave Linux, Windows, FreeBSD, OS X. Who thinks they stopd at smallest dist?"


I'm sure that a made-for-money-laundering system like this is perfectly safe.

The OpenBSD example is a sign of a bigger problem.

If the lads from L0pht are right, then nothing is safe - systems, information and all forms of digital money existing now. Bitcoin's innovation being suspect would be completely irrelevant.

Cryptography is an amazing field and it's a constantly evolving war. It's all about adapting to emerging threats, defence in depth and maths (always the maths) magic.

Anyone I know in security assumes there are backdoors in most things (hardware and software) and has sniffers on the wire watching for "ET phone home" moments.


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