BITCON... WHY its totally FLAWED

[Kawa]

I have a Custom Shit Sandwich for sale.

PM me direct.

The more Bread you have the less shit you will eat.

 

[Lovey80]

Providing a once a year balance of trade payment to countries with gold is 1000 times less risky than any digitally created currency.

Please don't tell me where you got your data from, Lol. People have all sorts of various needs and requirements when trading. Some people prefer not to fund the banks if possible.

Look how easy it is to get hacked, compare that to either a military ship delivering gold (if required by the debtor country) or a privately contracted and insured shipper?

I hate the banks with a passion. But there is a big difference between using them for a service and spending time and money mining digital "money". I can't see this taking off and will end up like a pyramid scheme or one of these MLM schemes. People will get hurt.

 

[spdz]

I can't be stuffed googling.

Give it a go sometime!

For the record, AMD does not do better than Nvidia.

For the record, he's talking about gamer cards and bitcoin mining here - Tesla is not a gamer card and there's way more interesting things you can do with them...

 

[punningclan]

If you're not making tax free anonymous unique transactions or purchases on the Internet or Darknet while relying on a scarcity curve and free market for added value then you probably don't need Bitcoin right now, if you are then it's a good idea just in time.

 

[thatguy]

If you're not making tax free anonymous unique transactions or purchases on the Internet or Darknet while relying on a scarcity curve and free market for added value then you probably don't need Bitcoin right now, if you are then it's a good idea just in time.

Must have registered just to say that... but it was worth it. Stack some Ag!

 

[Dogmatix]

It wouldn't surprise me if bitcoin goes the way of eGold:

http://en.wikipedia.org/wiki/E-gold

In 2007 the proprietors of the e-gold service were indicted by the United States Department of Justice on four counts of violating money laundering regulations. In July 2008 the company and its three directors pleaded guilty to charges of "conspiracy to engage in money laundering" and the "operation of an unlicensed money transmitting business" in the U.S. District Court for D.C.[1] The company faces fines of $3.7 million.

 

[thatguy]

It wouldn't surprise me if bitcoin goes the way of eGold:

http://en.wikipedia.org/wiki/E-gold

In 2007 the proprietors of the e-gold service were indicted by the United States Department of Justice on four counts of violating money laundering regulations. In July 2008 the company and its three directors pleaded guilty to charges of "conspiracy to engage in money laundering" and the "operation of an unlicensed money transmitting business" in the U.S. District Court for D.C.[1] The company faces fines of $3.7 million.

That is why you A) Decentralize it and B) Distance your self from it C) Automate it. Bit coin inventors were obviously well aware they were straying into a criminal syndicate's territory

 

[punningclan]

W&F, it wasn't fanboi stuff, it was from here:

Why are AMD GPUs faster than Nvidia GPUs?

Firstly, AMD designs GPUs with many simple ALUs/shaders (VLIW design) that run at a relatively low frequency clock (typically 1120-3200 ALUs at 625-900 MHz), whereas Nvidia's microarchitecture consists of fewer more complex ALUs and tries to compensate with a higher shader clock (typically 448-1024 ALUs at 1150-1544 MHz). Because of this VLIW vs. non-VLIW difference, Nvidia uses up more square millimeters of die space per ALU, hence can pack fewer of them per chip, and they hit the frequency wall sooner than AMD which prevents them from increasing the clock high enough to match or surpass AMD's performance. This translates to a raw ALU performance advantage for AMD:
AMD Radeon HD 6990: 3072 ALUs x 830 MHz = 2550 billion 32-bit instruction per second
Nvidia GTX 590: 1024 ALUs x 1214 MHz = 1243 billion 32-bit instruction per second
This approximate 2x-3x performance difference exists across the entire range of AMD and Nvidia GPUs. It is very visible in all ALU-bound GPGPU workloads such as Bitcoin, password bruteforcers, etc.
Secondly, another difference favoring Bitcoin mining on AMD GPUs instead of Nvidia's is that the mining algorithm is based on SHA-256, which makes heavy use of the 32-bit integer right rotate operation. This operation can be implemented as a single hardware instruction on AMD GPUs (BIT_ALIGN_INT), but requires three separate hardware instructions to be emulated on Nvidia GPUs (2 shifts + 1 add). This alone gives AMD another 1.7x performance advantage (~1900 instructions instead of ~3250 to execute the SHA-256 compression function).
Combined together, these 2 factors make AMD GPUs overall 3x-5x faster when mining Bitcoins.

EDIT: source: https://en.bitcoin.it/wiki/Why_a_GPU_mines_faster_than_a_CPU

I thought that this website was in English?

I don't even know what a bitcoin is. Yes i could look it up but based on the information above i don't think i will bother as i don't think i'm missing much.

This site gives you a pretty accurate Bitcoin video card utility matrix in the AMD/NVIDIA argument:
https://en.bitcoin.it/wiki/Mining_hardware_comparison
The efficiency of the system used to provide the Bitcoin service is central to its running cost and has been one of the factors driving the market price, they cost a lot to mine, since the beginning. Bitcoin fees are minuscule and as a whole Bicoin can provide the sort of service expected from Visa/MasterCard or Paypal at a fraction of the cost with more security and no regulation or chance of fraud at the core. With ASICs (dedicated hardware) on the horizon the power issues go away along with the slightest chance of a 51% attack.

 

[Lovey80]

Peter Schiff announced a little while ago about an upcoming product he intends to offer. If you are bullish on gold and are one that wishes to have a gold standard regardless of the Central banks policy this may be an option for some wishing to protect themselves and thier savings against inflation.

I'm not sure if he is offering it yet but the basic premis of the product is this:

You set up a "savings" account with his firm. The $value of your deposit is converted directly into a divisible unit of gold.

I guess very similar to the way an ETF works, however you have full access to your money. If the gold price moves up between deposit and the day you want to spend your cash you have more $$$$ to spend without the need to go through selling your gold yourself or on the stock exchange. Obviously if gold tanks, the situation is in reverse. I guess you would only consider this if uber bullish on gold.

I am pretty sure it is set up in one of the tax havens and Americans couldn't yet access the service.

 

[Dogmatix]

It wouldn't surprise me if bitcoin goes the way of eGold:

http://en.wikipedia.org/wiki/E-gold

In 2007 the proprietors of the e-gold service were indicted by the United States Department of Justice on four counts of violating money laundering regulations. In July 2008 the company and its three directors pleaded guilty to charges of "conspiracy to engage in money laundering" and the "operation of an unlicensed money transmitting business" in the U.S. District Court for D.C.[1] The company faces fines of $3.7 million.

That'd be near impossible with bitcoin. e-gold was centralized.

The best they could do is shut down exchanges like mtgox.com. Then they'd have to go after individual bitcoin nodes (globally).

What I was really trying to point out is that if bitcoin can be used as a shadow economy/black market, then it can be used for money laundering and all sorts of stuff. The US Govt won't like that.

I'd argue that they would probably want to do the same thing to PMs, except that to do so would have far reaching negative consequences, as gold is used in global trade.

If the US Govt can put pressure on even Swiss banks for similar reasons, then bitcoin won't stop it.

Those are my thoughts anyway.

 

[hawkeye]

I don't know if Bitcoin is a good solution or not, but I do think this is generally going to be the way of the future. I think at some point, currencies will be used that are not under govt control and Bitcoin to me, if nothing else, is a signpost of the future.

 

[hawkeye]

It wouldn't surprise me if bitcoin goes the way of eGold:

http://en.wikipedia.org/wiki/E-gold

In 2007 the proprietors of the e-gold service were indicted by the United States Department of Justice on four counts of violating money laundering regulations. In July 2008 the company and its three directors pleaded guilty to charges of "conspiracy to engage in money laundering" and the "operation of an unlicensed money transmitting business" in the U.S. District Court for D.C.[1] The company faces fines of $3.7 million.

That is why you A) Decentralize it and B) Distance your self from it C) Automate it. Bit coin inventors were obviously well aware they were straying into a criminal syndicate's territory

"operation of an unlicensed money transmitting business" means "you're not allowed to compete with us".

As for money-laundering, do people not launder money in US dollars as well? Last time I checked criminals do use US dollars. Oh my god, charge the Federal Reserve with money laundering.

 

[Water&Food]

blah blah blah

You must be one of them lamer gamerz.
You must be new around here.
hi

Bit coin inventors were obviously well aware they were straying into a criminal syndicate's territory

You have more faith than me believing in a creator.

All protocols are subject to control. Shut down a protocol you shut down the problem.
TCP & UDP are a nuisance for the establishment. They will stop these protocols eventually.

People (incl. Tertiary Institutes) will agree due to being persuaded by trusting the cloud.

Bitcoin uses TCP.

 

[Water&Food]

Bloody oath (as expression goes).
They will do whatever it takes to eradicate freedom 'terrorism'.

Obviously, I am of course speculating.

Put yourself in 'their' shoes (re: ending the problematic anarchist 'terrorists'); what would you do?
.

 

[Water&Food]

^^^To elaborate more...

I speculate all communications and information will be tunneled through the cloud.

I am not a gamer, but am familiar with Steam. Therefore, for a simplistic analogy, consider it like how Steam is at the moment. For you to do a headshot on another gamer you have to go through steam servers.

MSN Messenger were doing this many years ago.

Eventually, the only 'computer' we will be able to connect and resolve with will be servers. Bit like the two of us corresponding via SilverStackers.
.

 

[Water&Food]

Should add:

'They' will roll out new protocols, ones with limitations.

Transport Layers can be revised and rewritten.

Before TCP was NCP, now obsolete - extinct.
FTP use to be the main way to transfer files, now it has been replaced with HTTP.

Bidirectional Packet switching can be controlled and revised.

IPv6 has been deployed. Matter of time before IPv4 also becomes obsolete.

Point is, if 'they' wanted to 'they' can flip the switch.

 

[hawkeye]

Sorry but I don't really think you know what you are talking about. How can you possibly shut down the internet? The idea is ridiculous. You can shut down a router but unless you can get every single one in the entire world then forget it.

The internet was originally designed to be a fully distributed system that isn't subject to centralized control and therefore virtually impossible to shut down. That was what the military wanted. The internet won't ever shutdown, absent some complete global catastrophe.

The internet is not a thing. That's the mistake everyone makes. It's billions of computers communicating to each other. It's like using the word society. There is no society just billions of people communicating with each other.

 

[1for1]

Sorry but I don't really think you know what you are talking about. How can you possibly shut down the internet? The idea is ridiculous. You can shut down a router but unless you can get every single one in the entire world then forget it.

The internet was originally designed to be a fully distributed system that isn't subject to centralized control and therefore virtually impossible to shut down. That was what the military wanted. The internet won't ever shutdown, absent some complete global catastrophe.

The internet is not a thing. That's the mistake everyone makes. It's billions of computers communicating to each other. It's like using the word society. There is no society just billions of people communicating with each other.

SHUT DOWN the internet .. NO... Make Bitcoin Illegal.. YES ... Heard of the Liberty Mint? United States Govt is NOT big on competing currencies.. the second this goes on there radar it will be axed.. regardless if they have broken the law or not. But yeah a Stuxnet on their mother system could take it down (assuming they are NOT all BS about there massively expensive set-up which i have speculated is all horseS#it and designed to deter/prevent potentail competition )

chairs

1for1

 

[scone]

after reading all this I haven't changed my mind, its still as good as facebook money.

 

[Dogmatix]

Making something "Illegal" doesn't stop it (as we can see from drugs), it simply makes it more expensive (and possibly more attractive).

Making something illegal, forces it onto the black market. A black market does not provide the widest distribution and use of such a currency, which would stifle it.

Ultimately people want to exchange bitcoins for $$. If people can only do so secretly in $1000 chunks for example, then bitcoin would require a very wide distribution (rather than wealth concentration) to be usable.

Also, would you trust bitcoin enough to hold it for 10 years? 20 years? What if it is not around then? At least with PMs you know they're not going anywhere.