Blockchain technology

neema

Jedi Master
Pierrrr said:
[KR516] Keiser Report: Bitcoin – Resistance Starts Here!
We discuss the revolutionary solution that takes money and power from those who hate and gives it to those who will no longer wait for celebrities and pundits to cogitate, agitate and debate whether or not wristbands and hashtags – oh so quaint – can stop the plunder and pillage by the conmen, hucksters, and banksters backed by the state. Yes, bitcoin. The currency is already creating economic value across Africa, China and the developing world while Brits destroy economic value by moving their money into yet another corrupt bank.
http://www.maxkeiser.com/2013/10/kr516-keiser-report-bitcoin-resistance-starts-here/
I’ve looked into bitcoin, I’ve actually been involved in the community. Also i have run multiple versions of it and have mined multiple versions of the digital currency. The problem is that the code can be cracked. Think (quantum computing). And anyone associated with it will go on “their” list. Sure it might seem to work in the short term, but again “they” will have you on their list.

Imo, the answer to a revolution is at the individual level of understanding psychopathy in its micro-cosmical and macro-cosmical roll in our realm. I.e. revolution of the mind.

These excellent point were discussed about bitcoin in a very informative sott radio news cast about 6 months ago.
Check it out if you have not already.
 

Pierrrr

The Force is Strong With This One
neema said:
Sure it might seem to work in the short term, but again “they” will have you on their list.
You are either a deer in the headlights or a fighter.
http://cassiopaea.org/forum/index.php/topic,32873.msg450706.html#new

Know your alternatives.
http://www.sott.net/article/265537-SOTT-Talk-Radio-Bitcoin-Gold-and-the-Cashless-Society#comment92215
 

Palinurus

The Living Force
angelburst29 « on: Today at 01:38:44 AM » said:
Checking through a few news idems and came across this:
Cash for bitcoins: World's first palm scan-activated bitcoin ATM to open in Canada

http://rt.com/news/bitcoin-atm-canada-first-799/

The world’s first bitcoin ATM will open in Vancouver, Canada, next week – dispensing Canadian dollars in exchange for the anonymous crypto-currency. But only if your palm scan matches the ATM’s records, that is.
I was especially alarmed about this palm scan. I'm not aware that this would be a feasible option just yet. I'm also wondering how these ATM records would have been gotten hold of and when. Personally, I don't know of any banks collecting palm scans when opening an account.

All in all rather strange, really. OSIT.
 

Pierrrr

The Force is Strong With This One
neema said:
Imo, the answer to a revolution is at the individual level of understanding psychopathy in its micro-cosmical and macro-cosmical roll in our realm. I.e. revolution of the mind.
Psychopats won't stop themselves.
Somebody else should do it.

Take the responsibility. Seize the initiative.
Pickup the weapons ( bitcoin, silver, gold ) and fight.
 

Palinurus

The Living Force
Ran into a real sob story about a guy who mined bitcoins very cheaply in the early days when mining was still easy, then spilled some liquid on his laptop and dismantled it for the useful parts, of which he dumped recently (three years later) a saved hard drive with the bitcoins and the cryptographic "private key" that is needed to be able to access and spend the Bitcoins in the bin -- without having made a back up either. :rolleyes:

Here's the full story:
Missing: hard drive containing Bitcoins worth £4m in Newport landfill site
A digital 'wallet' containing 7,500 Bitcoins that James Howells generated on his laptop is buried under four feet of rubbish
 

darksai

Jedi Master
Palinurus said:
Ran into a real sob story about a guy who mined bitcoins very cheaply in the early days when mining was still easy, then spilled some liquid on his laptop and dismantled it for the useful parts, of which he dumped recently (three years later) a saved hard drive with the bitcoins and the cryptographic "private key" that is needed to be able to access and spend the Bitcoins in the bin -- without having made a back up either. :rolleyes:

Here's the full story:
Missing: hard drive containing Bitcoins worth £4m in Newport landfill site
A digital 'wallet' containing 7,500 Bitcoins that James Howells generated on his laptop is buried under four feet of rubbish

I wonder how this (BTCs confirmably being erased from the "economy") effects the stability? Wasn't the whole idea that the total number of coins is fixed?
 

Bobo08

Dagobah Resident
FOTCM Member
Saieden said:
I wonder how this (BTCs confirmably being erased from the "economy") effects the stability? Wasn't the whole idea that the total number of coins is fixed?
Actually, BTCs cannot be "confirmed" as having been erased no matter how much time has passed because their absence from transactions could just mean that the users are holding them in safe storage.
 

EmeraldHope

The Living Force
Bitcoin could possibly be hitting a bubble, imho. Over 1 thousand dollars now -http://bitcoinity.org/markets


I play poker and one room in particular has really started taking off lately for bitcoin. Very easy to cash in and out, which is a BIG deal for US players since Black Friday a couple years ago in the poker market. It does add an extra dimension to playing poker though, as a big swing in price up or down can really affect your calculated ROI ( return on investment, or whether you are a winner or loser after of x amount of hands are played). It is a thrill ride for bitcoin right now though.


Added- the incident that killed online poker for Americans for the most part that is dubbed Black Friday is not the same as the Black Friday after Thanksgiving-which is today and is a huge shopping/sale day here. Poker Black Friday info here: http://en.wikipedia.org/wiki/United_States_v._Scheinberg


At any rate I just notice the coincidence of this price surge and the two Black Friday overlaps.
 

Palinurus

The Living Force
SotT carries the dump story today from another source:

http://www.sott.net/article/269335-Hard-drive-containing-4-million-in-bitcoins-trashed
 

elle

The Force is Strong With This One
Oh my! There's something rotten in Denmark!
Bitcoin close today nearly at $1200, plus all those historical records we have been having all November it's clearly a massive bubble on everything from stocks, bonds, bitcoin, farmland... How can the market support all this highs on solely printed money ?!
But, what It really puzzles me is the negative/caution vibe all over financial Internet: from CNBC to The Economist, all of them published articles related to an anticipated crash of the markets.Why? Are they pushing the investor to liquidate? Are they creating panic? It's everyone going running to buy bitcoins now that the real profit have been taking out?
Uff! Pretty smelly rotten indeed :/

Some links here:
http://www.moneynews.com/MKTNews/Massive-wealth-destruction-economy/2013/06/20/id/511043/?promo_code=13E5C-1&utm_source=taboola
http://www.economist.com/blogs/buttonwood/2013/06/global-economy-and-monetary-policy
http://www.cnbc.com/id/101235052
http://www.usatoday.com/story/tech/2013/11/27/bitcoin-1000-cryptocurrency/3768821/
 

Silveryblue

Jedi
FOTCM Member
It is interesting to me that the last peak in BTC coincided with the biggest Gold smack down in April.

The peak BTC price at the moment seems to be coinciding with the theoretical possibility of a collapse of the Comex in gold.
There are currently 591,000 ounces of gold available in the comex vaults (yes It has been draining away since April) and just over 10,000 contracts that could choose to collect their gold (as opposed to rolling the contracts to another month)
Each contract is for 100 ounces of gold = 1,000,000 ounces, so about half of them could collect & leave the other half to be paid out in $$ or roll over. Very very interesting.

I can't see any other convincing current affairs reason for BTC going so high. Except that MSM have it dangling in front of everyone's noses of course :lol:
 

Skyalmian

Jedi Master
From: _http://www.ft.com/cms/s/0/e230307a-61c4-11e3-aa02-00144feabdc0.html

JPMorgan Chase has filed a US patent application for a computerised payment system that resembles some aspects of Bitcoin, the controversial virtual currency.

Like Bitcoin, JPMorgan's proposed system would allow people to make anonymous, electronic payments over the internet, without having to reveal their name or account numbers or pay a fee, according to the patent application.

The application put a spotlight on the behind-the-scenes battle being waged between the biggest banks, credit card operators and companies such as Google, Apple and PayPal – are all keen to grab a slice of the rapidly expanding business of providing mobile and internet payments as more people shift to online buying.

At the same time, traditional finance companies have had to contend with new types of virtual currencies, which some people view as viable alternative payment systems that could one day challenge the biggest banks and credit cards.

JPMorgan said in its patent application – which dates back to 1999 but was recently updated – that the new payment system would compete with debit and credit cards as the predominant way of making online transactions.

But some see the bank's proposed payments technology as borrowing features from Bitcoin, to date the most prominent of the new crop of virtual currencies.

The price of Bitcoin has soared to more than $1,240 this year as investors have piled in to the fast-appreciating crypto-currency.

JPMorgan's proposed system involves creating "virtual cash" that would sit in an online wallet, reminiscent of the computer files that hold Bitcoins on behalf of their users.

The JPMorgan system would also create a public record of transactions made using the technology – a feature that would appear to mirror Bitcoin's use of "blockchain", a massive block of code stored across a peer-to-peer network of computers that acts as a public ledger of all Bitcoin transactions.
In depth

Increased trading in the decentralised virtual currency has begun to attract the attention of regulators.

While the bank does not name Bitcoin or any other virtual currencies in its patent application, it does hint at "emerging efforts" to challenge the dominance of credit card technology.

"While new internet payment mechanisms have been rapidly emerging, consumers and merchants have been happily conducting a growing volume of commerce using basic credit card functionality," JPMorgan said in the application.

"None of the emerging efforts to date have gotten more than a toehold in the market place and momentum continues to build in favour of credit cards."
Critics of Bitcoin added that JPMorgan's move also highlighted the vulnerability of the new virtual currency to imitations. Already, new types of virtual currencies have emerged that attempt to improve on Bitcoin's perceived weaknesses.

A person familiar with the original JPMorgan patent said that it had "discussed ideas about different way that payments could evolve in the future." The notion of providing anonymous payments was first inserted in 2003 and continued to be considered internally.
 
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