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The 51% attack vector is true for real currencies as well, where if some [person/entity] were to have more than 50% of the currency control (completely unviable in most economies, but not unviable in smaller markets, or where a "central bank" or "government" controls the currency) they would be able to double-spend or create currency ((in theory))
These are two valid points against cryptocurrency however, but they are true of all cryptocurrency; and are mitigated by the larger diversity and acceptable the currency gains daily.
The more people and the more pools that exist, the less chance of this happening.
I see bitcoin exactly as torrent was 10 years ago.
It will be hit again and again only to get stronger and better as a system.
The Financial market is a corrupt business sucking around 15% of Global GDP without any value offered whatsoever.
Bitcoin acted as currency (secure), as Federal reserve (mining algorithm), as bank (wallet), used for international transactions (send receive bitcoin) at ZERO cost to GDP. The only costs were related to trading due to liquidity issues.
Governments will try to kill it in order to print money for their buddies but people will use it exactly as they still use torrents today.
You mean for illegally obtaining things? Let's face it, that's probably what 90% of torrenting is. "Legitimate" torrenting exists, but it's certainly not the majority of torrent traffic, or what torrenting is known for.
This my ballance at Cryptsy
I don't use bitcoin a lot but from what I understand you don't need to and shouldn't store bitcoins at these exchanges. You only need to do that when cashing in or cashing out. If that is the case I think this story and reports of bitcoins demise overblown.
It's a cautionary tale to not store bitcoins at exchanges for any length of time. That's all.
Some exchanges act like banks and offer appreciation i.e. interest. I guess off of using your bitcoins as exchange currency.
Mun
I wouldn't worry about it too much. Let the big banks and governments worry about it. They don't like BitCoin one bit...
@Marcm do you live in Arizona?
nope, why?
I think you should move there, you would fit right in.
Mun
Signing with your nickname in comments, when it's clearly visible next to your avatar, is a sign of mental regression. I know someone else who does the exact same thing. Oh well, the Internet is full of people with deeply seeded issues. What can you do...
Best time to be a day trader, if you've got some cash to spare. The markets fluctuates easily 20$ at a time. Sucks for all the other alt coins because they aren't worth much anymore.
I do it because it looks in a way, proper, of which is my opinion, and I do it as I please.
Mun
Bitcoin will always be in trouble. Reason? It's a currency. Doesn't matter what you do to protect a currency from single entities growing too powerful in controlling it, someone always ends up with a high share and greedily controlling others with it in some way.
Your currency could be fruit, someone will screw it up. Such is life. Have a beer and wait until it all ends, you only have to put up with it for 80 years or so
I haven't came across a better way to transfer large files from my PC to my Server. FTP is not always reliable with large files and it is not capable of resuming the upload after a random network issue. Torrent always has been reliable.
Torrent software is great for remote backup purposes!
Good answer @Mun ;-)
@jarland that is so true. People say that our govt. issued money is a FIAT currency (no relation to the car company). However the govt. issued currency is backed by the Federal Reserve. More importantly it is back by our trust in the power and security of our government. So that's what's backing the good ol' dollar. Now, what's backing BitCoin?
kindly tone down being personal
This is a common misconception. There is no shortage of divisibility when it comes to bitcoins. Each coin can be divided into 100 million pieces. So you have quadrillions of units.
Some of the things that are possible with bitcoin:
Cheap money transfer. We're talking billions of dollars moving around at the cost of a few US cents. No third parties involved. All backed by strong cryptography and a public ledger.
Trustless escrow. Multi-signature addresses can only be spent from if both the buyer and seller sign the transaction. Other combinations like 2 of 3 sigs are also possible if you want to involve a mediator.
Joint accounts between parties that might never have met but have to sign all transactions. These parties can be in completely different geographical locations.
Autonomous agents. Bots that buy computing resources and sell services earning their own keep.
You can read some more here: https://en.bitcoin.it/wiki/Contracts
Bitcoin is just getting started. It is not going to go away. As somebody put it "the internet is programmable communications and bitcoin is programmable money"
People. Actually every form of money is backed by people. Governments may issue currency but it is the faith of the people that matters.
You need to do some homework buddie.
1) Federal Reserve is not FEDERAL. Its a banking cartel by LAW. Its even illegal by some as it over runs Congress. Google it.
2) The value of USD is defined by US Exports/Imports and most importantly by the fact that all commodities are settled in USD. All anti petrodollar dictators that tried to change that were all killed.
3) Bitcoin is backed by an algorithm difficulty which is more trustworthy than the Federal reserve banking cartel IMHO.
After Nixon era the majority of the US wealth is based on the petrodollar FIAT currency that in fact debases all third world nations wealth by buying REAL goods with VIRTUAL money.
Nothing wrong with that as long as you don't live in LALA land
Yet it's here to stay and it has been here for a very very long time. There are plenty of documentaries and debates on the subject, but as long as you don't live on LaLa Land, you will realize pretty fast that the big boys don't like anything they can't control, and BitCoin is one of those things. See, what you have to realize is that it's way past freedom-o-clock... We're probably in agreement how we see things, but I offered the more official version. Fact is that if you want to protect your wealth you have to diversify and own real tangible assets, but most importantly, part of those assets have to be useful during a severe economic downturn. Think of it this way: something like Katrina hits again. What's more useful, a gold bar or a few gallons of gasoline, food an water?
I figured this would be a good contribution to the discussion:
Source
Off-topic: If anyone wants to get rid of some BTC, PM me
It's called Bittorrent Sync.
http://www.bittorrent.com/sync
Bitcoin- Easy come , easy go