Elysian Shadows

http://www.bitcoin.org/

http://en.wikipedia.org/wiki/Bitcoin

Thoughts on this?

Seems very interesting! I downloaded the client and everything.

This is some pretty crazy shit to think about. If this becomes real in the next decade I foresee the government making serious attempts to start controlling the internet.

dandymcgee wrote:This is some pretty crazy shit to think about. If this becomes real in the next decade I foresee the government making serious attempts to start controlling the internet.

But they can't, because of the nature of Bitcoins. They can tax transactions, but they can't control the actual currency.

LeonBlade wrote:Seems very interesting! I downloaded the client and everything.

I wanted to do that too. But I wanted to hear some opinions first.
In case this turns out to be serious stuff, it would be good to know what kind of consequences it might have.

-.- Yea, I know. I can't believe I'm being responsible either.

cypher1554R wrote:

LeonBlade wrote:Seems very interesting! I downloaded the client and everything.

I wanted to do that too. But I wanted to hear some opinions first.
In case this turns out to be serious stuff, it would be good to know what kind of consequences it might have.

-.- Yea, I know. I can't believe I'm being responsible either.

I've downloaded it too. I spent a good 5 hours last night reading up on how it works, it's actually quite interesting. I'm curious as to where this will go.

Ginto8 wrote:But they can't, because of the nature of Bitcoins. They can tax transactions, but they can't control the actual currency.

I think you missed the point. No matter how encrypted they are, Bitcoins become pretty fucking worthless without the internet.

Launch wrote a fantastic article on Bitcoins a few weeks back, calling it, "the most dangerous open-source project ever created."

http://launch.is/blog/l019-bitcoin-p2p- ... ve-ev.html

Yikes.

trufun202 wrote:Launch wrote a fantastic article on Bitcoins a few weeks back, calling it, "the most dangerous open-source project ever created."

http://launch.is/blog/l019-bitcoin-p2p- ... ve-ev.html

Yikes.

I don't see it as being dangerous what so ever considering it's just currency...

The Drug Underground and Bitcoin
============
Last month folks were buzzing about an online drug marketplace called SilkRoadMarket, which was reportedly trading in, well, all kinds of drugs: marijuana, mushrooms, LSD, ecstasy and DMT.

Of course, since bitcoin transactions are untraceable, you would have zero recourse if you sent a dozen bitcoins to someone for a couple of tabs of LSD. Just like you might lose your $10 if you gave it to a kid in the school yard for a dime bag and he never came back.

Oh no, not drugs! I hate drugs, but seriously the war on drugs is just ridiculous. Let people do what they want with their lives, stop trying to control them. As long as they aren't endangering others, you shouldn't care about what THEY do on THEIR own time.

Finally, there will be massive breakage in bitcoins. If your laptop crashes and you didn’t back up your bitcoins, well, you’re SOL. If someone steals you laptop that has 10,000 bitcoins on it you won on Bitcoin Poker, you’re SOL. Lost your USB drive with 500 bitcoins on it after a night out on the town? You’re SOL.

Isn't the same true of your wallet as well...? What's different except you can have a backup of this?

Bottom line: The world is going to be turned over by bitcoins unless governments step in and ban them by prosecuting individuals.

Lol... even so... why does it matter? Why are bitcoins evil? Bitcoins is how economy SHOULD work, it sounds like whoever wrote this article doesn't want that.

The real bottom line is, Bitcoins are run by the people for the people. Everything is open source and free for everyone to see. There isn't any bull shit, there aren't any lies, it's all out there in the open. I don't see anything wrong with it at all, unless of course you don't like the idea of your economy being free and open.

trufun202 wrote:Launch wrote a fantastic article on Bitcoins a few weeks back, calling it, "the most dangerous open-source project ever created."

http://launch.is/blog/l019-bitcoin-p2p- ... ve-ev.html

Yikes.

That article is a bunch of baseless speculation more so than anything else. If you want a read a very well written and carefully observant article on the theories behind a "currency" such as Bitcoin I recommend this:
http://www.quora.com/Is-the-cryptocurre ... am-Cohen-2

He makes many intelligent points, and a few of them should not be overlooked. For one, whoever the hell came up with Bitcoins could have a quarter of the total currency stashed away somewhere only to have it's value rapidly increase over time as it becomes more popular; demand goes up and supply goes down. That alone should have you concerned about whether or not the purpose of Bitcoins is what they claim, or it's a giant ass scheme hidden behind something that may very well become popular and work out as promised anyways.

I plan to watch this project very closely as it evolves. Even if Bitcoins end up being solely a commodity as the author of that article suggests, there is some huge potential to make a shit ton of cash really fast here if you start early and play VERY VERY carefully. Bitcoin value in relation to the US Dollar has gone up nearly 150% since last night. In other words, if I bought $500 worth of Bitcoins last night I could have sold them for nearly $750 this morning. That's fucking insane and scary, but also a kick ass opportunity for those with some money they can afford to risk.