A Business Primer on the Bitcoin Ecosystem - Erik Voorhees - page 3.

cypherdoc

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Quote from: rjk on July 05, 2012, 01:56:42 PM

Quote from: cypherdoc on July 05, 2012, 01:54:08 PM

Quote from: mcorlett on July 05, 2012, 01:40:51 PM

Quote from: evoorhees on July 05, 2012, 01:22:29 PM

A Bitcoin payment can be reversed?? Might want to let the devs know.

Yes, using the 51% attack.

LOL. care to give us some examples?

Obtain 51%
Roll back the tx log.

What he is saying is correct, but like evoorhees said above, it's like saying that cash is reversible because thieves could break in and steal it. Obtuse.

i meant examples of it actually happening so we can become scared.

rjk

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1ngldh

Quote from: cypherdoc on July 05, 2012, 01:54:08 PM

Quote from: mcorlett on July 05, 2012, 01:40:51 PM

Quote from: evoorhees on July 05, 2012, 01:22:29 PM

A Bitcoin payment can be reversed?? Might want to let the devs know.

Yes, using the 51% attack.

LOL. care to give us some examples?

Obtain 51%
Roll back the tx log.

What he is saying is correct, but like evoorhees said above, it's like saying that cash is reversible because thieves could break in and steal it. Obtuse.

cypherdoc

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Quote from: mcorlett on July 05, 2012, 01:40:51 PM

Quote from: evoorhees on July 05, 2012, 01:22:29 PM

A Bitcoin payment can be reversed?? Might want to let the devs know.

Yes, using the 51% attack.

LOL. care to give us some examples?

Piper67

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Quote from: rjk on July 05, 2012, 01:51:29 PM

Quote from: Piper67 on July 05, 2012, 01:48:09 PM

Quote from: Stephen Gornick on July 05, 2012, 01:46:54 PM

Quote from: mcorlett on July 05, 2012, 01:40:51 PM

Quote from: evoorhees on July 05, 2012, 01:22:29 PM

A Bitcoin payment can be reversed?? Might want to let the devs know.

Yes, using the 51% attack.

Dude, come on.

Reading through the other thread, I doubt mcorlett understands the requirements, and limitations, of the 51% attack.

I'm sure he does, he's just being obtuse and Luke-Jr-ish.

Either way, good job Erik... that article is about the purest distillation of Bitcoin I've come across yet.

evoorhees

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Democracy is the original 51% attack

Quote from: mcorlett on July 05, 2012, 01:40:51 PM

Quote from: evoorhees on July 05, 2012, 01:22:29 PM

A Bitcoin payment can be reversed?? Might want to let the devs know.

Yes, using the 51% attack.

LOL mcorlett... that's like saying physical cash payments are "reversible" because after you accept the cash thieves could break into your store later that night and steal the cash.

rjk

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1ngldh

Quote from: Piper67 on July 05, 2012, 01:48:09 PM

Quote from: Stephen Gornick on July 05, 2012, 01:46:54 PM

Quote from: mcorlett on July 05, 2012, 01:40:51 PM

Quote from: evoorhees on July 05, 2012, 01:22:29 PM

A Bitcoin payment can be reversed?? Might want to let the devs know.

Yes, using the 51% attack.

Dude, come on.

Reading through the other thread, I doubt mcorlett understands the requirements, and limitations, of the 51% attack.

I'm sure he does, he's just being obtuse and Luke-Jr-ish.

Piper67

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Activity: 1106

Merit: 1001

Quote from: Stephen Gornick on July 05, 2012, 01:46:54 PM

Quote from: mcorlett on July 05, 2012, 01:40:51 PM

Quote from: evoorhees on July 05, 2012, 01:22:29 PM

A Bitcoin payment can be reversed?? Might want to let the devs know.

Yes, using the 51% attack.

Dude, come on.

Reading through the other thread, I doubt mcorlett understands the requirements, and limitations, of the 51% attack.

Stephen Gornick

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Quote from: mcorlett on July 05, 2012, 01:40:51 PM

Quote from: evoorhees on July 05, 2012, 01:22:29 PM

A Bitcoin payment can be reversed?? Might want to let the devs know.

Yes, using the 51% attack.

Dude, come on.

mcorlett

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Quote from: evoorhees on July 05, 2012, 01:22:29 PM

A Bitcoin payment can be reversed?? Might want to let the devs know.

Yes, using the 51% attack.

evoorhees

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Democracy is the original 51% attack

Quote from: Serge on July 05, 2012, 12:17:59 PM

quick clarification: HTML is not a protocol, HTTP is (may not matter for non-techies)

Fixed, thanks.

Quote from: bracek on July 05, 2012, 12:46:25 PM

typo

PayPay, by contrast, only works in certain countries

Fixed, thanks.

Quote from: acoindr on July 05, 2012, 01:03:54 PM

I would definitely capitalize "internet" as a proper noun.

Fixed, thanks.

Quote from: jim618 on July 05, 2012, 01:06:21 PM

There are a couple of acronyms (AML, KYC) that would I think benefit from a quick (anti-money laundering) and (know your customer) after their first use.

Fixed, thanks.

evoorhees

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Democracy is the original 51% attack

Quote from: mcorlett on July 05, 2012, 01:15:22 PM

Quote from: https://www.bitinstant.com/static/erik_btc_primer_business.pdf

Further, Bitcoin payments cannot be reversed, meaning a merchant can feel completely safe receiving a Bitcoin payment, because it will not be withdrawn days or weeks later.

Really? This is the second time Mr. Voorhees doesn't have his facts right.

A Bitcoin payment can be reversed?? Might want to let the devs know.

mcorlett

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Quote from: https://www.bitinstant.com/static/erik_btc_primer_business.pdf

Further, Bitcoin payments cannot be reversed, meaning a merchant can feel completely safe receiving a Bitcoin payment, because it will not be withdrawn days or weeks later.

Really? This is the second time Mr. Voorhees doesn't have his facts right.

jim618

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A good introduction for business people.

There are a couple of acronyms (AML, KYC) that would I think benefit from a quick (anti-money laundering) and (know your customer) after their first use.

I know the doc has a business focus, but it might be worth adding that the majority of bitcoin software is open source and hence is available for businesses to reuse / customise for their own purposes for absolutely no money at all. There are no licences for any technologies or patents or anything.

acoindr

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Okay, while we're all picking Erik's post apart (sorry, Erik, if our writing was as publicly in demand as yours we'd have to endure the same Wink

) I would definitely capitalize "internet" as a proper noun.

Other than that, yet another fantastically coherent, educational post from Mr. Voorhees!

I particularly think this line should be blurbed out to news outlets:

All money is essentially digital in today's modern world, yet still it requires tremendous delay and burden for many functions. There is no reason that a digital payment of US dollars from one country to another should take a matter of days, when a digital email is sent and received in a second. Bitcoin makes money as efficient as email.

bracek

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typo

PayPay, by contrast, only works in certain countries

acoindr

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Quote from: Serge on July 05, 2012, 12:17:59 PM

quick clarification: HTML is not a protocol, HTTP is (may not matter for non-techies)

Non-techies probably wouldn't catch it, but non-techies often do find actual techies to help them understand things and form opinions.

I think it's better to be accurate. I would replace 'HTML' with 'HTTP' and maybe just add in parenthesis "what largely powers the Internet".

Serge

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quick clarification: HTML is not a protocol, HTTP is (may not matter for non-techies)

good read overall

Yankee (BitInstant)

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Charlie 'Van Bitcoin' Shrem

Hey All,

Erik wrote a fantastic post which came out of our need to have a 'Bitcoin business primer' to educate our partners and associates.

It's a nice read, feel free to comment and make suggestions for additions.

Quote

A Business Primer on the Bitcoin Ecosystem

Erik Voorhees
June 29, 2012

Summary
The following is a primer on the new financial technology known as “Bitcoin.” It describes the utility of the system, the types of companies and individuals who use it, and some of the risks and opportunities presented.

http://blog.bitinstant.com/blog/2012/7/5/a-business-primer-on-the-bitcoin-ecosystem-erik-voorhees.html

EDIT (Updated): Direct link: https://dl.dropbox.com/u/14454595/Bitcoin%20Business%20Primer%20-%20Erik%20Voorhees.pdf

-Charlie

Topic: A Business Primer on the Bitcoin Ecosystem - Erik Voorhees - page 3. (Read 6442 times)