It's interesting that he tries to demonize BTC by trying to demonize Gox through telling us things we already know (Magic the Gathering Online Xchange being one teensy hint). Does he not realize that the BTC community itself is generally uncomfortable with Gox?
He's trying... very trying.
But why? Why is he on this noble crusade to bash BTC? You know the guy - what's he up to?
Topic: Arguing with one of my other IT friends about bitcoin... - page 2. (Read 3440 times)
As for the value of Bitcoin.
- For merchants and consumers, lower txnfees
- For merchants, no chargebacks
- For consumers, nobody able to stop you from spending your money. (your bitcoin addresses cannot be frozen)
- Instantly send money across the world. (international wire-transfers take at least 2 business days)
- No possibility to create new money out of thin air (like the banks are doing now) (see the white paper (pdf) for more details)
And beyond that, the market will decide what its worth
(currently around $120 per bitcoin)
- For merchants and consumers, lower txnfees
- For merchants, no chargebacks
- For consumers, nobody able to stop you from spending your money. (your bitcoin addresses cannot be frozen)
- Instantly send money across the world. (international wire-transfers take at least 2 business days)
- No possibility to create new money out of thin air (like the banks are doing now) (see the white paper (pdf) for more details)
And beyond that, the market will decide what its worth
(currently around $120 per bitcoin)
ROFLMAO!!!!
Thank you for making my day!
Go watch: www.weusecoins.com
After that go read: www.bitcoin.org/bitcoin.pdf
After that, if you have the skills www.github.com/bitcoin for some code diving.
The system is so setup, that what your friend is suggesting is impossible. One of the very few ways to disrupt the system is through a 51% attack. Currently you would need the raw computing power of Google, in order to pull that off. And a few months from now with all the ASICs coming out... Even Google won't be able to pull it off anymore, and you need your own chip foundry to do so.
Thank you for making my day!
Go watch: www.weusecoins.com
After that go read: www.bitcoin.org/bitcoin.pdf
After that, if you have the skills www.github.com/bitcoin for some code diving.
The system is so setup, that what your friend is suggesting is impossible. One of the very few ways to disrupt the system is through a 51% attack. Currently you would need the raw computing power of Google, in order to pull that off. And a few months from now with all the ASICs coming out... Even Google won't be able to pull it off anymore, and you need your own chip foundry to do so.
Be prepared for reading a statement full of fail. I'm an IT person as well as my friend here who sells servers every day. He has willingly remained ignorant about bitcoin and he made a post on facebook today to "educate his friends about bitcoin". Later in the post he comments how if he had 2 Xeon E5's, 128gb ram, and SSD's he could "Deplete the whole networks 21million coins within 60 hours".
"Wanted to educate some people real quick on a term tossed around named; BitCoin. This term was derived in 2008 when trading of Magic the Gather cards, comics and baseball cards were at a low. As many of you knwo the primary place to trade or get updates on your bit coins is:
https://mtgox.com/
If any of you remember this site was the primary site for Magic the Gathering Online Exchange. A place to trade among users; Any gamer/collector would remember this.
Using a tool called the internet time machine you can enter this site into the search:
http://web.archive.org/web/*/http://www.mtgox.com
Now the cool thing is that all the records for the Magic the Gathering have been requested for delete[Click removed files to see others].
Now the cool thing is even the last record in 2007 shows the original Magic the Gathering site Now this site was created for online trading. They created MTGCoins.
They called the MTGO the virtual economy to reserve the game. One year later the infamous term BitCoin appeared for the MTGO community. Within three months because of viral spread through League of Legends and other platforms they dropped the gamer appeal to move to only a virtual economy.
http://en.wikipedia.org/wiki/Magic:_The_Gathering_Online
If anyone remembers the days of selling your 'rare' Diablo items on eBay this was how BitCoin was formed.
Get swept away with this viral platform; great. yet, with any internet sensation it will have its fizzle point. The only people who are benefiting are the Japanese as they actually run all trades of BitCoins.
While the company is 100% private that owners the 'Exchange and creation of BitCoins'
http://imfed.org/ratings/mt-gox-tibanne-co-ltd/
[Created in 2009? The same company owned the Magic the Gathering Site as well]
Things to consider when trying to sell or trade is that your assets can accounts can be frozen by the government. As since the Tokyo based company does not consider a BitCoin currency but a virtual economy.
http://www.marketplace.org/topics/tech/bitcoin-blow-us-government-freezes-funds-trade-digital-currency
So all I say to people who are investing time in this ultiamte ponzi scheme, remember that your computer is just an a node in the larger network of data.
Think... create a small hadoop cluster with Intel 320s, dual 2667s and 128gb of ram... you would deplete the BitCoin 21m coins in the matter of hours.
The block rate is so small and being you could crunch millions of blocks in a second, that rate would literally be over 8000 coins a minute.
http://everythinginthesky.com/post/5554559874/bitcoin-p2p-currency-the-most-dangerous-project-weve
Yet if there was true value in such a currency why would it be so easy to deplete the coins?"
"Wanted to educate some people real quick on a term tossed around named; BitCoin. This term was derived in 2008 when trading of Magic the Gather cards, comics and baseball cards were at a low. As many of you knwo the primary place to trade or get updates on your bit coins is:
https://mtgox.com/
If any of you remember this site was the primary site for Magic the Gathering Online Exchange. A place to trade among users; Any gamer/collector would remember this.
Using a tool called the internet time machine you can enter this site into the search:
http://web.archive.org/web/*/http://www.mtgox.com
Now the cool thing is that all the records for the Magic the Gathering have been requested for delete[Click removed files to see others].
Now the cool thing is even the last record in 2007 shows the original Magic the Gathering site Now this site was created for online trading. They created MTGCoins.
They called the MTGO the virtual economy to reserve the game. One year later the infamous term BitCoin appeared for the MTGO community. Within three months because of viral spread through League of Legends and other platforms they dropped the gamer appeal to move to only a virtual economy.
http://en.wikipedia.org/wiki/Magic:_The_Gathering_Online
If anyone remembers the days of selling your 'rare' Diablo items on eBay this was how BitCoin was formed.
Get swept away with this viral platform; great. yet, with any internet sensation it will have its fizzle point. The only people who are benefiting are the Japanese as they actually run all trades of BitCoins.
While the company is 100% private that owners the 'Exchange and creation of BitCoins'
http://imfed.org/ratings/mt-gox-tibanne-co-ltd/
[Created in 2009? The same company owned the Magic the Gathering Site as well]
Things to consider when trying to sell or trade is that your assets can accounts can be frozen by the government. As since the Tokyo based company does not consider a BitCoin currency but a virtual economy.
http://www.marketplace.org/topics/tech/bitcoin-blow-us-government-freezes-funds-trade-digital-currency
So all I say to people who are investing time in this ultiamte ponzi scheme, remember that your computer is just an a node in the larger network of data.
Think... create a small hadoop cluster with Intel 320s, dual 2667s and 128gb of ram... you would deplete the BitCoin 21m coins in the matter of hours.
The block rate is so small and being you could crunch millions of blocks in a second, that rate would literally be over 8000 coins a minute.
http://everythinginthesky.com/post/5554559874/bitcoin-p2p-currency-the-most-dangerous-project-weve
Yet if there was true value in such a currency why would it be so easy to deplete the coins?"
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