Its possible that terrorist may use bitcoin in the future though. And I mean they are terrorist not savages.
But I've heard most of the time on documentaries that terrorist usually go for diamond not bitcoin mining.
Topic: Bitcoin Noob Mistakes (Read 724 times)
Great article.
Its possible that terrorist may use bitcoin in the future though. And I mean they are terrorist not savages.
But I've heard most of the time on documentaries that terrorist usually go for diamond not bitcoin mining.
Its possible that terrorist may use bitcoin in the future though. And I mean they are terrorist not savages.
But I've heard most of the time on documentaries that terrorist usually go for diamond not bitcoin mining.
I don't see these habits - for example: calling 'blockchain' - 'block chain' or referring bitcoin as 'virtual' currency are wrong.
I feel like there is just not one correct way to address things and unless will introduce ONE standard name for some bitcoin terms until then we can call it both names.
I feel like there is just not one correct way to address things and unless will introduce ONE standard name for some bitcoin terms until then we can call it both names.
I've always referred the blockchain as a block chain ledger, which Satoshi himself always use. Too many common mistakes in there that up until now, bitcoin users seem to commit. The terrorist part is correct, they haven't actually used bitcoin in anything to aid their cause; only few misinformed news agencies publish that kind of story.
I always loved how people though they knew how to trade until they lost money and complained that Bitcoin was dying.
Honestly, that's a good thing though (for Bitcoin). Simply being that the person with greater knowledge has an edge and therefore can make money off people you don't have such knowledge (i.e. people who don't know how to trade). If the market had semi-strong-form efficiency nobody it would be very hard to make anything - defeating the whole purpose of trading.
Ah yes, there are a lot of missconceptions and mistakes that are occuring everyday. I always loved how people though they knew how to trade until they lost money and complained that Bitcoin was dying. The mainstream media is probably going to continue with such news for some time.
The same goes for people thinking terrorists only use Bitcoin to buy guns and ammo. I have heard most armaments are bought with jewels like diamonds and precious gem stones. A small quantity of jewels can easily be smuggled or worn and taken out of the country, in exchange for payment.
Will they then ban jewelry too, because it is used to buy weapons for terrorists?
Will they then ban jewelry too, because it is used to buy weapons for terrorists?
Bitcoin Not-Quite-Experts Mistakes:
Satoshi refers to it as the "block chain". Two words.
XBT is no more official or authorized than BTC. XBT follows existing conventions however.
In the Bitcoin context, "virtual" is only a legal term. According to FinCEN, a "virtual" currency is one that is not legal tender and not issued by any country. Bitcoin is a "virtual" currency by their definition. By the way, "digital" is no better than "virtual". "Digital" means expressed as a series of numbers. Even if you consider "digital" to mean "represented electronically", I challenge you to show me a currency that is not digital.
Anyone hoping to start a business involving blockchain technology needs to know how to spell it. ... It is always one word, however.
Satoshi refers to it as the "block chain". Two words.
... its initials are BTC, not XBT. XBT is merely what’s dictated by the central authority on currency naming conventions, which is irrelevant whether Brunei likes it or not.
XBT is no more official or authorized than BTC. XBT follows existing conventions however.
Decentralization is serious business. It is changing the world as we know it, impacting actual lives everywhere in a meaningful way. That’s why we call cryptocurrencies digital, not virtual.
In the Bitcoin context, "virtual" is only a legal term. According to FinCEN, a "virtual" currency is one that is not legal tender and not issued by any country. Bitcoin is a "virtual" currency by their definition. By the way, "digital" is no better than "virtual". "Digital" means expressed as a series of numbers. Even if you consider "digital" to mean "represented electronically", I challenge you to show me a currency that is not digital.
Thanks odolvlobo! I only wish you would have hit on a couple of the other "unsound" arguments presented here.
Sidenote:
I have a question: Where is Satoshi? I mean isn't Gavin the last person to correspond with him, and in that correspondence wasn't there a reference to a meeting Gavin had with the CIA? (I believe Gavin mentioned that in the documentary: "Bitcoin: The End of Money as We Know It.")
Bitcoin Not-Quite-Experts Mistakes:
Satoshi refers to it as the "block chain". Two words.
XBT is no more official or authorized than BTC. XBT follows existing conventions however.
In the Bitcoin context, "virtual" is only a legal term. According to FinCEN, a "virtual" currency is one that is not legal tender and not issued by any country. Bitcoin is a "virtual" currency by their definition. By the way, "digital" is no better than "virtual". "Digital" means expressed as a series of numbers. Even if you consider "digital" to mean "represented electronically", I challenge you to show me a currency that is not digital.
Anyone hoping to start a business involving blockchain technology needs to know how to spell it. ... It is always one word, however.
Satoshi refers to it as the "block chain". Two words.
... its initials are BTC, not XBT. XBT is merely what’s dictated by the central authority on currency naming conventions, which is irrelevant whether Brunei likes it or not.
XBT is no more official or authorized than BTC. XBT follows existing conventions however.
Decentralization is serious business. It is changing the world as we know it, impacting actual lives everywhere in a meaningful way. That’s why we call cryptocurrencies digital, not virtual.
In the Bitcoin context, "virtual" is only a legal term. According to FinCEN, a "virtual" currency is one that is not legal tender and not issued by any country. Bitcoin is a "virtual" currency by their definition. By the way, "digital" is no better than "virtual". "Digital" means expressed as a series of numbers. Even if you consider "digital" to mean "represented electronically", I challenge you to show me a currency that is not digital.
this always happen that we dont listen to our mind what it tells and we just go with what others suggest or give advice. but after the result we feel that we should have listened our mind.
Haha, I remember talking to my uncle in 2012 about this before the big spike (stock broker for J.P. Morgan). He was pretty adamant I didn't buy in or use it because it's "virtual" money, and not "real"... also he brought a point, which I thought was pretty good at the time; he basically said:
So I took his word for granted because he is a very successful stock trader... I didn't get much at the time and just watched as the prices sore through the roof the following year. Then, after that whole fiasco of rumors that the CEO of bitcoin was arrested; I remember talking to my uncle, in which he told me, "See arn't you happy you didn't invest in such a thing?" I wanted to tell him no, but I just nodded my head... I knew something was fishy and was probably some kind of ruse...
I should probably trust my self a lot more often and not listen to other people...
Quote
"do you really believe that a small group of dorks with computers are going to create a currency online that is going to be any substantial worth? Do you really think that the small group of dorks who create that currency are going to overtake the small group of very wealthy/powerful white men that's in charge of the private banks?"
So I took his word for granted because he is a very successful stock trader... I didn't get much at the time and just watched as the prices sore through the roof the following year. Then, after that whole fiasco of rumors that the CEO of bitcoin was arrested; I remember talking to my uncle, in which he told me, "See arn't you happy you didn't invest in such a thing?" I wanted to tell him no, but I just nodded my head... I knew something was fishy and was probably some kind of ruse...
I should probably trust my self a lot more often and not listen to other people...
Another nice article that won't reach mainstream news! 
And terrorists obviously don't use any fiat at all
Information is out there... People just don't want to be informed, I guess
And terrorists obviously don't use any fiat at all Information is out there... People just don't want to be informed, I guess
They don't want to be informed until they can't get around it anymore. Once they have to use it, or get lots of bonuses for using it, than they will get themselves informed.
Sad but true, people are ignorant way too often..
Another nice article that won't reach mainstream news! And terrorists obviously don't use any fiat at all
Information is out there... People just don't want to be informed, I guess
And terrorists obviously don't use any fiat at all Information is out there... People just don't want to be informed, I guess
These are my biggest pet peeves involving Bitcoin. I didn't include people who think the CEO of Bitcoin was arrested, because if you're one of those people, I feel sad for you. Link: http://www.newsbtc.com/2015/10/21/bitcoin-noob-mistakes/
Bitcoin has been around for over 6 years, and gone from cult underground to mainstream, becoming the discussion of corporate executives, politicians, and academics around the world. One would think that is more than enough time to learn the basics about cryptocurrency, but that is sadly not the case.
This is a list of some of the most egregious errors to be commonly made by people. Some of them you’ll agree with, some of them disagree, and some you might even make, yourself. If that’s the case, it’s not your fault–just use this article as a means to improve. We owe it to Satoshi to clear up the following misconceptions:
Anyone hoping to start a business involving blockchain technology needs to know how to spell it. Unless it’s at the beginning of a sentence, you don’t capitalize the b in blockchain, even if you’re talking about one blockchain in particular. The only exception is when you are deifying the blockchain, which is understandable. It is always one word, however.
That’s because a blockchain is basically a thing, more a discovery than an invention. It is a mathematical concept. This is in stark contrast to cryptocurrencies, which are proper nouns that go by whatever capitalization scheme their inventors chose for them. Some like eMunie go the Apple route; some capitalize the first letter; some capitalize the beginning of each subword, as in BitCrystal.
You don’t capitalize the c in Bitcoin. As is the general rule with all money including cryptocurrencies, you write bitcoin in lowercase when you are talking about a unit of Bitcoin (“1 bitcoin”), and bitcoins or Bitcoin for more than one. Bitcoin is always one word, and most importantly, its initials are BTC, not XBT. XBT is merely what’s dictated by the central authority on currency naming conventions, which is irrelevant whether Brunei likes it or not.
Decentralization is serious business. It is changing the world as we know it, impacting actual lives everywhere in a meaningful way. That’s why we call cryptocurrencies digital, not virtual.
In the technical world, virtual means “not real.” A virtual reality machine uses lights and sounds, touch, or even direct neurochemical stimulation to replicate the sensation of navigating a real world. All worlds in virtual reality are virtual worlds, a category that also includes every video game, both single and multiplayer.
Virtual worlds run on virtual currency, such as WoW gold or EVE ISK. The creators did not intend these currencies to have value in the real world, known in the community as “IRL.” They have provided no means of exchanging them for real money or items, and will ban those who try to get around that. This means that the developers control the money supply, implying that all virtual currencies are centralized.
Cryptocurrencies such as Bitcoin are intended to be used IRL, and many people take advantage of it. That’s the hallmark of a digital currency–it’s about intent. Occasionally a virtual community manages to circumvent the developers’ restrictions, or are even freely allowed to build a real economy as in Second Life. Usually, however, the line between reality and fantasy is pretty clear.
Terrorists are not using Bitcoin. Irresponsible news stories like this one claim that terrorists are being funded with BTC, but only mention one particular terrorist cell and don’t mention how many donations they actually received. An ISIS-linked blog suggested that bitcoins could aid their “cause,” but did any terrorists actually listen? No.
Terrorists still rely on methods that have been around for hundreds of years. Local groups like ISIS or Boko Haram are reliant on the hawala system, like many people across South Asia, North Africa and the Middle East. It consists of hawaladars around the world and forms a trust network: you pay a hawaladar in one place, another hawaladar pays your recipient in another place, and the two promise to settle the debt at a later date.
Because hawala originates from terrorism-prone regions, its use by insurgents was just a matter of course. It’s more familiar; concepts such as Bitcoin are alien to them, and our liberty-centric culture clashes with their conservative ideology. The techno-libertarian community tolerates victimless crime like selling hallucinogenic drugs, but would never willingly harbor violent extremists.
Remember: Bitcoin is pseudonymous, meaning that if anyone reveals their address, they lose their anonymity and become fully traceable on the blockchain. That’s another reason terrorists still use cash, which any fighter regardless of education level can understand. Unfortunately, effective use of Bitcoin still requires more knowledge and equipment than much of the world possesses.
But what about more-educated extremists, like high-ranking officials of international terrorist groups? Why, they use banks, of course. Financial institutions like HSBC have helped terrorists for years, but nobody is trying to ban them.
Bitcoin is not a company, and does not seek profit. It is a digital network based on a particular protocol, and has never gone bankrupt or had a CEO who got arrested. Blockchain technology is not going away, so anybody claiming to be an expert on the financial industry must be aware of these things.
Quote
Bitcoin has been around for over 6 years, and gone from cult underground to mainstream, becoming the discussion of corporate executives, politicians, and academics around the world. One would think that is more than enough time to learn the basics about cryptocurrency, but that is sadly not the case.
This is a list of some of the most egregious errors to be commonly made by people. Some of them you’ll agree with, some of them disagree, and some you might even make, yourself. If that’s the case, it’s not your fault–just use this article as a means to improve. We owe it to Satoshi to clear up the following misconceptions:
Anyone hoping to start a business involving blockchain technology needs to know how to spell it. Unless it’s at the beginning of a sentence, you don’t capitalize the b in blockchain, even if you’re talking about one blockchain in particular. The only exception is when you are deifying the blockchain, which is understandable. It is always one word, however.
That’s because a blockchain is basically a thing, more a discovery than an invention. It is a mathematical concept. This is in stark contrast to cryptocurrencies, which are proper nouns that go by whatever capitalization scheme their inventors chose for them. Some like eMunie go the Apple route; some capitalize the first letter; some capitalize the beginning of each subword, as in BitCrystal.
You don’t capitalize the c in Bitcoin. As is the general rule with all money including cryptocurrencies, you write bitcoin in lowercase when you are talking about a unit of Bitcoin (“1 bitcoin”), and bitcoins or Bitcoin for more than one. Bitcoin is always one word, and most importantly, its initials are BTC, not XBT. XBT is merely what’s dictated by the central authority on currency naming conventions, which is irrelevant whether Brunei likes it or not.
Decentralization is serious business. It is changing the world as we know it, impacting actual lives everywhere in a meaningful way. That’s why we call cryptocurrencies digital, not virtual.
In the technical world, virtual means “not real.” A virtual reality machine uses lights and sounds, touch, or even direct neurochemical stimulation to replicate the sensation of navigating a real world. All worlds in virtual reality are virtual worlds, a category that also includes every video game, both single and multiplayer.
Virtual worlds run on virtual currency, such as WoW gold or EVE ISK. The creators did not intend these currencies to have value in the real world, known in the community as “IRL.” They have provided no means of exchanging them for real money or items, and will ban those who try to get around that. This means that the developers control the money supply, implying that all virtual currencies are centralized.
Cryptocurrencies such as Bitcoin are intended to be used IRL, and many people take advantage of it. That’s the hallmark of a digital currency–it’s about intent. Occasionally a virtual community manages to circumvent the developers’ restrictions, or are even freely allowed to build a real economy as in Second Life. Usually, however, the line between reality and fantasy is pretty clear.
Terrorists are not using Bitcoin. Irresponsible news stories like this one claim that terrorists are being funded with BTC, but only mention one particular terrorist cell and don’t mention how many donations they actually received. An ISIS-linked blog suggested that bitcoins could aid their “cause,” but did any terrorists actually listen? No.
Terrorists still rely on methods that have been around for hundreds of years. Local groups like ISIS or Boko Haram are reliant on the hawala system, like many people across South Asia, North Africa and the Middle East. It consists of hawaladars around the world and forms a trust network: you pay a hawaladar in one place, another hawaladar pays your recipient in another place, and the two promise to settle the debt at a later date.
Because hawala originates from terrorism-prone regions, its use by insurgents was just a matter of course. It’s more familiar; concepts such as Bitcoin are alien to them, and our liberty-centric culture clashes with their conservative ideology. The techno-libertarian community tolerates victimless crime like selling hallucinogenic drugs, but would never willingly harbor violent extremists.
Remember: Bitcoin is pseudonymous, meaning that if anyone reveals their address, they lose their anonymity and become fully traceable on the blockchain. That’s another reason terrorists still use cash, which any fighter regardless of education level can understand. Unfortunately, effective use of Bitcoin still requires more knowledge and equipment than much of the world possesses.
But what about more-educated extremists, like high-ranking officials of international terrorist groups? Why, they use banks, of course. Financial institutions like HSBC have helped terrorists for years, but nobody is trying to ban them.
Bitcoin is not a company, and does not seek profit. It is a digital network based on a particular protocol, and has never gone bankrupt or had a CEO who got arrested. Blockchain technology is not going away, so anybody claiming to be an expert on the financial industry must be aware of these things.
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