Bitcoin: Censorship-Resistant Digital P2P Currency

Everything else!

Moderators: EvilHomer3k, Bakhtosh

Post Reply
User avatar
Anonymous Bosch
Posts: 9838
Joined: Thu Oct 14, 2004 6:09 pm
Location: Northern California [originally from the UK]

Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Anonymous Bosch »

Has anyone else here been following the development of Bitcoin? It certainly is an intriguing concept:
Bitcoin is an open-source virtual currency generated by a computer algorithm that is completely beyond the reach of financial intermediaries, central banks and national tax collectors. Bitcoins could be used to purchase anything, at any time, from anyone in the world, in a transaction process that is almost completely frictionless. Yes, that's right, the hacktivists now have a virtual currency that's untraceable, unhackable, and completely Anonymous.

And that's where things start to get interesting. Veteran tech guru Jason Calacanis recently called Bitcoin the most dangerous open source project he's ever seen. TIME suggested that Bitcoin might be able to bring national governments and global financial institutions to their knees. You see, Bitcoin is as much a political statement as it is a virtual currency. If you think there's a shadow banking system now, wait a few more months. The political part is that, unlike other virtual currencies like Facebook Credits (used to buy virtual sock puppets for your friends), Bitcoins are globally transferrable across borders, making them the perfect instrument to finance any cause or any activity -- even if it's banned by a sovereign government.
It'll be interesting to see if it catches on. Perhaps Bitcoin will become the new coin of the realm for online poker?
"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." — P. J. O'Rourke
User avatar
noxiousdog
Posts: 24550
Joined: Tue Oct 12, 2004 11:27 pm
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by noxiousdog »

Anonymous Bosch wrote:Has anyone else here been following the development of Bitcoin? It certainly is an intriguing concept:
Bitcoin is an open-source virtual currency generated by a computer algorithm that is completely beyond the reach of financial intermediaries, central banks and national tax collectors. Bitcoins could be used to purchase anything, at any time, from anyone in the world, in a transaction process that is almost completely frictionless. Yes, that's right, the hacktivists now have a virtual currency that's untraceable, unhackable, and completely Anonymous.

And that's where things start to get interesting. Veteran tech guru Jason Calacanis recently called Bitcoin the most dangerous open source project he's ever seen. TIME suggested that Bitcoin might be able to bring national governments and global financial institutions to their knees. You see, Bitcoin is as much a political statement as it is a virtual currency. If you think there's a shadow banking system now, wait a few more months. The political part is that, unlike other virtual currencies like Facebook Credits (used to buy virtual sock puppets for your friends), Bitcoins are globally transferrable across borders, making them the perfect instrument to finance any cause or any activity -- even if it's banned by a sovereign government.
It'll be interesting to see if it catches on. Perhaps Bitcoin will become the new coin of the realm for online poker?
What prevents you from making bitcoins?
Black Lives Matter

"To wield Grond, the mighty hammer of the Federal Government, is to be intoxicated with power beyond what you and I can reckon (though I figure we can ball park it pretty good with computers and maths). Need to tunnel through a mountain? Grond. Kill a mighty ogre? Grond. Hangnail? Grond. Spider? Grond (actually, that's a legit use, moreso than the rest)." - Peacedog
User avatar
The Meal
Posts: 27734
Joined: Tue Oct 12, 2004 10:33 pm
Location: 2005 Stanley Cup Champion

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by The Meal »

Anonymous Bosch wrote:Perhaps Bitcoin will become the new coin of the realm for online poker?
Interesting you say that along with Jason Calacanis' comments. Maybe it's not unrelated.

Pauly hypothesizes it was the banks, and their lack of control over the movement of usable currency, that were the true motivating factors behind online poker getting shut down in the first place. Crazy stuff.
RLMullen
Posts: 3591
Joined: Thu Nov 04, 2004 4:21 pm
Location: Somewhere between Louisburg and Raleigh NC

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by RLMullen »

noxiousdog wrote: What prevents you from making bitcoins?
Nothing! Go to bitcoin.org, get the software and start cranking out your own bitcoins. It is estimated that it will take approximately 5 years for a current CPU to create a new bitcoin.

This is the original whitepaper that describes the system http://www.bitcoin.org/bitcoin.pdf.
User avatar
Vorret
Posts: 9613
Joined: Mon Oct 15, 2007 7:37 pm
Location: Drummondville, QC

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Vorret »

Interesting stuff
Isgrimnur wrote:
His name makes me think of a small, burrowing rodent anyway.
User avatar
noxiousdog
Posts: 24550
Joined: Tue Oct 12, 2004 11:27 pm
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by noxiousdog »

Indeed. I don't know that it's practical, but it's definitely interesting.
Black Lives Matter

"To wield Grond, the mighty hammer of the Federal Government, is to be intoxicated with power beyond what you and I can reckon (though I figure we can ball park it pretty good with computers and maths). Need to tunnel through a mountain? Grond. Kill a mighty ogre? Grond. Hangnail? Grond. Spider? Grond (actually, that's a legit use, moreso than the rest)." - Peacedog
User avatar
Anonymous Bosch
Posts: 9838
Joined: Thu Oct 14, 2004 6:09 pm
Location: Northern California [originally from the UK]

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Anonymous Bosch »

noxiousdog wrote:What prevents you from making bitcoins?
As RLMullen pointed out, you're welcome to try your hand at "Bitcoin Mining", though it gets trickier as more people attempt to generate new coins. From the linked piece by Jason Calacanis:
Where Do Bitcoins Come from?
=========
Bitcoins are created by a complex algorithm. Only 21M can be made by the year 2140. Your desktop bitcoin software can make bitcoins, but at this point the electricity and time it would take to produce a bitcoin is larger than the actual value of a bitcoin (your laptop might take five years to make one, and they currently trade at $6.70 per bitcoin [ see https://mtgox.com/trade/buy" target="_blank for the latest exchange rate ].

Bitcoin miners use super cheap GPUs (not CPUs) to create the coins, but as more people come online to make them, the algorithm adjusts so that one block can only be made every 10 minutes.
And from the official FAQ:
How are new Bitcoins created?

New coins are generated by a network node each time it finds the solution to a certain mathematical problem (i.e. creates a new block), which is difficult to perform and can demonstrate a proof of work. The reward for solving a block is automatically adjusted so that in the first 4 years of the Bitcoin network, 10,500,000 BTC will be created. The amount is halved each 4 years, so it will be 5,250,000 over years 4-8, 2,625,000 over years 8-12 and so on. Thus the total number of coins will approach 21,000,000 BTC over time.

In addition, built into the network is a system that attempts to allocate new coins in blocks about every 10 minutes, on average, somewhere on the network. As the number of people who attempt to generate these new coins changes, the difficulty of creating new coins changes. This happens in a manner that is agreed upon by the network as a whole, based upon the time taken to generate the previous 2016 blocks. The difficulty is therefore related to the average computing resources devoted to generate these new coins over the time it took to create these previous blocks. The likelihood of somebody "discovering" one of these blocks is based on the computer they are using compared to all of the computers also generating blocks on the network.
"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." — P. J. O'Rourke
User avatar
SpaceLord
Posts: 7242
Joined: Tue Dec 28, 2004 1:51 pm
Location: Lost in Time and Space
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by SpaceLord »

I did quite a bit of research on this stuff the past few days, and I'm just wrapping my head around it.

Think of generating BitCoins via server farms(mining) as labor. BitCoins are awarded to those who contribute to unlocking them. It's very clever.
They're going to send you back to mother in a cardboard box...
User avatar
Kraken
Posts: 41118
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Kraken »

How does one actually spend bitcoins? How do I convert one into $6.70 of actual spendable money?
User avatar
Enough
Posts: 14662
Joined: Tue Oct 12, 2004 11:05 pm
Location: Serendipity
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Enough »

The Meal wrote:
Anonymous Bosch wrote:Perhaps Bitcoin will become the new coin of the realm for online poker?
Interesting you say that along with Jason Calacanis' comments. Maybe it's not unrelated.

Pauly hypothesizes it was the banks, and their lack of control over the movement of usable currency, that were the true motivating factors behind online poker getting shut down in the first place. Crazy stuff.
Pauly wrote:I'm sure the tin foil hat-wearing, silver hoarding, Max Keiser disciples are going to love this, but I'm sharing this thought that has been bugging me ever since I dropped acid at the top of Machu Picchu....
I'm sure they do, is he one of them?
My blog (mostly photos): Fort Ephemera - My Flickr Photostream

“You only get one sunrise and one sunset a day, and you only get so many days on the planet. A good photographer does the math and doesn’t waste either.” ―Galen Rowell
User avatar
SpaceLord
Posts: 7242
Joined: Tue Dec 28, 2004 1:51 pm
Location: Lost in Time and Space
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by SpaceLord »

Kraken wrote:How does one actually spend bitcoins? How do I convert one into $6.70 of actual spendable money?
It's strange. You can't use PayPal, so you use an exchange, like here: Mt Gox and trade there. I'm working on getting an account now. It'll be a fun way to spend few hundred bucks. The price of BitCoins, in January, was 40 cents, it's now over 7 dollars.
They're going to send you back to mother in a cardboard box...
User avatar
Paingod
Posts: 13132
Joined: Wed Aug 25, 2010 8:58 am

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Paingod »

Kraken wrote:How does one actually spend bitcoins? How do I convert one into $6.70 of actual spendable money?
It becomes a currency unto itself, perhaps.

Say you start "spending" these to renew monthly subscriptions on things online, or to buy digital games. It effectively replaces normal currency (which is equally etherial, we've just gotten used to it being worth something).
Black Lives Matter

2021-01-20: The first good night's sleep I had in 4 years.
User avatar
Kraken
Posts: 41118
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Kraken »

Paingod wrote:
Kraken wrote:How does one actually spend bitcoins? How do I convert one into $6.70 of actual spendable money?
It becomes a currency unto itself, perhaps.

Say you start "spending" these to renew monthly subscriptions on things online, or to buy digital games. It effectively replaces normal currency (which is equally etherial, we've just gotten used to it being worth something).
I do not want money that can't buy beer.
User avatar
Paingod
Posts: 13132
Joined: Wed Aug 25, 2010 8:58 am

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Paingod »

Kraken wrote:I do not want money that can't buy beer.
What if you had money you could spend instead of $$ - which meant you spend less $$ and can alternately trade that into more beer from the corner store?
Black Lives Matter

2021-01-20: The first good night's sleep I had in 4 years.
User avatar
Kraken
Posts: 41118
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Kraken »

Paingod wrote:
Kraken wrote:I do not want money that can't buy beer.
What if you had money you could spend instead of $$ - which meant you spend less $$ and can alternately trade that into more beer from the corner store?
Free money? Good deal if I don't have to trade $$ for bitcoins in the first place.
User avatar
Rumpy
Posts: 11440
Joined: Sun Mar 27, 2005 6:52 pm
Location: Sudbury, Ontario, Canada

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Rumpy »

Interesting. The new paypal?
PC:
Intel DH55PJ
Intel i5 660
8GB RAM
Asus ROG 4GB 1050Ti
User avatar
noxiousdog
Posts: 24550
Joined: Tue Oct 12, 2004 11:27 pm
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by noxiousdog »

SpaceLord wrote: It's strange. You can't use PayPal, so you use an exchange, like here: Mt Gox and trade there. I'm working on getting an account now. It'll be a fun way to spend few hundred bucks. The price of BitCoins, in January, was 40 cents, it's now over 7 dollars.
That's what bothers me. Due to the low supply it is inherently susceptible to price manipulation.
Black Lives Matter

"To wield Grond, the mighty hammer of the Federal Government, is to be intoxicated with power beyond what you and I can reckon (though I figure we can ball park it pretty good with computers and maths). Need to tunnel through a mountain? Grond. Kill a mighty ogre? Grond. Hangnail? Grond. Spider? Grond (actually, that's a legit use, moreso than the rest)." - Peacedog
User avatar
El Guapo
Posts: 39598
Joined: Sat Jul 09, 2005 4:01 pm
Location: Boston

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by El Guapo »

This seems like the very definition of a speculation bubble. It seems like BitCoins aren't tied to anything, so their value derives solely (I gather) from people assigning them value and speculating that their value will increase in the future.

Assuming, as appears to be the case, that BitCoins are readily exchangeable into currency via Mt Gox and the like, isn't a run on BitCoins inevitable? Eventually the Warren Buffet of BitCoins is going to decide that they are overvalued and cash out en masse. That gets out, and others cash out for fear that they will be left holding worthless currency. That rush, in turn, makes the currency worthless.

To a degree this is true of any currency, but it's certainly different when it's backed by a loose agglomeration of people on the internet vs. the United States government.
Black Lives Matter.
User avatar
SpaceLord
Posts: 7242
Joined: Tue Dec 28, 2004 1:51 pm
Location: Lost in Time and Space
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by SpaceLord »

http://www.bitcoinmonitor.com/" target="_blank

Watch the transactions as they go through. Pretty neat.

The BitCoin Faucet - a way to get free Bitcoins...meaning 1/50th of one. It's replenished a few times a day.
They're going to send you back to mother in a cardboard box...
User avatar
SpaceLord
Posts: 7242
Joined: Tue Dec 28, 2004 1:51 pm
Location: Lost in Time and Space
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by SpaceLord »

El Guapo wrote:This seems like the very definition of a speculation bubble. It seems like BitCoins aren't tied to anything, so their value derives solely (I gather) from people assigning them value and speculating that their value will increase in the future.

Assuming, as appears to be the case, that BitCoins are readily exchangeable into currency via Mt Gox and the like, isn't a run on BitCoins inevitable? Eventually the Warren Buffet of BitCoins is going to decide that they are overvalued and cash out en masse. That gets out, and others cash out for fear that they will be left holding worthless currency. That rush, in turn, makes the currency worthless.

To a degree this is true of any currency, but it's certainly different when it's backed by a loose agglomeration of people on the internet vs. the United States government.
It's not backed by anything, other than the algorithm. And the genius lies in that algorithm. It's very clever.

To make the BitCoin spendable, the support of two large entities would be key: poker and illicit drugs. :shock:
They're going to send you back to mother in a cardboard box...
RLMullen
Posts: 3591
Joined: Thu Nov 04, 2004 4:21 pm
Location: Somewhere between Louisburg and Raleigh NC

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by RLMullen »

Kraken wrote: Free money? Good deal if I don't have to trade $$ for bitcoins in the first place.
*You* don't have to trade $$ for bitcoins. All you have to do is trade merchandise for bitcoins.
Quaro
Posts: 1194
Joined: Wed Oct 13, 2004 3:10 am

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Quaro »

http://themonetaryfuture.blogspot.com/2 ... -will.html" target="_blank
What the law accomplishes sounds mundane enough: it requires money transmitters--companies that act like banks, but aren't, such as PayPal--to get licenses. As usual, however, the devil is in the details. Previously, California corporations were only required to get money transmitter licenses for international funds transfers, and domestic transfers were unregulated. Now both kinds of transfers are regulated. Also, the price of each license is a little bit steep: half a million dollars and change.

...

You might argue that innovation in the financial industry is alive and well, but you'd only be right if you mean that in the most cynical terms. Case in point: Square, a payments company that is a media darling frequently cited as a leading innovator, does not disrupt the financial infrastructure in any way. In fact, Visa just invested in Square directly because it does such a good job of propagating the status quo. PayPal similarly exists to promote existing financial infrastructures, not replace them with something better.
User avatar
The Meal
Posts: 27734
Joined: Tue Oct 12, 2004 10:33 pm
Location: 2005 Stanley Cup Champion

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by The Meal »

Enough wrote:
Pauly wrote:I'm sure the tin foil hat-wearing, silver hoarding, Max Keiser disciples are going to love this, but I'm sharing this thought that has been bugging me ever since I dropped acid at the top of Machu Picchu....
I'm sure they do, is he one of them?
His is one of the more (if not the most) astute voices regarding online poker. The fact that he's so well grounded in who he is and his place in the world is just a bonus.
User avatar
Enough
Posts: 14662
Joined: Tue Oct 12, 2004 11:05 pm
Location: Serendipity
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Enough »

The Meal wrote:
Enough wrote:
Pauly wrote:I'm sure the tin foil hat-wearing, silver hoarding, Max Keiser disciples are going to love this, but I'm sharing this thought that has been bugging me ever since I dropped acid at the top of Machu Picchu....
I'm sure they do, is he one of them?
His is one of the more (if not the most) astute voices regarding online poker. The fact that he's so well grounded in who he is and his place in the world is just a bonus.
He comes off as a fantastic top-notch read, no doubt. But going down the road of Federal Reserve conspiracy theory sort of hurts that street cred imo. Maybe it's the history of banking in my family, but it rubbed me the wrong way and it seemed Pauly was out of his depth. We need PreacherMan to get my back... :wink:
My blog (mostly photos): Fort Ephemera - My Flickr Photostream

“You only get one sunrise and one sunset a day, and you only get so many days on the planet. A good photographer does the math and doesn’t waste either.” ―Galen Rowell
User avatar
noxiousdog
Posts: 24550
Joined: Tue Oct 12, 2004 11:27 pm
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by noxiousdog »

Enough wrote:
The Meal wrote:
Enough wrote:
Pauly wrote:I'm sure the tin foil hat-wearing, silver hoarding, Max Keiser disciples are going to love this, but I'm sharing this thought that has been bugging me ever since I dropped acid at the top of Machu Picchu....
I'm sure they do, is he one of them?
His is one of the more (if not the most) astute voices regarding online poker. The fact that he's so well grounded in who he is and his place in the world is just a bonus.
He comes off as a fantastic top-notch read, no doubt. But going down the road of Federal Reserve conspiracy theory sort of hurts that street cred imo. Maybe it's the history of banking in my family, but it rubbed me the wrong way and it seemed Pauly was out of his depth. We need PreacherMan to get my back... :wink:
Agreed. It would seem to me there would be MORE online transactions with online poker. Not less.
Black Lives Matter

"To wield Grond, the mighty hammer of the Federal Government, is to be intoxicated with power beyond what you and I can reckon (though I figure we can ball park it pretty good with computers and maths). Need to tunnel through a mountain? Grond. Kill a mighty ogre? Grond. Hangnail? Grond. Spider? Grond (actually, that's a legit use, moreso than the rest)." - Peacedog
User avatar
SpaceLord
Posts: 7242
Joined: Tue Dec 28, 2004 1:51 pm
Location: Lost in Time and Space
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by SpaceLord »

So last night, I bought 32 BTC(BitCoin Currency) at 8.30 each via PayPal, on the BitCoin IRC channel. They use a very complicated and secure PGP system to verify people on this channel, and the guy I bought from had a high rating.

Currently, on Mt. Gox, the coins are trading at 8.75-9 bucks each. It's possible it will increase soon, as the "difficulty" will ramp up soon.

The whole experience felt a lot like buying drugs. :ninja:
They're going to send you back to mother in a cardboard box...
User avatar
SpaceLord
Posts: 7242
Joined: Tue Dec 28, 2004 1:51 pm
Location: Lost in Time and Space
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by SpaceLord »

Dunno if anyone cares, but:

NPR did a spot on BitCoins earlier this week.
The BitCoin Faucet has free BitCoins again. It gives 0.02 BTC, which at current prices, is around 17 cents. Free money!
They're going to send you back to mother in a cardboard box...
User avatar
Odin
Posts: 20732
Joined: Tue Oct 12, 2004 11:29 pm
Location: Syracuse, NY

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Odin »

Okay, I now have .02 BTC. Lemme know when it becomes useful.
User avatar
Kraken
Posts: 41118
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Kraken »

I'll sell you my 0.02 btc for one...DOLLAR!
User avatar
Odin
Posts: 20732
Joined: Tue Oct 12, 2004 11:29 pm
Location: Syracuse, NY

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Odin »

Kraken wrote:I'll sell you my 0.02 btc for one...DOLLAR!
Oka... hey, wait. :?
User avatar
SpaceLord
Posts: 7242
Joined: Tue Dec 28, 2004 1:51 pm
Location: Lost in Time and Space
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by SpaceLord »

Bitcoins are up a buck since last week.
This Podcast from March is the best explanation I've heard yet of how BitCoin works. It's damn impressive.
They're going to send you back to mother in a cardboard box...
User avatar
Smoove_B
Posts: 51073
Joined: Wed Oct 13, 2004 12:58 am
Location: Kaer Morhen

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Smoove_B »

Gizmodo just released an exclusive piece on how people are using bitcoins to purchase all kinds of drugs on an "underground" website.
Mark, a software developer, had ordered the 100 micrograms of acid through a listing on the online marketplace Silk Road. He found a seller with lots of good feedback who seemed to know what they were talking about, added the acid to his digital shopping cart and hit "check out." He entered his address and paid the seller 50 Bitcoins—untraceable digital currency—worth around $150. Four days later the drugs, sent from Canada, arrived at his house.
...
Since it launched this February, Silk Road has represented the most complete implementation of the Bitcoin vision. Many of its users come from Bitcoin's utopian geek community and see Silk Road as more than just a pace to buy drugs. Silk Road's administrator cites the anarcho-libertarian philosophy of Agorism. "The state is the primary source of violence, oppression, theft and all forms of coercion," Silk Road wrote to us. "Stop funding the state with your tax dollars and direct your productive energies into the black market."
I'm so far off the map the sun is shining
User avatar
The Meal
Posts: 27734
Joined: Tue Oct 12, 2004 10:33 pm
Location: 2005 Stanley Cup Champion

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by The Meal »

That bodes well for online poker.
User avatar
El Guapo
Posts: 39598
Joined: Sat Jul 09, 2005 4:01 pm
Location: Boston

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by El Guapo »

Untraceable, huh? I can't imagine it would be too hard for investigators to create accounts, offer drugs or what have you for sale, and then send the police instead of a shipment when someone enters their address.

I feel like a lot of people are going to find that the oppressor state has some very practical tools available to it, though this will be interesting to observe.
Black Lives Matter.
User avatar
Arcanis
Posts: 7235
Joined: Wed Dec 29, 2004 12:15 pm
Location: Lafayette, LA
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Arcanis »

Smoove_B wrote:Gizmodo just released an exclusive piece on how people are using bitcoins to purchase all kinds of drugs on an "underground" website.
Last line of linked article wrote:Republished from http://gawker.com" target="_blank
Same exact article, including claiming it is exclusive.

They keep using that word. I don't think they know what it means.
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."--George Orwell
User avatar
Smoove_B
Posts: 51073
Joined: Wed Oct 13, 2004 12:58 am
Location: Kaer Morhen

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Smoove_B »

:D

They probably mean "Exclusive to the Gawker Media network".
The Meal wrote:That bodes well for online poker.
Give it 48 hours. Lets see how this druggie ebay manages to deal with being publicized.

Edit: Yeah; what the Guapster said.
I'm so far off the map the sun is shining
User avatar
SpaceLord
Posts: 7242
Joined: Tue Dec 28, 2004 1:51 pm
Location: Lost in Time and Space
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by SpaceLord »

El Guapo wrote:Untraceable, huh? I can't imagine it would be too hard for investigators to create accounts, offer drugs or what have you for sale, and then send the police instead of a shipment when someone enters their address.

I feel like a lot of people are going to find that the oppressor state has some very practical tools available to it, though this will be interesting to observe.
Yeah, getting actual stuff shipped to you is hard to hide. BitCoin itself, however, is very, very anonymous.
They're going to send you back to mother in a cardboard box...
User avatar
Odin
Posts: 20732
Joined: Tue Oct 12, 2004 11:29 pm
Location: Syracuse, NY

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Odin »

SpaceLord wrote:
El Guapo wrote:Untraceable, huh? I can't imagine it would be too hard for investigators to create accounts, offer drugs or what have you for sale, and then send the police instead of a shipment when someone enters their address.

I feel like a lot of people are going to find that the oppressor state has some very practical tools available to it, though this will be interesting to observe.
Yeah, getting actual stuff shipped to you is hard to hide. BitCoin itself, however, is very, very anonymous.
That's not my experience - when I got my fraction of a bitcoin from the faucet, they put my email address (modified with the addition of a single letter that was easily recognizable as not being part of my address) AND my IP address. I found that rather annoying, actually.
User avatar
SpaceLord
Posts: 7242
Joined: Tue Dec 28, 2004 1:51 pm
Location: Lost in Time and Space
Contact:

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by SpaceLord »

Odin wrote:
SpaceLord wrote:
El Guapo wrote:Untraceable, huh? I can't imagine it would be too hard for investigators to create accounts, offer drugs or what have you for sale, and then send the police instead of a shipment when someone enters their address.

I feel like a lot of people are going to find that the oppressor state has some very practical tools available to it, though this will be interesting to observe.
Yeah, getting actual stuff shipped to you is hard to hide. BitCoin itself, however, is very, very anonymous.
That's not my experience - when I got my fraction of a bitcoin from the faucet, they put my email address (modified with the addition of a single letter that was easily recognizable as not being part of my address) AND my IP address. I found that rather annoying, actually.
That's not BitCoin, that's the Faucet. BitCoin to BitCoin only require your public key, which changes with every transaction, and is effectively unbreakable due to the strict implementation of PGP.
They're going to send you back to mother in a cardboard box...
User avatar
Wargus
Posts: 603
Joined: Sun Jul 31, 2005 6:43 pm

Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Wargus »

SpaceLord wrote:
Odin wrote:
SpaceLord wrote:
El Guapo wrote:Untraceable, huh? I can't imagine it would be too hard for investigators to create accounts, offer drugs or what have you for sale, and then send the police instead of a shipment when someone enters their address.

I feel like a lot of people are going to find that the oppressor state has some very practical tools available to it, though this will be interesting to observe.
Yeah, getting actual stuff shipped to you is hard to hide. BitCoin itself, however, is very, very anonymous.
That's not my experience - when I got my fraction of a bitcoin from the faucet, they put my email address (modified with the addition of a single letter that was easily recognizable as not being part of my address) AND my IP address. I found that rather annoying, actually.
That's not BitCoin, that's the Faucet. BitCoin to BitCoin only require your public key, which changes with every transaction, and is effectively unbreakable due to the strict implementation of PGP.
Effectively unbreakable today maybe. Not sure I'd hold my breath that it will be unbreakable in a year or 5.
Post Reply