WFT ? Bitcoin

[GH85Carrera]

Yea, right.

Bitcoin: A guide to the future of currency | ZDNet

Does this make sense to you?

[Paul_Heery]

Well, read this and tell me if it is a good idea

World's First Virtual Heist? BitCoin User Loses $500,000 | PCWorld

[GH85Carrera]

I think I will stick with my visa card for on-line purchases.

[krystar]

that sux...but its just poor security on his end. if i had $500,000 worth of something stored digitally...i'd get it off of an online accessible machine. since wallets are transferrable and free to create, u could transfer almost all of funds into offline wallet.

[red-beard]

It is backed by what? It is a non-national fiat currency. I think I'd rather buy gold.

[svandamme]

lol, as if speculating on actual commodities and currencies wasn't enough, they are no speculating on virtual , non existing, crap.. It's not even hot air, it's virtual hot air .. People are addicted to bubbles these days, .com, credit, mortage, oil, gold... now bit's... sucker born every minute.

[krystar]

it's not non existing. it's 0's and 1's stored on silicon circuits or magnetized platters !

[Brando]

So, how do I physically transfer my bitcoins by hand from one person to another?

Can't do it? Guess it isn't "real". And yes, my opinion exactly svandamme... Another commodity to inflate and pop.

[red-beard]

But, you can setup the program and "mine" new Bitcons. I mean Bitcoins...

[red-beard]

There have actually been Bitcoin mining accidents...

[Brando]

Interesting news article I came across on /.
Trojan Goes After Bitcoins - Slashdot

Who'duh thunkit? Storing "money" as a file on your PC... Yeah, that's real secure.

[Brando]

Gotta love the volatility of an "imaginary" fiat currency:

Bitcoin Price Crashes - Slashdot

[GH85Carrera]

It started off with no value and may return to that state.

[red-beard]

This is a good laugh:

newstechnica.com] is a decentralised computer currency designed by self-righteous Ayn Rand-reading nerds who despise looters and parasites like, er, you. It is used to purchase Internet services, illegal drugs and pictures of naked women holding video cards.

Bitcoin works by an emergent synergy of cryptography, peer-to-peer, anonymity, anarchism, libertarianism, wasting stupendous quantities of electricity, the marketing department at NVidia, the enduring exchange value of tulip bulbs and doing all of this instead of Folding@Home.

Bitcoin successfully harnesses a hitherto-unexploited Internet resource: the vast reserves of unexamined privilege amongst computer programmers. Coins are "mined" by stealing them from people who are able to comprehend this level of computer science but still keep their Bitcoin wallet in plain text on a Windows machine.

The Bitcoin system is robustly designed to continue past the collapse of the US dollar and the world economy, as the Internet, fast computers and reliable electricity are all expected to be readily available when barbarian hordes are wandering the burnt-out post-apocalyptic remnants of civilisation.

It is completely incorrect to describe Bitcoin as a "pyramid scheme." Technically, it's a "pump-and-dump."

Many common products are still inexplicably not purchasable with Bitcoins. "It's as if they don't understand the revolutionary wonder of Bitcoin," says Debian developer Hiram Nerdboy, 17. "I can't get chicks with Bitcoins either. Even with my slickest Pick-Up Artist techniques! It's as if my knowledge of economics and game theory didn't apply to real life. But that's impossible, of course. They're probably just theists. Hold on, I just gotta post to Slashdot about this."

Bitcoin was invented by Internet libertarians, in the spirit of freely-chosen individual interpersonal interactions that will bring about the utter collapse of the oppressive taint of the dead hand of government, in order to make money at your expense.

Somehow, I don't think Ayn Rand would like an electronic fiat currency. She was a gold standard kind of person.

[widebody911]

Bitcoin [newstechnica.com] is a decentralised computer currency designed by self-righteous Ayn Rand-reading nerds who despise looters and parasites like, er, you. It is used to purchase Internet services, illegal drugs and pictures of naked women holding video cards.

Best quote of the day!