I don't particularly see the point... Implementation, at least. Confusing stuff.
Anonymous money.
They're only money if you can get people to exchange them for something of value, which would be a neat trick, since they're giving them away to begin with. Not to mention the up front contradiction in their claims. According to the site, there will be no central authority, but there will be a controlled amount in circulation, secured by the P2P nature of the system. If you think P2P and secure belong in the same sentence, just go ahead and slap yourself awake. Inflation limited by expansion tied to cpu capacity? Is there anyone online these days that hasn't heard of Moore's Law? Seriously, the masterminds behind this idea have to be on crack or plan on using it as a delivery vector for a trojan or virus. I'm guessing crack. We ought to start a betting pool on how long the scheme lasts.
You CAN exchange them for something of value. As of this post the price of one bitcoin in U.S. Federal Reserve Notes is about $.92. Here's a currency exchange compiler. http://bitcoinwatch.com/
Here's a list of sites that accept bitcoin in payment. https://en.bitcoin.it/wiki/Trade
Yes, bitcoin faucet will give you a bitcoin as a promotional tactic. http://freebitcoins.appspot.com/
Why would one trust a "central authority" over open source software being monitored on a P2P network? Where has that gotten you with the greenbacks in your pocket?
Moore's Law is interesting, barely, but doesn't apply here. Processing power can not increase the bitcoins in circulation after 21 million are created.
Not "masterminds", mastermind. http://en.wikipedia.org/wiki/Bitcoin
I'll bet you dollars to bitcoins (you win I pay you dollars, I win you pay me bitcoins) how long this scheme lasts; you pick the date.
Here's a forum that might answer some questions if anyone is interested.
http://www.bitcoin.org/smf/
A lot of libertarian thinkers are pretty excited about the possibilities.
I have installed bitcoin and read some about it.
I think it might work
For the record, you only get .05 bitcoin from the bitcoin faucet.
It's just enough so your account doesn't say empty.
The main advantages I see are these:
There is no real middleman; The money is transacted directly between you and the 2nd party. Transaction fee is very nearly zero.
It's as anonymous as you make it.
There is no central authority.
The main disadvantage I can see is this:
If it ever really takes off in popularity the government, all governments, will try to shut it down if they can because they won't be able to tax it.
Terrorists could use it to circumvent oversight of money transactions to finance terrorism.
Here is the current list of dealers, stores, providers, merchants that accept and deal in bitcoin currency.
https://en.bitcoin.it/wiki/Trade
I am feeling adventuresome lately so I think I'll give it a try.
I think it might work
For the record, you only get .05 bitcoin from the bitcoin faucet.
It's just enough so your account doesn't say empty.
The main advantages I see are these:
There is no real middleman; The money is transacted directly between you and the 2nd party. Transaction fee is very nearly zero.
It's as anonymous as you make it.
There is no central authority.
The main disadvantage I can see is this:
If it ever really takes off in popularity the government, all governments, will try to shut it down if they can because they won't be able to tax it.
Terrorists could use it to circumvent oversight of money transactions to finance terrorism.
Here is the current list of dealers, stores, providers, merchants that accept and deal in bitcoin currency.
https://en.bitcoin.it/wiki/Trade
I am feeling adventuresome lately so I think I'll give it a try.
Yep, I saw some medical marijuana on the list too.
The good stuff is 350 BitCoin
I'm going to go out on a limb and guess that you don't know anything about cryptography.
I know nothing about electronics or software so I will let those more savvy try it first and see if I hear about anyone getting bitcoin jacked. The line I have quoted makes me curious. So this form of currency is capped at 21 million? There are people who make more money than that in a single year so what if that person decides they want to use this money? I guess I don't understand the cap at 21 million. Do they only have enough bouillon to back that value? Is this form of currency even backed by bullion?
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