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FROSTY X RIME
Posted: Friday, January 12, 2018 7:05:50 PM

Rank: Advanced Member

Joined: 10/20/2015
Posts: 1,009
Neurons: 11,157
Hello everybody,

I wonder what the use bitcoin have other than paying for ransom money online in order to get your computer free that have been held by hackers.
I read an article once that you can use it to buy groceries as well but I doubt it or if so, it must be very limited cases.
I do online shopping occasionally but I have never seen an option of bitcoin for payment.






What should be shall be-The fellowship of the ring-
Abdelkrim
Posted: Friday, January 12, 2018 9:10:58 PM

Rank: Newbie

Joined: 5/1/2011
Posts: 37
Neurons: 75,228
Location: New York City, New York, United States
Bitcoin is selling dreams online for people who believe they will end up rich by flushing their money in the toilet.
taurine
Posted: Saturday, January 13, 2018 3:27:38 AM

Rank: Advanced Member

Joined: 4/20/2016
Posts: 861
Neurons: 68,005
Location: South Dublin, Ireland
I had some time ago a talk with my good colleague who is a Czech.
It looks like in Europe it is most advanced country in terms of use Bitcoin.
You may, for example, pay for coffee, there. Especially in Prague.

I am not a fan of Bitcoin, because I don't understand the economy underpinning the value of cryptocurrency.
In my view it is mostly based on speculation dictated by demand.

I am also not sure, is it a legal tender...

J'ai perdu mes amis en Afrique durant la dernière semaine de 2017
Víctor Lplz
Posted: Saturday, January 13, 2018 3:59:39 AM

Rank: Newbie

Joined: 5/19/2015
Posts: 37
Neurons: 2,056,487
Location: Zaragoza, Aragon, Spain
Bitcoin is a Ponzi scheme.
almo 1
Posted: Saturday, January 13, 2018 4:16:30 AM
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Joined: 10/16/2016
Posts: 1,253
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Location: Fussa, Tokyo, Japan



reuters.com/article/uk-global-bitcoin/bitcoin-slides-as-website-drops-south-korea-prices-from-virtual-currency-rates-


NEW YORK (Reuters) - Bitcoin sank on Monday after website CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning, resulting in a steep drop in all virtual coins they track.








reuters.com/article/us-southkorea-bitcoin/south-korea-plans-to-ban-cryptocurrency-trading-rattles-market-


SEOUL (Reuters) - South Korea’s government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation’s police and tax authorities raided local exchanges on alleged tax evasion.






almo 1
Posted: Monday, January 15, 2018 3:56:25 PM
Rank: Advanced Member

Joined: 10/16/2016
Posts: 1,253
Neurons: 5,715
Location: Fussa, Tokyo, Japan












progpen
Posted: Thursday, January 18, 2018 4:08:21 PM

Rank: Advanced Member

Joined: 10/2/2015
Posts: 1,845
Neurons: 297,490
Location: Haddington, Scotland, United Kingdom
Bitcoin and other crypto currencies have seen a lot of action and are very popular in many circles, primarily because they are seen as being anonymous. This is only partly true because by their very nature crypto currencies have to track every transaction very closely and it is this tracking that allows global law enforcement entities to follow the path of crypto currency transactions. It does, however, add a layer of obscurity to money laundering, tax evasion and other illegal activities when it is used in conjunction with other methods of hiding those activities.



Nolite te bastardes carborundorum
leonAzul
Posted: Friday, January 26, 2018 1:24:10 AM

Rank: Advanced Member

Joined: 8/11/2011
Posts: 8,468
Neurons: 27,420
Location: Miami, Florida, United States
FROSTY X RIME wrote:
Hello everybody,

I wonder what the use bitcoin have other than paying for ransom money online in order to get your computer free that have been held by hackers.


There is a practical application for cryptocurrencies as a means to transfer value in situations where there is no established infrastructure such as a banking system. For example, emergency aid agencies and NGOs can use it to mobilize resources for disaster recovery in remote areas that otherwise have no Wells Fargo or Western Union offices.

As the name suggests, bitcoin is similar in structure to bit-torrents that use decentralized services to distribute information. Torrents notoriously use this distributed data model to circumvent intellectual property rights enforcement, yet there had always been a serious side to networks like Limewire as a means to circumvent censorship and the stifling of accountability of despotic regimes and clandestine forces. Before wikileaks there were torrent networks and onion servers that diffused and disseminated such information in a way that it could not be erased by an attack on a centralized repository or service.

In a similar way bitcoin achieves a certain measure of security and anonymity by immediately diffusing the record of a transaction throughout the system without explicitly identifying the locations of the parties involved.

The value of bitcoin is derived from the amount of support a particular machine lends to the system. In other words, the owners of computers that participate in the recording, encryption, and diffusion of transactions are rewarded with bitcoins based on the amount of computational time they contribute to the network. A practical value then evolves as these are exchanged for actual goods and services or established currencies. For the foreseeable future that exchange rate shall be quite volatile because the total number of units is constantly expanding while pressure to "liquidate" them is not steady at all but constantly in flux. The pressure to hoard or spend is as much psychological as it is market-based, so that should come as no surprise.

As the system is currently designed, there shall come a time when a finite maximum is reached, at which point allowances have been made for fractional values, rather like splitting public shares of a stock to make trading more convenient.

"Make it go away, Mrs Whatsit," he whispered. "Make it go away. It's evil."
FROSTY X RIME
Posted: Thursday, February 1, 2018 10:17:40 AM

Rank: Advanced Member

Joined: 10/20/2015
Posts: 1,009
Neurons: 11,157
Thanks to all of you. I have been waiting for more replies until this time and it's turned out it was worth waiting.
Special thanks to LeonAzul.




What should be shall be-The fellowship of the ring-
Squawk Box
Posted: Tuesday, June 5, 2018 3:10:06 PM

Rank: Member

Joined: 1/5/2017
Posts: 47
Neurons: 1,090
Location: Saint Petersburg, Florida, United States
I think that Bit Coin presages something, and it could be the future of money. It would take a convention of world powers to legitimize virtual money, but it could be done.
How it would be banked and transferred, is not something that I overthink; all I need to recognize is, it can be banked, and it can revolutionize payment.
leonAzul
Posted: Wednesday, September 19, 2018 12:51:17 PM

Rank: Advanced Member

Joined: 8/11/2011
Posts: 8,468
Neurons: 27,420
Location: Miami, Florida, United States
Quote:
Morocco has a lot of prime real estate for wind energy along its southern coast. But without robust transmission lines to move electricity from there to more populated centers, a traditional wind energy company might wait years for a grid connection before it could start making money.

But if you're connected to the Internet, one option might be to build a grid-isolated wind farm and use it locally while you wait for a connection to the rest of the grid. In Soluna's case, the money-making byproduct that makes local use worth it is mining Bitcoin.


https://arstechnica.com/information-technology/2018/09/construction-to-begin-on-36-megawatt-moroccan-wind-farm-for-bitcoin-mining/

Now if only they could figure out how to efficiently transmit electrical power wirelessly as well.


"Make it go away, Mrs Whatsit," he whispered. "Make it go away. It's evil."
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