Bitcoin !! i dont get it !!

[Intrinsic]

Thanks ben, that addresses they're protection scheme against counterfeits.
Whomever "they" are.


Still I’m guessing no one is paying out gold for bitcoins but the sheep errr investors.

[dill786]

i am still fucking confused......

[dill786]

Arghhh!!!!!



Is it possible to “cash” in by exchanging ethereal bitcoins for gold or real american paper dollars?
If not, then just yet another fake wealth thingies. it works cause there is always a bigger fool that also believes. That is wealth/value is derived from solely from speculation.
Getting people to salivate over investing/owning bitcoins is a scammers wet dream.



You can’t cheat an honest man.
There is no free lunch.

you can buy and sell bitcoins for american dollars, or any currency as far as i can make out.... you can do this online or through smartfones..

i was watching this programme were a dozen Americans were hanging around a street corner selling and buying bitcoins lol

ive heard charities are just now beginning yo use bitcoins because it eliminates the need of a middle man, thus the whole funds go to the end user without any % fees for middlemen...

[Intrinsic]

Thanks Dill. Curiouser and Curiouser.
Prehaps this is where the value of bitcoins come from?

Cryptolocker infects cop PC: Massachusetts plod fork out Bitcoin ransom
Police learn about crypto-currency and AES256 crypto the hard way
By Iain Thomson, 21st November 2013

Massachusetts cops have admitted paying a ransom to get their data back on an official police computer infected with the devilish Cryptolocker ransomware.

Cryptolocker is a rather unpleasant strain of malware, first spotted in August, that encrypts documents on the infiltrated Windows PC and will throw away the decryption key unless a ransom is paid before a time limit. The sophisticated software, which uses virtually unbreakable 256-bit AES and 2048-bit RSA encryption, even offers a payment plan for victims who have trouble forking out the two Bitcoins (right now $1,200) required to recover the obfuscated data.

On November 6, a police computer in the town of Swansea, Massachusetts, was infected by the malware, and the cops called in the FBI to investigate. However, in order to get access to the system the baffled coppers decided that it would be easier to pay the ransom of 2 BTC, then worth around $750, and received the private key to unlock the computer's data on November 10.

"It was an education for [those who] had to deal with it," Swansea police lieutenant Gregory Ryan told the Herald News. "The virus is so complicated and successful that you have to buy these Bitcoins, which we had never heard of."
http://www.theregister.co.uk/2013/11/21 ... ters_back/" onclick="window.open(this.href);return false;

[bentech]

The way director Alex Winter sees it, Napster, WikiLeaks and Bitcoin are just threads in the same yarn – a story of a deep divide growing between the internet that everyone can see and a more mysterious web where peer-to-peer pioneers rule. He should know – he’s a time-traveler.

OK, not really. He just played one in a movie. He was Bill S. Preston in Bill & Ted’s Excellent Adventure. But in recent years he’s become a documentary filmmaker adept at finding the connective tissue between what happens in the back-channels of the internet and how it affects everyone IRL, even those that don’t understand how it works. His last doc was Downloaded – a thoughtful look back at the growth and impact of Napster – and his latest will go even deeper, looking at Bitcoins, the uber-popular digital currency that he first became fascinated with while still working on his file-sharing film.


“With Downloaded I was less interested in the implications of music or file-sharing… and more concerned with what peer-to-peer architecture meant in terms of creating global community, which could be used for good or ill,” Winter told WIRED. “What’s going on with [Bitcoin] is just the evolution of peer-to-peer architecture – this is just an outgrowth of the story I started to tell with Napster.”

The director’s latest effort is also striking while the iron’s hot. Bitcoin has had a lot of tongues wagging of late. Last month, the FBI arrested Ross William Ulbricht, whom they allege ran the online black market Silk Road that used Bitcoins for transactions involving anything from LSD to heroin.

Bitcoin sprang up in 2009 after a paper by someone (or perhaps a group of people) writing as Satoshi Nakamoto proposed the concept of a peer-to-peer digital currency. Now, it seems to be in the news almost every day, whether it’s a story about Bitcoin miners, new ATMs, or theft-by-hacking. However, Winter said he wants his doc to go even deeper than the headline-grabbing moments and get at Bitcoin’s wider implications. “This isn’t a Silk Road movie,” he said. “I’ll make that really clear.”


Winter has already been working on the documentary – titled Deep Web: The Untold Story of Bitcoin and the Silk Road – for a few years already using funds from private investors and launched a Kickstarter today to raise $75,000 to complete his reporting and finish the doc.

Although he won’t reveal names, Winter said he’s “connected to everybody of significance” in the Bitcoin world. He’s also looking to speak with Ulbricht and hopes to track down the person – or people – behind Satoshi Nakamoto. But mostly, he wants his film to relay that we’re now living in a time of “technological Prohibition” where the gap between those who understand the backchannels of the internet – the places the birthed WikiLeaks and Bitcoin – and the people who don’t is growing at lightning speed.

“It’s like something out of a William Gibson novel,” Winter said. “We really do now live in a world where there is a very stark divide between the people who are in these gigantic technology-based communities that are totally outside the law and the rest of the world, which is either trying to destroy or dismantle these architectures or doesn’t understand them or is scared of them.”

http://www.wired.com/underwire/2013/11/ ... cumentary/" onclick="window.open(this.href);return false;

[dill786]

[quote="Intrinsic"," Swansea police lieutenant Gregory Ryan told the Herald News. "The virus is so complicated and successful that you have to buy these Bitcoins, which we had never heard of."
http://www.theregister.co.uk/2013/11/21 ... ters_back/" onclick="window.open(this.href);return false;[/quote]

[Butcher Bob]

Massachusetts cops have admitted paying a ransom to get their data back on an official police computer infected with the devilish Cryptolocker ransomware.

Think I'd fire the whole IT dept. fer not maintainin their backups.

[MadMoonMan]

It's based on trust.

And an accepting market

Here... take this US dollar which is being printed day and night to destroy its value ....


for 1 bitcoin I can buy a pound of weed in the Nigerian region of darkest African where Jane's white lilly skinned comrade gets raped by a giant AFRIKAN! OILED UP FOR CEREMONY!"

Many storys have been told of the tent raisings that night.

Many attribute it to the steam from the black mans penis steaming out the white bitches ass.

reminds me of one of my favorite jokes... ..

My lawyer friend Jose went to the races in Kentucky a lot and one day he bet on this horse and it he said to the horse. "I'm betting money on you. How many races have you won?"

The horse perks its ears up and prances they raising its tail real high goes " a pheew..."

[MadMoonMan]

paypal on steroids

credit cards electronic transfers

electrons zooming around and around

Can VISA stay in business if it screws its customers? What is VISA its trust that you can charge something and the retailor trusts VISa to pay them for your charges.. units. of exchange.

ViSA

BITCOINS
but bitcoins has a flexible market rate and are not credit.

You buy a "UNIT OF VALUE" on an electronic exchange trusting in the market value.

Ponzi scheme or ... Pool of Insurance?

Risk vs Reward

[MadMoonMan]

If the US and UN clamp down on credit card transfers and cash exchanges a new market arises from the ruins.