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Tech nerds: Explain bitcoins

Similar sites are popping up I believe. I haven't dug into it much lately as I have been to busy.

But I do run a Tor relay from an undisclosed location (hums tune to "Secret Agent Man")
 
mrplunkey said:
Similar sites are popping up I believe. I haven't dug into it much lately as I have been to busy.

But I do run a Tor relay from an undisclosed location (hums tune to "Secret Agent Man")
Click to expand...


Please translate "tor relay" to non-tech speak. Are you mining?



:cow:
 
I am not mining, but I do have a Tor client that is configured as a relay.

https://www.torproject.org/

It's a routing scheme that uses PGP to wrap network packets. But it wraps a message multiple times and then routes the message through the unique set of servers that know how to unwrap the message and send it forward. That's what TOR stands for -- (T)he (O)nion (R)outer. Your hidden IP packet is wrapped in successive layers of PGP protection. Each server in the routing chain can unwrap only the outer layer, and then send the message forward. No one knows if they're a genuine exit node or if they're just routing the message on through the network.
 
samoth said:
So this stuff functions completely outside of banks and legal entities? What's to stop that site from shutting down and taking my bitcoins with them? Is there, like, an FDIC equivalent?



:cow:
Click to expand...

Bitcoins aren't located in a central bank. The value of bitcoins is spread across thousands of servers that acknowledge the validity of transactions. There's no central bank to raid. There's no person to arrest. It's a distributed, virtual currency.
 
mrplunkey said:
Bitcoins aren't located in a central bank. The value of bitcoins is spread across thousands of servers that acknowledge the validity of transactions. There's no central bank to raid. There's no person to arrest. It's a distributed, virtual currency.
Click to expand...


But if they're not insured, what happens if my computer dies, or is the "bank" where my data is stored closes shop?

And if they're virtual, isn't it inevitable that someone will hack the algos and break the system?

I find the concept behind bitcoins and the like interesting, but I lack a basic understanding how they work.



:cow:
 
samoth said:
But if they're not insured, what happens if my computer dies, or is the "bank" where my data is stored closes shop?

And if they're virtual, isn't it inevitable that someone will hack the algos and break the system?

I find the concept behind bitcoins and the like interesting, but I lack a basic understanding how they work.



:cow:
Click to expand...

You need to backup the private keys in your bitcoin wallet.

Download bitcoin and set it up. I think I still have a few cents in my wallet. I'll send you a coin if I do.

And no, it's not "breakable" in that a whole host of servers maintain the chain of transactions.
 
samoth said:
I googled this and am now even moar confused.



:cow:
Click to expand...

I used to make fun of Redsamauri for falling for any Earthy marketing trick. Vibrams, organic-food, locally-produced items, etc. etc.

He typed something one time that made it look like he had paid for a fast. Yeah, he paid for not eating.

So since then, anytime someone pays for something that shouldn't cost money, I say "RS wood".
 
mrplunkey said:
I used to make fun of Redsamauri for falling for any Earthy marketing trick. Vibrams, organic-food, locally-produced items, etc. etc.

He typed something one time that made it look like he had paid for a fast. Yeah, he paid for not eating.

So since then, anytime someone pays for something that shouldn't cost money, I say "RS wood".
Click to expand...


D'oh, I shoulda pieced that one together.



:cow:
 
mrplunkey said:
You need to backup the private keys in your bitcoin wallet.

Download bitcoin and set it up. I think I still have a few cents in my wallet. I'll send you a coin if I do.

And no, it's not "breakable" in that a whole host of servers maintain the chain of transactions.
Click to expand...


Wait, what's a bitcoin wallet?

I wasn't looking to actually do this, just get a better understanding... mainly because one bitcoin is like $1k. If they were cheaper, I might try it out. I wouldn't know what to do with one if I bought one, though.

The bitcoin creation via mining is interesting... I just question the security of large amounts of cash equivalents existing in unsecured servers of pedestrians.



:cow:
 
Choose your wallet - Bitcoin

Download a bitcoin wallet -- a full PC version. Then let it sync up.

You'll have several addresses for receiving bitcoins. It's like your postal address whereby someone can send you money but it's just a string of alpha-numeric digits (and it's anonymous, muahahahahahaha).
 
mrplunkey said:
Choose your wallet - Bitcoin

Download a bitcoin wallet -- a full PC version. Then let it sync up.

You'll have several addresses for receiving bitcoins. It's like your postal address whereby someone can send you money but it's just a string of alpha-numeric digits (and it's anonymous, muahahahahahaha).
Click to expand...


What do you personally think the future of bitcoins will be? Is it realistic to think they will take off?



:cow:
 
They probably won't be the ultimate solution, but something like them will.

Our idiot government is driving the need for privacy more and more. Everyone should be running TOR relays and doing at least a little bit with bitcoins, just to keep those idiots at NSA busy.

I need to reload my bitcoin account. It's got like $0.07 in it. Waaaaaaaaaaay too much coke and hookers.
 
samoth said:
What do you personally think the future of bitcoins will be? Is it realistic to think they will take off?
Click to expand...


dude just do a google search, stop talking to monkeys like plunkey and just do your own search. You'll get about 1000% better info and you won't sound like a clueless noob. I managed to access and buy from the silk road just fine without asking anybody from this monkey farm shit, so shouldn't a physicist have no problem with this?
 
redsamurai said:
holy fuck you are an idiot. The whole thing comes down if that were to happen you muppet fucker.
Click to expand...

Please explain succinctly in your own words why you would say that.

I can't wait to hear this.

Sent from my SM-N900V using Tapatalk
 
redsamurai said:
dude just do a google search, stop talking to monkeys like plunkey and just do your own search. You'll get about 1000% better info and you won't sound like a clueless noob. I managed to access and buy from the silk road just fine without asking anybody from this monkey farm shit, so shouldn't a physicist have no problem with this?
Click to expand...


I value Plunky's input on a subject I know very little about, and greatly appreciate his insight. I have no issues whatsoever with people viewing me as a clueless n00b in something wherein I am indeed a clueless n00b.

Scientists tend to collaborate with others who are knowledgeable in areas they are not; those who don't tend to come across as egotistical, self-important idiots.

:shrug:



:cow:
 
WoodyO said:
It's Deep Web content. You cannot reach it from the surface web. Download Tor and you can access it.
Click to expand...


Dammit! Why do they make it so hard to buy illegal drugs?

What other commodities and services can I buy on this silk-laden road?



:cow:
 
samoth said:
I value Plunky's input on a subject I know very little about, and greatly appreciate his insight. I have no issues whatsoever with people viewing me as a clueless n00b in something wherein I am indeed a clueless n00b.

Scientists tend to collaborate with others who are knowledgeable in areas they are not; those who don't tend to come across as egotistical, self-important idiots.

:shrug:



:cow:
Click to expand...

Thanks.

Science is a team sport now.

Sent from my SM-N900V using Tapatalk
 
Iphones suck ass. My wife has one and hates it. I had one and went screaming back to android in about a month
 
buying gear online, thats really a fucking scam
lollllll
 
Last edited:
Bitcoin value passes $1,000 for first time ever

Bitcoin, the digital ‘crypto-currency’ has passed the $1,000 mark for the first time in history, marking a growth of some 4,000% since the beginning of the year. The milestone was recorded by Tokyo-based Mt Gox bitcoin exchange on Wednesday.

The unregulated virtual currency's popularity has been soaring in recent weeks, having doubled in just the past seven days. In just one day, November 18, the price leaped from $478 in the morning to $744 at midnight (GMT).

This was the same day that US Senate Homeland Security & Governmental Affairs Committee held the currency's first Congressional hearing entitled “Beyond Silk Road: Potential Risks, Threats and Promises of Virtual Currencies” to take a close look at existing virtual currencies, including bitcoin.

Bitcoin temporarily exceeded the equivalent of $1,000 on the Chinese exchange, BTC China, on the 19th of November. However, this is the first time the $1,000 mark has been surpassed in a US dollar denominated exchange rate.

China is one of the world’s biggest Bitcoin markets, but demand for the virtual currency appears to be exploding on a global level. The University of Nicosia (UNic), one of the major English language universities in the Mediterranean, announced during the past week that it would be accepting bitcoin payments for its digital currency program next year.

This month, the Chicago Federal Reserve observed that the currency was “a remarkable conceptual and technical achievement,” noting how there are on average about 30 bitcoin transactions per minute.

The decentralized, crypto-currency is free from any government or central bank control. Currency is sold and bought at online exchanges, and those transactions can be virtually anonymous.

Since its inception in 2008 by a man using the alias ‘Satoshi Nakmoto’, bitcoin has now gone mainstream; it can be used to buy coffee, pay for online dating services, and can even be retrieved from an ATM. According to Bitcoincharts, which follows the anonymous currency, there are nearly 12 million bitcoins in circulation.

The year has witnessed bitcoin play an increasingly major role in financial transactions globally. Over $1mn in bitcoins was stolen from an Australian online bank at the beginning of November, while the first bitcoin ATM opened in Vancouver, south west Canada at the end of October. Germany is fast becoming a hotbed of exchanges, with August 16 marking its official recognition by the country under the term “Rechnungseinheiten,” which roughly translates to “units of account.”

The FBI also forced closure of illegal online drugs and weapons store Silk Road in October, which used the currency exclusively, on account of the difficulty of identifying anonymous users. However, a new 'incarnation' of the store was opened in November.

http://rt.com/news/bitcoin-value-thousand-dollars-392/



:cow:
 
BTC up 20% today.

Man, can I short this shit? Wouldn't libertarian neckbeards want a stable monetary unit to replace the evil government fiat currency?



:cow:
 
I bet you could write a short contract.

There would probably be a lot of takers too. If a faster even more reliable version of SR was setup in a safe-haven country, the value of bitcoins would skyrocket.
 
What SR 2.0 guys should do is figure-out how to setup an ETF where people could invest in their business from the US. Now *that* would be hilarious.

I wonder if it could be setup in a legal way.
 
SR was(is) Bitcoin only.

It even had(has) a built-in tumbler that will send your bitcoins all over the interwebs and cycle them back into your SR account. So for every real transaction, there was probably a few hundred fake ones for NSA to chase.
 
samoth said:
What can one do with these besides buy drugs and child porn? And what is this mining process?

TYIA



:cow:
Click to expand...
You mine bitcoins with processing cycles but there is a hard coded limit to the number of bitcoins. The whitepaper will answer all your questions...

go to bitcoinDOTorg to get your questions answered.
 
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