December 12, 2018, 05:17:16 am

Author Topic: BitCoins - Currency of the future?  (Read 25851 times)

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ferrari32

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Re: BitCoins - Currency of the future?
« Reply #15 on: August 29, 2012, 11:02:13 am »
Think of it like a geme's exe file, the company issues out a real deal, yet hackers create their own version to tinker with the game. Yet, a game exe doesn't virtually exist :P

A BitCoin is not a file located on your computer that you can edit. It's an agreement between every dedi client on the planet that YOU HAVE it. That's based on the history of all transactions. It's a remote concept that has no direct way to be influenced. Can you see why forging is impossible now? ;)

And game developers don't give a shit about exe files. They know that players like to play their games without inserting a DVD each time :S
Still it's located in a settings folder.
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Skirmant

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Re: BitCoins - Currency of the future?
« Reply #16 on: August 29, 2012, 11:38:42 am »
Still it's located in a settings folder.

Yes, your log of history is located in the settings folder.
IF (extremely strong if due to hashing) you were able to alter history that you have a 100 BTC instead of 1 BTC nothing would change since there are 5 million other clients that know that you have 1 BTC. The only thing that would happen is that you would create an alternative version of coins (ferrari coins? :P) and the network would ignore you for being a weirdo.
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ferrari32

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Re: BitCoins - Currency of the future?
« Reply #17 on: August 29, 2012, 03:00:08 pm »
Or I could hack one of google's machines, and most people on the internet use google, which would make my coins legit in comparison to everyone else's.
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Skirmant

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Re: BitCoins - Currency of the future?
« Reply #18 on: August 29, 2012, 03:16:54 pm »
Even if you launched 10 million fake clients with your version of history it wouldn't make any difference. BitCoin clients would still recognize ferrari clients as fakes because of 1 simple reason: THEY HAVE A DIFFERENT HISTORY OF TRANSACTIONS.
That's the backbone of the entire concept..
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j.king

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Re: BitCoins - Currency of the future?
« Reply #19 on: September 20, 2012, 11:38:42 am »
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Skirmant

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Re: BitCoins - Currency of the future?
« Reply #20 on: September 20, 2012, 05:33:56 pm »
just fyi

http://www.bbc.co.uk/news/technology-19633980

Heh, these stories happen every month. But I don't see how this is any different from a company's paypal/bank account getting stolen.
Sucks to be the owner of bitfloor tho.
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Skirmant

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Re: BitCoins - Currency of the future?
« Reply #21 on: June 18, 2013, 07:41:21 pm »
BitCoin's value has risen 10x since this topic was posted.

Facebook executive speaks about Bitcoin:

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Charley

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Re: BitCoins - Currency of the future?
« Reply #22 on: November 19, 2013, 06:38:25 pm »
Well I think it's about time I eat my hat. Skirmant, you must be one very rich man right now.

Gonna buy one with a mate once the price comes down a little bit following the spike this morning/yesterday :D
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Skirmant

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Re: BitCoins - Currency of the future?
« Reply #23 on: November 19, 2013, 09:02:59 pm »
Well I think it's about time I eat my hat. Skirmant, you must be one very rich man right now.

Gonna buy one with a mate once the price comes down a little bit following the spike this morning/yesterday :D

Welcome aboard the BitCoin cruise, Charley! I can't say I'm rich atm, but it has definitely made me a wealthier individual :P

When I posted this topic I knew this was a big game changer but I had no idea that the value would grow so quickly in a such a short period of time. If I did I would of bought more ::) Just yesterday it peaked at 6000+ CNY (1000 USD) on the Chinese exchange

At this stage it has become clear that BitCoin has a very bright future ahead. Maybe not as a outright currency, but as a digital commodity that is easy to trade, store wealth into and a great investment opportunity too! No one is really sure what BitCoin's ultimate potential value may be, it all depends how well it's implemented and adopted by merchants online and offline. Estimates range from a decent 10 000 USD to a mind blowing 1 million USD.

At the end of the day, all it takes is to buy a coin or two (or a fraction), sit back, hoard it, trade some of it for goods and services and see where this ride takes us.
« Last Edit: November 19, 2013, 09:14:03 pm by Skirmant »
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Thijn

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Re: BitCoins - Currency of the future?
« Reply #24 on: November 20, 2013, 10:31:48 am »
A few months ago (Might be even a year :o), Skirmant gave me hint about a website where they pay you with bitcoins.

There was a guy who was asking for an SMF mod, and Skirmant said I should try it out.
I did, and I was paid 6.5 bitcoins (At that time, it was around 100 euros, all 6.5 together).
Because Skirmant told me about it, I gave him 1 BTC.

After a few months, the 5.5 remaining BTC were worth 550 euros. I though o.O and sold them.

Then after a few weeks, I noticed the prices were going up pretty fast. When there was a pretty big drop, I bought 6.6 BTC. Worth 744 USD (Around 550 euros).

Along the way, I started using trading algorithms. Using the EMA algorithm (google it) I bought and sold those BTC for around 3 month.

And here we are.
My 744 USD is now 2182 USD.

Funky how this turned out. Thank you Skirmant :)
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ferrari32

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Re: BitCoins - Currency of the future?
« Reply #25 on: November 20, 2013, 03:42:07 pm »
Nice one Skirm :)
BUT I WAS RIGHT, IT CAN BE STOLEN!
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Skirmant

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Re: BitCoins - Currency of the future?
« Reply #26 on: November 20, 2013, 05:11:57 pm »
Then after a few weeks, I noticed the prices were going up pretty fast. When there was a pretty big drop, I bought 6.6 BTC. Worth 744 USD (Around 550 euros).

Along the way, I started using trading algorithms. Using the EMA algorithm (google it) I bought and sold those BTC for around 3 month.

And here we are.
My 744 USD is now 2182 USD.

Funky how this turned out. Thank you Skirmant :)

Noice. I occasionally do some manual speculation, I would never trust my BTCs with trading AI tho.

Nice one Skirm :)
BUT I WAS RIGHT, IT CAN BE STOLEN!

I'm pretty sure we were talking about forging, not theft  ???
Anyways, of course it can be stolen if the attacker get's hold of your private key, but it would be the fault of the user and not the system itself.
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Skirmant

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Re: BitCoins - Currency of the future?
« Reply #28 on: December 05, 2013, 05:26:51 pm »
http://www.businessinsider.com/bitcoin-falls-after-china-warning-2013-12

Seems like the news caused a bit of a panic sell, no worries BitCoin has had worse. The price is already back up at 1k.
Things are looking pretty good long term, even wallstreet agrees.
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RobinX

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Re: BitCoins - Currency of the future?
« Reply #29 on: December 24, 2013, 04:46:22 am »
Link

Click on the tenth pic. ( Just click on 10 )
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