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Bitcoins?!

Discussion in 'Alley of Dangerous Angles' started by Blackthorne TA, Jun 13, 2011.

  1. Blackthorne TA

    Blackthorne TA Master in his Own Mind Staff Member ★ SPS Account Holder Adored Veteran Pillars of Eternity SP Immortalizer (for helping immortalize Sorcerer's Place in the game!) New Server Contributor [2012] (for helping Sorcerer's Place lease a new, more powerful server!) Torment: Tides of Numenera SP Immortalizer (for helping immortalize Sorcerer's Place in the game!)

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    Has anybody heard of these things?

    I just saw a couple of artcles on DailyTech talking about them, and I had never heard of them before that.

    Apparently it is a virtual money system that even includes "mining" (which involves performing computations) to produce new bitcoins.

    Apparently anyone can produce new bitcoins by mining which is like a virtual lottery, and then all the transactions involving the transfer of bitcoins from one person to another is kept track of by the network.

    There're even exchanges where bitcoins can be bought and sold (and apparently anyone can open an exchange if they have the know-how).

    I found the whole thing fascinating.
     
    Blackthorne TA, Jun 13, 2011
    #1
  2. Taluntain

    Taluntain Resident Alpha and Omega Staff Member ★ SPS Account Holder Resourceful Adored Veteran Pillars of Eternity SP Immortalizer (for helping immortalize Sorcerer's Place in the game!) New Server Contributor [2012] (for helping Sorcerer's Place lease a new, more powerful server!) Torment: Tides of Numenera SP Immortalizer (for helping immortalize Sorcerer's Place in the game!) BoM XenForo Migration Contributor [2015] (for helping support the migration to new forum software!)

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    Interesting... never heard of it before. I kinda doubt it'll take off though - unless it has already without me (or anyone else?) realizing? Until a system like this is firmly established using it is pretty much a gamble, isn't it?
     
    Taluntain, Jun 13, 2011
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  3. The Great Snook Gems: 31/31
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    My understanding is that the U.S. government is trying to shut them down. The concern is that it will be a way to anonomously purchase drugs, fund terrorist activity, and gamble online. I think the rationale is because once you purchase the bitcoins they are then outside of the "banking industry" and the ability of governments to track where the coins are being spent and sent to.
     
    The Great Snook, Jun 13, 2011
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  4. Blackthorne TA

    Blackthorne TA Master in his Own Mind Staff Member ★ SPS Account Holder Adored Veteran Pillars of Eternity SP Immortalizer (for helping immortalize Sorcerer's Place in the game!) New Server Contributor [2012] (for helping Sorcerer's Place lease a new, more powerful server!) Torment: Tides of Numenera SP Immortalizer (for helping immortalize Sorcerer's Place in the game!)

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    I'd think so, and what one of the articles was about was the value of the bitcoins declined by 30% in one day. Seems pretty risky. Obviously, any money is only useful if it is accepted by the people you want to trade with; if you almost always had to exchange them for "real" currency I don't see the utility other than the anonymity Snook mentioned.
     
    Blackthorne TA, Jun 13, 2011
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  5. Déise

    Déise Both happy and miserable, without the happy part!

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    Interesting. Money is anything people are willing to exchange for goods and services and it wasn't always issued by governments. I wouldn't fancy getting paid my wages in this though. Still, if the printing presses are kept going by the government it could be an alternative hedge to gold or the like.

    Actually I just realised this money may be a safer bet than that guaranteed by my government :lol:. Maybe I should convert my life savings.
     
    Déise, Jun 15, 2011
    #5
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