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Ever heard of Bitcoins Ladies?
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AirenStar said:
Something about this whole thing made me thing federal investigation. Even if it were legitimate governments do not approve of things being run without their oversight.
or cash out?
As people are mentioning elsewhere there is a complete lists of myths about Bitcoin here:
https://en.bitcoin.it/wiki/Myths
https://en.bitcoin.it/wiki/Myths
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AirenStar said:
I hear where your coming from thing is there is noway for the Gov't to shut down Bitcoin. It's no different then p2p sharing like bittorrent and the such if you understand how that works.
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goldieloxx said:
This is incredibly naive. No way for the Govt. to shut down...
Go ask the Chinese who can't access Google
Go ask the Iranians who were blocked from FB & Twitter
Plenty of other current examples.
The US Govt. won't have to take those measures. They will just clamp down on the entry (buying bitcoins) and exit (cashing out your bitcoins).
This will just drive bitcoins further underground, and (for most people) make them valueless.
I'm not saying this will happen, but to say it cannot...well, that's just silly.
I looked at that Myths link, and read
"Anyone with enough computing power can take over the network"
And the answer is...
"Confirmed"
and "Like Flooz and e-gold, bitcoins serve as opportunities for criminals and will be shut down"
With the answers being
"Hopefully Bitcoin will grow to the point where no single organization can disrupt the network, or would be better served by helping it.
Terrorists fly aircraft into buildings, but the governments have not yet abolished consumer air travel. Obviously the public good outweighs the possible bad in their opinion.
Criminal law differs between jurisdictions.
Wow.. I mean just wow The first is a "hope" the second is absurd and the 3rd is an absolute cop out..
Sleep easy everybody :lol:
"Anyone with enough computing power can take over the network"
And the answer is...
"Confirmed"
and "Like Flooz and e-gold, bitcoins serve as opportunities for criminals and will be shut down"
With the answers being
"Hopefully Bitcoin will grow to the point where no single organization can disrupt the network, or would be better served by helping it.
Terrorists fly aircraft into buildings, but the governments have not yet abolished consumer air travel. Obviously the public good outweighs the possible bad in their opinion.
Criminal law differs between jurisdictions.
Wow.. I mean just wow The first is a "hope" the second is absurd and the 3rd is an absolute cop out..
Sleep easy everybody :lol:
schlmoe said:
Of course you can shut it down if you shut down the world wide internet but the Gov't isn't going to shut down the whole world's internet over bitcoins meaning bitcoins will never be shut down as long as the internet is on. ( I didn't bother mentioning it because it will never happen)
And yes they could potentially knock out the entry and exit points but bitcoins can always be traded so theoretically it can never be shut down plus there are decentralized exchanges being worked on which would eliminate that problem. Actually, the value I would think would go up because people would def. have less of it.
sweetiebatman said:
It is true that if you had 51 percent of the network you could hijack most of the network but you would have to have some of the most powerful computers in the world I'm pretty sure (but correct me if I'm wrong) that the bitcoin hashing network beats out the top supercomputer in Japan, and in China (which maybe has a 3x Japan's). So it would take some huge resources to bring the network to it knee's.
Like I said below it would take the act of god of shutting down the internet to put a halt to bitcoin or at the very most take down all entry and exit points.
Lol no it's hashing so no-one mines on cpu's (except for the very beginning when the network was still weak) because they are way to slow in hashing. Even GPUs which we use now are slowly becoming obsolete but mostly because more power efficient designs are hitting the market.
To take the network down at it's current hash rate anyone would need to buy huge quantities of specialized hardware burning off huge amounts of money estimates I have seen run from $50 Million ~ $300 million of dollar. So yes some entities could cough up that kinda money but it's really expensive compared to the size of the Bitcoin economy and if the Bitcoin economy riizes in value the amount of money it will cost to mine will rise accordingly as well.
And botnets? There are several large botnets mining Bitcoins to make money. Working with the system is profitable, working against it will cost you money.
And they can\t block Bitcoin like they block Google in China because blocking a site is simply blocking access to a certain range of ip addresses but blocking Bitcoin would be neigh impossible like blocking any type of peer to peer program. They could of course theoretically take the internet down but we all know that is not going to happen unless we have an apocalypse of some kind (the internet is designed to survive a worldwide nuclear war).
To take the network down at it's current hash rate anyone would need to buy huge quantities of specialized hardware burning off huge amounts of money estimates I have seen run from $50 Million ~ $300 million of dollar. So yes some entities could cough up that kinda money but it's really expensive compared to the size of the Bitcoin economy and if the Bitcoin economy riizes in value the amount of money it will cost to mine will rise accordingly as well.
And botnets? There are several large botnets mining Bitcoins to make money. Working with the system is profitable, working against it will cost you money.
And they can\t block Bitcoin like they block Google in China because blocking a site is simply blocking access to a certain range of ip addresses but blocking Bitcoin would be neigh impossible like blocking any type of peer to peer program. They could of course theoretically take the internet down but we all know that is not going to happen unless we have an apocalypse of some kind (the internet is designed to survive a worldwide nuclear war).
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Just a suggestion, the "Myths about Bitcoins" page on the bitcoins wiki would look better with citations.
Hilarious thread so far. "Yo ladies wanna use the same currency as shady drug dealers and pedophiles?"
PunkInDrublic said:
I would think 99.9% of the "shady drug dealers and pedophiles" use cash.
ga5457 said:
^^this^^ not sure how bitcoins gets separated by how its used when cash is used the same way! LOL
Nordling
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PunkInDrublic said:
Didn't mean to "thank" for this message or his last one for that matter. Just clicked the wrong buttom.
Where do you get this information? If you are going to come on here and make accuations like this, you need to back it up with data showing where you got the info. I am not defending bitcoins. I just think this is the dumbest thing posted in this thread so far.
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goldieloxx said:
One of them has been around for thousands of years and is a concept ingrained in society that isn't going anywhere anytime soon no matter how much the government doesn't like the fact that it can more easily be used for nefarious purposes than something that leaves a trail. The other is something most people don't know about let alone care about, so if it gets a reputation (whether accurate or not) for being used by shady types, it's in much more danger of the someone trying to pass legislation against it. And the possible consequences of that happening are really kind of an unknown, despite some of the posts here saying that nahhhh, it'd definitely all be cool.
That's how.
This thread has gotten so full of fucksauce I can't even follow it anymore. Probably should have stopped reading it pages and pages ago. Let's stick to what we know, has been proven, and works for now. Give this a few years and check back on it, THEN maybe take a chance on accepting it for payment for our very personal goods we sell via the interwebs.
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UncleThursday said:
Especially if you challenge people to hack it by calling it unhackable :shhh:
PunkInDrublic said:
So get searching and provide, or retract your accusation.
Honestly, this thread has gone mental. There seems a predominant "OMG ITS USED BY FUCKING CRIMINALS" as the main reason to try and make out it's entirely awful.
It's not, you are being retarded. Seriously. It's like politics. Make up mud, sling some shit and "win" your argument.
Yes, due to the nature of being "untrackable" it will attract the unsavory types. This does not mean it is "paedophile currency" - and certainly using it does NOT make you either a criminal or someone supporting paedophiles or anything else. It just means that unfortunately some take advantage of it to break the law and try to get away with it. As pointed out, criminals try to get away with whatever they can using any means available. As far as we know, it wasn't invented to support criminal activity, and it appears plenty of people use it legitimately.
As someone else reasonable points out, cash is also used by criminals because it is largely untraceable and anonymous too. The problem with cash is transport, storage and security - it has a physical presence. But cash is obviously what bitcoins get turned into in order to cash in/out anyway, so cash is still the only currency of choice for criminals. Bitcoins may be another medium to shift the cash between countries etc.
Wayyyy too much drama and false OMG OMG for the sake of just arguing and trying to WIN WIN WIN on the internet in this topic - its both pathetic and amusing the length people are going to in order to try and prove bitcoin is awful Satan stuff. Seriously, its pathetic.
http://keepyourassets.net/2012/04/30/how-online-black-markets-work-bitcoin-tor/
One of the few articles I could find on the vanilla web. Download Tor if you don't have it and you might soon realize that your lack of knowledge is "seriously pathetic".
One of the few articles I could find on the vanilla web. Download Tor if you don't have it and you might soon realize that your lack of knowledge is "seriously pathetic".
I just read this whole thread and from the very first few posts I felt like I was talking to a Kirby Vacuum Salesman at my front door. 
PunkInDrublic said:
I have read the articles you mention about bitcions being used for drug trade and other illegal purchases. In your first post you said they are "predominantly" used by pedophiles, murderers and drug dealers. It is the ""predominantly" part that I question. Here is an article about food stamps being traded for drugs and weapons. http://www.judicialwatch.org/blog/2012/ ... ontraband/ Does this mean food stamps are predominantly used to purchase drugs and weapons?
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