Bitcoin mining made easy

[varikonniemi]

npr: Already Down 50 Percent, Will Bitcoin Bite The Dust?

for real?

The price is getting steadier and steadier by the day. Once Bitcoin is ready for mainstream adoption, these swings will be gone.

[gajop]

So pointing out that it has a linear approximation with sin(x)~ error on a logarithmic scale is stability for you?

[varikonniemi]

No, but smaller and smaller rallies and corrections are. We are not there yet, but the trend is.

[Skasi]

Kloot, are all your concerns exclusively of technological feasability?

[Beherith]

That graph, just wow, so much stupidity encapsulated in it that I should frame it on my wall.

[cheapsheep]

[smoth]

This graph does not account for the period of time before she had husband 1, therefore the rate of husband count growth is not properly illustrated considering the baseline. Then there are other factors such as: the depreciation of her looks overtime and then eventual failure of her vagina to be pleasurable post menopause.

[knorke]

[smoth]

Lol where is the part where her vag breaks down?

[gajop]

Thanks, I can now happily do menial labor for the day.

[Cheesecan]

+1 gajop.

Anyone can take a set of data points, apply them to a logarithmic model function and extrapolate that. This was tought in first year of my comp sci degree years ago so excuse me if I'm not as impressed as the 90's and 00's kids speculating in bitcoin as if it were the only exhange trade available. Well to a lot of them bitcoin will probably be their primer to real markets. That's not a bad thing though.

Also wtg calling it a crash now that you've put 1/3rd of your liquid assets into it. It's never too late to wake up?..

Edit: pretty sure varikon is not of that generation so he really has no excuse for the kind of bombastic statements he's made in this thread. But bulls rarely do.

[varikonniemi]

I knew i should have added a warning not to wander to the second half of the picture even though i specifically only mentioned the rate of change.

Rest assured i only linked it for a look at change. It was the first picture i found on log scale. I'm very sorry if you again misread me and thought i implied anything about the future valuation.

I'm not calling it a crash because then i would be out of words if it really crashed. Just a rally and correction. If it came down all the way to the trend line, then it would have been a bubble bursting / crash.

[varikonniemi]

If you have been following the news how NSA backdoored RSA, then this will be an interesting detail:

The unbelievable thing is that rather than using secp256r1 like nearly all other applications, Bitcoin uses secp256k1 which uses Koblitz curves instead of pseudorandom curves and is still believed to be secure. Now the decision to use secp256k1 instead of secp256r1 was made by Satoshi. It’s a mystery why he chose these parameters instead of the parameters used by everyone else (the core devs even considered changing it!). Dan Brown, Chairman of the Standards for Efficient Cryptography Group, had this to say about it:

"I did not know that BitCoin is using secp256k1. Indeed, I am surprised to see anybody use secp256k1 instead of secp256r1."

Just wow! This was either random luck or pure genius on the part of Satoshi

http://chrispacia.wordpress.com/2013/10 ... d-bitcoin/

[Cheesecan]

Just wow! This was either random luck or pure genius on the part of Satoshi

I know of one individual who hinted that the U.S government had backdoors to RSA (at least) as far back as early 2010.

[varikonniemi]

The first alpha version of the colored coins layer -client has been released. It is not meant to be used outside testnet yet. But it won't be long now before the Bitcoin network can be used to transfer ownership of commodities, stocks, bonds and other currencies just as easily as BTC.

http://chromawallet.com/

This and the coming release of the 0.9 reference client are both very important steps in the evolution of Bitcoin.

[varikonniemi]

This is one of the best pieces on Bitcoin i have seen to date. He eloquently put to words everything i would have liked to say in this thread, and then some.

Bitcoin is one of the most important inventions of the last 20 years. Unless you are a computer scientist, you may not know that the concept of a decentralized network that could achieve consensus (agreement) without any central controlling authority was an unresolved problem in computer science called Byzantine Generals' Problem. Bitcoin solved this problem in 2008 and that in itself is truly revolutionary.

Bitcoin developer Andreas Antonopoulos said "I discovered Bitcoin for the first time in 2011 and, since the Internet, I have not felt this feeling of being completely overwhelmed by the possibilities that I saw. I was there at the dawn of the Internet in 1991 when it was pre-commercial. And I could see that this was going to change the world but couldn't tell everyone around me because no one believed me. And I have that exact same feeling about Bitcoin."

Ignore the price. Ignore Bitcoin the money and understand Bitcoin the technology, the invention, and the network it creates. Because if we mess up the money we'll just reboot another currency. The invention of Bitcoin, the technology that makes it possible, cannot be un-invented. And it creates the possibility for decentralized organization on a scale never before seen on this planet.

Today in the world approximately 1 billion people have access to banking, credit and international finance capabilities. Primarily the upper classes and the western nations. 6 and a half billion people on this planet have no connection to the world of money. They operate in cash based societies with very little access to any international resources. They don't use banks. 2 billion of these people are already on the Internet. And with a simple application download, they can immediately become participants in an international economy using an international currency that can be transmitted anywhere with no fees and no government controls. And they can connect to a world of international finance that is completely peer to peer. So Bitcoin is the money of the people. At its core Bitcoin is simple mathematical rules that everyone agrees on with no controls. The possibility of bringing 6.5 billion into productive society by connecting them to the rest of the world is truly revolutionary.

First we're going to start affecting the payment processors; these enormous companies that make it more expensive to send money the poorer the destination country is. A situation that is exploitative and corrupt. And these organizations make enormous amounts of profit for a function that can be done in Bitcoin for free! So, as the adage of the Internet once went, "I just replaced your entire industry with 100 lines of Python code." And that is the case with Bitcoin.

One of the most important principles of the Internet is neutrality. The Internet doesn't know the difference between CNN and an Egyptian blogger. Likewise Bitcoin is neutral to sender and recipient and also to the value of the transaction. And it also gives every citizen and user of Bitcoin the same ability to innovate in terms of financial innovation, in terms of payment systems and use the currency with exactly the same facility that a bank has. YOU can become and operate on the same level as Citibank.

It takes a hierarchical system of international finance that up to now has achieved security by limiting access (since that is the main system of trust on our payment systems; you can't get in unless you're vetted) and it turns that on its head and creates a completely flat and decentralized network where every node is equal and the protocol is neutral to any and all transactions. And pushes innovation to the edge of the network. This allows the same phenomenon we saw on the Internet: Innovation without permission. You don't need to ask anyone if your application can be published on the Internet. You don't need to ask anyone to completely subvert a new industry with your information technology. With Bitcoin you don't need to ask anyone to invent a new financial instrument, a new payment system or a new service. You can just do it. You can write the code and you are now part of an international financial network that can run that code and put you in contact with millions of consumers.

It's still early days. We do not yet have the polished interfaces. It's difficult to use. It's used by criminals. It's not exactly easy to see who is using Bitcoin. We've heard all of that before. The Internet circa 1991 was a den of thieves, pirates, pornographers and criminals. Right? But it didn't matter. And it doesn't matter now. And the reason it doesn't matter is because the same power of the technology that can be used by a criminal to promote their criminal activities can be used by all of the rest of us to do good; to do incredible things all across the world. And there is more of us than them.

Bitcoin creates this environment that is ripe for innovation. Because its not just a currency. It's a technology, a network, and a currency. Yes the value has substantially increased over time but we shouldn't focus on the price. If Bitcoin crashed tomorrow morning the technology is still revolutionary. Just like if a website fails on the Internet or an application fails on the Internet, the Internet doesn't go away. So if you understand that Bitcoin is a technology and not a currency you can grasp the importance it has. Yet it should not be about us. It is about the other 6.5 billion people on this planet. It is about the ability to bring to the world a level of financial innovation it has never seen before. It's bigger than a price. Bitcoin can and will change lives.

It's not going to be easy. When you throw a disruptive technology into the middle of the most powerful institutions on the planet - they don't like it. And right now we're still in the early stages. To use the trite expression "first they ignore you, then they laugh at you, then they fight you, then you win". We're still at the laughing at us stage. And that's quite alright :) Because by the time they get to fighting us they've already lost. Because this technology just went global. There are 193 currencies in the world yet there is now a new international currency; a mathematical decentralized cryptocurrency called Bitcoin. And we're going to build more. Cryptocurrencies are going to be a mainstay of our financial future. They are going to be part of the future of this planet because they have been invented and it's as simple as that. You cannot un-invent it just as you cannot turn an omelette back into eggs. There are many other alt coins out there that use the same basic technology. Bitcoin is the Internet of money and currency is only the first application. At its core Bitcoin is a revolutionary technology that will change the world forever.

edit: transcribed from http://www.youtube.com/watch?v=c2CsJ2HMA2I



Happy holidays! :)

[smoth]

I stopped reading at: " the most important invention of the last 20 years."

[varikonniemi]

You should perhaps learn to read in the first place, because nowhere does it say that.

[gajop]

It claims something similar in the very first sentence.

[smoth]

It claims something similar in the very first sentence.

This