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  1. Remote profile options...
    silner silner

    I have to agree » RD @satipera !Bitcoin will never be allowed to succeed http://b1t.it/bVfi

    about 9 months ago from identi.ca at Wolverhampton, England, United Kingdom
    1. David Haberthür habi

      @silner why 'not allowed'? who can hinder it? first the geeks adopt it, then it will go mainstream #

      about 9 months ago from Adium at Berne, Bern, Switzerland
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        silner silner

        @habi I think authority may even go so far as to break its own rules to stop Bitcoin. It could destabilize the stock markets if allowed

        about 9 months ago from identi.ca at Wolverhampton, England, United Kingdom
        1. David Haberthür habi

          @silner bitcoin is not related to the stock market, and - from my understanding - it's in a pretty unbreakable state now. humongous effort would need to be taken to maliciously take over the block chain...

          about 9 months ago from Adium at Berne, Bern, Switzerland
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            silner silner

            @habi I'm guessing the more of the economy is hidden, the more it weakens the stock markets? It was an assumption

            about 9 months ago from identi.ca at Wolverhampton, England, United Kingdom
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            silner silner

            @habi It may well be unbreakable, but trust in it can be broken if enough exchanges are compromised, for example

            about 9 months ago from identi.ca at Wolverhampton, England, United Kingdom
            1. David Haberthür habi

              @silner yes indeed. but as far as i understand it, the block chain is now so big and distributed, that a malicious attack is extremely unfeasible. a malicious attacker would need more computing power than all the other people combined...

              about 9 months ago from web at Berne, Bern, Switzerland
              1. Remote profile options...
                lnxwalt lnxwalt

                @habi I need to do more research into it, but from what I have read about BTC, it uses sound crypto. Guessing that malicious computation could happen, but unlikely to breach the currency. Probably more likely to have wallet breaches or fraudulent sale/purchase of goods than anything else.

                about 9 months ago from imicroblog.net
          3. Remote profile options...
            lnxwalt lnxwalt

            @habi @silner # is not related to stocks or investments, but as @encycl has pointed out, the traders have gotten involved in a big way (that’s why you can now get daily reports of BC vs Euro/Dollar/Pound/Yen). It is the traders that risk getting bank & securities regulators involved in bitcoins.

            about 9 months ago from imicroblog.net
            1. Remote profile options...
              silner silner

              @lnxwalt I didn't realise that. That's very interesting. I wonder what their interest is; purely curiosity?

              about 9 months ago from identi.ca at Wolverhampton, England, United Kingdom
            2. Remote profile options...
              encycl encycl

              @lnxwalt @silner @habi yes traders with supercomputers are looking for any market they can exploit frictions...even millisecond discrepancy in price reporting.

              about 9 months ago from whidbey.im
              1. Remote profile options...
                mcnalu mcnalu

                The bitcoin network is well designed against abusive application of supercomputing power. I can see weaknesses in the exchanges though.

                about 9 months ago from identi.ca at Glasgow, Scotland, United Kingdom
              2. Remote profile options...
                kevingranade kevingranade

                @encycl I think BTC's built-in transaction cost is a good defense against microtransaction trading.

                about 9 months ago from status.linuxwrangling.com
              3. David Haberthür habi

                @encycl the transaction cost would hinder this. and also that BTC transactions are far from instantaneous, they need to be confirmed by multiple clients, which can take considerable time.

                about 9 months ago from web at Berne, Bern, Switzerland
          4. Remote profile options...
            lnxwalt lnxwalt

            After watching the way US went after other electronic currencies, I’ve not been willing to try bitcoin myself.

            about 9 months ago from imicroblog.net
            1. David Haberthür habi

              @lnxwalt it's fairly easy, you can trade BTC at https://mtgox.com/. and even though i'm not in it for the money, I made 35 % profit since I started trading some months ago...

              about 9 months ago from web at Berne, Bern, Switzerland
              1. Remote profile options...
                lnxwalt lnxwalt

                @habi If I was going to get involved with BTC it would only be using them to buy and sell products and services. To me financial trading (any kind: stocks, bonds, precious metals, collectables) is high-stakes gambling.

                about 9 months ago from imicroblog.net
                1. David Haberthür habi

                  @lnxwalt of course. i bought some BTC to pay for some goods, the rest sits semi-idly in my wallet at Mt. Gox. It's a fairly small amount which can also be taken as gambling-money...

                  about 9 months ago from web at Berne, Bern, Switzerland
      2. Remote profile options...
        silner silner

        @habi I hope I'm wrong though

        about 9 months ago from identi.ca at Wolverhampton, England, United Kingdom