Thork

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #20 on: January 16, 2014, 12:05:09 AM »
How did goldsmiths lend gold they didn't have? They made paper gold. A promissory note from the bank. I promise to pay the bearer on demand ... etc and so forth.

Doesn't that make bitcoins as stupid and retarded as the present currency system?
Its either a currency or its not. If it is, its subject to the same laws of finance.

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #21 on: January 16, 2014, 12:11:54 AM »
Please cite the relevant statute.
You don't get races of anything ... accept people.

Thork

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #22 on: January 16, 2014, 12:16:37 AM »
Please cite the relevant statute.
???
What do I look like, an American finance lawyer? Its a planar currency.

If you have an objection, state it. World banks are subject to regulation. This would be no different.
https://en.wikipedia.org/wiki/Fractional-reserve_banking

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #23 on: January 16, 2014, 12:21:29 AM »
My objection is you making this claim and not being able to bak it up. No worries!  5 minutes on the internet revealed that a bitcoin fractional reserve system is already in its beginning stages:

https://en.bitcoin.it/wiki/Fractional_Reserve_Banking_and_Bitcoin

Thanks for your insight!
You don't get races of anything ... accept people.

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #24 on: January 16, 2014, 01:08:34 AM »
What would you use it for in a loan?  It's not like I can buy a car with bitcoin unless I converted it into cash first.

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #25 on: January 16, 2014, 01:58:57 AM »
Just out of curiosity, does anyone know if the bitcoin algorithms serve any useful function, other than wasting CPU cycles?

Does an armored bank truck do anything other than waste gas?
Armored cars transport stuff.  What do bitcoin algorithms do?

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Securing a financial system is not a "waste." In fact, if the world used Bitcoin, billions would be saved every year, as money printing and transport would be obsolete. It costs many times more to maintain the Dollar than it does to maintain Bitcoin.
A $100 bill cost about 13 cents to print and smaller bills are less than 10 cents.  How much does it cost to generate a bitcoin?  How many bitcoins will ever be produced?  How many other forms of crypto-currency are being developed and will they be compatible?  What is the exchange rate between bitcoins and coinyes?  What about financial transactions that require anonymity?  How do you stuff a bitcoin in a stripper's g-string?
Abandon hope all ye who press enter here.

Science is what happens when preconception meets verification.

If you can't demonstrate it, then you shouldn't believe it.

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #26 on: January 16, 2014, 02:02:59 AM »
How do you stuff a bitcoin in a stripper's g-string?

Insert a USB key?
You don't get races of anything ... accept people.

Saddam Hussein

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #27 on: January 16, 2014, 02:52:32 AM »
Money ain't grow on trees, son.

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Offline Rushy

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #28 on: January 16, 2014, 03:29:04 AM »
Armored cars transport stuff.  What do bitcoin algorithms do?

Transport stuff. Just a lot more efficiently than a truck covered in plates of heavy armor.

A $100 bill cost about 13 cents to print and smaller bills are less than 10 cents.  How much does it cost to generate a bitcoin?  How many bitcoins will ever be produced?  How many other forms of crypto-currency are being developed and will they be compatible?  What is the exchange rate between bitcoins and coinyes?  What about financial transactions that require anonymity?  How do you stuff a bitcoin in a stripper's g-string?

http://bitcoin.org/en/faq

What do I look like, an American finance lawyer? Its a planar currency.

If you have an objection, state it. World banks are subject to regulation. This would be no different.
https://en.wikipedia.org/wiki/Fractional-reserve_banking

Fractional reserve banking doesn't work with Bitcoin, because unlike paper currency, you can't simply print more of it when you run out. You either have Bitcoin or you don't. I would never take a Bitcoin "IOU." The difference being with dollars you can't tell if the bank is lying to you or not, but with Bitcoin you can absolutely tell how much you actually control. With Bitcoin a bank isn't really necessary, done right no one can steal your Bitcoins. Mine are on Google Drive, for example, and it would take some poor sucker over 14 trillion years to figure out the long ass password I encrypted them with.

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #29 on: January 16, 2014, 04:55:44 AM »
Armored cars transport stuff.  What do bitcoin algorithms do?

Transport stuff. Just a lot more efficiently than a truck covered in plates of heavy armor.
How long does it take to generate a bitcoin?

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A $100 bill cost about 13 cents to print and smaller bills are less than 10 cents.  How much does it cost to generate a bitcoin?  How many bitcoins will ever be produced?  How many other forms of crypto-currency are being developed and will they be compatible?  What is the exchange rate between bitcoins and coinyes?  What about financial transactions that require anonymity?  How do you stuff a bitcoin in a stripper's g-string?

http://bitcoin.org/en/faq
So you don't know?  Got it.

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With Bitcoin a bank isn't really necessary, done right no one can steal your Bitcoins.
Apparently, it isn't being done right:
http://www.nbcnews.com/technology/250-000-worth-bitcoins-stolen-net-heist-980871
http://threatpost.com/thieves-covering-tracks-following-100m-bitcoin-heist/103088
http://nakedsecurity.sophos.com/2013/12/05/million-dollar-fine-for-sneaky-bitcoin-botnet-builders/
http://www.networkworld.com/community/blog/gaming-company-caught-building-bitcoin-mining-botnet-users-computers-gets-light
Abandon hope all ye who press enter here.

Science is what happens when preconception meets verification.

If you can't demonstrate it, then you shouldn't believe it.


Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #31 on: January 16, 2014, 11:18:08 AM »
How long does it take to generate a bitcoin?

Approximately 10 minutes.

I'm pretty sure that's not accurate unless you have a very large pool.

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Offline Parsifal

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #32 on: January 16, 2014, 11:24:13 AM »
How do you stuff a bitcoin in a stripper's g-string?

You could start by encoding bitcoins into your haploid DNA, and let things progress naturally from there.
when you try to mock anyone while also running the flat earth society. Lol

Thork

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #33 on: January 16, 2014, 11:27:26 AM »
Fractional reserve banking doesn't work with Bitcoin

Just because you can't see how it could work doesn't mean it can't work. Why didn't you read the thread before you opened your yap with your 'expertise'.

My objection is you making this claim and not being able to bak it up. No worries!  5 minutes on the internet revealed that a bitcoin fractional reserve system is already in its beginning stages:

https://en.bitcoin.it/wiki/Fractional_Reserve_Banking_and_Bitcoin

Thanks for your insight!

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #34 on: January 16, 2014, 11:51:00 AM »
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What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Ah, well at least that's clear...

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How does BitCoin work?

This ledger contains every transaction ever processed

Yeah... there's absolutely nothing which could go wrong with that system...


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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #35 on: January 17, 2014, 03:37:17 AM »
Just because you can't see how it could work doesn't mean it can't work. Why didn't you read the thread before you opened your yap with your 'expertise'.

"Hi, I'm Thork, and I make it plainly obvious that I didn't read the link I posted."

Ah, well at least that's clear...

Or you know, you could try asking about the part you didn't understand?

Yeah... there's absolutely nothing which could go wrong with that system...

What's your point here?

Saddam Hussein

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #36 on: January 17, 2014, 04:09:44 AM »
Just because you can't see how it could work doesn't mean it can't work. Why didn't you read the thread before you opened your yap with your 'expertise'.

"Hi, I'm Thork, and I make it plainly obvious that I didn't read the link I posted."

Ah, well at least that's clear...

Or you know, you could try asking about the part you didn't understand?

Yeah... there's absolutely nothing which could go wrong with that system...

What's your point here?

whoosh

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #37 on: January 17, 2014, 01:56:19 PM »
Quote
Or you know, you could try asking about the part you didn't understand?

What's a consensus network and how does it differ from a normal network? What's a triple-entry bookkeeping system? Aren't pounds and dollars 'currency for the internet?' They seem to be accepted more readily than Bitcoins.

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What's your point here?

That keeping a detailed log of every transaction ever made inherently has some security and privacy concerns.

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Offline Rushy

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #38 on: January 18, 2014, 01:19:37 AM »
What's a consensus network and how does it differ from a normal network?

What kind of network are you referring to as "normal" here?

What's a triple-entry bookkeeping system?

The sender, receiver, and an anonymous third party each verify the transaction. As a result, none of them have to trust each other, because there is no single point along the transaction line that someone can forge the ledger.

Aren't pounds and dollars 'currency for the internet?' They seem to be accepted more readily than Bitcoins.

And? Just because pounds and dollars are currency for the internet doesn't mean Bitcoin isn't for the internet.

That keeping a detailed log of every transaction ever made inherently has some security and privacy concerns.

Security wise it is the most secure transaction system ever created. Yes, it is inherently not private, but nothing you do online is private anyway, so I don't see the problem here.

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #39 on: January 22, 2014, 11:14:04 PM »
Armored cars transport stuff stop people stealing money.   What do bitcoin algorithms do?

See armored car.