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DuPz0r

Bitcoins

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So the phrase "Bitcoin" is being chucked around the net a lot these days, and it seems to be growing momentum. I understand the concept that you let your computer solve mathematical algorithms that get sent to a large server in order to be rewarded Bitcoins that can be spent like real money or even traded for real money.

But how the hell did it become an acceptable currency, and how is it not possible to just "mine" millions of bitcoins and then become rich? I guess what i'm trying to say is, how is the bitcoin made, which makes it acceptable to use as a worldwide currency? The only thing i can think of is that the bitcoin is so mathematically complex, that is requires a fair bit of computer power and electricity to mine, therefore converting your hard earn't cash into a bitcoin from the server as a payout? Fuck if i know, someone enlighten me.

For those of you that don't know what a bitcoin is:

And whilst i'm here, i had a random thought. Could the bitcoin become the world's most accepted currency in the future for online purchases?

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All I know about Bitcoin is that it's the currency of choice for buying slaves/firearms/drugs on the Darknet/Deep Web, so I have the same questions you do. I hope our more knowledgeable members (*stares at Massacre*) can poast some info.

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Don't get me all excited. If Fallout wasteland isn't a viable future, dystopian cyberpunk megacity is my next choice.

It would be nice if every country with a digital presence (fuck you, yurt-dwelling, landlocked Asian countries) used a single, purely digital currency, though.

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Don't get me all excited. If Fallout wasteland isn't a viable future, dystopian cyberpunk megacity is my next choice.

A la Clockwork Orange? You'd fit right in.

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Never heard of it, don't intend on using it. That's my input.

I use the Tor Network a lot, for my multimedia needs. So i see bitcoins on a daily bases. And Gunsmith is very much correct, in that the bitcoin is used to make illegal transactions of guns, drugs, trafficking and more, because the bitcoin is untraceable to the buyer/owner... This is another reason why i don't understand why it's becoming an acceptable method of payment.

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the bitcoin is untraceable to the buyer/owner... This is another reason why i don't understand why it's becoming an acceptable method of payment.

You answered your own question. It's untraceable. Once they get their hands on it, they're going to fuck it up and it's not going to be untraceable anymore.

Marijuana legalization is a decent comparison. I don't want marijuana to be legalized, because the government will get involved, stuff in all the same toxic shit they added to tobacco, and ruin it. Bitcoins are the same thing. If the government - any government - gets their hands on something ubiquitous, they're going to make it into whatever they want it to be, ruining its intended purpose and spreading their own heinous corruption to a much wider market.

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I guess i did. But if they do normalize it, then there'll only be another new type of online currency, so there'll be a constant evolution of different currencies.

*Imagines the future* I can imagine viewing exchange rates for online currencies alone.

Bitcoin:

BIT 1.0451

Pron Pennies:

PRN 1727.3

Flikcoin:

FLK 0.1324

CamCredit:

CAM 13.54

GameRings

RNG 7435.62

etc.

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Dup, Bitcoin value isn't generated by electricity costs or anything like that, it's just a currency.

Imagine if someone created a new country, call it Bit. Bit's official currency is Bitcoins - inside Bit you can only trade with Bitcoins. That's it really.

A more interesting question would be, how did Bitcoin start the momentum? That I can't say, never really looked into it or even used it for anything.

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I think bitcoins arent transparent enough to be a legitmate currency

I think bitcoins arent transparent enough to be a legitmate currency

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The SEC is not going to let these bad boys untouched. It's a pipe dream, fellas.

By the way, bitcoins are traceable. You'd have to wash them and go through other processes to make them pretty much untraceable.

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Quote from Bitcoin.com :

Bitcoin is not anonymous

Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why Bitcoin addresses should only be used once. Always remember that it is your responsibility to adopt good practices in order to protect your privacy

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Im not even talking about their anonymity.... Im referring to the that fact that they are made readily on specific machines than can be bought..

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