Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)

[heisenburrr]

http://www.coindesk.com/funny-bitcoin-video/

The mainstream media often overlooks all the amazing and positive developments that are happening in the bitcoin world, as well as the incredibly innovative and supportive community that is building around bitcoin. To paraphrase Mark Twain: “The reports of bitcoin’s death have been greatly exaggerated.”

Any criticisms of bitcoin at this point are at least 10 years too early. Bitcoin is in its infancy. Criticizing bitcoin today would be like criticizing email in 1985, which was the first year that I started sending emails. That was at least a decade or more before the world really caught up and email started becoming ubiquitous.

Early email
I was trying to get everyone that I knew onto email in the 80s, but it was too early. The technology hadn’t matured enough yet. People’s eyes just glazed over when I told them about email. It made absolutely no sense to anyone I knew at the time, nor did there seem to be any reason for email.

It sounds so silly to even say that now, but it was truly a completely foreign concept that seemed to have absolutely ZERO value proposition at the time. Even if you could come up with some fanciful reason to send an email, who were you going to email anyways? Barely anybody had an email address!

Maturity
There were a bunch of legitimate reasons to criticize email in 1985, because it wasn’t fully mature yet. Bitcoin isn’t fully mature yet either, but it is evolving rapidly.

“There were a bunch of legitimate reasons to criticize email in 1985, because it wasn't fully mature yet.”

When bitcoin evolves to a certain point, the masses will suddenly wake up to an incredible future that empowers all of us in ways that we can’t even imagine today.

 

[Kritic]

My 'friend' mentioned an internet killswitch as well. It doesn't make sense. You can't 'shut off' the internet.

negros think I'm crazy with this sh1t I be talkin..

 

[Stealth]

somebody educate me

what are bit coin miners and how does mining bit coins exactly work? Any and every answer would be appreciated. Tryna learn as much as i can about bitcoins

 

[heisenburrr]

somebody educate me

what are bit coin miners and how does mining bit coins exactly work? Any and every answer would be appreciated. Tryna learn as much as i can about bitcoins

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

Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.

Unless you're willing do drop some serious coins it's too late to mine Bitcoins and make any kind of significant return.

You can still mine alt-coins

Ask @illadope @Liquid and @Hiphoplives4eva

 

[heisenburrr]

http://www.marketwatch.com/story/ny-bitcoin-regulation-seen-by-end-of-2nd-quarter-2014-03-11

The New York State Department of Financial Services said Tuesday it would begin considering proposals and applications for the establishment of New York-based virtual currency exchanges, opening the door to the regulation of such exchanges. The announcement came on the heels of an investor alert on bitcoin from Finra Tuesday and the bankruptcy of the bitcoin trading exchange Mt. Gox in late February. "Firms may immediately submit formal proposals and applications to operate virtual currency exchanges in order to help expedite the process of putting in place greater oversight for this industry," the public order said. NYDFS said it would propose regulatory guidance on virtual currencies "no later than the end of the second quarter." Approved virtual-currency exchanges would have to follow that regulatory guidance. "Turning a blind eye and failing to put in place guardrails for virtual currency firms while consumers use that product is simply not a tenable strategy for regulators," said New York's Superintendent of Financial Services Benjamin Lawsky. "Our overarching goal is to balance creating appropriate regulatory protections without stifling beneficial innovation in the development of new payments platforms."

Let's get this Wall Street money

 

[heisenburrr]

That ever expanding bubble

 

[Brown_Pride]

http://www.marketwatch.com/story/ny-bitcoin-regulation-seen-by-end-of-2nd-quarter-2014-03-11



Let's get this Wall Street money

...was that your impersonation of a banker? Once those fukers start regulating bitcoin they'll basically turn it into an extension of the dollar and be masters over that domain as well. I wouldn't be so quick to want wallstreet shaping the future of bitcoin regulations.

 

[heisenburrr]

...was that your impersonation of a banker? Once those fukers start regulating bitcoin they'll basically turn it into an extension of the dollar and be masters over that domain as well. I wouldn't be so quick to want wallstreet shaping the future of bitcoin regulations.

Some regulations are needed so that proper and legit exchanges are allowed to thrive

No regulations can master Bitcoin.

 

[heisenburrr]

Our overarching goal is to balance creating appropriate regulatory protections without stifling beneficial innovation in the development of new payments platforms.

Very encouraging

 

[MewTwo]

Some regulations are needed so that proper and legit exchanges are allowed to thrive

No regulations can master Bitcoin.

I think a centralized exchange goes against the spirit of bitcoin. There, instead, needs a decentralized exchange outside the grasp of government.

 

[heisenburrr]

I think a centralized exchange goes against the spirit of bitcoin. There, instead, needs a decentralized exchange outside the grasp of government.

there will be, one does not exclude the other.

 

[MewTwo]

there will be, one does not exclude the other.

I hope you're right. A centralized exchange is a single point of failure and is subjected to government control. Something we pimps, drug dealers, and gun runners don't want.

 

[heisenburrr]

.
Ya'll ready for Bubble 5 ?

 

[heisenburrr]

In the last 40 days the same amount of Hashrate has been added to Bitcoin network than from its beginning to the end of 2013.

That computing power

 

[heisenburrr]