Register to Comment
Page 114 of 157 FirstFirst ... 1464104112113114115116124 ... LastLast
Results 1,131 to 1,140 of 1564
Like Tree368Likes
  1. #1131
    Watcher2 Watcher2 is online now

    Join Date
    May 2010
    Posts
    29,340

    Quote Originally Posted by mr_anderson View Post
    There's nothing more hedge funds love doing than shorting overpriced stock.
    But it's not Bitcoin stock were talking about, is it? How can you short "actual" Bitcoin (yes, I see the irony in my statement about an actual virtual thing&#128514?
    Sign in or Register Now to reply

  2. #1132
    jman0war jman0war is online now

    Join Date
    Jun 2008
    Posts
    1,781

    Quote Originally Posted by johnnypockets View Post
    But people are not using bitcoin for what it was designed. Not on a large scale anyway. They are treating it purely as an investment.
    If bitcoin followed the white paper it would be even more limited use than it is today.

    The protocol in the white paper specifies that each computer in the network operates as a Full Node validating all transactions, and is a Miner. To make a transaction your computer would establish a connection to your peer's computer. (Peer-to-Peer).
    Off line transactions were not possible.
    This is not how bitcoin has evolved.

    Basically the paper was published first. After it generated enough interest Satoshi Nakamoto began to code the idea and he worked with Hal Finney mostly. They encountered bugs and issues, including scaling debates along the way and made changes to the code.

    For someone to say 'what it was designed for' is subjective.
    Since it comes from cypherpunks and Hal Finney (look up PGP courtcase and Code as Free Speech), i would consider the Censorship Resistance attribute the priority, and i believe so did they. I believe that is mission accomplished.

    -Medium of Exchange
    -Store of Value
    It probably can't be all things at the same time as yet.
    Bitcoin needs to scale and this is a WIP.
    It can't replace 'cash' and I don't believe it was designed to.
    I believe it has the potential to, but that would be left to future coders and future users.
    Sign in or Register Now to reply

  3. #1133
    johnnypockets johnnypockets is offline

    Join Date
    Mar 2010
    Posts
    13,737

    Quote Originally Posted by jman0war View Post
    If bitcoin followed the white paper it would be even more limited use than it is today.

    The protocol in the white paper specifies that each computer in the network operates as a Full Node validating all transactions, and is a Miner. To make a transaction your computer would establish a connection to your peer's computer. (Peer-to-Peer).
    Off line transactions were not possible.
    This is not how bitcoin has evolved.

    Basically the paper was published first. After it generated enough interest Satoshi Nakamoto began to code the idea and he worked with Hal Finney mostly. They encountered bugs and issues, including scaling debates along the way and made changes to the code.

    For someone to say 'what it was designed for' is subjective.
    Since it comes from cypherpunks and Hal Finney (look up PGP courtcase and Code as Free Speech), i would consider the Censorship Resistance attribute the priority, and i believe so did they. I believe that is mission accomplished.

    -Medium of Exchange
    -Store of Value
    It probably can't be all things at the same time as yet.
    Bitcoin needs to scale and this is a WIP.
    It can't replace 'cash' and I don't believe it was designed to.
    I believe it has the potential to, but that would be left to future coders and future users.
    How do you know Nakamoto is a he?
    Sign in or Register Now to reply

  4. #1134
    Dame_Enda Dame_Enda is offline
    Dame_Enda's Avatar
    Join Date
    Dec 2011
    Posts
    38,114

    In the film "banking on bitcoin",they speak to a man by that name (Satoshi Nakamoto). He now goes by the name Dorian Satoshi Nakamoto but denies he's the one involved with bitcoin. But apparently he is a former trader. There's an allegation the bitcoin person by that name is a pseudonym. Hal Finney denied it was him.
    Sign in or Register Now to reply

  5. #1135
    jman0war jman0war is online now

    Join Date
    Jun 2008
    Posts
    1,781

    Quote Originally Posted by johnnypockets View Post
    How do you know Nakamoto is a he?
    There's been quite a lot of people and press trying to pin him down.
    There are but a handful of people that it could be.

    I have my opinion, i formulated it based on previous work the person did and circumstantial evidence.
    Like attempting to retroactively change a date stamp on an earlier paper.

    The real person will forever deny it however as they would probably find a hood over their heads and wake up in Guantanamo Bay.
    Sign in or Register Now to reply

  6. #1136
    jman0war jman0war is online now

    Join Date
    Jun 2008
    Posts
    1,781

    johnnypockets since you are interested in the subject, i recommend this book:

    The Age of Cryptocurrency: How Bitcoin and the Blockchain Are Challenging the Global Economic Order

    It discusses concepts and history of money, cryptography, the cypherpunks, bitcoin and where this is going.
    Sign in or Register Now to reply

  7. #1137
    Dan_Murphy Dan_Murphy is offline
    Dan_Murphy's Avatar
    Join Date
    Feb 2010
    Posts
    4,043

    https://blockchain.info/unconfirmed-transactions

    Currently 216,000 transactions waiting to process, at current rates it'll take about 14 hours to process.

    Paypal can do the same in 19 minutes, Visa in about 2. Neither needs the equivalent energy demands of an industrialized country to sustain.
    Last edited by Dan_Murphy; 7th December 2017 at 10:36 PM.
    Sign in or Register Now to reply

  8. #1138
    Nermal Nermal is offline

    Join Date
    Apr 2010
    Posts
    1,407

    Quote Originally Posted by Trainwreck View Post
    Those who can't deal with facts, use analogies. How is the remotely the same thing.
    It's a fact that I could code and run a reasonable facsimile of Facebook if you gave me a year and six figures. Yet somehow Facebook has a market cap around half a trillion dollars. Your tiresome 'Bitcoin's not really scarce' mantra ignores network effects, first mover advantage and brand recognition.

    It's totally possible Bitcoin will turn into a MySpace but that's a completely different issue.
    Sign in or Register Now to reply

  9. #1139
    johnnypockets johnnypockets is offline

    Join Date
    Mar 2010
    Posts
    13,737

    Quote Originally Posted by jman0war View Post
    johnnypockets since you are interested in the subject, i recommend this book:

    The Age of Cryptocurrency: How Bitcoin and the Blockchain Are Challenging the Global Economic Order

    It discusses concepts and history of money, cryptography, the cypherpunks, bitcoin and where this is going.
    Thanks jO. Much appreciated.
    Sign in or Register Now to reply

  10. #1140
    jman0war jman0war is online now

    Join Date
    Jun 2008
    Posts
    1,781

    Quote Originally Posted by Dan_Murphy View Post
    https://blockchain.info/unconfirmed-transactions

    Currently 216,000 transactions waiting to process, at current rates it'll take about 14 hours to process.

    Paypal can do the same in 19 minutes, Visa in about 2. Neither needs the equivalent energy demands of an industrialized country to sustain.
    But what's censorship resistant about PayPal?
    I use it for some online selling and they take days before funds are available.
    Sign in or Register Now to reply

Sign in to CommentRegister to Comment