Bitcoin improvement thread | Page 2 | TigerDroppings.com

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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84300 posts

re: Bitcoin improvement thread


quote:

I guess it all comes back to trust anyway despite the fact that the network was designed so that trust wouldn't be necessary.


You got it.

One write up on bitcoin I saw a couple of days ago specifically said BC was founded based on mistrust....mistrust of governments, central banks, laws, etc.

Yet mistrusting bitcoin itself is becoming more evident every time one of the BC exchanges gets hacked and people lose money.

I guess you saw that "Instawallet" which is a BC "bank" for lack of a better term, was hacked yesterday and the thief made off with an estimated $4.3 million of its customers money. Instawallet has frozen all of its customers accounts for 90 days while it sorts through whose bitcoins got stolen and how, or if, it can replace their money.

Here is a link to the story: LINK

What makes the Instawallet situation really suspicious is a new owner took it over recently and not long after that, this post appeared on a bitcoin forum: "instawallets new owner stole over $40,000 from me be careful people"

I have no idea if the two incidents are related or not.






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Eric Nies Grind Time
Georgia Tech Fan
Atlanta, GA
Member since Sep 2012
13385 posts

re: Bitcoin improvement thread


I was reading about that on reddit.com/r/bitcoin yesterday.

Apparently everyone is suggesting you use an offline wallet now.

I may buy a bitcoin or two just for the hell of it. That is...if I can ever completely figure out how to do so.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin improvement thread


quote:

Wiki, any idea when the transaction verification time will be reduced to near real-time? I'm sure this is in the works...?


As far as I know, there are no plans to change the time required for confirmation. I don't even think that could be done without a hard fork.

That being said, however, there are things in the works and ideas in the ether to "fix" this issue.

One is the use of green addresses, which are essentially special trusted addresses that the recipient trusts will not attempt a double spend, therefore, instant transactions are possible.

Another idea is basically third parties that manage transactions off of the bitcoin blockchain, and then settle up later. For instance, perhaps a company could come about that processes POS transactions for retail customers. They would ensure that all transactions are instant and legit, and then settle up later.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84300 posts

re: Bitcoin improvement thread


quote:

For instance, perhaps a company could come about that processes POS transactions for retail customers. They would ensure that all transactions are instant and legit, and then settle up later.
So you mean they could come up with a system/process just like the one credit and debit card companies use now?

What will that do to your frequent claim of "free or very low cost of transactions"?






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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21453 posts

re: Bitcoin improvement thread


quote:

Yet mistrusting bitcoin itself is becoming more evident every time one of the BC exchanges gets hacked and people lose money.


For the record a DDoS attack =/= getting hacked.







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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
57257 posts

re: Bitcoin improvement thread


quote:

What will that do to your frequent claim of "free or very low cost of transactions"?


I imagine it goes to shite quickly. Unless of course, these people are willing to work for free.

Now correct me if I'm wrong but wasn't one of Wiki's selling points that you could store them easily in wallets? Now he's saying that you shouldn't? And I'm still very unclear on his stance with inflationary vs deflationary. I almost remember him flip flopping that but I could be totally wrong here.






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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21453 posts

re: Bitcoin improvement thread


quote:


Now correct me if I'm wrong but wasn't one of Wiki's selling points that you could store them easily in wallets?


You can easily store them in wallets to prevent them from being stolen (via encrypting them).

I don't see using a 3rd party to store your bitcoins as being very smart.







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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84300 posts

re: Bitcoin improvement thread


quote:

Yet mistrusting bitcoin itself is becoming more evident every time one of the BC exchanges gets hacked and people lose money.



For the record a DDoS attack =/= getting hacked.

I'm sure that is very comforting to the Instawallet customers who lost $4.3 million.

"Well, Mildred, at least we didn't get lose our money to hackers!"

"That's a relief!"






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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21453 posts

re: Bitcoin improvement thread


quote:

I'm sure that is very comforting to the Instawallet customers who lost $4.3 million.


Are you claiming that Instawallet is a BTC exchange?

Because your claim was "... every time one of the BC exchanges gets hacked..."

Instawallet is a storage service.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84300 posts

re: Bitcoin improvement thread








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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21453 posts

re: Bitcoin improvement thread


I'm not incorrect though am I?

You either think a DDoS attack is hacking or that a storage service is an exchange.

Ignorant either way.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84300 posts

re: Bitcoin improvement thread


Gosh, joshie, ya' got me!

I'm so embarrassed!

I don't know how I will ever be able to post on this board again after having made such an important mistake in the terms I used.

This is even worse than when you got the meaning of inflation and deflation confused with each other.....






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22210 posts

re: Bitcoin improvement thread


quote:

that a storage service is an exchange.


DOes the storage service create wallets?






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gizmoflak
Georgetown Fan
Member since May 2007
9112 posts
 Online 

re: Bitcoin improvement thread


FWIW, google is showing that there is only one court decision on the merits that contains the word "bitcoin" .... LINK


It will be interesting to see the legal evolution of bitcoins as more and more bitcoin disputes make their way through the courts






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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21453 posts

re: Bitcoin improvement thread


quote:

DOes the storage service create wallets?


This is Bitcoin's wiki page on Instawallet

LINK






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Vols&Shaft83
Georgia Tech Fan
Member since Dec 2012
18504 posts

re: Bitcoin improvement thread


quote:

Go to the OT if you want to be a fig.











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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30530 posts

re: Bitcoin improvement thread


quote:

BC is being used as a temporary store of value or as a speculative investment


Pretty much what the article I posted a couple of days ago argued.

quote:

which is the universal definition of money. So as a "virtual currency" it is a failure already


To get technical, money can be an exchange vehicle, a store of value, must be easy to transact and be finely divisible.

Bitcoin does all these things although as the aforementioned article points out the "store of value" component is getting very inflated these days. To be fair, the USD in its very early days (1790-ish) fluctuated pretty violently as well.

I am not willing to say BC are the future but it clearly is getting some traction. I suspect without proof that the current price is waaaay overblown given the market size and that it will crash again. But the niche it fills isn't going away so the demand won't either.

quote:

I have tried repeatedly to find how much BC's have been used to actually purchase goods or services and I just can't find it anywhere.


You can buy USD for it on some websites. Or you can buy illegal drugs online on Silk Road.






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22210 posts

re: Bitcoin improvement thread


Probably the worst wiki page I have ever seen cited.





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