World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days | Page 3 | TigerDroppings.com

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WikiTiger
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Member since Sep 2007
40721 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

Nope, the FBI has already documented what they have done...


well, you are wrong. there have been some vulnerabilities identified with the TOR network, but in no way, shape, or form has it been totally penetrated. not only that, but many of the issues have been fixed or have begun being fixed. beyond that, there are other networks out there, like I2P, that do the same thing as TOR






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

It shouldn't be choice is what I am saying..


not a fan of freedom?






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JayDeerTay84
LSU Fan
Texas
Member since May 2013
2055 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

not a fan of freedom?


Freedom is relative. You going to pave your own roads, put out your own fires, and police your neighborhood?

You going to use your own resources to to insure that they guy who runs into your car has insurance and if they don't take them to your in-home court?

Dont be that silly.



This post was edited on 11/8 at 11:21 am


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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82895 posts
 Online 

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

"Virtual currencies are not going away. Their emergence has potentially far reaching implications for the federal government and society as a whole," he says.

quote:

a Senator understands the implications, but the "geniuses" on the Money Talk board don't
You can't just stop lying.

We 'geniuses' on the Money Talk Board have all said virtual currencies might be the future, but Bitcoin specifically is not one of them. It's a scam that has already burned a lot of gullible people and will burn more people in the future.

You must be very insecure to have to lie continually in an effort to make yourself look smart.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

Wouldnt the NSA be able to see everyone who uses bitcoin?


all bitcoin transactions are public

anyone can go look at them

for instance, here's a transaction right here: http://blockchain.info/tx/843ad3afdb1340a315a2875b1d37c960ff45b11577e4b8f8e1d9028a4726631b


the issue comes with identifying who controls the addresses that are party to that transaction.

a sufficiently motivated and funded entity might be able to unmask the owners of bitcoin addresses, but if any precautions are taken by the users, that can get exponentially more difficult and expensive.






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KCT
LSU Fan
Richardson, TX
Member since Feb 2010
3998 posts
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re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


WikiTiger,

I was just coming here to ask if I was the last person on the planet who doesn't know what bitcoin is all about, and I saw your post. I've heard the term, but I don't have a clue what bitcoin is really all about.

You mind posting a brief description for somebody who doesn't know anything about it?






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bluestem75
LSU Fan
Dallas, TX
Member since Oct 2007
469 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


@WikiTiger--Thanks! I was mostly looking how to get started.

The way I see it right now, it's basically like playing the stock market, except for the fact that I can actually use the bitcoins to purchase goods. And they can't be taxed.

I realize it's more complex than that.

Once I buy at coinbase, do they hold the bitcoin balance for me there on that site? Is that bascially like opening a bank account for bitcoins with them?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:


I was just coming here to ask if I was the last person on the planet who doesn't know what bitcoin is all about, and I saw your post. I've heard the term, but I don't have a clue what bitcoin is really all about.

You mind posting a brief description for somebody who doesn't know anything about it?


Bitcoin is a decentralized digital peer-to-peer currency. There are no servers and no bitcoin company. It exists in a peer-to-peer networks of hundreds of thousands of computers all over the world.

The essence of bitcoin is that it is a distributed transaction ledger that keeps tracks of all accounts in a highly secure and accurate manner. It accomplishes this through the use of cryptography and digital signatures.

There will only ever be 21,000,000 bitcoins. They are "mined" with a predictable inflation rate that halves every 4 years. Currently about 12,000,000 bitcoins have been mined. The last bitcoin will be mined around the year 2140, however, by the year 2030 the VAST majority of bitcoin will have been mined.

Bitcoins can be sent instantly* throughout the world to anyone for a VERY small fee (typically fractions of a US penny) or for free. There is no need to go through a bank or money service company like Western Union. Government capital controls are also powerless.



*The transaction is instant, but for security reasons, it is recommended that you wait 6 confirmations before considering a transaction complete. 6 confirmations typically takes 1 hour.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

And they can't be taxed.


you are still responsible for paying taxes on them if you have any capital gains.







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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

Once I buy at coinbase, do they hold the bitcoin balance for me there on that site? Is that bascially like opening a bank account for bitcoins with them?


Coinbase will allow you to store them on their site. You can use Coinbase as your "wallet" and they will store and secure your bitcoins for you.

I personally prefer to take on that responsibility myself.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

Freedom is relative. You going to pave your own roads, put out your own fires, and police your neighborhood?

You going to use your own resources to to insure that they guy who runs into your car has insurance and if they don't take them to your in-home court?

Dont be that silly.


we have different political beliefs on this topic.







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bluestem75
LSU Fan
Dallas, TX
Member since Oct 2007
469 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


I downloaded a wallet onto my PC, but it's taking forever to "catch up"--it says it has like 50 weeks to catch up. What is this? Does it always take this long?





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KCT
LSU Fan
Richardson, TX
Member since Feb 2010
3998 posts
 Online 

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


Thanks, Wikitiger





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JayDeerTay84
LSU Fan
Texas
Member since May 2013
2055 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

well, you are wrong. there have been some vulnerabilities identified with the TOR network, but in no way, shape, or form has it been totally penetrated. not only that, but many of the issues have been fixed or have begun being fixed. beyond that, there are other networks out there, like I2P, that do the same thing as TOR


It is quite easy to de-anonymize users. NSA has already stated such. The difficulties are in the amount of users that can be done.

Further, they target the browsers which is much easier than most people think. Also, the NSA also has special servers for this specific attack. In doing this, the NSA had to build a special system for all the data being collected.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

I downloaded a wallet onto my PC, but it's taking forever to "catch up"--it says it has like 50 weeks to catch up. What is this? Does it always take this long?


You are downloaded the "blockchain." This is a record of all bitcoins transactions ever. This can take quite a while.

The wallet software you choose includes this feature. Many people want this. But it's typically not necessarily for new users.

There are other wallet software packages that don't do this, such as Electrum and MultiBit, as well as "online" wallets like Coinbase.


Remember to learn how to encrypt your wallet for security. Don't forget your encryption passphrase. And back up your wallet!






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JayDeerTay84
LSU Fan
Texas
Member since May 2013
2055 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

we have different political beliefs on this topic.



Then explain to me a world where everyone supports themselves and you build each road you use etc.


There is a reason for taxes and a reason for monitoring currency.








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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

Then explain to me a world where everyone supports themselves and you build each road you use etc.


this is another topic altogether and it is routinely discussed on this site. join in on the regular AnCap threads we have here.

quote:

There is a reason for taxes and a reason for monitoring currency.


Yea, but not good reasons. And that's fine, you can have your opinions, I can have mine.

The question for you is this: What are you going to do about the hundreds of digital-currencies that exist today? Because your world is about to change.






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JayDeerTay84
LSU Fan
Texas
Member since May 2013
2055 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

The question for you is this: What are you going to do about the hundreds of digital-currencies that exist today? Because your world is about to change.


Is it? Everyone just going to say frick the dollar, euro etc???







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JayDeerTay84
LSU Fan
Texas
Member since May 2013
2055 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


One person can crash the bitcoin network..


Seems like a good system. 4-5 major crashes since 2009.



This post was edited on 11/8 at 11:47 am


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bluestem75
LSU Fan
Dallas, TX
Member since Oct 2007
469 posts

re: World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days


quote:

Remember to learn how to encrypt your wallet for security. Don't forget your encryption passphrase. And back up your wallet!


This where my lack of computer prowess gets me into to trouble. How do I make sure I've done this?






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