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Old 18-11-2013, 10:56 AM   #501
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Originally Posted by vorwahr View Post
What did you buy you're bitcoins with and what will.you sell you're silver for ?
I got my bitcoin by cash in the post and by selling orgonite i make on bitmit(ebay for bitcoin)..
Unfortunatley since the price of BTC went over $100 i havnt sold anything and bitmit has just closed down Which to me is the first sign the bitcoin experiment is failing as a money, as its becoming too speculative, ie no one wants to part with it..
But now there is litecoin to overcome this problem..I hope.

I sold my silver to buy a house ( debtfree) I have some left but will sell to renovate the house when the time comes..

What i have learned fiat is still nesecary for certain transactions but if you dump it and the banks, become your own bank..Its much better

Edit...Bitcoin is now around $600 and litecoin made 50% just last night..
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Old 18-11-2013, 11:51 AM   #502
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So with a .bit domain its possible to run a website that cant be shutdown by tptb?
And its encrypted?
Would that mean its users identity is private like Tor?
It would look like any normal site?

Appreciate your answer, been reading a bit about it, but its like another language, over my head
No, it is "just" about domain names. TPTB wouldn't be able to seize a .bit domain. But they still can seize the server where a site is hosted by finding out the IP address. So the website owner would have to take care of additional measures concerning that.

About encryption, there are many types of encryption. It's not like Tor, but yes, dotbit/namecoin would have some kind of built-in TSL/SSL (https), which indeed would solve the problem of having to trust 3rd parties (the web host, the root certificate authority, i.e. the provider that issues an SSL certificate for the website owner).

Yes, it is and would just look like any normal site. However, users would have to install a dotbit/namecoin client or plugin (probably a lite version). I can imagine it will come bundled with Linux distros one day; with Windows or Mac much less probable of course.

Now I don't know if it's wise to "invest" in namecoin, because add-ons to Bitcoin (like colored coins / mastercoin etc) could provide similar functionality. We don't know yet if there will be a standard.

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Which to me is the first sign the bitcoin experiment is failing as a money, as its becoming too speculative, ie no one wants to part with it..
But now there is litecoin to overcome this problem..I hope.
That's a non-issue, everything is still in the very early stages. Remember there can only be a limited amount in any crypto-currency, otherwise they would never gain any value at all in the first place. So there would always be a race. Teething "problems". Any crypto-currency that would turn out to be the most dominant, even if it is Litecoin, will have this "problem".

I guess Litecoin is rallying lately rather because of the Senate hearings about Bitcoin, and how much they intend to "regulate" and "control" it. It's maybe good to have 2-3 altcoins as a fallback, but in principle, the same regulations would apply to Litecoin as well. If it's technically feasible to enforce those regulations is another question. Maybe we're gonna have a whack-a-mole scenario with altcoins.
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Old 18-11-2013, 12:06 PM   #503
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The problem with Bitcoin, its not an official currency.
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Old 18-11-2013, 12:23 PM   #504
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No, it is "just" about domain names. TPTB wouldn't be able to seize a .bit domain. But they still can seize the server where a site is hosted by finding out the IP address. So the website owner would have to take care of additional measures concerning that.

About encryption, there are many types of encryption. It's not like Tor, but yes, dotbit/namecoin would have some kind of built-in TSL/SSL (https), which indeed would solve the problem of having to trust 3rd parties (the web host, the root certificate authority, i.e. the provider that issues an SSL certificate for the website owner).

Yes, it is and would just look like any normal site. However, users would have to install a dotbit/namecoin client or plugin (probably a lite version). I can imagine it will come bundled with Linux distros one day; with Windows or Mac much less probable of course.

Now I don't know if it's wise to "invest" in namecoin, because add-ons to Bitcoin (like colored coins / mastercoin etc) could provide similar functionality. We don't know yet if there will be a standard.
So , If i was looking into making a website for trade and barter with feedback and voting system, basing it on a co-op..And i wanted to support good ideas, Then namecoin would be something worthy of considering?





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Originally Posted by herzmeister View Post
That's a non-issue, everything is still in the very early stages. Remember there can only be a limited amount in any crypto-currency, otherwise they would never gain any value at all in the first place. So there would always be a race. Teething "problems". Any crypto-currency that would turn out to be the most dominant, even if it is Litecoin, will have this "problem".

I guess Litecoin is rallying lately rather because of the Senate hearings about Bitcoin, and how much they intend to "regulate" and "control" it. It's maybe good to have 2-3 altcoins as a fallback, but in principle, the same regulations would apply to Litecoin as well. If it's technically feasible to enforce those regulations is another question. Maybe we're gonna have a whack-a-mole scenario with altcoins.
Agreed , its early stages, but i think its an age old argument between the keynseyen and austrian economics where with a fiat people will spend and with real money people will save and speculate..
I can see a problem when crypto currencies become just a tool for speculators/investors rather than a means of exchange for tangible goods and services, other wise no one would produce or do anything.
I made more money sat here buying low and selling high in the last week than i would fixing cars

Litecoin does seem alot more stable I would much rather spend my litecoin than bitcoin for sure, but the price will inevitably go much much higer in regards to fiat..I think though that litecoin has a future like silver has to gold, gold is for saving and silver for spending.
Anyidea why bitmit closed down btw?

I think those hearings about silkroad are today?
I cant see a problem, even if they ban them it wont stop them, if anything they will be even more desirable and valuable
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Old 18-11-2013, 12:55 PM   #505
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Originally Posted by hans gruber View Post
The problem with Bitcoin, its not an official currency.
Thats a problem is it?


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Old 18-11-2013, 01:27 PM   #506
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Originally Posted by h2pogo View Post
So , If i was looking into making a website for trade and barter with feedback and voting system, basing it on a co-op..And i wanted to support good ideas, Then namecoin would be something worthy of considering?
If your website doesn't do anything "dangerous" or illegal, I recommend you just put it out in the web as usual, so you can reach every user out there, under a normal top-level-domain like .com, .net whatever.

If you just want to support the idea of dotbit/namecoin you can additionally just buy (with namecoins) and register a .bit domain and let it point to your website, so you have both mywebsite.com and mywebsite.bit -- with .bit alone you'd lock out too many casual users (who are not tech-savvy enough or too lazy to install namecoin or configure a DNS proxy for it) I'm afraid.

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Anyidea why bitmit closed down btw?
No definite reason has been given it seems. https://bitcointalk.org/index.php?topic=326343.0

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I think those hearings about silkroad are today?
About Bitcoin, yes.

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I cant see a problem, even if they ban them it wont stop them, if anything they will be even more desirable and valuable
Not at first, but in the long-term, eventually.
I don't think they want to stop it anyway, they want to regulate it, make it easier to be monitored, want it to do away with anonymity and privacy, and profit from it. See CoinValidation.

It really makes no sense to try to centralize something decentralized, all that mining stuff would become superfluous and meaningless, all attempts to centralize crypto-currencies are laughable, why don't they issue their own centralized govcoin in the first place instead and see how well it will fare...
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Old 18-11-2013, 01:51 PM   #507
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Originally Posted by herzmeister View Post
If your website doesn't do anything "dangerous" or illegal, I recommend you just put it out in the web as usual, so you can reach every user out there, under a normal top-level-domain like .com, .net whatever.

If you just want to support the idea of dotbit/namecoin you can additionally just buy (with namecoins) and register a .bit domain and let it point to your website, so you have both mywebsite.com and mywebsite.bit -- with .bit alone you'd lock out too many casual users (who are not tech-savvy enough or too lazy to install namecoin or configure a DNS proxy for it) I'm afraid.
So, just hypotheticly If some members of this co-op wanted to branch of and do some thing that might not be %100 legal a .bit domain as a sister site would work to keep things away prying eyes?

I have some namecoins i might just get a .bit domain to see what its about, and try the forum to see if anyone wants to develop this idea i have, computer stuff is way over my head


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No definite reason has been given it seems. https://bitcointalk.org/index.php?topic=326343.0



About Bitcoin, yes.



Not at first, but in the long-term, eventually.
I don't think they want to stop it anyway, they want to regulate it, make it easier to be monitored, want it to do away with anonymity and privacy, and profit from it. See CoinValidation.

It really makes no sense to try to centralize something decentralized, all that mining stuff would become superfluous and meaningless, all attempts to centralize crypto-currencies are laughable, why don't they issue their own centralized govcoin in the first place instead and see how well it will fare...
I cant see how regulation will work, they are having a laugh or out their depth i think.
The beauty of this crypto currency is it would seem people are free to choose who they do bussiness with, I just had a scan of the coinvalidation idea, it kind of works both ways
I am hopeing crypto currencies enable people to have an option where they can take their bussiness else where away from the controll freaks
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Old 18-11-2013, 03:20 PM   #508
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Again everyone fails to see the wider picture here, if this currency gains value via profit over the Earths essential resources, then it is fighting against it and everyone creating that wealth, any true currency travels along with the environment/immediate and never rises in value, because it cannot, it follows along from what is produced from the immediate environment yearly.

The hoarding and stealing will always continue and create the mountains immemorial that is creating global greed, it really is that simple.

I calorie used is one calorie spent by the person creating the things we need to survive, as we are many are creating the energy but not getting it back as nature does.

Only entities standing to loose out to the corruption of labour will not think otherwise.

We all know who we are and what we are creating for our children.
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Old 18-11-2013, 04:29 PM   #509
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Right now bitcoin is new and is the wild west of currency's but soon it will stabilize as the total volume of bitcoin is restricted to 21 million and not a single byte more. The fed have 1.5% that they declare from there raids, is 1.5% of a market holding enough to manipulate that market, what if the fed went about buying more bitcoin to inflate the price then dumped it for profit and kept doing it infinitum? They would increase and speed up the inflation of the U.S dollar cos there dumping dollars onto the bitcoin markets??
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Old 18-11-2013, 04:45 PM   #510
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Originally Posted by h2pogo View Post
I got my bitcoin by cash in the post and by selling orgonite i make on bitmit(ebay for bitcoin)..
Unfortunatley since the price of BTC went over $100 i havnt sold anything and bitmit has just closed down Which to me is the first sign the bitcoin experiment is failing as a money, as its becoming too speculative, ie no one wants to part with it..
But now there is litecoin to overcome this problem..I hope.

I sold my silver to buy a house ( debtfree) I have some left but will sell to renovate the house when the time comes..

What i have learned fiat is still nesecary for certain transactions but if you dump it and the banks, become your own bank..Its much better

Edit...Bitcoin is now around $600 and litecoin made 50% just last night..
Good for you. The price of silver is also free fall right now

The end of bitmit as well

...and we now have 'namecoin' too? How confusing.

Last edited by elshaper; 18-11-2013 at 04:48 PM.
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Old 18-11-2013, 05:04 PM   #511
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All chasing currencies that will all cease to exist when real cash disappears, and the greater nothings engulf all global labour, am I the only one who can see this
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Old 18-11-2013, 05:52 PM   #512
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Old 18-11-2013, 07:01 PM   #513
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It's like a modern day digital gold rush going on at the moment. Everyday I've woken up this last week, the first thing I think is to check the Bitcoin price and think "please don't have crashed while I've been asleep", phew it's still rising, then I check Bitcoin news, I think I need to sort my life out and stop watching this thing too closely, it's not healthy. I think I need Bitcoin rehab, but it's like watching the evolution of money away from state control in real time that I can't resist taking a peep or two at what's going on.
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Old 18-11-2013, 08:27 PM   #514
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CSPAN Live Senators talking shit about crypto currencies..

http://www.c-span.org/Live-Video/C-SPAN3/

Really hypocrytical that lot talking about crime.
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Old 18-11-2013, 08:43 PM   #515
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It's like a modern day digital gold rush going on at the moment. Everyday I've woken up this last week, the first thing I think is to check the Bitcoin price and think "please don't have crashed while I've been asleep", phew it's still rising, then I check Bitcoin news, I think I need to sort my life out and stop watching this thing too closely, it's not healthy. I think I need Bitcoin rehab, but it's like watching the evolution of money away from state control in real time that I can't resist taking a peep or two at what's going on.
my last couple of weeks have become like that..staying up late to see if the Chineese are buying..Pretty sad really becoming obsesed with numbers on a screen, i even started speculating on the exchanges, some thing i always frowned on gambling and speculating, but fuckit i need some money and its making more than a days graft does which i dont have..
But it was nice this morning waking up to see the price of litecoin, i went a bit mad last night buying cheap litecoin with bitcoin and yeeeeefooking ha

But the speculating is intresting ..I beleive this is the first genuine digital unregulated freemarket place that has ever existed?
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Old 18-11-2013, 09:00 PM   #516
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my last couple of weeks have become like that..staying up late to see if the Chineese are buying..Pretty sad really becoming obsesed with numbers on a screen, i even started speculating on the exchanges, some thing i always frowned on gambling and speculating, but fuckit i need some money and its making more than a days graft does which i dont have..
But it was nice this morning waking up to see the price of litecoin, i went a bit mad last night buying cheap litecoin with bitcoin and yeeeeefooking ha

But the speculating is intresting ..I beleive this is the first genuine digital unregulated freemarket place that has ever existed?
Yeah seeing Litecoin double in price this morning was a shock, Max Keiser posted on his Twitter today that his target on Litecoin is $50 and how he is going to be interviewing someone on a show who is big in the Litecoin arena. I wasn't holding any Litecoin, made a nice amount of Bitcoin earlier in the year when Mt Gox teased us saying "soon" on adopting Litecoin.

Yeah it is close to gambling, but most of us are playing with massive gains anyway, so it is a bit different in that sense. Just don't go and use Satoshi Dice or similar in my opinion, that's no different to normal gambling.

Yeah I think it is the first digital freemarket place, up to now anyway, I've never had to show ID yet, but I think that is going to be a requirement now with every service to be honest listening to this CSpan. I think it is pretty much what I expected with the Cspan talk at the moment. Not too bad and they acknowledge at least that there are legitimate uses.
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Old 19-11-2013, 06:33 AM   #517
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The problem with Bitcoin, its not an official currency.
Wow how insightful. Thanks for sharing!
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Old 19-11-2013, 09:13 AM   #518
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The problem with Bitcoin, its not an official currency.
Doesn't need to be. ' Legal Tender ' is whatever 2 parties agree it to be.

Subject to common sense, Ie joe public not trading dangerous plutonium as the tender etc.


So 2 parties can agree to use all sorts of items as their agreed tender etc.

That's how it is in international law, anyhow. Whatever the 2 parties agree upon.
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Old 19-11-2013, 09:18 AM   #519
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I suppose the US could prohibit it's use by law, IF they see it a threat to the National Security of their nation .IE any long term dollar devaluation or something, which may be seen to have a negative impact on the nation and it's people .

Then, and perhaps, that's why it's eyes on China, to see if they will use it long term.

Although with China holding lots of dollar debt I'm not sure it would be in their best long term interest either to allow it to become worthless. ?
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Old 19-11-2013, 11:29 AM   #520
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I just checked it and Bitcoin had hit a high of $900!
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