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How To Use Bitcoin – The Most Important Creation In The History Of Man

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michaelsuede

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michaelsuede
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Libertarian News reports:

Recently I wrote an article entitled The Most Dangerous Creation In The History Of Man. The article covered the emergence of Bitcoin; an electronic peer-to-peer currency that has no central banking server, is untraceable, and essentially can not be taxed through coercive measures. The article makes the point that if a currency can not be taxed and controlled, eventually it will topple the coercively funded fascist control grid you call the modern State. Read more about it in this Bitcoin forum post that explains it in more detail.

I’ve received several requests for more information about how people can put Bitcoin to work for them. Most articles on Bitcoin, and even the Bitcoin site itself, don’t give a clear top to bottom description of how common users of Bitcoin can put the currency to use.
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The article goes on to explain how to use the new currency and why it is superior to all other currencies in existence.

This will change the face of the planet.
 
Ah geez. Of everyone who might have introduced bitcoins, did it have to be you?

Bitcoin is a good contender for internet cash. Tokens are limited and hard to forge, and the system of trading them is user-friendly, decentralized and (can be) anonymous. There's any number of digital money systems which sacrifice one of the three, but Bitcoin's the first implemented scheme which does a pretty good job of all three at once. It's easy enough to use, it's not likely to fold overnight (decentralization means no single point of failure), and the difficulty in tracking it means it's difficult to stop at the ISP level as well.

The result can be, imo, used to power an economy on the far side of the internet - where resides darknets and anonymous networks like Freenet, tor and i2p. Currently the only real economic activity going on there heavily involves drugs and stolen credit card info. Bitcoins might give it some legitimacy.

In practical usage, that means using bitcoins for the purchase of money/goods/services will be made illegal as soon as drugs dealers and money launderers find enough bitcoin users to run their respective operations at a noticeable rate. Which I think is fine - for reasons I won't bother to elucidate here, the introduction of an internet-only currency scheme would come at a net benefit.
 
Moar like facepalm. The problem with liking fringe ideas is that there's often some nutjob who likes it even more, and is very vocal about how it will, well, "topple the coercively funded fascist control grid you call the modern State."

It won't.

It's a neat concept with an interesting economic niche already waiting for it. That's all. No revolution today, move along.

The most important creation in the history of man, by the way, was probably domestication. Hard to find time to implement cryptographic currency systems when you've got all that hunting and gathering to do.
 
michaelsuede said:
Libertarian News reports:




The article goes on to explain how to use the new currency and why it is superior to all other currencies in existence.

This will change the face of the planet.
Click to expand...

Soo.. It just a kind of online money like the online money on the Playstation network? And like these form of money you have to buy it with real money and thus it is backed with real money. (or can you get bitcoins without using money?).
Only because it is not on a secured server it is very fraud sensitive. Are the bitcoins on the others computer bought with money or did he hack his file to up his amount?
 
michaelsuede said:
Libertarian News reports:




The article goes on to explain how to use the new currency and why it is superior to all other currencies in existence.

This will change the face of the planet.
Click to expand...
I see a number of problems with the implementation of this system, notably it isn't credit card friendly, mac, android or iphone friendly, let alone all the other phones that do banking now-friendly.

I've posted at various times about these types of possibilities arising, and knocking state sponsered currencies out of the ball park. It's really a matter of when, and how, the consumers of the world decide to take this matter into their own hands.

More importantly, from that article I don't see it forming a true trans national currency. Is that correct? So if you buy bitcoins in USD, you have bitcoins with a floating future value relative to USD as well as other currencies and commodities?
 
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Just give us your real money and you can be part of the toppling of those evil economies.

Yeah, i won't be turning in my Canadian dollars just yet.
 
The money is "manufactured" on the computers themselves, in exchange for donating processing power to the validation of transactions (as I understand it). The group network validates each other, so if someone hacked the bitcoin count on their own machine, others would immediately catch it.

My problem with it is as the money supply increases towards the hard limit, the value of each new bitcoin diminishes. This gives most of the wealth in the system to early adopters, which says to me that even if it becomes popular it's primary purpose will be to enrich its founders.

ETA: Not to mention those accumulating bitcoin have not created any wealth for it to represent.
 
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Bitcoin: The fiat currency for those who cry out for a return to the gold standard!
 
michaelsuede said:
Libertarian News reports:




The article goes on to explain how to use the new currency and why it is superior to all other currencies in existence.

This will change the face of the planet.
Click to expand...
Wouldn't it be more transparent to say "I wrote an article on my personal web page" and "I go on to explain..."?
 
Yeah, right now the "value" is based entirely on market speculation, with all the nuttery that libertarian greed can impart.

I had a small bitcoin service running for a while, but postponed it when the worth of a bitcoin increased 10x overnight. We won't see any real use of bitcoins until the bubble bursts and the perceived value stabilizes. This may need to happen multiple times.
 
mhaze said:
I see a number of problems with the implementation of this system, notably it isn't credit card friendly, mac, android or iphone friendly, let alone all the other phones that do banking now-friendly.

I've posted at various times about these types of possibilities arising, and knocking state sponsered currencies out of the ball park. It's really a matter of when, and how, the consumers of the world decide to take this matter into their own hands.

More importantly, from that article I don't see it forming a true trans national currency. Is that correct? So if you buy bitcoins in USD, you have bitcoins with a floating future value relative to USD as well as other currencies and commodities?
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It's iPhone friendly.

I can stand at a checkout counter, open up a browser on my iPhone, and send payment from my browser in less time than it takes to swipe and sign a credit card.

But that aside, there is no reason why devices can not be manufactured to make transactions even faster than that.

Credit cards were invented to access bank accounts.

Other cards will be invented to access Bitcoin wallets.

Private exchanges can be setup by anyone in any country to exchange any currency for Bitcoins.
 
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uk_dave said:
Absolutely! The irony is deep with these liberterian types.
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I think they only want to avoid taxes, which this will not achieve. If the currency has value and you are exchanging it, then that exchange is taxable, whether the currency is gold, USD, chickens, or rice. The misconception that bartering avoid taxes is just one Wesley Snipes away from costing someone a lot of money. Real money, not chickens.
 
michaelsuede said:
It's iPhone friendly.

I can stand at a checkout counter, open up a browser on my iPhone, and send payment from my browser in less time than it takes to swipe and sign a credit card.

But that aside, there is no reason why devices can not be manufactured to make transactions even faster than that.

Credit cards were invented to access bank accounts.

Other cards will be invented to access Bitcoin wallets.

Private exchanges can be setup by anyone in any country to exchange any currency for Bitcoins.
Click to expand...

You are correct, I would take exception to the comment about opening a browser. That is slow and a bit iffy depending on reception where you are standing or where you are geographically. For example I've seen truly terrible Iphone reception at many places between San Francisco and Los Angeles.

Also, there are obvious security issues with iphones and androids.

So the credit card-->bitcoin is basically the fix, or some native phone app like the people in Korea has that lets the directly access banks.
 
michaelsuede said:
It's iPhone friendly.

I can stand at a checkout counter, open up a browser on my iPhone, and send payment from my browser in less time than it takes to swipe and sign a credit card.

But that aside, there is no reason why devices can not be manufactured to make transactions even faster than that.

Credit cards were invented to access bank accounts.

Other cards will be invented to access Bitcoin wallets.

Private exchanges can be setup by anyone in any country to exchange any currency for Bitcoins.
Click to expand...

So you can get all the convince of money, and all you have to do is take your real money, turn it into fake money, learn to use the fake money system, have one of those devices handy, and hope that the place your going to does too.

Where do i sign up? www.reinventthewheel.com i assume?
 
Dr. Keith said:
Bitcoin: The fiat currency for those who cry out for a return to the gold standard!
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A fiat currency is one that is enforced by government decree and backed by nothing.

A market currency is one that people voluntarily chose to use.

Historically market currencies have been commodities based because this means they can not be infinitely reproduced.

Bitcoins meet all the qualifications of a gold standard and then some.
 
sadhatter said:
So you can get all the convince of money, and all you have to do is take your real money, turn it into fake money, learn to use the fake money system, have one of those devices handy, and hope that the place your going to does too.

Where do i sign up? www.reinventthewheel.com i assume?
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You act as if the dollar is "real" money, when in fact bitcoins are more "real" than dollars.

The Fed has a printing press.

Bitcoin production will top out and no more coins will be able to be produced.

Bitcoins take real energy and time to produce.

Dollars do not.
 
Bitcoins meet all the qualifications of a gold standard and then some.
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Well, except the "gold" part.

Regarding the time issue, transactions (in my experience) usually take about fifteen minutes to complete. They appear almost immediately, but it takes a bit of time for other machines to process and confirm the transfer, which you need for it to be valid. So it's currently not really debit-card-swipeable at this point in time, though with a large enough number of clients, maybe one day. For buying **** on the internet it's fine though, and for face to face purchases actual money works better anyway.
 
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