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  • Gareth Whitehouse

    i am going to start a currency then i will call pocket fluff coin and you can only mine it out of the pockets of complete idiots at a full moon and it is worth load honestly it is. this will just end up like the tulip crash the only thing is you cant eat computer parts and imagination land currencies

  • Jesbus

    "Each time bitcoins change hands, so does a transaction history encoded in a string of characters. This “hash value” or digest can be decoded by anyone with sufficient computer power and time to devote to the effort."

    That sounds like an attempt to oversimplify which resulted in just not being accurate.

    "If any single person or group controlled a majority of computing power in the network, they could rewrite the transactions to take your money."

    1. You don't necessarily need a majority of computing power in the network, it's just that when you have 50% of the computing power, the chance that your attack will be successful is 50%.
    2. When your attack is successful, the only thing you can do is reverse transactions that happened about an hour ago or less. You can never steal someone's money, unless they received that money less than an hour ago from you.
    I'm not going to get into the technical details here, but you need exponentially more computing power to reverse transactions that happened further in the past. To reverse a transaction that happened a day ago, you need more computing power than all the world's supercomputers combined.

    "... rumors that Bitcoin was creating an online Hamsterdam where anonymous users could sell drugs and lord knows what else, ..."

    It's not Bitcoin that's creating these markets, they already existed. Bitcoin is just being used in them, just like any other currency is. These markets are part of human behavior and will exist with or without Bitcoin.

    "But PayPal has refused to convert bitcoins to cash..."

    There's no such thing as 'converting bitcoins to cash' or 'converting cash to bitcoins'.
    If you have cash and you want bitcoins, you'll have to find someone who has bitcoins and is willing to sell them, and vica versa.
    Sellers of Bitcoin refuse to use Paypal because of Paypal's chargeback mechanism, which creates giant charge-back-fraud risks for merchants using Paypal.

    Bitcoin isn't only about the currency units 'bitcoins', it's also about the network and the possibilities that this system creates, which stretch way beyond just exchanging currency. One example is: with the Bitcoin network you can prove that you had a certain piece of information at a certain time, without revealing it, and without the need for anyone to trust anyone else. Before Bitcoin, this was an incredibly hard thing to do.

    • Jesbus

      In short, saying 'Bitcoin is a scam' is ridiculous

  • Corto Maltese

    I can't understand this: (The decoders earn a 50-bitcoin bounty for their work.)