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  #201  
Old 19.01.2015, 10:10
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Re: Bitcoin paper presented to Swiss parliament

I heard bitcoin was dead anyway, no?

Can we now finally close this thread?
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  #202  
Old 19.01.2015, 12:51
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Re: Bitcoin paper presented to Swiss parliament

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I heard bitcoin was dead anyway, no?

Can we now finally close this thread?
Tick where applicable:

1. Intellectual discourse offends me.

2. The internet is full!

3. $3B market capitalization? See, I told you it was dead...
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  #203  
Old 19.01.2015, 21:14
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Re: Bitcoin paper presented to Swiss parliament

I'm bored- unemployed, which is why I'm posting this but if Bitcoin can now be 3-D printed- who is monitoring for counterfeit? How do you know if you have a real Bitcoin? https://www.youtube.com/watch?v=S1z_YLIVLL0
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  #204  
Old 20.01.2015, 14:16
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Re: Bitcoin paper presented to Swiss parliament

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I'm bored- unemployed, which is why I'm posting this but if Bitcoin can now be 3-D printed- who is monitoring for counterfeit? How do you know if you have a real Bitcoin? https://www.youtube.com/watch?v=S1z_YLIVLL0
Good question. A bitcoin wallet is defined by a public/private key pair (a couple of big unguessable numbers). The public key (actually a hash of it) is used to identify the wallet in the blockchain, the private key is used to sign transactions from the wallet (when you spend the money). The private key needs to be kept absolutely secret by the user; the famous hacks where people have all their bitcoins stolen is a result of the private key being copied by the thief.

When somebody makes a physical bitcoin, they generate a wallet as normal on a computer and send some amount to it (the face value of the coin). They then print the private key of the wallet on a piece of paper (usually as a QR code) and seal that in the coin. The public key hash is usually printed on the coin.

When you want to spend the coin, you break it open and scan the code. If you want to check that the coin has its face value in the wallet, you can look up the wallet address (public key) any time in a blockchain viewer.

Potential problems:

- It may well have a valid wallet address on the outside but how do you know that it actually contains a printout of the private key? (This is probably closest to your counterfeit worry).

- The manufacturer actually knows the private key (he had to populate the wallet and print the key). Even if the coin contains the private key, how do you know he won't spend the money before you do?

Bottom line:

You have to trust the manufacturer and this is totally against the bitcoin philosophy of trust-free contractual agreements. Physical bitcoins are nothing more than a novelty item and shouldn't be taken seriously. I think their biggest use is to get round the non-photogenic nature of bitcoins and piles of these things (almost certainly empty of a key pair) provide endless stock photographs for bitcoin articles.
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  #205  
Old 05.02.2015, 07:41
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Re: Bitcoin paper presented to Swiss parliament

Yup! Like I said they got him. "Companies that run bitcoin exchanges or funds will now have a host of new requirements: They will have to file quarterly financial reports, keep records for at least seven years, and maintain capital reserves (with the amount determined by the superintendent). Plus, any marketing will be required to come with a disclaimer that “virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject” to FDIC and other consumer protections." http://qz.com/339150/bitcoins-day-of-reckoning-is-here/
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  #206  
Old 10.05.2021, 20:03
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Re: Bitcoin paper presented to Swiss parliament

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being one of the first people that knew of bitcoin, i kinda regret not putting time into it. i've probably even lost $10'000 of bitcoins in a wallet somewhere.

i honestly thought that the chance of it being successful would be too small be be worthwhile investing in. i didn't think about the short term speculation potential. in the end, i still suspect bitcoin is likely to fail, but not without making certain people very rich.

even as recently as 2010, someone paid 10'000 BTC for a pizza - around $1.4m at current rates.
You've lost 10M of bitcoin
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  #207  
Old 11.05.2021, 01:22
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Re: Bitcoin paper presented to Swiss parliament

So, years ago, right at the beginning of Bitcoin I was advised on this forum again and again to invest.
I argued that it was a pipe dream, it was currency use for illegal activity, people would lose a fortune. etc..etc.

Now i tell people every week- my biggest mistake ever!!!!
I was so So SOOOOO WRONG!
Can I wind the clock back please?😭😭😭😭😭
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  #208  
Old 11.05.2021, 10:23
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Re: Bitcoin paper presented to Swiss parliament

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So, years ago, right at the beginning of Bitcoin I was advised on this forum again and again to invest.
I argued that it was a pipe dream, it was currency use for illegal activity, people would lose a fortune. etc..etc.

Now i tell people every week- my biggest mistake ever!!!!
I was so So SOOOOO WRONG!
Can I wind the clock back please?😭😭😭😭😭
There's no point wasting thoughts on worrying about the past - look to the future. What can you do right now? There are plenty of opportunities.

I had a semi-serious discussion yesterday about devoting our company's storage array (lovingly built by me) to mining to the 'proof of space' cryptocoin Chia (this is the reason you can't buy hard disks right now for any reasonable cost).

It would earn about $6000 a day (naively over 2 million a year), but the replacement cost for the content already on it is about a million (plus the loss of earnings due to that content during the time) and the total earnings would be way less than 2 million anyway, since Chia mining is increasing exponentially and the price isn't.

Still, if you've got some hard disks lying around doing nothing...
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  #209  
Old 11.05.2021, 11:16
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Re: Bitcoin paper presented to Swiss parliament

There are still plenty of opportunities in altcoins department out there. You just need to pick up something that is relatively inexpensive and HODL it e.g. ADA, XRP, XLM, ALGO, ZRX. You never know what these coins can be worth in the future.

Ironically, I only bought 100 x ETC for few hundred bucks at the beginning of the year 2021 giving it a go to an old forgotten Ethereum Classic token. Had I known about how it was going to be pumped lately to over $100 per coin, I would have bought more. I only made over $10k up to date. Silly huh?

Don’t think too much about fear of missing out on something that’s practically bygone but rather try to identify a new investment prospect. I believe there is enough to be chosen there from:

https://cryptoslate.com/coins/
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  #210  
Old 11.05.2021, 17:19
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Re: Bitcoin paper presented to Swiss parliament

Only 10K!
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  #211  
Old 12.05.2021, 11:26
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Re: Bitcoin paper presented to Swiss parliament

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You've lost 10M of bitcoin
No, he lost what it was worth at the moment he lost it and not a nickel more.

Similarly as if one had a stack of ~800k ETH (valued back in that days, say 1M US$) in a mutual investment vehicle under one's management grown from ~250k ETH in 6 months, that would in no way constitute, that one was single-handedly managing 3bn US$ with 900% CAGR.
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