Bitcoin P2P Cryptocurrency

Posted June 7th, 2010 by davehollis
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Bitcoin is a peer-to-peer network based anonymous digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Anonymity means that the real world identity of the parties of a transaction can be kept hidden from the public or even from the parties themselves.

Very cool

c-i-a 4 years 42 weeks 2 days 16 hours ago

I downloaded bc a week or two ago. I like the concept: a currency backed by cpu cycles! I haven't had much luck generating, but the whole point of currency is scarcity, right? This topic has a lot of potential, such as overflowing into the ramifications of cryptography for the liberty movement. My 2 bits (lame-ass pun intended) are that cryptography is as indispensable as free markets for a free society; free markets reclaim freedom of choice, cryptography reclaims privacy.

Even better than CPU cycles...

teppy 4 years 42 weeks 2 days 11 hours ago

Bitcoins operate in the context of a peer-to-peer network which dynamically adjusts the difficulty of your CPU discovering new coins based on the number of coins being found across the entire network. Already you can buy and sell Bitcoins for USD on a couple of exchanges; the system should eventually reach an equilibrium where Bitcoins' value are equal to the energy needed to discover them. So what they have created is a buyer-anonymous, seller-anonymous, counterfeit-proof currency with *energy* as it's base commodity. With this and a Tor (for instance) -based website, it should be possible to safely buy and sell any banned virtual or physical good.

Heroin Store

davehollis 4 years 42 weeks 3 hours 46 min ago

The ultimate shopping experience.....

Hate the Fed? Do something about it!

gavino 4 years 42 weeks 2 days 17 hours ago

Bitcoin is a way-cool idea; "open source currency" with NO central authority to screw it up. Backed by the mathematics of cryptography instead of the empty promises of bureaucrats. It just might be the next stable, worldwide reserve currency. It might be Yet Another Obscure Digital Currency. Or there might be some fundamental flaw in its design that hasn't been discovered yet. But in any case, it is VERY interesting!

Growing

Still 4 years 24 weeks 3 days 23 hours ago

Bitcoin is growing. There are dozens of businesses accepting bitcoin now. Over 30,000USD worth of bitcoins have been traded on the most active exchange in the last few days.

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