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Comment: Re:Pivotal point? (Score 1) 88

. it's not that good as a currency.

Me and my friends and family spend bitcoin all the time. I find it to be easier and more secure than credit cards. Businesses like them as well because they dramatically lower merchant fees. You will begin to understand it once you start using it.

Comment: Re:Purchase (Score 1) 88

It would be funny if the buyers used them to buy drugs.

I can pretty much guarantee this ... those investors just made between 3 to 4.5 million in a single day off their smart investment. Knowing how these institutional investors work there is plenty of coke, champagne, and women being purchased right now.

Comment: Re:Pivotal point? (Score 2) 88

Why? This has nothing to do with the technology itself, nor regulation or adoption of that technology, nor has the price been pushed up to anything beyond what it has been before. The government seized some assets, and then auctioned them off.

Many people feared that the market and demand for Bitcoin could not satisfy 30,000 or ~18 million dollars worth of coins being liquidated within a single day. Instead this auction proved both liquidity, fungibility and that their are many institutional investors sitting on the sidelines waiting to invest in Bitcoin but are looking for opportunities like these in order to invest in large sums of bitcoins.

Comment: Re:Value (Score 4, Interesting) 88

If bitcoin was trading at something like $600 beforehand, why would anyone bidding $450 be surprised that they lost out? If these bitcoin boosters are so firm in their belief that bitcoin is as fungible as any other currency, shouldn't they have bid at something like the going rate?

This was a test in the fungibility of Bitcoin. Some investors underbid in hopes that the hurdle of a minimum of 200,000usd deposit would lower competition and the demand would not be so fierce to be able to purchase 30,000 extra bitcoins in a single day.

What this auctioned has shown is that the market can easily take large amounts of bitcoin being liquidated and demand s so high that over 20 million dollars in investor money was brushed aside where they will have to turn to exchanges to satisfy their investments.

Comment: Re:Almost, but not quite (Score 1) 117

by codebonobo (#47210825) Attached to: Credit Card Breach At P.F. Chang's

I am going to stay ontopic rather than discuss all of your statements.

Bitcoin does solve the issue of being able to electronically pay people you may not trust, but so does PayPal.

Isn't the chargeback potential a risk under paypal not found for bitcoin? When someone gets paid the charge can be reversed at any time per Paypal's discretion. Thieves will buy bitcoins all the time on ebay with stolen paypal accounts and than the seller will be out all the money when paypal reverses the transaction. Additionally, isn't paypals security polices also a risk for the user unlike with bitcoin where you can trust the mathematics and network which is immune from many traditional attack vectors?

Comment: CC Fraud vs Bitcoin (Score 1) 117

by codebonobo (#47208481) Attached to: Credit Card Breach At P.F. Chang's

The thing I like about bitcoin is it allows the user to determine how secure or insecure they wish to be while with credit cards they are dependent upon multiple third parties security measures and the weakest link in the chain can expose you to fraud. I never had an issue with fraud in Bitcoin and have had multiple issues with fraud with debit/cc's where I needed to get replacement cards and was liable for the deductible.

When I pay a retailer with Bitcoin I don't have to worry about identity theft or my account being compromised.

Comment: Decentralized Black Markets (Score 1) 50

by codebonobo (#46821693) Attached to: How Silk Road Bounced Back From Its Multimillion-Dollar Hack

Decentralized Black Markets are being created and working proof of concepts are available.

All of these old darkmarkets mentioned in the OP are obsolete. Theft from the market owners will no longer be possible. Theft from sellers, while rare in past, will become even more rare with escrow mutisig authentications. Theft from governments shutting it down and stealing everyone's bitcoins like in SR1 will now become impossible.

DarkMarket: A decentralized peer-to-peer marketplace, which cannot be shut down. Anyone can start a node and join the network, buying and selling with their peers. With identity, reputation, seller pages, multi-signature escrow, private messages and privacy features.

Comment: Re:The internet does what? (Score 1) 1037

by codebonobo (#46675469) Attached to: How the Internet Is Taking Away America's Religion

So the internet is causing people to reject their silly belief that "there is a god" and replace it with an equally silly belief that "there is no god".

Get behind me, Internet!

Disbelief in god does not equate to active belief in a non-existence of a god. Most atheists are agnostic atheists where they simply withhold judgement as the burden of proof has not been sufficiently met.

What is ludicrous is the school of agnostic thought that claims that god is ultimately unknowable which is ultimately a solipsistic belief. There are some definitions of god that are indeed nu-falsifiable and untestable but there are many other ones which can either be tested or outright refuted because of logical absurdities.

Comment: Re:At last (Score 1) 273

by codebonobo (#46580995) Attached to: IRS: Bitcoin Is Property, Not Currency

What are the facts to support these claims?

For brevity I will narrow the examples down to what many American's are unaware of, a few examples off the top of my head where intelligence agencies work on behave of private interests within the US:

writings go into detail with corporate involvement and the military industrial complex.

"The CIA and the big corporations were, in my experience, in step with each other. Later I realized that they may argue about details of strategy - a small war here or there. However, both are vigorously committed to supporting the system."

Recent Snowden leaks shows this is still prevalent:

Comment: Re:At last (Score 1) 273

by codebonobo (#46580725) Attached to: IRS: Bitcoin Is Property, Not Currency

.....but I strenuously disagree that more than a very small percentage of people who have studied public finance would say that more than half of an average federal dollar is wasted.

Nowhere did I refer to my disagreement being with wasteful spending. The fact that I was talking about ethics and mentioned agorism should have made my point abundantly clear. Suppose there was no waste, would that make such duplicitous, unethical, hypocritical behavior any better? I understand many human societies and individuals aren't perfect. I don't expect a utopia, but many Americans have been drinking the kool aid for so long that they either don't see the overt hypocrisy , they are apathetic, or they rationalize their support which you seem to be doing.

If you feel so strongly that 11-20% of what you pay supports human rights violations or policies that are bad for humanity why do you do it? There are ways you can directly and indirectly support aspects of the government you agree with.

Or if you really think the US is irredeemable, leave. There are plenty of places on this planet that are better by many measures. But staying here, and quietly trying to get out of paying your taxes, telling yourself that you are taking a principled stand because 51% of your tax dollar is wasted, is bullshit.

Why are you assuming I am an American citizen or haven't already left? To those living in the US I would suggest leaving but I can certainly understand those that decide to distance themselves as conscientious objectors within the US.

Old programmers never die, they just branch to a new address.