silk road?

Joined: November 25th, 2003, 2:30 pm

June 12th, 2013, 3:02 pm #21

I've never been so confused by a thread
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Joined: May 13th, 2007, 10:59 pm

June 12th, 2013, 3:30 pm #22

It's a decentralised currency, effectively. Isn't it? So who/how are they issued. What's to stop me issuing my own Bit Coins?

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Joined: November 3rd, 2011, 8:20 am

June 12th, 2013, 3:39 pm #23

All you have to do is write the software from scratch, design the algorithms and set it loose. Easy as shit.
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Joined: May 19th, 2013, 2:28 pm

June 12th, 2013, 3:45 pm #24

It's a decentralised currency, effectively. Isn't it? So who/how are they issued. What's to stop me issuing my own Bit Coins?

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You can create your own if you want to put the effort and cost in.

Bitcoins are created by miners, which are essentially people who have invested in really powerful computer hardware which they then set off mining coins. Basically, the mining of bitcoins involves linking up to the bitcoin network which then assigns your processor with the task of solving extremely complex mathematical problems which uses a lot of power/electric and hardware strain. Once your computer has achieved a certain ration of these maths problems a new bitcoin is then added to the network/blockchain which you then own. There are a limit of 21 million bitcoins, which is hardcoded into the blockchain code. Once 21 million coins have been mind thats it. I think half have already been mined though so there are another 11 million or so left to be mined.
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Joined: May 13th, 2007, 10:59 pm

June 12th, 2013, 3:49 pm #25

I like the idea of being a Bit Coin propector. How much does that tech cost then? And does anyone know who the issuers are?

And surely at some point some genius with find a breach, no?

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Joined: May 19th, 2013, 2:28 pm

June 12th, 2013, 4:20 pm #26

"I like the idea of being a Bit Coin propector. How much does that tech cost then? And does anyone know who the issuers are?"

Not sure. Just google 'bitcoin mining rigs'

"And surely at some point some genius with find a breach, no?"

Possibly but I doubt it as bitcoin is a distributed technology much like bit torrents are. Eventually all new bitcoins need to be verified by the network which has the the largest most powerful combined computational power on the planet. It's something like 1674 petaFLOPS, and growing daily. You would need computational power in excess of that to break the bitcoin blockchain. In contrast the most powerful supercomputer in the world today is just under 55 petaFLOPS.
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Joined: January 6th, 2010, 2:37 pm

June 12th, 2013, 7:46 pm #27

This was the original basis for the model.

http://bitcoin.org/bitcoin.pdf

http://motherboard.vice.com/blog/who-is ... of-bitcoin

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Joined: March 31st, 2013, 8:18 pm

June 13th, 2013, 3:27 am #28

At the moment the spot price for 1 bitcoin is £70.24

PM when did you check this?
last night (pretty much bang on 24hrs ago actually) it was £69.--
i know it changes but is that normal? any idea of the range?
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Joined: May 20th, 2013, 4:19 pm

June 13th, 2013, 7:49 am #29

gist please.
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Joined: April 16th, 2008, 10:15 pm

June 13th, 2013, 8:40 am #30

At the moment the spot price for 1 bitcoin is £70.24

PM when did you check this?
last night (pretty much bang on 24hrs ago actually) it was £69.--
i know it changes but is that normal? any idea of the range?
It can change a lot and very quickly. It experienced a boom last month which a lot of people expected to be followed by a complete crash. While it did sink a bit, it seems to have stabilised. Either way, it can often be very dependant on the amount of press coverage it's getting.

http://bitcoincharts.com/charts/mtgoxUS ... 10zm2g25zv

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