The Bitcoin Tracking Thread

[Ares]

Btw, I never said anything like that, or eluded to it.

Whoever figures out how to compromise it would never be so stupid.

They could double their dough by doing it slowly as they've done in the past with commodities.

My apologies then. I thought somewhere in this long thread of back and forth that I saw that it could just be shut down. In any regard, the biggest threat is them buying large portions of bitcoins through the exchange then dumping them on the market all at once. But at the same time that could result in a blow back. I imagine there are quite a few people who are wanting to buy Bitcoins but at 200-250 a coin feel it's too expensive. If there were a significant drop I have a feeling a lot of people would buy in. Myself included.

[Jewboo]

The protocol itself is set in "stone" so there are limitations on what can be changed or updated. Enhancements to the wallet, like maybe you want to add an automatic backup feature, that's allowed.

The way the system works it would be entirely impossible for someone to modify the code to divert coins into ones wallet. When you make a change or "mine" coins each coin has to get the approval of all nodes on the network to make sure that it is what it is. The same way a transaction occurs, it has to be approved by all the nodes on the network in order for the transfer to take place. If you have a bitcoin / litecoin wallet, you'll get a payment. It shows up on an "Unconfirmed" field. Then once it has been verified it ends up in your wallet and is valid. It can take about 5-10 minutes (depending on network speed) to verify the transaction. All those miners mining bitcoins are also the ones verifying all the transactions. So you would have to deceive every single one in order to create fake coins, or to transfer authorized coins.

https://www.farmersmerchants-bank.co...al_auditor.jpg

"Approve" and "Verify".

Again...if our Bitcoins get stolen or mysteriously disappear from our Bitcoin Wallet WHO do we call? Is there an 800 number? Online audit trail?

These somebodies apparently have authority to "approve" and "verify" but can they also be held responsible for loss and contacted?

[Ares]

https://www.farmersmerchants-bank.co...al_auditor.jpg

"Approve" and "Verify".

Again...if our Bitcoins get stolen or mysteriously disappear from our Bitcoin Wallet WHO do we call? Is there an 800 number? Online audit trail?

These somebodies apparently have authority to "approve" and "verify" but can they also be held responsible for loss and contacted?

Learn networking Book, there is no one for you to call. If you lose a bitcoin, wallet stolen, destroyed in a fire, laptop / desktop stolen you're fucked. There is no one approving, verifying anything. It's computer hardware running cryptographic algorithms to approve, verify transactions and mined coins to insure the integrity of the currency and network. Securing your wallet is up to you. The state and its benefactors like banks cannot help you here.

Personal responsibility, yeah I know. Pretty dangerous stuff.

[Shami-Amourae]

Online audit trail?

There is the block chain, where you can see all the transactions. For example, a popular Bitcoin supporter is BrotherJohnF. His Bitcoin address is the following:
[code]1KDMja8Jwf2E42zp7KoK6ypmT5c36yNx7E[/code]

You can see transactions BrotherJohnF has engaged in with this block chain search:
https://blockchain.info/address/1KDM...6ypmT5c36yNx7E

You can search the block chain and see all his transactions. He purposely chooses to keep this address tied to his wallet. He can also set things up where he generates a new address for EVERY transaction he makes, thus making him completely anonymous. Basically if a thief is dumb enough to use the same address, as the Bitcoin wallet he/she steals from, then there is a trail and the thief can be caught, but I think thieves aren't THAT stupid.

[Jewboo]

Learn networking Book, there is no one for you to call. If you lose a bitcoin, wallet stolen, destroyed in a fire, laptop / desktop stolen you're fucked. There is no one approving, verifying anything. It's computer hardware running cryptographic algorithms to approve, verify transactions and mined coins to insure the integrity of the currency and network. Securing your wallet is up to you. The state and its benefactors like banks cannot help you here.

Personal responsibility, yeah I know. Pretty dangerous stuff.

Ares...while writing my last post you since posted some really eye-opening realities that now only confirm my skepticism about Bitcoins: Theft without any audit trail. Poof.

[Horn]

Wish you success, Ares.

If I knew more about the ins & outs I might trust it enough one day to also. I think, I'm too earth an astrological sign, or something? All you friggin fire/air people will reap the benefits, and when I get in there it will be doused mud.

The codes themselves & mining in electrical fields, makes one get all philosophical about Gold and Silver, like was it the answer that they all reached when finished mining?

[Ares]

Ares...while writing my last post you since posted some really eye-opening realities that now only confirm my skepticism about Bitcoins: Theft without any audit trail. Poof.

There's always the block chain, that is if the thief is stupid enough to use the same address to make purchases then yes it can be followed. What good it will do you is uncertain. The state knowing that BTC's are a threat to its existence probably won't really work all that hard on getting your wallet back.

[Jewboo]

There's always the block chain, that is if the thief is stupid enough to use the same address to make purchases then yes it can be followed. What good it will do you is uncertain. The state knowing that BTC's are a threat to its existence probably won't really work all that hard on getting your wallet back.

http://images.nymag.com/news/crimela...0614_1_560.jpg

Exactly. Bitcoins go missing within the "computer hardware running cryptographic algorithms" and nobody else cares.

Poof. Bitcoins gone.

[Shami-Amourae]

If I knew more about the ins & outs I might trust it enough one day to also. I think, I'm too earth an astrological sign, or something? All you friggin fire/air people will reap the benefits, and when I get in there it will be doused mud.

The codes themselves & mining in electrical fields, makes one get all philosophical about Gold and Silver, like was it the answer that they all reached when finished mining?

In general people who are younger, and more tech/computer savvy are the ones adopting this stuff with open arms. I don't think thats from naivety, but, rather familiarity and trust of the code/technology. I do recognize Bitcoin or any cryptocurrencies can go to 0, and so I will always want to have Gold/Silver. The problem with Gold/Silver is you can't transact them online with ease like you can with Bitcoins, and keep the same anonymity (if you choose.) I prefer having a code memorized in my head of how to decrypt my currency, and travel freely, than have physical anything, but that's based on preference. This entire issue splits the entire Gold/Silver community in half. If you notice it's more of the Silver people who like Bitcoin and more of the Gold people who think it's nutty/dangerous. I think there is something to that.

My point is that I think there is a place for both, and to not rule out either. If Bitcoin crashes, it may just crash all the way down to $150, or something like that, which really isn't a crash but a correction. If it crashes to 0 it will because another cryptocurrency has taken it's place, which is why I hold Litecoin almost exclusively now, and recommend that to others as the way forward since I believe the protocol is superior to that of Bitcoin. I have no idea if I'm right about that though. It's an educated guess.

You can still store you wealth in Gold/Silver, and when you need to, sell them for a cryptocurrency and do online transactions ALL while staying out of the banking system. The ultimate point of this is to be free of the money changers.

[Horn]

Don't you think they would of shut down bit-torrent networks by now?

I think Bittorrent has an alt. effect of spreading Hollywood & Microsoft into previously untapped markets.

Most of it gets tapped at the civil level once a fledgling company, or movie rental takes hold. .gov/insurance co. steps in & caps it off again.

I'm a terrible seeder, I'm sorry. I just get my stuff then leave, really I'm terribly sorry

One would be nothing without the other.