Go Back   DreamTeamDownloads1, FTP Help, Movies, Bollywood, Applications, etc. & Mature Sex Forum, Rapidshare, Filefactory, Freakshare, Rapidgator, Turbobit, & More MULTI Filehosts > World News/Sport/Weather > Piracy/Warez/Legal/Hackers/Scams & Internet News

Piracy/Warez/Legal/Hackers/Scams & Internet News Anything Related to Piracy, Warez, Legal Matters, Hackers, Internet News & Scams and How it Affects Sites/Members Can Be Read Here. Please do NOT post links to other Sites, but you May Name Them if They are Scam Sites

IMPORTANT ANNOUNCEMENT
Hallo to All Members. As you can see we regularly Upgrade our Servers, (Sorry for any Downtime during this). We also have added more Forums to help you with many things and for you to enjoy. We now need you to help us to keep this site up and running. This site works at a loss every month and we appeal to you to donate what you can. If you would like to help us, then please just send a message to any Member of Staff for info on how to do this,,,, & Thank You for Being Members of this site.
Post New ThreadReply
 
LinkBack Thread Tools Display Modes
Old 04-06-13, 22:06   #1
 
Ladybbird's Avatar
 
Join Date: Feb 2011
Posts: 34,910
Thanks: 23,574
Thanked 12,735 Times in 8,571 Posts
Ladybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond repute

Awards Showcase
Best Admin Best Admin Gold Medal Gold Medal 
Total Awards: 6

Update Bitcoin Can Destroy/Bankrupt-US is Seriously in Debt>Loans From China

How it Works - from HTG


In its essence, bitcoin is a crypto-currency implemented entirely with open source specifications and software which relies entirely on a peer-to-peer network for both transaction processing and validation. We will briefly cover how this works (for more technical details, you can see the links at the end of the article), but we are primarily going to focus on the bitcoin economy itself.

A bitcoin is simply an SHA-256 hash (which is an extremely large number) in hexadecimal format. A person’s bitcoins are stored in a special file called a wallet, which also holds each address the user sends and receives bitcoins from as well as password/private key known only to the user, which is required before the bitcoins can be spent.

A bitcoin is spent/exchanged by initiating a transfer request from an address in the wallet of the payer to an address of the payee. A bitcoin address can be thought of as an email address (with bitcoin addresses being hashes instead of “readable” strings). A group of transactions (called a block) are broadcast to the bitcoin peer-to-peer to network for validation, which is tentatively completed once a single node generates a random SHA-256 hash with certain properties (starts with a specific number of 0 bits). Because an SHA-256 number is huge, the “search” for a suitable number requires an enormous amount of computing power – which is what the bitcoin peer-to-peer network provides.
When a suitable block hash is found, it is coupled with a nonce (a one-time number) and then broadcast to the peer-to-peer network. This resulting hash is then combined with the previous completed block hash along with the bitcoin(s) being exchanged, which creates a chain. This chain forms the “trust” of each bitcoin transaction, as each new transaction block is generated based on the unique hash of the previous. In fact, the entire history of every bitcoin transaction can be traced back through a single link chain.

As a reward for the node which generated the suitable hash, new bitcoins are created and/or any transactional fees are credited to the node’s address. The process of attempting to generate validation hashes is called mining, and it is the only way new bitcoins enter the economy.
Again, we want to be clear that this is a very simplified overview of how the bitcoin exchange works, but this gives a foundation for the topics we are covering in this article.


Transactional Security and Trust





By design, each bitcoin transaction is anonymous in the sense that only bitcoin addresses (hashes) are exposed. For additional anonymity, a bitcoin wallet can generate a new address for receiving future exchanges, hence making it very difficult, if not impossible, to trace every transaction performed by a particular individual.

As an additional security feature, the bitcoin transactional chain prevents bitcoins from being double spent. In order for a transaction to be undone, first the link in the chain which defines the target transaction would have to have a new hash generated, as well as every link after the target (as each transaction hash depends on the previous). Because the bitcoin network trusts the longest continuous chain and each suitable SHA-256 hash takes approximately 10 minutes to generate (more on this in a bit), an attack would require more computational power than all honest nodes… or an unheard of amount of luck. To ensure neither are feasible, a transaction block is not considered final until it is 6 links deep (which takes about 1 hour).


Bitcoin Mining

One very import aspect is the controlled rate at which block hashes are generated, which is called mining. By design this is, on average, every 10 minutes. However, because computing power in the peer-to-peer network can fluctuate as new nodes enter/leave the network and/or computational power of those nodes increase due to hardware improvements, the difficulty of the validation hash has to adjust accordingly.

To accomplish this, the bitcoin network adjusts the requirements for a “suitable” block validation hash. As we stated above, a block validation hash must have a specific number of leading zero bits, so in order to adjust the time on average it takes to generate a valid value, the number of leading zeros required adjusts accordingly. As more computing power is added to the processing network, the number of leading zeroes increases (making it more difficult to find a value).

Alternately, if the computing power decreases, the number of leading zeroes required decreases as well (making it easier to find a value).
Quite simply, the more nodes (or more specifically, the number crunching available) in the system, the harder a hash is to generate. Considering the SHA-256 hashes are generated via brute force, the mining process consumes an enormous amount of processing power.

Additionally, there is no guarantee that any particular mining node will ever generate a suitable hash (and, hence, collect the newly generated bitcoins and/or transaction fees) as it is simply “luck” that a particular node finds a suitable value first.

The rate at which bitcoins are rewarded is controlled as well. The system has a hard limit of ~21 million bitcoins. This limit will be reached around 2140. At this time, when miners are no longer rewarded with the creation of new bitcoins, the incentive will move solely to transaction fees.

It should be noted that mining is an extreme computational process that will quickly run up your electricity bill. So much so that current mining software doesn’t even run on CPUs because they are too inefficient. Rather, it uses GPU’s (down to a science) or specially designed chips. There are even custom-designed mining boxes. Mining is treated as big business and, unlike distributed computing networks, isn’t something you can simply repurpose your spare machine for.




An example of a custom built bitcoin miner. (Image by: Mirko Tobias)


Bitcoin Strengths

Anonymity and privacy

Perhaps the biggest strength of bitcoin is that it is virtually anonymous. Because bitcoin transactions are sent from hash address to hash address (which, recall, can be changed from transaction to transaction), it is possible for the two parties involved to be completely unknown to each other. For a somewhat comparable analogy, think of it as sending cash in the mail to a PO box where the return address is another PO box. Due to this aspect of bitcoins, it is very very difficult to build a profile of any single user. In many ways, with regards to privacy, it is better than cash.
Additionally, because there is no central processing authority (as the peer-to-peer network handles this), it is impossible to lock anyone out of the system.

No required transaction fees (for most transactions

Unlike when you use a credit card where the processor (e.g. Visa, Mastercard, etc.) charges a transaction fee which the merchant has to pay, bitcoin currently has no such required fees on most transactions. Because transactions are processed by the peer-to-peer network, which is rewarded by the system with the creation of new bitcoins, a reward for the processors (miners) is built-in.

So why would you choose to pay a transaction fee? Currently, the only practical reason would be to prioritize the block the transaction is included in. As stated above, a transaction is not considered “official” until it is 6 blocks deep, and when a transaction is being considered for inclusion in a block, a heavily considered factor is the transaction fee associated with it. Because mining (processing) is motivated by earning bitcoins, including a transaction fee is a sure way to bump up the priority of a particular transaction.





No governing authority (hence, not subject to easy taxation)

Quite simply, bitcoin is currently not recognized as an official form of money by any government, therefore any “payments” or “income” in the form of bitcoins are not taxable. You can think of it as a barter system where you don’t “pay” for something with bitcoins, rather you “trade” bitcoins for it. In the same sense that if you were to trade 3 apples for 3 oranges, the oranges you received are not taxed (practically speaking).
Admittedly, this is a very simplistic explanation (and the same could be said for cash transactions), but bitcoin has an advantage of not being recognized as actual money when it comes to taxation.

However, an important point to keep in mind is that if/when bitcoins are converted to actual currency (for example US Dollars), then the resulting income could be subject to taxation.

Bitcoin Weaknesses

Government Interference

Any time something new comes around and challenges the status quo, the government is going to get involved to make sure that things remain the way they are supposed to be. The fact is that the US government, and other governments, are looking into BitCoin for a variety of reasons, including some legitimate reasons like money laundering and terrorist funding.

Just in the last few days, the US government

**has started seizing some accounts from the biggest BitCoin exchange**.

More is likely to come in the future.

No monetary sovereignty

Perhaps the biggest weakness of bitcoin is that it is not a “recognized” sovereign currency, that is, it is not backed by the full faith of any governing body. While this could be seen as strength, the fact that bitcoin is a fiat currency which is accepted only on the perceived value of other bitcoin users makes it highly vulnerable to destabilization. Simply put, if one day a large number of merchants who accept bitcoin as a form of payment stop doing so, then the value of bitcoin would fall drastically.

Deflationary by design

A knock on the bitcoin design from an economic perspective is due to the fact that the number of bitcoins which will be generated has a hard limit of ~21 million. Inherently, this means the economy is deflationary by design, which can make it an ideal target for speculators and hoarders.

Although bitcoins can be spent in increments of .00000001 (meaning a single bitcoin is made up of one million “cents”), an economy where the supply of money cannot keep pace with the demand is very susceptible to recessions and depressions. For example, if speculators held a large percentage of bitcoins solely for the purpose of investment, those bitcoins are not cycling through transactions which means less money is available to change hands. When there is a demand for bitcoin transactions, but not enough currency in circulation to fill that demand, a recession occurs. Eventually, as more bitcoins end up in the hands of speculators, the economy will grind to a halt as no new bitcoins are able to enter the system (a depression). While this is not a foregone conclusion, is it certainly quite possible (and some economists may argue virtually inevitable).

Lack of recourse

The bitcoin network has no built-in protection mechanisms when it comes to accidental loss or theft. For instance, if you lose your bitcoin wallet file (think corruption or drive failure with no backup), the bitcoins held in that wallet are lost forever to the entire economy. Interestingly, this is an aspect which further exacerbates the limited supply of bitcoins.

Additionally, if your wallet file is stolen or compromised and the bitcoins contained within it are spent by the thief before the rightful owner, the double spending protection mechanism built into the network means the rightful owner has no recourse. Unlike if, for example, your credit card is stolen, you can call the bank and cancel the card, bitcoin has no such authority. The bitcoin network only knows that the bitcoins in the compromised wallet file are valid and processes them accordingly. In fact, there is already malware out there which is designed specifically to steal bitcoins.


Black market appeal

A central principle to the design of the bitcoin system is that there is no single transactional processing authority – rather this is handled by the peer-to-peer network as a whole. As a result, no single address or, more specifically, user can be locked out of the system. Combine this with the inherent anonymity of transactions and you have an ideal medium of exchange for nefarious purposes.
While this is not exactly a weakness in bitcoin, the unintended consequence of its usage for dubious purposes could be considered one. In fact, the US Treasury Department recently **applied money laundering rules to bitcoin exchanges**, no doubtedly, for this precise reason.


Subjects of Debate/Controversy

Here we are going to indulge a bit of controversy surrounding bitcoin. While these topics of conversation are interesting, most everything in this section is conjecture and should be taken with a grain of salt.

Enigmatic developer

The primary designer of the bitcoin specification is a “person” named Satoshi Nakamoto. Person is put in quotes here because it is currently unknown who this is. Satoshi Nakamoto could be an actual person, an internet handle, or a group of people, but nobody actually knows. Once their work of designing the bitcoin network as well as contributing to most of the open source software which drives it was complete, they essentially disappeared.

Extreme financial advantage for early adopters

As mentioned above, new bitcoins are generated on an average of every 10 minutes, which gives a decided financial advantage to early adopters who participated in the mining process. Because the difficulty of finding a suitable block hash scales with the amount of computing power, the fewer the number of miners there are, the better chance they have of being the recipient of new bitcoins. From here, simple deductive reasoning immediately leads to the conclusion that these early adopters (developers) could accumulate bitcoins at an extremely rapid pace which would be practically impossible once the bitcoin network garnered significant public attention.

“Pump and dump” scheme

Bitcoin has gathered enough attention to warrant an exchange between bitcoins and actual currency.
During the course of the several years it has been in existence, like any traded commodity, the “price” of a bitcoin has fluctuated.
However, bitcoin does seem to be quite susceptible to high peaks followed by almost an immediate drop (which you can see if you look at the price history over the course of a year).

Of course, this is not indicative that bitcoin is designed as a “pump and dump” scheme – as, again, any traded commodity could be subject to this – however, the pattern has certainly appeared many times over the relatively brief lifespan of bitcoin.

Conclusion

There is no doubt that bitcoin is an intriguing concept which has actually gathered some internet merchant acceptance.

Interestingly, one person is willing to accept bitcoin as payment for their home.

Whether or not bitcoin can stand the test of time remains to be seen, but the more attention it gets, the better it seems to catch on.

Links to Additional Information

Bitcoin Software
Bitcoin Wiki – Protocol and Technical Details
Bitcoin on Wikipedia
END


The final coins will be generated in 2140, not 2040, as reported on some sites

T
he last reported exchange rate is one Bitcoin to every US$65.05

Dreamteamdownloads1.com is not recommending you use BTC (Bitcoin), we are merely providing this explanation from HTG on how it works, but many businesses across the world are now using it.


Here is one that does recommend it:

Quote:
From "Volden"
May 16, 2013
I can only attest to the legal sides of bitcoin, but here's my story:
Firstly, I'm from an IT background (software development, system administration).
I have became familiar with bitcoins in 2010. I got involved in mining 1 year later, in 2011 with GPUs. I started to trade them as well, but not on a day-trader level,trading and mining is more like a hobby for me.

Forward time a bit, it's 2013 and now I accept bitcoin in one of my businesses (software development), I still mine, however I use ASICs now, and I still trade time to time.
I do pay my taxes after the income I make on bitcoin, and I would advise anyone involved to do the same.
There have been a surge of businesses accepting BTC in the past years and I find myself buying more and more stuff with it (domain names, vpns, dedicated servers, hardware, precious metals, software, donations, etc)
I would like to see more places to spend bitcoins though, I think it's good for businesses and customers as well.
I have experienced all the major corrections, and panic sells. Personally, I have not suffered loss (btw it's important to risk money what you afford to lose), I know that it can be frustrating to see the price fluctuate, but If you are in the long term it just doesn't matter. If it achieves wider adoption, the price will stabilize. In my experience these are still the early days and I'm optimistic about future improvements both in the protocol and the services built around it.
The bitcoin world has it's own risks, but there is also a huge potential. Among many, the payment system aspect is just amazing and works very well.
I think it's a truly revolutionary currency.


RELATED
:

Bitcoin Can Bankrupt America
__________________
Nil Carborundum Illegitemi My Advice is Free My Friendship is Priceless

FREEBIES Continue to be a BURDEN on Our Increasing Server/Privacy Costs. Please DONATE Something to HELP...PM an Admin for Further Info.



& Thanks to Those That Have Taken The Time to Register & Become a Member of ... 1...
Ladybbird is online now  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
Reply With Quote
Old 04-06-13, 22:12   #2
 
Ladybbird's Avatar
 
Join Date: Feb 2011
Posts: 34,910
Thanks: 23,574
Thanked 12,735 Times in 8,571 Posts
Ladybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond repute

Awards Showcase
Best Admin Best Admin Gold Medal Gold Medal 
Total Awards: 6

Oh Crap! Bitcoin Can Destroy the Bankrupt US=Defaults on Loans

How Bitcoin Can Bring Down The United States Of America

Rick Falkvinge on Infopolicy, 04 Jun 2013

(Rick is the founder of the Pirate Party)





Bitcoin represents a significant threat to the currency domination of the USA, which is the only thing propping up the nation’s status as a worldwide superpower.

Following the USA’s defaulting on all its international loans on August 15, 1971, the US trade balance has been maintained using a combination of military threats and telling people to buy US dollars just to fund the ongoing consumption of the USA. Where other world currencies have failed to challenge the USD, and therefore this mechanism of maintaining US economic dominance, bitcoin may succeed.

To understand this scenario, we need to understand just how bankrupt the United States of America is.
For some reason, most spotlights at the moment are pointed at the failing Euro; this is probably in part due to the fact that the US Dollar failed long ago, and is being kept alive by blowing up a bubble harder by the day. An ELI5 version can be found here (ELI5 meaning “explain it like I’m five”), but in a nutshell, the USA defaulted on its international loans following the Vietnam War, and has been borrowing more money to fund its extravagant consumption ever since. Since long ago, more money is now borrowed just to pay interest on the previous loans. Last year, the United States’ budget deficit was an astonishing 50% of the budget – for every US Dollar in revenue, two were spent. Remarkably, this isn’t discussed a lot – I imagine if it were, the US’ ability to pay back its loans would be called into question, something that would bring down the house of cards like a ton of bricks dumped on top, so nobody is really interested in rocking the boat too much. After all, everybody is sitting on USD reserves that would become worthless overnight if that were to happen.

The United States started its money printing presses on August 15, 1971, and has kept them going ever since. Just in 2011, 16 trillion dollars – that’s trillion with a T – were printed to prop up the US economy. How much is that in perspective? It’s slightly more than the US gross production combined. For every dollar produced of value, one more was printed out of thin air, in the hope that somebody would buy it. And people do. That’s the thing – there is a key mechanism here that forces people to keep buying US dollars.

The United States is kept alive as a nation by the fact that if anybody wants to purchase goods from another nation, like China, they first have to buy US Dollars from the USA, then exchange those USD for the goods they want in China. That, and the fact that this results in all countries buying tons of USD to put in their currency reserves.

The fact that people must keep buying USD to get what they want from anybody else in the world is the mechanism that props up the entire US economy, and more importantly, fuels its military which in turn enforces this mechanism (see Iraq, Libya, Iran, etc). It’s a cycle of violence-enforced economic dominance that leads to extravagant spending, and an enabled such spending, by the United States – mostly on military power to maintain that very dominance.

(As a side note, it’s questionable how much the middle class in the United States benefits from this any longer. A decade ago, this feedback loop made the normal standard of living in the US noticeably higher than in other parts of the Western world; today, the US comes pretty much last in every category of standard of living.)

As “end of the world” articles are typically discarded as tinfoilhattery, I wanted to start this article with establishing economic facts on the table. The USA is bankrupt, and the only thing keeping it from collapsing are its military and the fact that everybody else is so heavily invested in the USA that nobody wants it to go bankrupt on their watch. Thus, the borrowing and overspending continues for another day… until it doesn’t.

What would happen if the US were one day unable to continue its overspending? We would see a mighty crash of the global economy, but more importantly, the US would come down in a Soviet-style collapse, only much worse due to structural differences. (To understand these differences, consider the fact that public transport kept running through the Soviet collapse, and that most families were well-prepared for food shortages. In the US, you would instead have people stranded in suburbs with no fuel, food, or medicine – only lots of weapons and ammo. See Orlov’s collapse gap for more on this structural difference.)

VIDEO-America's Doomsday


Enter bitcoin, which can break the cycle of borrowing and overspending.

As we observed, the key reason that people are forced to buy US Dollars today is that it’s the international mechanism of exchange of value. If you want a gadgetoid from China or India, you need to first buy US dollars, and then exchange the US Dollars for the gadgetoid. But as we have seen, bitcoin far outshines the US Dollar in every aspect as a value token for international trade. Using bitcoin is cheaper, easier, and much much faster than today’s international systems for transfer of value.

Pretty much everybody I’ve spoken to who is involved in international trade would switch to a bitcoin-like system in a heartbeat if they were able to, venting years of built-up frustration with the legacy banking system (which uses the USD). If that happens, the US won’t be able to find buyers for its newly-printed money that keeps its economy propped up (and its military funded).

If the cycle of dollar lock-in breaks, the United States of America comes crashing down. Hard. It would seem inevitable at this point, and bitcoin may be the one mechanism that breaks the cycle.
END

Dreamteamdownloads1.com warned about the new Global Currency Reserve,years ago, read this:

End of America-New World Currency Reserve


& RELATED???:

US Closes onine Bank

Please note, that US action will also affect Bitcoin!!! (what a co-incidence),,,, & I wonder where all the money (Billions) will go to from that seized/closed online Bank?



You can find an explanation about Bitcoin here on this site;

Bitcoin
__________________
Nil Carborundum Illegitemi My Advice is Free My Friendship is Priceless

FREEBIES Continue to be a BURDEN on Our Increasing Server/Privacy Costs. Please DONATE Something to HELP...PM an Admin for Further Info.



& Thanks to Those That Have Taken The Time to Register & Become a Member of ... 1...
Ladybbird is online now  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
Reply With Quote
The Following User Says Thank You to Ladybbird For This Useful Post:
FishBradSalmon (09-06-13)
Old 07-01-14, 02:46   #3
 
Ladybbird's Avatar
 
Join Date: Feb 2011
Posts: 34,910
Thanks: 23,574
Thanked 12,735 Times in 8,571 Posts
Ladybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond repute

Awards Showcase
Best Admin Best Admin Gold Medal Gold Medal 
Total Awards: 6

Update re: Bitcoin Can Destroy/Bankrupt-US is Seriously in Debt>Loans From China

BBC News, 6 January 2014

Bitcoin crosses $1,000 on Zynga move




Zynga said it would allow users to make purchases in some games using Bitcoins


The value of Bitcoin has topped $1,000 (£610) again after social gaming firm Zynga said it would start accepting the virtual currency as a payment option.
Zynga is perhaps the most significant video games firm to accept bitcoins to date.
The virtual currency has been gaining in popularity but its value has been highly volatile in recent weeks.
It peaked at $1,250 in November last year, but fell sharply in December after China restricted trade.
According to the China Post, the value of a single Bitcoin fell to as low as 2,560 yuan ($421, £258) in December, after China's move.

On Monday, a single Bitcoin was trading close to $1,030 on MTGox, one of the virtual currency's major exchanges.

Zynga follows Ouya, the Android-based video games console-maker, which began accepting payments for its hardware in bitcoins last month.
The Humble Bundle - an organisation selling a changing selection of indie games - also began accepting bitcoins in 2013.


'Expanded payment options'

Supporters of Bitcoin, which is not backed by a central bank, have been pushing for its increased usage.

How Bitcoin works

Bitcoin is often referred to as a new kind of currency.
But it may be best to think of its units being virtual tokens rather than physical coins or notes.
Like many assets its value is determined by how much people are willing to exchange it for.
To process Bitcoin transactions, a procedure called "mining" must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of bitcoins is processed. In addition the miner is rewarded with new bitcoins.
This provides an incentive for people to provide computer processing power to solve the problems.
To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of about 3,600 new bitcoins a day.
There are currently about 11 million bitcoins in existence.

To receive a bitcoin a user must have a Bitcoin address - a string of 27-34 letters and numbers - which acts as a kind of virtual postbox to and from which the bitcoins are sent.
Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.
These addresses are in turn stored in Bitcoin wallets which are used to manage savings.
They operate like privately run bank accounts - with the proviso that if the data is lost, so are the bitcoins owned.

Its popularity and value surged last year after a US Senate committee described virtual currencies as a "legitimate financial service".


Zynga said it had tied up with BitPay, a Bitcoin payment service, to allow users to purchase virtual goods in some of its games using the facility.

"In response to Bitcoin's rise in popularity around the world, Zynga, with help from BitPay, is testing expanded payment options for players to make in-game purchases using Bitcoin," the firm said


Concerns

Concerns over the use and risks associated the virtual currency have also grown.
Bitcoin became popular, in part, due to it being difficult to trace transactions that use it. The currency has been linked to illegal activity online.
Last month, the EBA warned the public about the potential risks of using bitcoins.

"Currently, no specific regulatory protections exist in the European Union that would protect consumers from financial losses if a platform that exchanges or holds virtual currencies fails or goes out of business," the EBA said.

China, the world's second largest economy, has also banned its banks from handling Bitcoin transactions, saying they had no legal status and should not be used as a currency.

At the same time, there have been concerns that the rise in Bitcoin's value has been triggered by speculators looking to cash in on its popularity.

Alan Greenspan, former US Federal Reserve chairman, has called the rapid rise a "bubble".


Related Stories

.
__________________
Nil Carborundum Illegitemi My Advice is Free My Friendship is Priceless

FREEBIES Continue to be a BURDEN on Our Increasing Server/Privacy Costs. Please DONATE Something to HELP...PM an Admin for Further Info.



& Thanks to Those That Have Taken The Time to Register & Become a Member of ... 1...
Ladybbird is online now  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
Reply With Quote
The Following User Says Thank You to Ladybbird For This Useful Post:
FreaknDavid (07-01-14)
Old 06-08-14, 12:12   #4
 
Ladybbird's Avatar
 
Join Date: Feb 2011
Posts: 34,910
Thanks: 23,574
Thanked 12,735 Times in 8,571 Posts
Ladybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond repute

Awards Showcase
Best Admin Best Admin Gold Medal Gold Medal 
Total Awards: 6

Update re: Bitcoin Can Destroy/Bankrupt-US is Seriously in Debt>Loans From China

Why The Proposed New York Bitcoin Regulations Are Absolute, Total Bull****

6 Aug 2014 - Rick Falkvinge, Founder of The Pirate Party






Bitcoin. Photo by Antana.


Cryptocurrency: New York’s Department of Financial Services has presented draft regulations for bitcoin trade that are an absolute heap of bull****, and that’s even before going into what the proposal actually says. The propsed regulations require a so-called “BitLicense” in order to trade in bitcoin with residents of New York and with everybody else in the world. The problem is, that’s an absolute joke from a legal standpoint, completely ignoring the very concept of a jurisdiction.


At last, the proposed regulations for bitcoin trade were published for comments. The bitcoin community has been absolutely furious, but nobody’s going into the fundamentals of the proposal: that it asserts authority over the entire world on the basis of being located in New York.

That’s no more possible – or enforcable – than if the President of Iran asserted authority over the entire world on the basis of being located in Teheran.

Here’s the (proposed) deal: the proposed regulations say that any company, no matter where in the world, doing bitcoin business with a resident of New York must have a so-called BitLicense. The first problem with this is that this BitLicense doesn’t limit itself to regulating the trade between the company and the resident of New York; it asserts authority over any person, no matter where in the world, doing business with that company, which is also located no matter where in the world.

So regulators of New York are asserting authority over trades taking place between a business in Slovenia and a client in Malaysia, based on the idea that the business in Slovenia may also have clients in New York. In technical terms, this is absolute, total bull****.

To pull a parallel: imagine if Iran determined that any web site offered to Iranians must implement Shari’a laws, not just when offered to Iranians, but when offered to anybody on the flimsy basis that it is also offered to Iranians. This is how bat**** insane the asserted authority of the BitLicense proposal is.

I see it as a way to try to deliberately fragment the bitcoin trade into unworkability. If every single patch of land publishes their own requirements for bitcoin trade, and asserts that their requirements apply everywhere, we’ll have an impossible patchwork of 246 legal frameworks that all bitcoin companies must follow, full of multiple contradictions everywhere. It’s nothing short of a deliberate sabotage.

(246 is the number of countries in the world, with the US counted as its 50 states plus DC.)

So while it’s not exactly illegal to assert authority outside of your own jurisdiction like this, it’s completely unenforceable, for the simple reason that when a person in Malaysia trades with Bitstamp in Slovenia, the NYPD have no right to interfere neither in Singapore or Slovenia. It’s out of their jurisdiction, which literally means that New York doesn’t get to set any rules whatsoever.

But it goes beyond that. The New York regulators don’t have authority to regulate the Slovenian business Bitstamp, or any other non-US business, even for its clients in New York, either. When I choose to do business with a Californian company from my home base in Stockholm, Sweden, I understand and accept the ridiculously fundamental fact that a business in California operates under Californian law, and that Swedish police and justice has absolutely no say whatsoever in how it chooses to operate. Nor does the Swedish judiciary have any say in how I choose to do business with foreign entities, as long as I don’t bring home contraband.

This means that New York regulators are limited to regulating businesses physically operating in New York, and only businesses physically operating in New York. That’s what “jurisdiction” means. That’s what “enforcement” means. New York Police simply doesn’t get to say how a Slovenian business operates, regardless of whether citizens of New York choose to do business with it, on the simple basis that the NYPD doesn’t get to bloody invade Ljubljana.

The entire proposal is bull**** from its assertion of authority onwards.

If you want to go into the insanity of the proposal itself, looking beyond its (complete lack of) authority to regulate, Erik Voorhees has done a nice write-up. Among other things, he observes that “this is not consumer protection. This is explicit surveillance of private citizens who are not accused – nor even under suspicion – of committing a crime.”

This regulation proposal is a deliberate sabotage attempt against the bitcoin ecosystem, and I pledge to treat companies that take part in this attempted sabotage accordingly:

I pledge to never do business with any bitcoin company that submits themselves to this governmental abuse of their own customers, getting this ridiculous New York “BitLicense” and submitting themselves and their customers to a foreign hostile jurisdiction.

Only companies which are physically based in New York – physically based in New York – need care about what New York regulators say. The rest of the world, can, should, and must, just plain
ignore their silly attempts at bullying.
__________________
Nil Carborundum Illegitemi My Advice is Free My Friendship is Priceless

FREEBIES Continue to be a BURDEN on Our Increasing Server/Privacy Costs. Please DONATE Something to HELP...PM an Admin for Further Info.



& Thanks to Those That Have Taken The Time to Register & Become a Member of ... 1...
Ladybbird is online now  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
Reply With Quote
The Following User Says Thank You to Ladybbird For This Useful Post:
FreaknDavid (06-08-14)
Old 23-08-15, 05:06   #5
Senior Member
 
wildhoney66's Avatar
 
Join Date: Mar 2014
Location: Shangri-La
Posts: 301
Thanks: 27
Thanked 226 Times in 170 Posts
wildhoney66 has a spectacular aura aboutwildhoney66 has a spectacular aura aboutwildhoney66 has a spectacular aura about

Awards Showcase
Bronze Medal 
Total Awards: 1

Default re: Bitcoin Can Destroy/Bankrupt-US is Seriously in Debt>Loans From China

the show the good wife did an episode about bitcoin. and i had NEVER even heard of it, i thought it was just part of the episode, hence was created for the show, well apparently i was wrong. and though it made a good episode, bitcoin is a stupid idea i think.
wildhoney66 is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
Reply With Quote
The Following User Says Thank You to wildhoney66 For This Useful Post:
Ladybbird (23-08-15)
Old 23-08-15, 08:38   #6
 
Ladybbird's Avatar
 
Join Date: Feb 2011
Posts: 34,910
Thanks: 23,574
Thanked 12,735 Times in 8,571 Posts
Ladybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond repute

Awards Showcase
Best Admin Best Admin Gold Medal Gold Medal 
Total Awards: 6

Default re: Bitcoin Can Destroy/Bankrupt-US is Seriously in Debt>Loans From China

Quote:
Originally Posted by wildhoney66 View Post
the show the good wife did an episode about bitcoin. and i had NEVER even heard of it, i thought it was just part of the episode, hence was created for the show, well apparently i was wrong. and though it made a good episode, bitcoin is a stupid idea i think.


Since Bitcoin was 1st thought about years ago, the US have done EVERYTHING possible to stop/destroy it...

27/28 countries met years ago to STOP the US $ being the WORLD Reserve Currency..

Research more > especially about what is NEVER ALLOWED to be reported in the US

Thanks for your thoughts..
__________________
Nil Carborundum Illegitemi My Advice is Free My Friendship is Priceless

FREEBIES Continue to be a BURDEN on Our Increasing Server/Privacy Costs. Please DONATE Something to HELP...PM an Admin for Further Info.



& Thanks to Those That Have Taken The Time to Register & Become a Member of ... 1...
Ladybbird is online now  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
Reply With Quote
Old 23-08-15, 20:01   #7
Senior Member
 
wildhoney66's Avatar
 
Join Date: Mar 2014
Location: Shangri-La
Posts: 301
Thanks: 27
Thanked 226 Times in 170 Posts
wildhoney66 has a spectacular aura aboutwildhoney66 has a spectacular aura aboutwildhoney66 has a spectacular aura about

Awards Showcase
Bronze Medal 
Total Awards: 1

Default re: Bitcoin Can Destroy/Bankrupt-US is Seriously in Debt>Loans From China

there was an episode of CSI Cyber last season about an old couple who owned a store, their idiot son talked them into converting their savings into bit coins. and than their computer was hacked and they lost everything. thankfully the people got caught and their son was killed that's why they were called in. but they got their savings back and they were going to turn them back into real money.

that may be fiction but no doubt crap like that does indeed happen cause people are idiots. i prefer my money as paper thank you very much.

and no problem lady
wildhoney66 is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
Reply With Quote
The Following User Says Thank You to wildhoney66 For This Useful Post:
Ladybbird (25-08-15)
Old 25-08-15, 02:47   #8
 
Ladybbird's Avatar
 
Join Date: Feb 2011
Posts: 34,910
Thanks: 23,574
Thanked 12,735 Times in 8,571 Posts
Ladybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond reputeLadybbird has a reputation beyond repute

Awards Showcase
Best Admin Best Admin Gold Medal Gold Medal 
Total Awards: 6

Default Re: Bitcoin Can Destroy/Bankrupt-US is Seriously in Debt>Loans From China

Quote:
Originally Posted by wildhoney66 View Post
there was an episode of CSI Cyber last season about an old couple who owned a store, their idiot son talked them into converting their savings into bit coins. and than their computer was hacked and they lost everything. thankfully the people got caught and their son was killed that's why they were called in. but they got their savings back and they were going to turn them back into real money.

that may be fiction but no doubt crap like that does indeed happen cause people are idiots. i prefer my money as paper thank you very much.

and no problem lady

wildhoney66, unfortunately I do not have time to watch TV Shows/Movies. I prefer to read , & watch Documentaries.

Then I take time to make my decsions on what I post on here..

China's Stock exchange dropped within the past week..
Then Yesterday the US DOW, dropped in their Market !

The EUROPEAN Market Brains watched & corrected...FAST...


China's 'Gurus' found a new way to let the US know = WE control YOU > in more ways than one!


I always report CONFIRMED Facts

Thanks again for posting..
__________________
Nil Carborundum Illegitemi My Advice is Free My Friendship is Priceless

FREEBIES Continue to be a BURDEN on Our Increasing Server/Privacy Costs. Please DONATE Something to HELP...PM an Admin for Further Info.



& Thanks to Those That Have Taken The Time to Register & Become a Member of ... 1...
Ladybbird is online now  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
Reply With Quote
Old 26-08-15, 00:51   #9
Senior Member
 
wildhoney66's Avatar
 
Join Date: Mar 2014
Location: Shangri-La
Posts: 301
Thanks: 27
Thanked 226 Times in 170 Posts
wildhoney66 has a spectacular aura aboutwildhoney66 has a spectacular aura aboutwildhoney66 has a spectacular aura about

Awards Showcase
Bronze Medal 
Total Awards: 1

Default Re: Bitcoin Can Destroy/Bankrupt-US is Seriously in Debt>Loans From China

well i always assumed you post facts to be honest. and no problem
wildhoney66 is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
Reply With Quote
Post New ThreadReply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2019, vBulletin Solutions Inc.
SEO by vBSEO 3.5.2
Designed by: vBSkinworks