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Bitcoin Goes Live On Overstock.com
It's official: as previously reported, Bitcoin is now accepted as Overstock.
Pleased to announce that #Bitcoin is live at #Overstock.com! http://t.co/mx9TFc8KNQ
— Overstock.com (@Overstock) January 9, 2014
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Fuck yea bitcoin. Just made a purchase using bitcoin. Seamless and easy.
YES!! MOAR BITCOIN!!
LOL, you've turned into your own parody!
Overstock.com DoS attack in 3.. 2.. 1..
1. Wait for overstock wallet to fill with bitcoin
2. Use known exploit to access systems
3. ???
4. Profit
http://www.overstock.com/forums/my-credit-card-info-hacked-after-using-o...
This is a trick to start linking wallets to shipping addresses.
I hadn't thought of that. Thanks
Multiple wallets. Anon wallet, online wallet, cold wallet. Tumble as necessary...
Encouraging News. Still I have to wonder why China squashed it. Will there be more to do the same?
I spoke to all the people in China and rest assured, Bitcoin is doing fine there.
Part of Bitcoin's mining cryptology is NSA designed (SHA-256) and integrated so that it can't be replaced in a backwards compatible way. The rest of its mining cryptology is from hackable algorithms, eg RIPEMD160. Then there's the question of who (criminal elements that play govts off against each other?) owns huge numbers of bitcoin since it was cheap. Half the supply already gone with big cheap chunks going to who?
These are not "hackable" algorithms, half of the supply is gone and it is not owned by a single entity. Any more FUD I can help you clear up?
"Most of the time SHA-256 hashes are used, however RIPEMD-160 is also used when a shorter hash is desirable (for example when creating a bitcoin address)."
https://en.bitcoin.it/wiki/Protocol_specification#Merkle_Trees
http://en.wikipedia.org/wiki/Sha2
...and RIPEMD160 appears hackable for NSA exploit
http://blog.skullsecurity.org/2012/everything-you-need-to-know-about-has...
"Prefer conventional discrete-log-based systems over elliptic-curve systems; the latter have constants that the NSA influences when they can." (Bitcoin uses the latter)
http://www.theguardian.com/world/2013/sep/05/nsa-how-to-remain-secure-su...
NSA doesn't release cryptology into the wild without backdoors.
Addressed several times and wrong.
As a fervent BTC supporter myself, may I suggest that you chill out? You aren't really helping.
@ One World Tinfoil
Bitcoin uses a different elliptic-curve implementation - namely secp256k1. This is not the curve that was supposedly compromised by NSA, which is called sec256r1.
Bitcoin uses TWO operations using SHA256, which makes it irreversible. Of course, in your haste to cut-and-paste the same goddamned thing in every Bitcoin thread, you tend to leave that out.
Just another tinfoil moron.
...a cut and paste moron.
Thanks for sharing the NSA talking points.
NSA knows all about double hashes and would not release anything for public use without a fail safe backdoor.
NSA knows all about double hashes and would not release anything for public use without a fail safe backdoor.
Care to substantiate your assertion?
Then who owns the big chunks?
Satoshi and his friends.
So if it's hackable, why nobody has done it yet?
And when it is really required, you can simply add scrypt to sha-256. Why need the rest of the blockchain backward compatible? It is never hashed again?
SOME MIGHT ARGUE THAT IF THE NSA HAVE THE BACKDOOR TO BITCOIN AND THEY ARE FRIGHTENED OF THREATS TO THE PETRODOLLAR THAT THEY WOULD IMMEDIATELY LEAK A PROOF OF HACK AND WIPE IT OUT....
HOWEVER, IF YOU ASSUME THAT SATOSHI WAS IN FACT EMPLOYED BY THE NSA IT MIGHT MAKE MORE SENSE FOR THE NSA (WHO KNOW THAT NATIONAL CURRENCIES ARE LONG TERM DUST WITHIN 50-100 YEARS) MIGHT DECIDE TO GET FIRST MOVER ADVANTAGE AND CREATE A BACKDOOR RIDDEN CRYPTOCURRENCY WHICH THEY OWN ALL THE KEYS TO AND CAN CONTROL VIA LINKING THEIR SURVEILLENCE PROGRAMMES AND THE BLOCKCHAIN...THEREFORE ALL ECONOMIC ACTIVITY IN BTC CAN EASILY BE TRACED AND IF NECESSARY WIPED OUT...
WHY IS THE CHINESE STATE FRIGHTENED OF BITCOIN? IS IT BECAUSE THEY WERE LOADING UP ON GOLD IN HOPE OF A GOLD STANDARD RESET? OR MORE LIKELY THEY KNOW THAT THE NSA HAS ITS FINGERPRINTS ALL OVER BITCOIN AND IT CAME JUST IN TIME TO DIVERT THE MASSES FROM ALL PRIVATELY BUYING GOLD IN PANIC...THUS IRONICALLY SAVING THE US PETRODOLLAR...FOR NOW...
OR SATOSHI MIGHT BE A GENUINE HERO OF THE PROLETARIAT??? GIVEN HIS CONTINUED ANONIMITY I DOUBT HIS MOTIVES WERE TOTALLY NOBLE, IF THEY WERE WHY DID HE NOT RELEASE HIS IDENTITY WHILST IN A NON EXTRADICTABLE CONTRY LIKE RUSSIA JUST AS SNOWDEN DID?
PROBABLY HE IS JUST AN ARROGANT FRIGHTENED MONOPOLIST WITH DELUSIONS OF GRANDEUR...DEATH BED CONFESSION ON THE CARDS?
@fonestar
I spoke to all the people in China and rest assured, Bitcoin is doing fine there.
Really?? How long did it take you to talk to over a billion people?
it took about 10 minutes using the bitcoin network.
and, while the conversations have not been finalized, there are 5 confirmations so far that what was said, really was said.
heuristics
Did you speak to this guy? Apparently he is the most influential man [in] China: https://twitter.com/beijingcream/status/420980805062905857
Only for 0.0274ms.
Seriously? You're embracing widespread usage? How is that liberating from banskter control before the USD crashes?
“Bitcoin enthusiasts are almost evangelists,” Bruce Wagner says. “They see the beauty of the technology. It’s a huge movement. It’s almost like a religion. On the forum, you’ll see the spirit. It’s not just me, me, me. It’s what’s for the betterment of bitcoin.”
Generally there are three types of people you tend to meet on these types of sites; nutty zealots who obsess over their >insert investment here< like Gollum and see anything else as a threat, those who understand and support btc & finally those who don't understand btc. Majority of zh tends to fall into categories 1 and 3.
I'm category 2. I know this is how to defeat Cyprus style capital controls. This is the only way to do that.
All other issues are silliness.
I'll take nutty zealots for 500 Alex.
Alex: He posts only when something favorable is said about Bitcoin. When Bitcoin tumbles (every 3 months) he goes into hiding.
Contestant 1: Who is fonestar?
Alex: Correct!
When have I ever gone into hiding?
When Bitcoin took the plunge earlier in December everyone asked "Where's fonestar". You were gone.
When your market goes down, you come here. When his goes down, he goes there.
So?
“Bitcoin enthusiasts are almost evangelists,” Bruce Wagner says. “They see the beauty of the technology. It’s a huge movement. It’s almost like a religion. On the forum, you’ll see the spirit. It’s not just me, me, me. It’s what’s for the betterment of bitcoin.”
I consider myself a student of his story and we have thousands of years of evidence of crypto-currencies kicking ass on both fiat currencies and precious metals. Don't be duped again by the FUD slingers (like the fonecians were) and buy your Bitcoins today!
I want everyone using Bitcoin... Overstock, perverts, government people, terrorists and even alpaca sock makers.
<< perverts, government people, terrorists >>
Now your just being redundant...lol
Slysoft has been accepting BTC for a while. 10% discount.
They make a nice DVD ripping software.
pods
And I suppose if overpriced.com gets hit like yahoo, then those that visited overprice.com will just have been dupes?
Right?
Did you even read the articles that mention the things you're talking about?
@fonestar .... regarding more FUD from Sufi in another thread ...
He points out that Ghash.io mining pool is at ~45% of total network hash, and says it is an immenent threat of a >50% attack. Unsurprisingly he is wrong ... for future reference, here is the rebuttal I made:
@Sufi ... "Ahh ... another not so clear thinker. >50% in a 'collective' - aka mining pool, is not >50% of the network in the hands of a single entity.
The collective (pool operator), MUST continue to follow the BitCoin protocol unchanged - or otherwise, as soon as the rather vigiliant miners all around the world see any corruption of the protocol, lots of the participants in the pool (GHash.io in this case), will leave and work with a different pool.
It is in the interests of a minority miner working through a mining pool, to only work with an honest pool.
So do not confuse a >50% mining pool, with the >50% attack possible with a single miner.
Equally, do not overstate the actual impact of any >50% attack, which is quite limited technically, but would probably have a large publicity impact."
from their site: "The Pay with Bitcoins option is only available for orders placed on our US shopping site. This payment option is not yet available on the Mobile or International website versions." i would have thought the opposite would have been true.
If truly free, it would have been.
volatility has a price...
Terms & ConditionsFinal: Bitcoin transactions are final. Once you have sent Bitcoin funds to our account they cannot be reversed. This is a core feature of Bitcoin currency.
U.S. Dollars: All Bitcoin transactions will be communicated in US Dollars (USD). The exchange rate provided at time of purchase by our partner Coinbase will be valid for up to 10 minutes. If payment is not completed during that time, you may be provided with a new exchange rate. Bitcoins are only accepted on the domestic (US) version of Overstock.com. Currently they will not be accepted for any orders shipped internationally.
Cancelled Orders: Cancelled orders may qualify for a refund in Bitcoin. The refund will be issued for the full USD value of the order and processed at the Bitcoin exchange rate at the time the refund is completed.
Yes hi, I returned my $3000 worth of stuff I bought from you but only got $1500 back.
Overstock operator: Well Bitcoin lost 50% of its value since you bought your products.
Conversely I can see a lot of people buying crap in the hopes Bitcoin goes up in value so they can return the product for more than it was worth a few days before.
Honesty the only reason why Overstock is accepting Bitcoin is probably because the CEO bought into Bitcoin and expects the news to increase the value of his holdings. An inside trade pure and simple.
i got the impression that payments and refunds would be dollar-based, but paid in bitcoin-equivalent; thus, for a return, the buyer would ge the same $ back regardless whether btc was up or down.
@ adr-not true. Stacking's got it right. Coinbase uses an average BtC USD amount and calculates how many bitcoins it will take to complete the purchase. If the customer wants a refund later on they would receive the exact same amount of USD they paid, not the same amount of bitcoin. My company has accepted it too, works like a charm.
Did you ever consider the CEO of Overstock accepts Bitcoin because he understands the supreme enlightenment of Satoshi Nakamoto? Ie, he's a CEO who can think *gasp* past the next quarter?
Can I send to the ass this "Satoshi Nakamoto"?
Or your religion be allowed only to pray on the "Satoshi Nakomoto"?
i don't know the ceo of overstock well, but my impression is that he's a libertarian, pro free-market and liberty.
here is his site, where he makes an effort to expose regulatory capture of government officials by large corporations:
http://www.deepcapture.com/about-deep-capture/
Public choice theory describes a phenomenon whereby industries take control of, or “capture”, regulators who are supposed to oversee them. The claim of this website is that powerful actors have been able to influence or take control of not just the regulators, but also law enforcement, elected officials, national media, and the intellectual establishment.
It is our mission to expose this “deep capture.”
"Honesty the only reason why Overstock is accepting Bitcoin is probably because the CEO bought into Bitcoin and expects the news to increase the value of his holdings. An inside trade pure and simple."
And it's free advertising for Overstock.com
<<Well Bitcoin lost 50% of its value since you bought your products.>>
If Bitcoin lost 50% of value, you would get double your bitcoins back.
Your scenario applies when Bitcoin doubles in value. If you don't like these terms of service, don't use 'em.
You should seriously stop bitching and buy Bitcoin.
Now I know a good way to self:
If I feel that I want to buy Bitcoin, it means that I need urgently to visit a psychiatrist.
I have several daoist inspired prayers that will help you on the way to Satoshi conciousness.
Enlightenment dawned on me and I realized the ultimate truth: Satoshi Nakamoto - is Ben Bernanke!
Aliluyya, Aliluyya, Amen!
Looking for some stuff to buy.. for hardware at least we really need NewEgg or similar .. so lets get them on board as well.
PHS, trades in BTC 24-7! http://phstones.com/mobile.php
live spelled backwards is Evil.
"Bitcoin goes live on overstock" is an anagram for "Connectible Soviet Gook Visor". The coincidences never cease!
Too late I already have a gook visor. But who doesn't?
This one has a bigger screen and also takes a DNA sample and uploads it right to the NSA.
You gotta update and stay current
Yeah, and all 5 of the people who use bitcoin will be able to BUY something.
I don't want to buy anything with my Bitcoins because everything I look at sucks in comparison to my Bitcoins.
fonestar I have noticed that tards are not big into consumerism, as you said something shiney will keep them busy all day just looking at it.
I am a simple man. I like shiny things, bouncy things, rolly things, and things that make music.
Skateboarder Enjoyed your thoughts on silver last night. Why don't we discuss the shiney white metal more often?
NIHILIST, I had realized I didn't get to replying to your comment last night regarding the 60:1 vs 15:1 inconsistency. GoldCore is one of my favored reads - they were talking just yesterday about why Silver will make the comeback to its rightful place. The primary argument is that the earth's crust contains one part gold for fifteen parts silver. ;)
GC predicts $150 silver before not too long. IMO this is the perfect time for silverbugs to make a killing and set a solid down payment for the future. Today's silver, leveraged through the current manipulation, can buy tomorrow's gold for a quarter of the price (so to speak, when ratio normalization occurs).
Did ZH cover this piece already?
https://www.goldcore.com/Global_Currency_Reset_Amero_The_Gold_Silver_Rat...
I'll talk silver any day amigo.
Remember when the silverbugs were going to take down JP Morgan? Yeah, that was funny.
Oh JP Morgan is still going to crash alright.... but it will be a TKO delivered by Satoshi Nakamoto!
2013 was JPM's year of rape. 35% of COMEX silver market. 35% down in five months. $3B in shorts by June (accounting both gold and silver). Massive liquidation of phyzz from GLD... they can't keep fucking it forever man.
Gandalf the Fundamental says:
"Look to my coming on the first light of the fifth year. At dawn, look to the east."
Mr/Ms/It Mendacious,
Um, that was your hero Max Keiser who pumped the crash JPM idea. Same guy who pumps Btc. Hopefully both efforts achieve the same result.
You and your circlejerk buddy Fonestar certainly enjoy hyperbole: as if everyone who owns silver was jumping on the ill-fated 'crash JPM' bandwagon. The folks behind that were talking about using virtual silver as the mechanism. i.e. demand delivery of physical. My impression of the PM touters on this site is that they abhore and ridicule virtual metal.
Nice try. Exposing more mendacity every time you type: your own.
Tell me where I'm wrong. Hold your breath while trying.
@chem-play-misty-for-me
Oh, so ONE person was responsible? I remember a bunch of articles on ZH about it, and the cheerleading and pom-poms from every silverbug in here about it.
And the mystical date came and went... and... NOTHING.
Max can say whatever he wants, free speech and all - but nobody ever said he was the LEADER of Bitcoin. But of course, the barking seal trolls love trying to make Bitcoiners targets.
No one has made BTC the target, only the inconsistencies in the arguments for it as the saviour of the free world.
When faced with the shortcomings in BTC as an outright antithesis to the central bankers and how BTC is going to destroy fiat and central bankers once and for all, do the arguments for BTC fall flat.
The same thing happened with the silver bugs as well, most of the seasoned PM afficianados here on the hedge do just that, use PMs as a hedge, nothing more.
But keep trying though, I love reading all the hate mail that goes back and forth.
DaddyO
"because everything I look at sucks in comparison to my Bitcoins."
as much as I am on the fence regarding bitcoin, you might be on to somthing with that statement
My Preciousss!
troll level: 1000
"I don't want to buy anything with my Bitcoins because everything I look at sucks in comparison to my Bitcoins."
Says the guy who in late 2013 told us multiple times that earlier in the year he sold some Btc @ ~ $200/ in order to pay some bills. Then in the same thread he told us that he's just bought some more @ ~ $800/
We should all take advice from this brilliant investor who a) sells at 200 and buys back at 800, and b) probably doesnt have a pot to piss in and must liquidate the vast Btc holdings to pay some bills. What? No creditor would lend you money to 'pay some bills' at less than the 400% premium you paid to sell and then buy back your Btc? Such an astute caretaker of, ahem, wealth. Guess you don't believe your bullshit as much as you wants us to.
P.S. if in fact you did sell some to pay some bills, then that thing that you in fact have bought with your Btc is a settlement of your debt.
Try to keep your story straight.
But Bitcoin cannot be more delicious, than the Christmas turkey!
And the million people who have a blockchain.info wallet. The 700,000 people who have a coinbase wallet and all the other services. I was a long time amazon user who we be using overstock going forward as my transactions are secure and easy. Good move for overstock
O and O And when the NSA links your "wallet" with your name and address......... well good luck with that.
That can't happen.
Back up your statement "that can't happen". @fonestar
@nihilist capslock
Oh man, you're too funny.
Ignores the use of proxies, Tor, point-to-point VPN, making new wallets on the fly, coin tumbling, and a host of other tricks to disintermediate the whole process. The shipping address? Doesn't even have to be your house if you know what you're doing - and truly paranoid.
But keep it up man, I'm sure you're taping your windows shut from invisible gases and adjusting your tinfoil hat before watching TV.
Babblings of a delusional mind, you can get treatment when your Ozero care card comes in the mail...you voted for that delusion too. Children loose in the basement.
@Nihilist Capslock
Riiiight.
If you believed a SINGLE word of what you posted, you would've thrown your computer out the window the moment the NSA news hit the wire. But you're still here, like all the hypocritical trolls.
You're giving them a HIGHWAY TO YOUR SOUL, MAN!
Hahah, you're a riot.
overstock was busted for using phoney price comparisons.
they were also busted for using fake websites to link back to their own. Google bitchslapped them for that, and their revenue fell something like 7%
if you want clearance aisle merchandise that costs more than when it was actually in a vendor's clearance aisle, then overstock is certainly the place for you.
if a consumer can't find a better price than overstock's (on anything) then they should not be allowed to be near money
Now whos next?
Heavy rumours that Netflix are about to accept bitcoin.
That would give it a nice rocket up the arse : )
I've heard that SEARS is considering it. God, they haven't done anything right in years, their AH's stock is melting and it's time to do something right for a change.
Nothing new to see here. Move along...move along.
my hard drive crashed - how do I get my bitcoins back?
If you were smart you would have backed up your wallet (multiple ways to do this) or stored them on a paper wallet. Someone stole my gold, how do I get it back?
Sector by sector hard disk platter data recovery in a clean room; only $600/platter.
Basically the only way to completely wipe a harddrive is physically melt it, so rest assured your wallet is there. Anyway, this is the internet - google will be happy to help you find harddrive recovery services.
To have to backup to removable media constantly certainly takes the convience out of it.
Bitcoin to 1000
And I just picked up some dirt-cheap on Beezid !!
BTC was created by TPTB... a moron can see this.
Sources? Evidence?
Checking conspiracy addled brain...
...waiting
...waiting
Nope, couldn't do it.
You want the links AGAIN?
As we all know the NSA designed SHA-256, which bitcoin uses for its mining algorithms, and never releases anything encrypted into the wild without a backdoor. Bitcoin is designed so that SHA-256 cannot be replaced in a backwards compatible way (how convenient...for the NSA).
Then there's RIPEMD160...
"Most of the time SHA-256 hashes are used, however RIPEMD-160 is also used when a shorter hash is desirable (for example when creating a bitcoin address)."
https://en.bitcoin.it/wiki/Protocol_specification#Merkle_Trees
http://en.wikipedia.org/wiki/Sha2
...and RIPEMD160 appears hackable for NSA exploit
http://blog.skullsecurity.org/2012/everything-you-need-to-know-about-has...
"Prefer conventional discrete-log-based systems over elliptic-curve systems; the latter have constants that the NSA influences when they can." (Bitcoin uses the latter)
http://www.theguardian.com/world/2013/sep/05/nsa-how-to-remain-secure-su...
http://motherboard.vice.com/blog/what-do-the-latest-nsa-leaks-mean-for-b...
@ One World Tinfoil Moron
Bitcoin uses a different elliptic-curve implementation - namely secp256k1. This is not the curve that was supposedly compromised by NSA, which is called sec256r1.
Bitcoin uses TWO operations using SHA256, which makes it irreversible. Of course, in your haste to cut-and-paste the same goddamned thing in every Bitcoin thread, you tend to leave that out.
Wow, you're still at it, eh? Hilarious.
Just out of curiosity EM,
How in fact would you know for certain that 'secp256k1' hasn't been compromised?
Not disagreeing with you per se, but how would you know Ft. Meade didn't "put it to bed"?
NSA talking points
@Son of Captain Nemo
Okay, I'll bite.
Besides the peer review from the best minds in Crypto, which don't include the compromised jackholes at RSA, and the fact that we've never seen anyone broadcast discovered blocks at a rate that defies the statistical probability of finding them at the current collected hashpower of the network, I'd say the probability of those slimeballs having a "backdoor" is zero to nil.
Why?
Because it would be used to generate fear that Bitcoin was compromised. And the first time it was used, it would be broadcast to the network at large, who can see every block that gets discovered on a real-time basis.
If they had the power, and they wanted to fuck Bitcoin up - they would announce the discovery of found hashes at the current difficulty that would be IMPOSSIBLE unless you were CHEATING. And that is ALL THEY COULD DO WITH IT.
Some of the more paranoid would say, "Well, they're just biding their time..." for what? Everyone knows that Bitcoin is the stealth bomber coming in over borders and circumventing capital controls, it really doesn't take a software engineer or an economist to understand that.
So you take the two probabilities - That they have it and have never used it, or They don't have it and don't have the ability -- and make your own mind up about it.
The fact that Bitcoin is still working the way it was intended tells me all I need to know.
1. A bitcoin address is not a public/private key.
2. Bitcoin uses a different (non-compromised) curve.
3. Bitcoin hashes it twice.
You may now remove your tinfoil.
1. Titanic is very big, not like other ships.
2. Titanic is very reliable, it uses new modern PRINCIPLES and mechanisms.
3. Titanic could not sink.
You may now remove your tinfoil and don a lifejacket.
The bitcoin address is mathematically related to the private key, and the address can be derived from the private key and supposedly not vice versa.
$10 billion says you're wrong.
You need to bet with somebody from the NSA.
Satoshi Nakamoto works in Ft. Meade.
Just bought a monitor off them. I love paying in bitcoin.
The last time I was at overstock.com was about 4 years ago.
Overstock wants to accumulate bitcoins to sell them immediately.
They want to cut down on PayPal and credit card fees while generating a tiny little bit of PR buzz.
A business would accept payment in Cheetos so long as a payment processor can convert them to $ instantly (as Overstock has done for Bitcoin).
https://twitter.com/BullionBaron/status/410188948451770369
vs. the average American who earns $ to convert them into Cheetos as quickly as possible.
LOL
My situation, a passive solar house with thick walls in Canada. Only has electricity, no gas service. Was looking at 400-500/month heating cost. Converted my old pc's to litecoin/dogecoin rigs and bought a few high end graphics cards. Ran the exhaust into the furnace duct. I only have two of the five cards running so far, other three go online this weekend. After 30 days and very cold temps, 550 USD selling litecoin/dogecoin for BTC at today's rates. Pretty much have the entire electric bill paid for. The one rig I have going so far added 650 watts to my current load. We only ran the in floor heating system a few days when it was extremely cold. Still wondering how to unload the BTC. All the exchanges take forever and they leave a nice little audit trail for the CRA. Overstock ships to Canada. Yep, this will work, wife will go nuts! I really don't have an ideological stance on BTC. It was just the easiest simplest way for me to heat the house this winter until I have time to figure a better long term solution
You heat your house with your computers? I'm not sure, maybe I understand something wrong.
That's what I tried to tell y'all months ago. Put your hand in front of your PC cooling fan port when it's working hard: burned? Yup. Bitcoin is an electricity burning drive killing code breaking freedom taking wonder. These guys really do heat houses, skyscrapers etc.
http://www.businessweek.com/articles/2014-01-09/bitcoin-mining-chips-gear-computing-groups-competition-heats-up
That is way cool. If you're concerned about the CRA, then find merchants that accept them on coinmap.org. The merchants might be using Coinbase for processing, but only the merchant knows where it's being shipped to. If you open an account up directly with Coinbase or Mt.Gox, they will have to know and want verification.
What's the Bitcoin/3 pairs of 100% cotton boxers index at?
Bitcoin reminds me of Disco for some reason.
Bitcoin is punk rock.
Bitcoin is classical music of scam.
Sorry, this is probably going to sound stupid, but I'm still learning.
Bitcoin has a couple of attributes:
1. It's not backed by any government thus it is free of politics (supposedly) - though it is still fiat (not backed by gold).
2. Annonymity.
But in regards to annonymity, isn't the idea of anonymity automatically lost when you buy online at a place like Overstock - you still have to have a shipping address and name.
3. It safes transaction fees.
Correct. The blockchain address you pay for your goods from can then be linked to you.
Bitcoin wallets, however, contain multiple addresses for varying amounts of coins and shuffle these about when you perform transactions, so just because they know one address (which will never be used again, by the way) does not mean they know how many coins you own in total or what addresses they reside in.
>NihilistZerO
>Saro
Vote the better Heath Ledger Joker Avatar?
Bitcoin – a product of the Federal Reserve.
Only the blind can not see it.
Dollar discredited itself in the eyes of the public. The Fed also discredited itself in the eyes of the public.
Of course for Fed was needed make a legend about some Satoshi, buyout supposedly created Bitcoin, and then he is evaporated.
Thus, the Fed shows for fools (which the majority) that Bitcoin - a system that "does not belong to anyone," and "no one is controlled".
But this is absurd. In the world there are no financial assets and payment systems that have no owner.
All that is in front of the prefix "The global World or International" - it is the property of the United States. Or controlled by the United States.
Everything else - the local and minor.
Federal Reserve no longer need gold. Now they have a Bitcoin. As soon ends era the first fiat money - the U.S. dollar, immediately begin the era of other fiat money under the control of the Fed - it will Bitcoin.
Bitcoin system has a limit of coins. But Bitcoin system has no limit fragmentation of these coins.
Crushing coins Bitcoin to infinity - it's the same exact Monetary Emission, like printing FRN.
http://bitcoinmagazine.com/8531/u-s-air-force-building-bitcoin-payment-g...
So people can buy a bunch of worthless ass shit with bitcoin.
I buy most everything with Bitcoin. Something must be worth something.
Do they take gold and silver coins bitchez?
No but I hear there are some Chinese chip and circuit board manufactuers that you can off-load that crap to.
Overstock only accepts money.
There are credit cards that look totally normal but are based on gold or silver. Google it
Yea that sounds like a great idea. Let's introduce centralization, third party risk, an extra layer of costs and a single point of weakness. Moving forward in a backwards fashion I see. #WINNING.
Relax, buckwheat, you don't have to sign up for it.
If you want to do so, do so, don't get your panties in such a twist.
Some bozos ket blathering about not being able to use Gold to buy crap. This allows people to do so.....
Memory foam mattress here I come.
Regardless of how one feels personally about buying/trading BTC (pro, con or in between), the REAL question one has to ask, to avoid getting sucked into the many BS+FUD debates I see here, is which is preferable to a GENUINE libertarian/Libertarian:
(a) The fiat paper/currency of CBs (with their LEAs and DoD bully-enforcers behind them), or
(b) A decentralized currency, created and owned by the Global Economy of freedom-minded people.
BTW...
[1] Official Economy = Fiat + Debt + Derivatives + MISC (where MISC = Military-Industrial & Surveillance Complex)
= By, For and Of the Plutocracy, the feudal Oligarchs + We the Sheeple
= Slave/Servant to Debt-Currency
[2] Parallel Economy = PM + Barter + BTC (notice the diversification of assets/wealth in this equation!?)
= We The People = Freedom from Debt-Currency
= What one asset won't do for you (in a given situation), another one will! And only a full-retard is a 1D allocator.
Get clarity, choose a side, and please stop spreading 'manure' and FUD.
Bitcoin is free market capitalism
The crypto currency revolution is free market capitalism.
Competing currencies is free market capitalism, and a grass roots movement against government and plutocrat theivery.
Internet commerce has changed the world, but the money is the prehistoric relic of morally bankrupt governments.
For internet commerce, you need internet currency. Now you have 72 and counting, all in free competition against each other. The coins with the most utility survive.
For the gold bugs, like myself, you may trade in crypto and save in gold. The electronic gold and silver systems will also freely compete against crypto, when the Creative Destruction is done.
Leave it to the market, and it will find a solution.
The Invisible Hand.
"Capitalism [...] is by nature a form or method of economic change and not only never is but never can be stationary. [...] The fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers’ goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates. [...] The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as U.S. Steel illustrate the same process of industrial mutation [...] that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in and what every capitalist concern has got to live in..." Joseph Schumpeter
Bitcoin – a product of the Federal Reserve.
Only the blind can not see it.
I can see now 'cause you posted in BOLD! Rofl.
What about the other 71, or are they also designed and run by the fed?
Moron
http://www.overstock.com/Health-Beauty/Monster-10-inch-Dildo/8594571/pro...
Christopher Mims: The existential threat to Bitcoin its boosters said was impossible is now at hand
Another day and another blow to Bitcoin, as we have written before: people will be able to corrupt everything in time. Cristopher Mims investigates the technical threat to Bitcoin's decentralised infrastructure from the coordinated attacks. Risk of Double Spending is the real issue now.http://sufiy.blogspot.co.uk/2014/01/christopher-mims-existential-threat-...
Ahh ... another not so clear thinker. >50% in a 'collective' - aka mining pool, is not >50% of the network in the hands of a single entity.
The collective (pool operator), MUST continue to follow the BitCoin protocol unchanged - or otherwise, as soon as the rather vigiliant miners all around the world see any corruption of the protocol, lots of the participants in the pool (GHash.io in this case), will leave and work with a different pool.
It is in the interests of a minority miner working through a mining pool, to only work with an honest pool.
So do not confuse a >50% mining pool, with the >50% attack possible with a single miner.
Equally, do not overstate the actual impact of any >50% attack, which is quite limited technically, but would probably have a large publicity impact.
Bitcoin=Paypal???
"...they are who we thought they were..." - Dennis Green
Well, we do know this much:
PayPal = Pierre Omidyar
Pierre Omidyar = Glenn Greenwald
http://www.indybay.org/newsitems/2014/01/01/18748615.php
Glenn Greenwald = Eric Snowden
Eric Snowden = NSA
thus Paypal = NSA (as has already been stated by Greenwald)
so you're saying that PayPal = Btc?
YIKES! the pumpers will have you clapped in irons ;)
The question is whether Snowden is NSA Whistleblower or NSA Stooge.
The following is a good primer on that
http://www.boilingfrogspost.com/2013/12/13/glen-greenwald-goes-on-record-i-dont-doubt-paypal-cooperates-with-nsa/
or this lengthy inteview with Sibel Edmonds - a true (?) whistleblower.
http://www.youtube.com/watch?v=R9K5I8SIwoM
I thought the WS vultures had killed Overstock. There was this war going on with some naked shorters...
Potshops aren't able to deposit funds in banks in CO. Looking at accepting bitcoin to get around the feds.
soon the gold refugees will finally leave this site for friendlier shelter!!!
PM's are dead money!! Close your coinshops and hibernate for 10 years!!