logicpunk: In related news, paper currency has been outlawed because people might use it to purchase illegal goods and services...
No. Bitcoin is a ludicrously bad idea. It is a scam. A Scam. It is not a currency. The economic assumptions underpinning the Bitcoin ecosystem are laughable, and ignore hundreds of years of accumulated understanding of how currencies work with each other...
Question: if your money is getting predictably more valuable, why would you want to spend it? Answer: marginally speaking, you wouldn't... Bitcoin is not designed to be a functioning currency, it's designed to enrich early adopters. Again, that is why it is a scam. Period.
Currently 154 petaflops of CPU and GPUs are computing SHA256 hashes in tight loops
As for what the coins themselves are actually useful for, the answer is drugs, hookers, and massive amounts of money laundering if the market stays stable.
If Bitcoin does take over for dollars (and I think that's actually a remote possibility), then the market for "stuff" will behave just like the market for memory and storage does today - not such a bad result.
Bitcoin also, ironically, privelages large state and corporate actors, as they can generate bitcoins, and throw computer power at hacking wallet.dats more than any deluded, small time operator.
posted by codacorolla at 7:14 AM on June 16 [+] [!]
proof_of_work = sha256(sha256(block + nonce))
Just got an email from MtGox. Here are the important bits:
"If you were using the same password on Mt.Gox and other places (email, etc), you should change this password as soon as possible."
"While the password is encrypted, it is possible to bruteforce most passwords with time, and it is likely bad people are working on this right now."
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