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Winners of First Seized Silk Road Bitcoin Auction Remain Anonymous

codebonobo Re:Pivotal point? (88 comments)

. it's not that good as a currency.

Me and my friends and family spend bitcoin all the time. I find it to be easier and more secure than credit cards. Businesses like them as well because they dramatically lower merchant fees. You will begin to understand it once you start using it.

about a month ago
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Winners of First Seized Silk Road Bitcoin Auction Remain Anonymous

codebonobo Re:Purchase (88 comments)

It would be funny if the buyers used them to buy drugs.

I can pretty much guarantee this ... those investors just made between 3 to 4.5 million in a single day off their smart investment. Knowing how these institutional investors work there is plenty of coke, champagne, and women being purchased right now.

about a month ago
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Winners of First Seized Silk Road Bitcoin Auction Remain Anonymous

codebonobo Re:Pivotal point? (88 comments)

Why? This has nothing to do with the technology itself, nor regulation or adoption of that technology, nor has the price been pushed up to anything beyond what it has been before. The government seized some assets, and then auctioned them off.

Many people feared that the market and demand for Bitcoin could not satisfy 30,000 or ~18 million dollars worth of coins being liquidated within a single day. Instead this auction proved both liquidity, fungibility and that their are many institutional investors sitting on the sidelines waiting to invest in Bitcoin but are looking for opportunities like these in order to invest in large sums of bitcoins.

about a month ago
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Winners of First Seized Silk Road Bitcoin Auction Remain Anonymous

codebonobo Re:Value (88 comments)

If bitcoin was trading at something like $600 beforehand, why would anyone bidding $450 be surprised that they lost out? If these bitcoin boosters are so firm in their belief that bitcoin is as fungible as any other currency, shouldn't they have bid at something like the going rate?

This was a test in the fungibility of Bitcoin. Some investors underbid in hopes that the hurdle of a minimum of 200,000usd deposit would lower competition and the demand would not be so fierce to be able to purchase 30,000 extra bitcoins in a single day.

What this auctioned has shown is that the market can easily take large amounts of bitcoin being liquidated and demand s so high that over 20 million dollars in investor money was brushed aside where they will have to turn to exchanges to satisfy their investments.

about a month ago
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California Legalizes Bitcoin

codebonobo Re:Illegal? I think not. (162 comments)

Bitcoin is most often treated like money , but certainly behaves like a commodity. Federally, Bitcoin is viewed as both a currency (FINCEN) and a commodity(IRS).

about a month ago
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Credit Card Breach At P.F. Chang's

codebonobo Re:Almost, but not quite (117 comments)

I am going to stay ontopic rather than discuss all of your statements.

Bitcoin does solve the issue of being able to electronically pay people you may not trust, but so does PayPal.

Isn't the chargeback potential a risk under paypal not found for bitcoin? When someone gets paid the charge can be reversed at any time per Paypal's discretion. Thieves will buy bitcoins all the time on ebay with stolen paypal accounts and than the seller will be out all the money when paypal reverses the transaction. Additionally, isn't paypals security polices also a risk for the user unlike with bitcoin where you can trust the mathematics and network which is immune from many traditional attack vectors?

about a month and a half ago
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Credit Card Breach At P.F. Chang's

codebonobo CC Fraud vs Bitcoin (117 comments)

The thing I like about bitcoin is it allows the user to determine how secure or insecure they wish to be while with credit cards they are dependent upon multiple third parties security measures and the weakest link in the chain can expose you to fraud. I never had an issue with fraud in Bitcoin and have had multiple issues with fraud with debit/cc's where I needed to get replacement cards and was liable for the deductible.

When I pay a retailer with Bitcoin I don't have to worry about identity theft or my account being compromised.

about 1 month ago
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Your Old CD Collection Is Dying

codebonobo Re:Grammar (329 comments)

Some of the Kodak golds I had failed within 1 year due to the data layer flaking off from humidity.

about 3 months ago
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How Silk Road Bounced Back From Its Multimillion-Dollar Hack

codebonobo Decentralized Black Markets (50 comments)

Decentralized Black Markets are being created and working proof of concepts are available.

https://github.com/darkwallet/darkmarket

All of these old darkmarkets mentioned in the OP are obsolete. Theft from the market owners will no longer be possible. Theft from sellers, while rare in past, will become even more rare with escrow mutisig authentications. Theft from governments shutting it down and stealing everyone's bitcoins like in SR1 will now become impossible.

http://www.coindesk.com/airbitz-wins-toronto-bitcoin-expo-hackathon-darkmarket

DarkMarket: A decentralized peer-to-peer marketplace, which cannot be shut down. Anyone can start a node and join the network, buying and selling with their peers. With identity, reputation, seller pages, multi-signature escrow, private messages and privacy features.

about 3 months ago
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How Silk Road Bounced Back From Its Multimillion-Dollar Hack

codebonobo Re:Why they're rebuilding. (50 comments)

Their customer base includes hit men?

Like the taxpayer supported hitmen that most pay for? Silk road at least never allowed for assassins to be hired and bid upon; the same cannot be said for other organizations.

about 3 months ago
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How the Internet Is Taking Away America's Religion

codebonobo Re:The internet does what? (1037 comments)

So the internet is causing people to reject their silly belief that "there is a god" and replace it with an equally silly belief that "there is no god".

Get behind me, Internet!

Disbelief in god does not equate to active belief in a non-existence of a god. Most atheists are agnostic atheists where they simply withhold judgement as the burden of proof has not been sufficiently met.

What is ludicrous is the school of agnostic thought that claims that god is ultimately unknowable which is ultimately a solipsistic belief. There are some definitions of god that are indeed nu-falsifiable and untestable but there are many other ones which can either be tested or outright refuted because of logical absurdities.

about 4 months ago
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China Cracks Down On Bitcoin, Cuts Off Exchanges' Bank Access

codebonobo Re:Chinese getting uncomfortable... (100 comments)

yes, additionally, btc-e.com as well. That's the nature of this many headed hydra, it cannot be regulated by states so easily.

about 4 months ago
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IRS: Bitcoin Is Property, Not Currency

codebonobo Re:At last (273 comments)

What are the facts to support these claims?

For brevity I will narrow the examples down to what many American's are unaware of, a few examples off the top of my head where intelligence agencies work on behave of private interests within the US:

https://en.wikipedia.org/wiki/1954_Guatemalan_coup_d%27%C3%A9tat

https://en.wikipedia.org/wiki/John_Stockwell

writings go into detail with corporate involvement and the military industrial complex.

"The CIA and the big corporations were, in my experience, in step with each other. Later I realized that they may argue about details of strategy - a small war here or there. However, both are vigorously committed to supporting the system."

Recent Snowden leaks shows this is still prevalent:

http://www.reuters.com/article...

http://www.theguardian.com/wor...

about 4 months ago
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IRS: Bitcoin Is Property, Not Currency

codebonobo Re:At last (273 comments)

.....but I strenuously disagree that more than a very small percentage of people who have studied public finance would say that more than half of an average federal dollar is wasted.

Nowhere did I refer to my disagreement being with wasteful spending. The fact that I was talking about ethics and mentioned agorism should have made my point abundantly clear. Suppose there was no waste, would that make such duplicitous, unethical, hypocritical behavior any better? I understand many human societies and individuals aren't perfect. I don't expect a utopia, but many Americans have been drinking the kool aid for so long that they either don't see the overt hypocrisy , they are apathetic, or they rationalize their support which you seem to be doing.

If you feel so strongly that 11-20% of what you pay supports human rights violations or policies that are bad for humanity why do you do it? There are ways you can directly and indirectly support aspects of the government you agree with.

Or if you really think the US is irredeemable, leave. There are plenty of places on this planet that are better by many measures. But staying here, and quietly trying to get out of paying your taxes, telling yourself that you are taking a principled stand because 51% of your tax dollar is wasted, is bullshit.

Why are you assuming I am an American citizen or haven't already left? To those living in the US I would suggest leaving but I can certainly understand those that decide to distance themselves as conscientious objectors within the US.

about 4 months ago
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Remote ATM Attack Uses SMS To Dispense Cash

codebonobo Re:HUH? (150 comments)

If the banks were truly too big to fail, they should have been nationalized, senior management at least fired, preferably arrested and charged and the banks broken into small pieces and sold.

Yes, completely. Whether it was fraud or incompetence it is sheer lunacy that we permitted such behavior.

about 4 months ago
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IRS: Bitcoin Is Property, Not Currency

codebonobo Re:At last (273 comments)

Are you really insinuating that the wholesale murder of hundreds of thousands of innocent civilians is eclipsed by the benefit of cheap oil?

No, I said the exact opposite. I said that in my opinion the cost is greater than the benefit. Your reading comprehension is terrible.

I understood the context just fine. You just are under the impression that it is morally justified to continue to support said behaviors with federal tax dollars because not doing so would have a much greater detrimental outcome for society. Some would suggest that their is a very good moral argument to be made by practicing agorism when more than half of federal tax dollars support activities many do not agree with.

about 4 months ago
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IRS: Bitcoin Is Property, Not Currency

codebonobo Re:At last (273 comments)

This is probably what is so ethically offensive about your comments:

.....the vast majority of it is still net positive

.... and than you give examples to illustrate the above:

.....I don't like the heavy-handed Middle East adventurism, but it does get us cheap oil by keeping OPEC in check.

Are you really insinuating that the wholesale murder of hundreds of thousands of innocent civilians is eclipsed by the benefit of cheap oil?

While I agree with you that certain Americans benefit off the corrupt policies of foreign interventionism and leveraging our power with exploited contracts and trade barriers, spying on foreign businesses to give US ones unfair advantages with the NSA, some of us recognize this isn't ethical. Rationalizing such behavior sounds cruel and insinuating that an emotional response isn't also backed up with good reasons and provable facts is unfair.

I don't care if its a government, corporation, religion, or individual committing these crimes against humanity, it doesn't ever justify cheap oil or a smooth highway. There is a line that is repeatedly being crossed where a person of good conscious should become intolerant to any entity despite some beneficial side effects. The ends do not justify the means and it is presumptuous to believe that their is even a net benefit for yourself.

about 4 months ago
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Remote ATM Attack Uses SMS To Dispense Cash

codebonobo Re:HUH? (150 comments)

You mean loaned out to banks. Banks either paid that back or they failed. Most of it was paid back.

You are repeating the banks' talking points. Some of it loaned out. Some of it was given out. Some of it was exchanged for worthless assets. In the end the bottom line is most people were screwed and the the banks profited.

Were you offered extremely low interest loans which you immediately were allowed to profit massively off of by selling higher interest loans and dissolving your bad investments?

Why didn't the Fed do the right think and allow the irresponsible banks to fail and instead invest those trillions on paying directly to the consumers the raised 250k FDIC insurance? Why weren't the bad actors weeded out? Instead the banks were told quite clearly they must stay large so they become too big to fail and in a couple years they can start aggressively find new games to play with peoples life savings.

about 4 months ago
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Researchers Find Problems With Rules of Bitcoin

codebonobo Re:If it looks like a duck and quacks like a duck. (301 comments)

Not if you are actually considering the rest of the costs including currency exchange cost, opportunity cost, volatility risk and the rest.

I do not need to pay any currency exchange fees. I can directly spend my bitcoins with thousands of merchants directly or by git cards for 0 fees with the remaining ones like amazon or walmart. There is 0 need for exchanging back to fiat. If I needed, 1% or lower is much less than the 3-5 % avg for merchant processing fees. Volatility risk doesn't effect me either as I simply buy when its higher than what I purchase the coins at. So the volatility makes items less expensive.

You are also focusing entirely on the risks with bitcoin and not mentioning the many risks with debit cards or usd cash.

Do you seriously think I'm going to ask someone to waste a considerable amount of their time setting up to use bitcoin so that I can save at best a few cents on a money transfer at considerably higher risk to both of us? I honestly don't know anyone in real life who has done a single transaction in bitcoin.

Bitcoin isn't just about you but about others who are underbanked or unbanked. It benefits those that regularly have to send money so the little extra effort in initially setting things up and buying some coin is worth it. It is about countries where there is hyper-inflation or bail-ins where 60% of your savings disappear overnight. It may indeed be too much of a hassle for you now because you don't know anyone that uses it but once you join you will start to interact with the 2.5+ million and growing of our community and than you may find it actually much easier than traditional online banking.

Bitcoin does not eliminate counterparty risk from a transaction. At most it might shift the type of risk to worry about. Furthermore, escrow is nothing new at all in financial transactions.

You must be unfamiliar with the many services out their like https://www.bitrated.com/ and even hot wallets like https://www.bitgo.com/ which make it impossible for the third party escrow, bank, or arbitrator to independently steal your funds. How can this be done without a crypto-currency ledger system like bitcoin?

What about them? You're confusing the specific technology used with the function it serves. Those all have existing analogs that have nothing to do with bitcoin.

Can you cite any examples that do so with the efficiency and security of bitcoin?

Being a first mover is not necessarily an advantage. Second movers often can simply watch the mistakes of the first mover and act accordingly. Ask MySpace how being a first mover worked for them. Bitcoin isn't going to succeed because of "first mover advantage".

has the benefit of the networking effect

Bitcoin is not a central company or website so your example is poor. Bitcoin is an open source evolving protocol. Bitcoin has in the past incorporated code changes other 2nd movers like litecoin and can simply adopt other altcoins feature sets if they prove advantages. The networking effect is critical in not only open source protocols but currencies thus the stranglehold USD has on the world reserve currency and why Visa/Mastercard remain dominant above paypal. It takes something with unique features like bitcoin to start to carve out some market share.

Which presumes that there is no flaw in the implementation, does not account for future advances in computing power, etc. Just because it is currently secure does not mean it is safe to assume it will remain so. Are you an expert in cryptography? I'm sure as hell not and yet I'm expected to trust the code written by no one I know and certainly no one who is accountable to anyone? Yeah, not going to happen... Hell, someone doesn't have to launch an attach on bitcoin itself to make it not worth using. You think bitcoin is going to remain popular with anyone other than true believers if exchanges keep going belly up?

Bitcoin already has had multiple flaws that have been patched. It is open source and created by experts in cryptography. Yes, I can read and understand the source code myself as many other experts can and regularly do audit the code. The exchanges going belly up will certainly slow down the adoption but won't stop Bitcoin as the market is already adjusting as shown by the remaining exchanges hiring auditors to regularly audit their books, several mutisig hot wallets/exchanges have been created to remove risk of theft from the exchange, several hot wallets with insurance have been created to mimic FDIC insurance. The market is already weeding out the bad actors and sloppy businesses to increase security. The exchanges are a moot point as they are merely a intermediary ground and one doesn't necessarily have to ever use one.

about 4 months ago

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