Consider the bitcoin currency, what are your thoughts?

Consider the bitcoin currency, what are your thoughts?
by

1 Answer

Answer :

answer:In terms of pros/cons. Pros: -No centralized bank, no fees. -Anonymity. -Your “wallet” is an encrypted datafile, (proof of work), and also proof of funds. You don’t need someone to hold it for you. -Predicted inflation and deflation given the generation algorithm and method. -Thus somewhat resistant to speculation (although that is always up to the market) Cons: -Anonymity – it could be abused to launder money (but if it remains in use for microtransactions, much less likely to happen. -Generation (“mining”) algorithms are very CPU intensive. Energy costs vs benefits. (Some in the community argue that generation would/could be taken over by greener initiatives). -Even if you build an ACIS ( http://en.wikipedia.org/wiki/Application-specific_integrated_circuit ) – the algorithm accounts for speed, by increasing difficulty based on the speed. Therefore, slowing generation down, for security – but killing efficiency. Effectively, you have a mathematical model for generation restriction vs arbitration (what is used with most currencies). A potential con I see so far, many in the bitcoin community are obsessed with generating bitcoins, and the process. Which is fine since it’s nice, but it seems to just reinforce human greed than give just an alternative solution. But that depends, again, on use.
by

Related questions

Can you help me write the following argument in symbolic form?

Description : Can you help me write the following argument in symbolic form?

Last Answer : answer:This is what I've got so far. Any computer science majors out there who can chime in? Let P = Maria goes out Let Q = Maria helps Axel with his maths homework Let R = Axel fails the maths unit If Maria does not ... Maria goes out, Axel will fail the maths unit. P → R ~P → Q Q ˅ R P ----- R

Does anyone know why software developers, computer and other electronic engineers always use the spelling "foobar" for FUBAR?

Description : Does anyone know why software developers, computer and other electronic engineers always use the spelling "foobar" for FUBAR?

Last Answer : answer:They are two different things that happen to be pronounced the same: http://catb.org/jargon/html/F/foobar.html http://en.wikipedia.org/wiki/Metasyntactic_variables

What are the best ubiquitous computing conferences?

Description : What are the best ubiquitous computing conferences?

Last Answer : You be able to spread your message successfully at those conferences. I’d say have your networking strategies planned out. Pre plan and map out who you might want to approach.

Can I pursue a career with CS minor? Please help!

Description : Can I pursue a career with CS minor? Please help!

Last Answer : answer:I work for one of the top 3 software companies in the world, have been recruited by Google a few times (but have not accepted their offers) and my degree was essentially ... Spanish and have worked steadily because of their combination of language skills and (software) product knowledge.

Is there a good way to determine if a stack is a palindrome?

Description : Is there a good way to determine if a stack is a palindrome?

Last Answer : Since palimdrome stacks are by definition symmetric, you can cut the stack in half, reverse the second half, and compare it to the unaltered first half. This is the fastest possible strategy to do ... your time, since all combinations in the last half have already been checked in the first half.

What is your experience or your opinion of the Scrum agile software development methodology?

Description : What is your experience or your opinion of the Scrum agile software development methodology?

Last Answer : Never heard of it, but if I understand correctly it seems pretty obvious. Isn’t it just assigning a leader, creating an adversary and planning ahead?

Is there a mathematical method that takes a matrix and generates a "diamond" of values from rotating it 45 degrees?

Description : Is there a mathematical method that takes a matrix and generates a "diamond" of values from rotating it 45 degrees?

Last Answer : Do you have to show this matrix to the user? Because if you don’t then you don’t need to tilt it.

Does solving "P=NP?" require filling every hole ever left in math?

Description : Does solving "P=NP?" require filling every hole ever left in math?

Last Answer : answer:I think the answer is that solving it would then successively fill every hole in math. It seems that the answer is not P=NP. If I knew what it took to solve P=NP then I certainly wouldn’t tell!

What is Information Technology?

Description : What is Information Technology?

Last Answer : answer:Big difference. Big difference. Computer science or computing science (sometimes abbreviated CS) is the study of the theoretical foundations of information and computation, and of ... administration, computer engineering, Web development, technical support, and many other related occupations.

What is Virtual Memory and why is it so high? (Mac)

Description : What is Virtual Memory and why is it so high? (Mac)

Last Answer : answer:Virtual memory is an abstraction that decouples memory used by programs from the physical hardware. Basically it makes it possible for a computer without enough RAM to still run all the programs a user ... : huge virtual memory numbers aren't a problem at all but paging to disk is an issue.

Is there a condition when the scrolling thing supposed to go slow?

Description : Is there a condition when the scrolling thing supposed to go slow?

Last Answer : It would be beneficial if you could describe this in better detail… – are you referring to the cursor that you move with the mouse? There are settings in the computer’s control panel that can slow it down for you. If you mean something else, please elaborate.

How do I find a minimum subtree?

Description : How do I find a minimum subtree?

Last Answer : This is why I don't do phylogenetics! :) But really, aren't all questions like this incredibly slow to answer? That's why it takes so much computer power to run trees. I'm a biologist, not a math person, so ... . I think it's supposed to take a long time - if you want to get the best tree, that is.

Fluther API or other way to perform advanced searches and retreive feeds?

Description : Fluther API or other way to perform advanced searches and retreive feeds?

Last Answer : The Fluther API hasn’t been released yet.

"Embedded system" what does it mean?

Description : "Embedded system" what does it mean?

Last Answer : Embedded System Google is your friend.

The coming age of 'spiritual machines' - When will computers exceed human intelligence?

Description : The coming age of 'spiritual machines' - When will computers exceed human intelligence?

Last Answer : Did you hear about this recent discovery by a robot? Supposedly, the robot formulated a hypothesis and then devised a set of test to prove the hypothesis completely independent from its creators. That's ... t loaded in this particular case, but it does seem to point towards a very different future.

A truck has to make deliveries in 50 cities. Can a clever computer program find the shortest, most economic round-trip route?

Description : A truck has to make deliveries in 50 cities. Can a clever computer program find the shortest, most economic round-trip route?

Last Answer : UPS! Their routing system avoids left-turns because they take much longer! Question is of course, will this system receive dynamic updates about current road and traffic conditions, if so, in what intervals and ... a predictive basis, optimal will always be relative to t. Ergo, the answer is No.

What is local correlation?

Description : What is local correlation?

Last Answer : answer:I found a definition here; http://www.cs.cmu.edu/~spapadim/pdf/loco_icdm06.pdf The mathematical expatiation is here; http://www.ahay.org/RSF/book/jsg/attr/paper_html/node7.html I hope that helps!

Does anyone know of anything I can do to get readdy to take Computer science classes?

Description : Does anyone know of anything I can do to get readdy to take Computer science classes?

Last Answer : answer:Number one in my book (if you do not already know how) is to become proficient at touch typing. Just learn the keyboard first, without having to look at it. The speed will come later. Be sure ... you stand out when getting a job and could make or break it for you. Best wishes and good luck.

What are your thoughts on Bitcoin?

Description : What are your thoughts on Bitcoin?

Last Answer : There was an article in the NY Times recently about how hackers can drain your entire bank account via Bitcoin. I’d never do something like Bitcoin for that reason. Not that any other type of banking is 100% safe but Bitcoin is one more way your info is out there waiting for you to get fucked.

What are your thoughts on Ban on Bitcoin and other cryptocurrencies?

Description : What are your thoughts on Ban on Bitcoin and other cryptocurrencies?

Last Answer : When cryptocurrency first came out many people told me to invest in Bitcoin it was the currency of the future. I thought this was just another scam and a way for a person to create his own currency. ... all. Just a bit of your time and energy to go to these sites and earn free cryptocurrency.

I make what science believes to be fantasy become reality in the blink of an eye. Doctors consider me a cause of insanity if to much of me in your life is applied. When most age I began to disappear for as most age they apply more logic and reason to their thoughts. My biggest fear is to not get used and to be forgot. What am I? -Riddles

Description : I make what science believes to be fantasy become reality in the blink of an eye. Doctors consider me a cause of insanity if to much of me in your life is applied. When most age I began to disappear for ... to their thoughts. My biggest fear is to not get used and to be forgot. What am I? -Riddles

Last Answer : Your Imagination.

Are there any reasons why the US government (and/or departments thereof) couldn't retask the government supercomputers to mint huge quantities of Bitcoin?

Description : Are there any reasons why the US government (and/or departments thereof) couldn't retask the government supercomputers to mint huge quantities of Bitcoin?

Last Answer : It isn’t cost effective, because the resources to “mine” additional coins is too much. And, it is all part of a ponzi scheme anyway.

Do you think the total amount of bitcoin has a hard limit?

Description : Do you think the total amount of bitcoin has a hard limit?

Last Answer : The underlying architecture could be altered, I believe, to accommodate more Bitcoin. But it's all just a big bubble anyway, huh? Like, where's the real value? Yes, thank you blockchain, we'll ... crime. The ideas will live on, but I think, Bitcoin will either change drastically or be supplanted.

Is Bitcoin a horrible ********* present?

Description : Is Bitcoin a horrible Christmas present?

Last Answer : Yes. You might as well gift them beanie babies or pet rocks. Those were valuable once, too.

Help! How can I get paid in bitcoin and use a bitcoin debit card?

Description : Help! How can I get paid in bitcoin and use a bitcoin debit card?

Last Answer : answer:You don't say where you live, so it is hard to answer. First of all, you have to find someone willing to pay you in bitcoin. That won't be in the US, but maybe you can find an ... very many bitcoin ATMs that will convert to real money. I live near San Francisco, and there are only a few.

Computer Scientists/Math Geeks: Would it be possible to design an open source voting machine based on Bitcoin verification math?

Description : Computer Scientists/Math Geeks: Would it be possible to design an open source voting machine based on Bitcoin verification math?

Last Answer : answer:I would have applauded this as an interesting idea until I heard of yet another bitcoin theft today. Sounds to me like the whole bitcoin verification is not terribly secure. Also, SS# is not proof of citizenship.

Do you think Bitcoin is the future?

Description : Do you think Bitcoin is the future?

Last Answer : answer:It needs a lot of work. It isn’t secure. And the value is subject to great volatility that makes it unpredictable as a useful medium of exchange for repayment or future purchases.

PharmaBro gets robbed of $15 million in Bitcoin. Cosmic justice?

Description : PharmaBro gets robbed of $15 million in Bitcoin. Cosmic justice?

Last Answer : Bwahaha. I don’t know about cosmic justice, but it sure is amusing and much deserved.

Bitcoin appears to be collapsing as a result of the demise of one its major exchanges. Is this the beginning of the end?

Description : Bitcoin appears to be collapsing as a result of the demise of one its major exchanges. Is this the beginning of the end?

Last Answer : I don’t know if it will survive, but I don’t think this will be what kills it. I’d be more concerned with how bitcoins seem to have a tendency to accumulate in the hands of a Bitcoin 1%.

Is it worth my time to invest in Bitcoin?

Description : Is it worth my time to invest in Bitcoin?

Last Answer : answer:I looked into this recently and decided: no, I missed the boat. The currency is valued pretty highly right now, so you're not likely to make money by waiting for it to gain value. Mining is ... up the guy who bought $27 in bitcoins 4 years ago and realized recently that he is a millionaire).

Why do I get a JSON error when Bitcoin mining every now and then?

Description : Why do I get a JSON error when Bitcoin mining every now and then?

Last Answer : answer:2 minutes later I find a “Autostart” checkbox. Great. Watched it hop right over an IO error. :3 I’d still like to know more about what’s going down when the error occurs, and if I can make the Intel CPU graphics run my GUI and everything while the GPU mines simultaneously.

Have any of you ever heard of Bitcoin?

Description : Have any of you ever heard of Bitcoin?

Last Answer : I have. It was covered in an article I recently read in a magazine, probably either Time or Harper’s. The whole idea gave me a very uneasy feeling.

Would you invest in bitcoin or future online virtual currencies?

Description : Would you invest in bitcoin or future online virtual currencies?

Last Answer : answer:Maybe when it's more commonly accepted (probably not universally , but even credit cards aren't universally accepted) as currency. I've long been in favor of private currency ... universally accomplish via inflation. Silent, and tacitly accepted abetted by people who should know better.

Which is more worth it on cashapp stocks or bitcoin?

Description : Which is more worth it on cashapp stocks or bitcoin?

Last Answer : Depends on your goals, stocks are great if you know a little something about the company and the shares you’re purchasing. As far as BTC goes, I believe the long term returns will be phenomenal but you have to hold on through all of the ups and downs.

How much further will Bitcoin go and why?

Description : How much further will Bitcoin go and why?

Last Answer : It depends on your timeline. I fully expect 100,000 in the next two years.

Bitcoin are finite, and they are are a product of ever increasing computational complexity. What is their true value?

Description : Bitcoin are finite, and they are are a product of ever increasing computational complexity. What is their true value?

Last Answer : Whatever people are willing to pay for them. The energy, and natural resources required to maintain it are concerning though.

Is white bitcoin (WBTC) a wise interest in 2020?

Description : Is white bitcoin (WBTC) a wise interest in 2020?

Last Answer : 2020 has changed the world a great deal and innovation is presently significant like never before and the same number of finance managers and financial specialists go to the computerized economy. ... for the individuals who are hoping to try and learn cryptographic money for longer timeframes.

What will be the value of White Bitcoin (WBTC) in 2023?

Description : What will be the value of White Bitcoin (WBTC) in 2023?

Last Answer : White Bitcoins (WBTC) is one of the freshest and most loved digital money as indicated by current pieces of information and is turning into the decision of an ever increasing number of individuals ... is ever developing and thus it will give you incredible return in the drawn out situations.

Is Bitcoin Legal in Bangladesh ?

Description : Is Bitcoin Legal in Bangladesh ?

Last Answer : One month after Bangladesh joined the Bitcoin Foundation as the first country in Asia, Bangladesh Bank has imposed a ban on bitcoin transactions in the country. Transactions in Bitcoin or Bitcoin or any ... and the Prevention of Money Laundering Act , 2012. So Bitcoin is illegal in our country.

How to get bitcoin ?

Description : How to get bitcoin ?

Last Answer : Link See details here. I can't explain it in 2/1 words so I gave the link

What is Bitcoin ?

Description : What is Bitcoin ?

Last Answer : Bitcoin is the world's first open-source cryptocurrency , also known as the decentralized digital currency. In 2009, Satoshi Nakamoto, a pseudonymous person or group, introduced this currency system which is called peer-to-peer currency. Thank you!

What is Bitcoin ?

Description : What is Bitcoin ?

Last Answer : Bitcoin is a type of virtual currency that is traded through cryptographic protocols. It is not an institution for transaction control. This is an entirely open source project.

What is the current value of bitcoin ?

Description : What is the current value of bitcoin ?

Last Answer : At present the value of one bit coin is 1 lakh 11 thousand rupees.

What is Bitcoin ?

Last Answer : Bitcoin is a cryptocurrency traded through open source cryptographic protocols.

How long do you think bitcoin balloons last?

Description : How much longer do you think this exchange rate can go?

Last Answer : This is no longer a balloon. He once understood a lot, now the exchange rate has gone beyond that. It can go up to 50-100 thousand.

What do you think about Bitcoin?

Description : What do you think about Bitcoin?

Last Answer : It would have been worth it long ago, now that the exchange rate is so up, I consider it a huge risk.

Does anyone collect Bitcoin?

Description : It's actually an online option

Last Answer : Well, I was busy that year, but I didn't see the point, so I stopped

Who would buy bitcoin worth 1,000,000 ft at the beginning of the year (2017) now?

Description : Take it out = it would be useful!

Last Answer : I would take out at least half.

how to mine bitcoin?

Description : I’ve heard that bitcoin mining is a pretty good way to make money. What to add and how to do it at all.   

Last Answer : These are good articles about it in Hungarian: http://www.bitcoinbazis.hu/bitcoin-banyaszat-mukodese/ http://www.bitcoinbazis.hu/bitcoin-banyaszgep-telepitese/

How to purchase Adderall with bitcoin?

Description : How to purchase Adderall with bitcoin?

Last Answer : h ijn kokm nkkj nhy gt fy ijn kkm mko kkp n ug vfre w w rc gh b okm ko n hgtrd ed ftyg bji kokm kijb ytf rfcg yhj iik ko ju hgt f t g hu jji jnu g tg