I am starting to really subscribe to the opinion it is.....

The concept of "bitcoin mining" is very ambiguous. Why would we have to do something like solve algorithm to be reward in a "coin of nothing" that can be exchanged in the form of local currency?

What exactly are we solving algorithm for? Shit like Stuxnet? I believe so...

Foolish to believe we are just solving useless algorithm for money.

 

They are trying to solve a cryptographic problem and verify that all work performed was really performed. To guard against someone cheating the system:

More than money, bitcoin's real value lies in its algorithms
Blockchain technology that powers bitcoin and other digital currencies is showing up in a variety of other applications

Bitcoin may finally be on its way toward legitimacy this year, what with Overstock.com accepting it for payments and bitcoin ATMs popping up. But the most intriguing parts of bitcoin -- and all its cousin currencies like litecoin, peercoin, and even dogecoin -- are the core mathematical algorithms that power it.

Now those algorithms are appearing in contexts that hint at how cryptocurrency is only one possible application for such math, and how other applications may be even more powerful and socially useful.

First, some background: Blockchain technology -- the core math used in bitcoin, as explained by its creator -- is a way to decentralize items that weren't previously considered decentralizable. Paul Bohm's explanation, in a Quora post, describes it as "a means to make consensus in highly distributed large-scale systems, which would otherwise never be able to reach consensus. The value of this is, that it's now possible to build applications in a decentralized fashion, that we previously thought could not be built without a central authority."

The larger question of what kinds of applications is now getting much more attention. Consider Twister, a microblogging/social networking application that borrows technology from both bitcoin and BitTorrent. Twister runs on no central server but rather on an aggregate of individual, peer-to-peer clients. A blockchain that runs between clients verifies that user accounts are unique and posts from a given account really belong to that account. A similar project, Bitmessage, is for simple peer-to-peer messaging and might even function as a secure replacement for email depending on the implementation.

Another application of the bitcoin network was discussed by Jeremy Clark of Carleton University and Aleksander Essex of the University of Waterloo, who proposed using the bitcoin system itself as a way to verify the timestamp of a given action, what they call "carbon dating." Such a technique could be used for verifiable electronic voting, with the bitcoin blockchain making forgery nearly impossible.

These projects also show two major ways bitcoin's technology can be reused. The first one involves using the same protocol as bitcoin, but not the currency's actual network. The second approach uses bitcoin's protocol and network -- in essence, leveraging the existing presence of the network to distribute the data.

Again, the breadth of applications -- and some potential pitfalls -- are only just now beginning to become clear. Namecoin, for instance, uses its own bitcoin-style blockchain to create a secure domain name system as a possible alternative to the standard ICANN domain registry. A great idea, but it didn't stop cyber squatters from snapping up domains cheaply and then trying to resell them for a profit.

Most of the current hubbub around bitcoin revolves around its use as a currency -- the value of a bitcoin versus the dollar, and whether or not governments will accept its legitimacy. But the underlying math has a power and utility that outstrips any of bitcoin's financial implications. It'll be fascinating to see how those develop, entirely apart from and in parallel with the cryptocurrency itself.

 

That is the presented logic...but how do YOU, as the miner, verify this is certain truth?

 

You can review the source code and see exactly what it does since it's open source. How do you verify that the world is round, you've never looked at it from space right? All you rely on is what other people have told you about how it looks.

 

That is the definition of faith, my friend.

It just has a very dark undertone to me. Maybe it's just the natural skeptic in me. But thinking that a crypto-currency will revolutionize currency, IMO, is Utopian. Currency was developed as a medium of exchange, but really...in theory. Yes, if I want tomatoes, for example, but all I have is carrots and you have tomatoes but demand cabbage...I'm screwed.

While currency has irrefutably remidied this quandary, it had a more pragmatic effect as a means for control and concentration of power. Exchange rate manipulation is way too powerful of a tool for any kind of revolution like Bitcoin to bring down a central bank cartel...so what you will undoubtedly see happen is these offshoots just get eaten up by the establishment.

I tend to believe they were created BY the establishment.

Is it no coincidence that JP Morgan has laid down a patent for their own digital currency? And that the banks are now trying to bring the derivatives game to crypto-currency?

And the whole fiasco surrounding Dorian Nakamoto and the story Newsweek broke and, subsequently, had ice water thrown on it by Nakamoto himself (supposedly) is just way way too bizarre for my comfort level.

http://mag.newsweek.com/2014/03/14/bitcoin-satoshi-nakamoto.html


Question, how many hashes do you think the NSA can crack per second? Yes, it's rhetorical but gives a little context to how the bitcoin hype could very well be a way that shadow ops manufactured our own consent to engage in a cold "intel" war.

 

Well i heard

Catalysis is the increase in the rate of a chemical reaction of two or more reactants (X & Saint) due to the participation of an additional substance called a catalyst. Unlike other reagents in the chemical reaction, a catalyst is not consumed by the reaction of members of these forums *no* . With a catalyst, less free energy is required to reach the transition state(The New AudioZ), but the total free energy from reactants to products does not change.[1]Catalyst may participate in multiple Forum transformations. The effect of a catalyst may vary due to the presence of other substances known as inhibitors(The Messenger)or poisons(Emoji's) (which reduce the catalytic activity) or promoters(Kontakt Guru) (which increase the activity). The opposite of a catalyst, a substance that reduces the rate of a reaction, is an inhibitor(the Rebels @AudioZ).

Catalyzed reactions have a lower activation energy (rate-limiting free energy of activation) than the corresponding uncatalyzed reaction(X) *yes* , resulting in a higher reaction rate at the same time. However, the mechanistic explanation of catalysis is complex. Catalysts may affect the reaction environment in the forums, or bind to the reagents to polarize bonds(All the great folks here), Catalysts reactions or Speech are not form specific intermediates and are not produced naturally,

Kinetically, catalytic reactions are typical Nice & Funny reactions; i.e. the reaction rate depends on the frequency of contact of the reactants(X,Andrew,0on3) in the rate-determining step(AudioZ promotion). Usually, the catalyst participates fully in this step, and rates are limited only by amount of energy & time you give to Audioz & AudioSex also catalyst and his "activity".

Although catalyst is not consumed by his own reaction itself, he may be inhibited , but not deactivated , or destroyed by secondary processes .

 

You guys are using a LOT of big words. Damn...

 

Even if they own a lot of computer these are still normal computers.
It will take a lot more money (only considering the electric power to feed them, not the technicians and such) to mine the bitcoin than the value of the coins mined.

 

"Normal computers" ?
Are you joking ?

Search 5 seconds "NSA computing power"

Here is an example :
Cryption

May be they could give us some hours fo computing for WIBU, eLicencer and iLok2

 

The NSA uses supercomputers the likes of which you couldn't even possibly imagine. Not to mention using some of the smartest people on the planet to run them.

 

Somebody know someone working at NSA ?
I've got some encrypted Nexus code to share

And yes, they get ppl like SnowDen...you know...
Not the average a**hole like me

 

Bitcoin sounds like a pyramid scheme if you ask me