End the Fed - Bitcoin purchase proxy.

[Terror Australis]

http://www.bitcoin.org/

Bitcoin P2P Cryptocurrency

Bitcoin is a peer-to-peer network based digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:

    * Transfer money easily through the Internet, without having to trust middlemen.
    * Third parties can't prevent or control your transactions.
    * Bitcoin transactions are practically free, whereas credit cards and online payment systems typically cost 1-5% per transaction plus various other merchant fees up to hundreds of dollars.
    * Be safe from the instability caused by fractional reserve banking and bad policies of central banks. The limited inflation of the Bitcoin system's money supply is distributed evenly (by CPU power) throughout the network, not monopolized by the banks.

http://www.bitcointo.com/

I would like to offer this service which uses bitcoins to purchase Amazon gift cards with no transaction fees and taxes.Contact me if you wish to cut out the central banksters.Anonymity respected at all times.http://www.bitcoin.org/smf/index.php


This is agorism internet style.....

[error]

I looked at Bitcoin and ran like hell when I saw that the currency was ultimately "backed" by CPU cycles. Moore's Law, anyone?

[Terror Australis]

I looked at Bitcoin and ran like hell when I saw that the currency was ultimately "backed" by CPU cycles. Moore's Law, anyone?

That is a misunderstanding - (an error?) .The more cpu cycles there is available the more the difficulty level increases.You could have the worlds largest botnet or supercomputer and the difficulty level would raise to make your coin generation impractical.It is cheaper and easier just to buy them on the market than try to game the system.This is akin to the fed being unable to print frn's because there is a lack of paper,meaning they would be restricted to the money already in the system.This is enforced honest monetary system without a central bank to rip you off.You are your own bank.
Any more questions can be answered on the bitcoin forum. http://www.bitcoin.org/smf/index.php

[Alex Libman]

BitCoin is the subject of the latest episode (1 hour 27 min) [MP3] of one of my favorite technical podcasts, Security Now.


And, just in from Slashdot -- Online-Only Currency BitCoin Reaches Dollar Parity --

The BitCoin peer to peer currency briefly reached exchange parity with the US dollar today after a spike in demand for the coins pushed prices slightly above 1 USD:1 BTC.  BitCoin was launched in early 2009, so in only two years this open source currency has gone from having no value at all to one with not only an open market of competing exchanges, but the ability to buy real goods and services like web hosting, gadgets, organic beauty products, and even alpaca socks.

(Note: this is not a personal endorsement of BitCoin, just some relevant links.)

[Alex Libman]

Digital currency lets GPU cycles print money

[Alex Libman]

From Slashdot -- Google Engineer Releases Open Source Bitcoin Client --

angry tapir writes:

"A Google engineer has released an open source Java client for the Bitcoin peer-to-peer currency system [WP], simply called BitcoinJ.  Bitcoin is an Internet currency that uses a P2P architecture for processing transactions, avoiding the need for a central bank or payment system.  Cio.com.au also has an interview with Gavin Andresen, the technical lead of the Bitcoin virtual currency system."

Just don't say you're minting anything.

There was an empty link in the last sentence - perhaps the author wanted to link to a story about Liberty Dollar but screwed up.


(My fellow supporters of market-friendly free software licenses (as opposed to the commie GNU crap) will be happy to hear that BitcoinJ has an Apache license, and hopefully it will be able to run on the Apache Harmony JVM in addition to the restrictive GPL one from Oracle.  The original Bitcoin client also has a Copyfree license, but it has some restrictive dependencies (ex. wx) and it's a pain to install on *BSD.)

[Alex Libman]

From Slashdot -- Mint It Yourself With a Browser-Based Bitcoin Miner --

An anonymous reader writes:

"There's a popular discussion happening at the Bitcoin forums about a new browser-based bitcoin miner released today. This lets people mine for bitcoin straight from the browser. There's talk of making an embeddable version. How long until websites start using CPU power from their users to create Bitcoin for their owners?"

As Bitcoin gets more attention, I foresee malware with payloads promising to do the same thing.

I knew this was only a matter of time...  There are as many XSS holes in the Internet as one is willing to look for.  This forum won't allow me to execute code on your machine without getting you to click on a link (at least not by conventional means), but plenty of other sites do.  So I recommend using a browser add-on like NotScripts or NoScript, and disabling script / Flash / etc execution on unknown sites by default.  And stay away from crapholes like Facebook.  The CPU cycles other sites waste on your machine could cost you electricity, interfere with your work, and slow down your own Bitcoin minting endeavors.

[Alex Libman]

From Slashdot -- Friday's Big Swings, Mostly Down, Illustrate Bitcoin Value Volatility --

An anonymous reader writes: "As cool as Bitcoin is, it looks like it lost 1/3 of its value in the last 24 hours.  Lots of big sells, complaints of liquidity, and pissed off nerds." The article linked article goes on to explain that the value rose again, so the aggregate loss was considerably less. The author also helps defuse claims that Bitcoin is untraceable or otherwise especially well suited to nefarious activities.