The Lounge is rated PG. If you're about to post something you wouldn't want your
kid sister to read then don't post it. No flame wars, no abusive conduct, no programming
questions and please don't post ads.
Two great white sharks swimming in the ocean spied survivors of a sunken ship.
"Follow me son" the father shark said to the son shark and they swam to the mass of people.
"First we swim around them a few times with just the tip of our fins showing." And they did.
"Well done, son! Now we swim around them a few times with all of our fins showing." And they did.
"Now we eat everybody." And they did.
When they were both gorged, the son asked, "Dad, why didn't we just eat them all at first? Why did we swim around and around them?"
His wise father replied, "Because they taste better without the sh*t inside!"
I hadn't realised it before, but sharks actually seem to be quite musical[^]...
Anything that is unrelated to elephants is irrelephant Anonymous ----- The problem with quotes on the internet is that you can never tell if they're genuine Winston Churchill, 1944 ----- I'd just like a chance to prove that money can't make me happy. Me, all the time
Those who fail to learn history are doomed to repeat it. --- George Santayana (December 16, 1863 – September 26, 1952)
Those who fail to clear history are doomed to explain it. --- OriginalGriff (February 24, 1959 – ∞)
Block-chain or not, with the anonymity of Bitcoin, some poor slob accepts one for payment on a widget. Do you then punish him for accepting the stolen coin? To much time passed.
I thank that they should have just nuked the entire lot of them right away. That would have taken coins out of circulation, value bumped up for everyone else, etc. But because of how MtGox handled the situation and delayed telling people about it for months, that would have given whoever took them a lot of time to shuffle them around and launder them.
OT: Who trusts a group of guys who name their 'bank' MtGox? That name was originally used for "Magic: The Gathering Online eXchange"? That is like buying a car from "Bob's Caveat Emptor Used Car Emporium"
Duncan, you are pretty near. I will rephrase so you understand the problem.
"the whole block-chain thing would mean that you could uniquely identify the stolen bitcoin, and which bitcoin address spent them and which bitcoin address received them."
The thing is that a bitcoin address can be created offline, because it is just the public key of a public/private key pair. We don't know who own the private key, and we can't know because there is no central registration of address, and never will be.
That coupled with the fact that you can create one public/private key pair for each transaction of bitcoin you do if you want.
The list of all the addresses that you have the private key is known as a "wallet", you can store it where you want, even in your USB stick hidden under the mattress.
Normal people have one address. But an ecommerce can decide to generate one address for each transaction.
If you loose the private key of an address, you loose your bitcoins. It is as simple as that.
And my god, if you can't account for 650,000 bitcoins, just create them! It's all vapor-money anyways (though I speak with no knowledge of how these things are supposed to actually be tracked.) I figure though, take a lesson from the fed - "print" more!
I don't necessarily agree that gold is basically useless because it has uses, especially, in electronics. It may become more and more useless as material science advances and it is replaced with other exotic substances.
But that is besides the point.
I am still having a hard time wrapping my head around BitCoins. My interest is from a FX trade perspective.
I know from watching the charts that it is a volatile currency, with the potential to win or lose big by trading it. I just don't have a good idea about what makes it move in either direction and there isn't enough historical data to try to make sense of trends yet.
Thanks for the information.
The report of my death was an exaggeration - Mark Twain