Understanding Bitcoin Security – Trace Mayer interviewed by VisionVictory

14 comments on “Understanding Bitcoin Security – Trace Mayer interviewed by VisionVictory
  1. Danny Cunnington says:

    Very interesting and a good explanation. I checked around on some of the links and found this http://www.bitmit.net/en/hotauctions

    Yes you can buy real and sell real things with bitcoin. Interestingly, there’s an SAE (full ounce pure silver) coin for sale. Current bid in this Ebay style site is Bc 3.50 which is a shade under $42 in fait.

    This could be very interesting for SLA stackers because you could sell other goods you have and buy silver coins or you can sell silver coins and get Bc to buy other things over the internet.

    That means you could use your some of your silver to buy other goods which you might need over the internet but you do not lose out because you are getting a full retail price for your coin and your other goods purchase has no transaction costs and is totally private and outside of any banks. You can basically digitize a physical silver coin or bar and send it over the web as payment for goods!

    This has got me interested because my only objection to Bitcoin is the range of things that I can buy which interest me and are real things that can arrive by post.

    I don’t know what anybody else thinks about this or if there’s any flaws in my reasoning but with the new Keiser ethical silver coin coming out shortly this could be good. Plan: You buy some rolls of the new Keisers, take delivery and then auction them on Bitmit. Because loads of bitcoin users are also silver stackers and anti-banking types a GIABO ethical coin will probably get premium bids. Importantly, it will be a huge promotion for the new Keiser (especially if M&S mentioned this in a episode of OTE as a new silver bitcoin phenomena)

    Any other thoughts anyone?

  2. Tigersense says:

    I fully agree with your comments.

    I had seen bitcoin around for a while but was a bit sceptical.

    But this interview was awesome. It makes more financial sense than anything i have heard before.
    The one major flaw I saw in bitcoin is that it is totally reliant on the net to survive. But on reflection it is genius because the government cannot stop it at all. It cannot bring down the net to keep us from using it as this would create more problems than it solves. Then the only reason you would need physical gold or silver would be in case of a global catastrophe, which in that case it would pay to actually own a small amount of the physical, which would be worth a fortune.

    I am fully in. Going to start some more research tomorrow and thanks for the link I will check it out.

    This to me is like a light bulb moment. And I do not think he exaggerates about the appreciation the bitcoin will have too.

    Lots of people will not trust it no doubt, which makes it even better again because it will be grossly undervalued for a few more years yet, until all the baby boomers start to move on or catch up and by then we will have made our nest eggs and be setting up legacies for our children.

    I love it.

    Thanks for the post Max and Tracey. And thank you to Trace and Future money trends for opening my cynical eyes. Awesome!!!!

  3. Van says:

    Vision Victory…watch out…I use top follow him a few years ago….I did not take his “advise” of “don’t pay your credit cards or mortgage”, yeah that would of been a great move. Back in March 2009 Vision Victory screamed “get out of the stock market”…so I did, at the absolute bottom of the market…cost me thousands …Thanks VV. Vision Victory is not to be listened to….sure he can be right, but even a stopped watch is right twice a day. I think he’s a bit of a religious nut too.
    –Van

  4. johnseattle says:

    Bitcoin is not anonymous!
    anonymity-in-bitcoin.blogspot.com/2011/07/bitcoin-is-not-anonymous.html

    Clique Research Cluster,
    Complex & Adaptive Systems Laboratory,
    University College Dublin, Ireland
    e-mail: fergal.reid@gmail.com,martin.harrigan@ucd.ie

  5. Danny Cunnington says:

    @Van, Okay but I was listening to Trace Mayer the silver bug and Bitcoin advocate not the Vision dude who came over as a bit clueless. I notice that he didn’t really ask the right questions the most important of which is the deflationary trend of prices in Bc due to the finite nature of the mathematical possibilities of the code. In other words fait paper which can be conjured in a unlimited way by banksters can only fall against Bc. The key factor is that it can be used to buy real things and how fast the circulation and velocity of flow pushes the value up (or the declining value of the paper on the other side of the trade). That’s called wealth transfer to Bc.

  6. oneguy says:

    What happens to bitcoin exchanges once they’re required to get a license to buy/sell bitcoin. I’m talking about anti money laundering laws that might throttle the network.

  7. Al Kyder says:

    @ oneguy – “What happens to bitcoin exchanges once they’re required to get a license to buy/sell bitcoin.”

    They go offshore like into an offshore cyberspace Pirate bay perhaps?

  8. marcio says:

    What worries me the most about “bitcoin” is Quantum Computer technology.

    A QC (quantum computer) made of some thousand or so qubits is believed to make an IBM Blue Gene looks like a pocket calculator. Now, try to imagine what a QC operating a million or so qubits can do. A QC in that range is literally a weapon; believe me!

    I can anticipate the Rockefellers and the Rothschild investing their trillions of dollars in the QC industry to bankrupt the bitcoin business in some way (since I do not understand how bitcoin really works) or just to hide the technology from the public, just like electric cars or cutting edge solar cells for that matter.

    My greatest fear is: the elite will just take over the QC technology, bankrupt the bitcoin business overnight and QC technology will never see the light of the Sun, never mind bitcoins.
    I would suggest the general public to crowd fund QC technology before it’s too late. QC technology will be the War of the 21th century.

    http://www.hpcwire.com/hpcwire/2011-05-26/d-wave_sells_first_quantum_computer.html

    Byall!

  9. Ilia says:

    Quantum computing is not something you need to worry about. Fusion technology and space elevators are further along than quantum computers. They are fun theoretically though.

    Even if the government bans bitcoin exchanges, there are already ways to trade bitcoin outside of any central setting. There is an IRC channel on freenode called #bitcoin-otc for bitcoin trade. It is quite well set up. There you basically trade bitcoins p2p. Also it is very easy to set up new exchanges.

    Mtgox, the current biggest exchange, is running from Japan and is fully registered I believe.

  10. Ilia says:

    Also Quantum computers would essentially break all communication across the web, including paypal and all internet banking. Bitcoin protocol could also be updated to sue quantum cryptography:
    https://en.bitcoin.it/wiki/Myths#Quantum_computers_would_break_Bitcoin.27s_security

  11. Danny Cunnington says:

    @Iilia, Yes things are moving along. Check out Keshefoundation.com It took a while for me to work it out but these dudes have really cracked power generation from Magrev technology, plasma generators.

  12. revolution baby says:

    @Iilia

    Quantum computers are a myth. These machines exploit the strange rules of quantum mechanics to carry out calculations.

    …even if such machines existed, they would only really be useful for a very limited set of problems. The reason for this is the quantum “no cloning” theorem, which people tend to ignore when speaking about quantum computers. Most algorithms we know from computer science would be impossible to implement on a quantum computer.

    http://en.wikipedia.org/wiki/No-cloning_theorem

  13. oneguy says:

    This what the FBI thinks about bitcoin

    http://cryptome.org/2012/05/fbi-bitcoin.pdf

  14. Michael Young says:

    Bitcoins are crap.
    - It requires an IT Infrastructure. What if a distaster or a war happens? You might not have access to your ‘money’ for days, weeks, months or years.
    - Bitcoins require always energy, while we are at the point of peak fossil fuels.
    - It’s kind of pyramid scheme. The ones who were in first benefit. The ones who enter as last in the bitcoin system don’t.
    - It’s digital money. So you make your money easier funerable for theft. Do a google search on “Bitcoins stolen”.

    That were just a few thoughts. I am sure if I would give it some more thought I would come up with alot of examples why we shoudl avoid bitcoins like the plague.

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