zombe on 1/6/2011 at 19:09
This thing has "scam" and/or "baseless-dream" written all over it. Are there any faint signs anywhere this can be taken even remotely seriously? Like peer-review or other reputable opinions. Some detailed information how it all works (not that laugh inducing pdf at their page nor the useless wiki) - especially something that concentrates on the juicy math bits and not implementation side of it (which no-one gives a flying fuck about at this point).
zombe on 1/6/2011 at 19:14
It is just some random and quite shitty pdf (basically, a glorified blog post from some bloke at the internet) that has no chance of ever getting to be "scientific publication". (immho of course)
Yakoob on 1/6/2011 at 22:50
good. most publications are shit.
EDIT: just found this lovely tidbit in the wiki:
Quote:
Your Bitcoin wallet contains all of the private keys necessary for spending your received transactions. If you delete your wallet without a backup, then you no longer have the authorization information necessary to claim your coins, and the coins associated with those keys are lost forever.
Lovely, losing all your life savings in a computer crash...
Matthew on 2/6/2011 at 09:22
I suspect that the sort of person who will be using this to any great extent will be the sort of person with at least two mirrors of their hard drives.
Yakoob on 2/6/2011 at 18:23
which, if the case, will never catch on then since 99.9% of people don't even know what a hard drive is.
Nameless Voice on 2/6/2011 at 19:32
I don't get the idea of mining. All that processing power could be used for something useful (or notorious, such as breaking RSA encryption), but it seems they're just wasting it to do calculations for the fun of it, to prove you've "done work" to "earn" the BitCoins.
However, GPUs crunching numbers at 100% load eat up a fair amount of electricity. So, basically, any large-scale adoption of BitCoin and a growth of dedicated mining farms would be bad for the environment - wasting huge amounts of electricity for no good reason.
Rug Burn Junky on 2/6/2011 at 20:18
Quote Posted by Hesche
It sounds like an awesome concept, especially their claim to be more stable than the current monetary system with its spectacular crash 3 years ago.
The 'monetary' system collapsed? Do tell.
Boxsmith on 2/6/2011 at 20:20
Quote Posted by Nameless Voice
I don't get the idea of mining. All that processing power could be used for something
useful (or notorious, such as breaking RSA encryption), but it seems they're just wasting it to do calculations for the fun of it, to prove you've "done work" to "earn" the BitCoins.
Aren't the calculations done to validate transactions or something?
Nameless Voice on 2/6/2011 at 22:13
As far as I understood it - the documentation on all that stuff is really bad and unclear - the calculations are just "proof of work", it's some arbitrary piece of work you do to be deemed to have "earned" the money. I may be wrong.