Comments on: A fair view of the Koch brothers, and explaining bitcoin http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/ Steven Brill Tue, 19 Aug 2014 18:30:28 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: NealPalmquist http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/comment-page-1/#comment-540 Fri, 28 Mar 2014 22:09:00 +0000 http://blogs.reuters.com/stories-id-like-to-see/?p=1498#comment-540 “Who is supposed to be standing behind bitcoin and why would anyone believe it’s worth anything?”

Bitcoin is a hoax to get USD traded down to a third world currency that is not backed by anything except modern updated confederate propaganda. As it keeps growing in price of USD it will become backed by slavery if left unchecked. Bitcoin will turn the United States Dollar into the currency of global slavery as Bitcoin creates slavery that would never have existed without Bitcoin.

The Bitcoin hoax is played again on the Bitcoin itself with the purpose of intercepting USD by dumping Bitcoins onto exchanges faster than Bitcoin Merchant Service. Hundreds and soon thousands of hoax currencies are sold for Bitcoins to intercept those USD.

I don’t know what Bitcoin is really worth. I just know it is unfit for pure trade into gold or silver that you would be immediately be able to hold in your hand.

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By: nrezmerski http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/comment-page-1/#comment-539 Thu, 27 Mar 2014 00:12:26 +0000 http://blogs.reuters.com/stories-id-like-to-see/?p=1498#comment-539 http://en.wikipedia.org/wiki/Bitcoin

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By: drummer185 http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/comment-page-1/#comment-538 Wed, 26 Mar 2014 13:42:19 +0000 http://blogs.reuters.com/stories-id-like-to-see/?p=1498#comment-538 Let’s put it this way, Bitcoins are far less mysterious than the Koch brothers. Simply put, Bitcoins are like electronic script, whereby the developer creates a set amount of currency units for the currency and those units can be transferred to other users via a deposit hash code. That code is like a bank routing number (for deposit only) and identifies a particular “wallet id”, yet new deposit codes can be generated at anytime. These transactions are anonymous and cannot be tracked to a particular user. This allows for a global commerce using a single currency. Mt. Gox was one of many crypto coin exchanges much like Forex. The problems with Mt. Gox dealt with their own exchange software and not the Bitcoin platform. People leaving coins on deposit with Mt. Gox lost their coins because of this. Multiple crypto currencies exist and these exchanges trade these currencies much like any currency market. People are even participating in crypto currency arbitrage as these markets mature.

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By: Broken-Halo http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/comment-page-1/#comment-537 Tue, 25 Mar 2014 20:15:08 +0000 http://blogs.reuters.com/stories-id-like-to-see/?p=1498#comment-537 Charles Koch Foundation “underwrites research and teaching at Brown, Mount Holyoke, Sarah Lawrence, University of Wisconsin at Madison, Vassar and some 245 other colleges.” Is this a list of the universities that the Koch companies are able to manipulate what studies, research and teachings they produce by giving and taking money? These are not beneficiaries associated with hard right causes…unless your money can manipulate them.

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By: UnsignedInt http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/comment-page-1/#comment-536 Tue, 25 Mar 2014 17:25:16 +0000 http://blogs.reuters.com/stories-id-like-to-see/?p=1498#comment-536 Bitcoin is a decentralized digital currency. It is a network comprised of peer-to-peer protocols used to transmit “money” through the internet without the need for a centralized authority.

Traditional money is issued, controlled, and enforced by a centralized authority, such as a central bank or in the case of the U.S., the Federal Reserve. Bitcoin does not have a centralized authority but instead relies on a decentralized network of computers that run the Bitcoin client program and makes decisions based on consensus.

It is referred as “virtual money” because its protocol allows it to confer ownership (whether it be money, or other things) in the digital world. Because it has properties that allow it to transfer “value” across the internet, it can therefore act as “money”.

The basic principles needed for money to work digitally are the ability to transfer ownership over the internet and to prevent double spending.

Bitcoin (the network) uses public key cryptography (PKC) to allow the transfer of ownership of digital coins (i.e. Bitcoin, the digital currency) across the internet securely and anonymously. The use of PKC allows party A to digital sign a transaction for the transfer of X amount of Bitcoins to party B, thus ensuring that the transaction can only be done by party A (which holds the private keys) and that it can be verified by anyone to ensure the transaction’s integrity. Bitcoin also solves the problem of double-spending through the use of a public ledger called the Blockchain. This public ledger is a timestamped account of all the transactions that has taken place. Because it is public, anyone can see the transfer of Bitcoins from one party to another, thus ensuring that no double-spending of Bitcoins has occured. Because of these properties, Bitcoin allows transactions to occur digitally without the need for a third-party, such as a bank or payment processor. Trust is established through the use of cryptography.

There is nothing backing Bitcoin. The only thing that allows Bitcoin to act a “money” is the mathematics behind it and people’s faith that the mathematics allows it to work as it should.

Bitcoin is a system that allows it to act a digital money. But a system is only as strong as people’s faith in it. It has properties that allow it to transfer money digitally unlike any thing the world has seen yet, far cheaper and efficiently. Yet it will only work if people believes that it can come to represent their money.

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By: Burns0011 http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/comment-page-1/#comment-535 Tue, 25 Mar 2014 17:16:59 +0000 http://blogs.reuters.com/stories-id-like-to-see/?p=1498#comment-535 Bitcoins are virtual tokens that can be traded freely between individuals and businesses that accept them. Exactly like how dollars are physical tokens that can be traded freely between individuals and businesses that accept them.

Bitcoins aren’t back by anything except trust in Bitcoins. Exactly like how the US Dollar isn’t backed by anything except trust in the US Dollar.

Bitcoin values in relation to ‘real’ currencies are more volatile, solely because Bitcoin isn’t a very widely accepted form of currency.

Bitcoin ‘wallets’ are collections of encryption keys stored in files specifically formatted to work with the Bitcoin program. Without the encryption keys, there is no method to prove ownership of the Bitcoins associated with that ‘wallet’. That keeps the Bitcoins more secure than physical currency, because you have to be able to prove you own that Bitcoin and provide the encryption key to access it.

The New York Time’s analogy is almost entirely accurate; if you don’t have the wallet file, you don’t have access to the Bitcoins. If you don’t know where your wallet is, you don’t have access to the credit cards and money you put into it. These Bitcoins weren’t actually lost, though, only access to them was lost until the wallet file was rediscovered.

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By: BidnisMan http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/comment-page-1/#comment-534 Tue, 25 Mar 2014 13:28:30 +0000 http://blogs.reuters.com/stories-id-like-to-see/?p=1498#comment-534 Mt.Gox wallets – simply a very badly run member of the bitcoin community. Think of bankers who scrawl accounts on the back of strip club receipts. That they found the money in the wallet is simply a function of that they looked for it in there. Remember: unlike the wallets in your pants these wallets require encryption passwords to access the bitcoin – so its like forgetting your pin on your cash card.

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By: BidnisMan http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/comment-page-1/#comment-533 Tue, 25 Mar 2014 13:23:51 +0000 http://blogs.reuters.com/stories-id-like-to-see/?p=1498#comment-533 Bitcoin – the problem is not with your understanding of Bitcoin but of your understanding of currencies in general. The US dollar is not valuable because the treasury said its legal tender. Many legal tenders have been completely worthless – see Weimar Republic. Something has value because people accept it has value – and people accept that both dollars and Bitcoin have value. The main difference is that the dollar is distributed and tracked by a network of computers owned by banks and Bitcoin is distributed and tracked by a network of computers owned by private individuals. In other words, Bitcoin is simply a currency run by the people as apposed to the dollar which is a currency run by the government elected by the people. As the difference is very slight it is no surprise that bitcoin can readily be exchanged for dollars and vice versa.

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By: BidnisMan http://blogs.reuters.com/stories-id-like-to-see/2014/03/25/a-fair-view-of-the-koch-brothers-and-explaining-bitcoin/comment-page-1/#comment-532 Tue, 25 Mar 2014 13:17:48 +0000 http://blogs.reuters.com/stories-id-like-to-see/?p=1498#comment-532 The problem with the Koch brothers is not the Koch brothers, but rather the kind of society they represent – one where the primary purpose is to earn the best return for providers of capital. This philosophy has served the world (an in particular America) well in the past but is for far too many people it has reached its expiry date. Equality, sustainability, quality of life without wealth. These are the new way of thinking. If they sound like communism its because you are refusing to listen properly.

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