Let's Talk Bitcoin: Interview with Richard Garriott

Discussion in 'General Discussion' started by smack, Feb 22, 2014.

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  1. Time Lord

    Time Lord Avatar

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    Great Interview Richard G!
    I would like to comment on one issue; "Steam"...

    It may just be me, but I have not been able to access my Steam account that I had there in the USA, from over here in Thailand.

    This may be a totally "just me issue", but I thought that I should mention that here because you had mentioned linking SotA to it, "which scares me"...

    Thailand is only the size of Texas, but literally everywhere I've been here, there's more Internet Cafes full of gamers at keyboards here than there are Gun Stores or 7-11s in Texas.

    ~Time Lord~:rolleyes:
     
  2. Jatvardur

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    David Cohen disagrees:

    http://www.bloomberg.com/news/2014-...says-regulation-helps-virtual-currencies.html

    “Terrorists generally need ‘real’ currency, not virtual currency, to pay their expenses -– such as salaries, bribes, weapons, travel, and safe houses,’ David S. Cohen, the undersecretary for terrorism and financial intelligence.
     
  3. Jatvardur

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    I wouldn't say "no risk", even if their intention is to fully convert straight away. At the moment we don't know their intention either, but I'd agree that they are likely to convert at once.


    The "no recourse" thing isn't a bug, it was designed like that. It follows naturally from the implementation and prevents known problems with "real" currencies. Although I can understand why people don't like that.

    Bitcoin is perhaps in a beta phase. It will be tested and attacked which will result in making cryptocurrencies (not necessarily Bitcoin) stronger. When a flaw is found in Bitcoin it can be patched and deployed quickly (in theory). If you find a flaw in gold (numerous bars with impurities) or with dollars (mass counterfeiting) then there isn't much you can do in a hurry. Cryptocurrencies as a concept is backed by many willing programmers which enables the system to under self-improvement. This makes it adaptable while it was already scalable.
     
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  4. Dhimmi

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    but criminal is broader than terrorism. on of the main uses of BC for example is buying illegal stuff for example: certain kinds of pornography or money laundering from drugs. European police services are concerned of the use of BC for those purposes. because it is used to buy illegal digital stuff without a trace in the "real world" so if laws will be taken it will target the entire spectrum of use of BC ( imho).
     
  5. Jatvardur

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    FTFY.

    It is likely worthwhile to re-read the whole thread. This has already been addressed. No currency comes anywhere close to the USD for criminal activity; it is, afterall, the most widely accepted currency.

    "Without a trace"

    This really isn't true and I'd suggest more research is needed.
     
  6. Dhimmi

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    read the whole thread but might have missed it, anyway thanks for the heads-up :)
     
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  7. Jatvardur

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    Some folks have claimed it to be truly anonymous, but I think wiser people have been much more cautious and used the term "pseudo-anonymous". There are some cases where true anonymity may be possible; quite a few unknowns regarding that. There is an alternative protocol (and coin) that is claiming true anonymity but like all things: practice will likely differ from theory.
     
  8. Kal

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    i didn't say it was a bug. it's a fact of how bitcoin works and i think it's a huge negative that most people won't want to deal with.

    if i have 95,000 dollars in a bank and the bank under or everything gets stolen, i still get my 95,000 dollars.
     
  9. Jatvardur

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    Ok, in fairness you didn't call it a bug but it seemed like an obvious inference. The bank has insured deposits up to certain amounts, yes, and Bitcoin is outside of the system, yes also true. That is the nature of the beast. At one point it was possible to get Bitcoin for very little cost, you risked only a little but potentially gained a lot. You don't have to make that choice. The dollars is also subject to the whims of the government. Gold is (perhaps) not subject to the whims of the government yet it is far harder to trade with it globally.

    You win some, you lose some. Probably best no to put all your eggs in one basket.
     
  10. Time Lord

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    Lawyers and Economists ...hmmm... "I think a duck weighs more than both of them put together now"...

    Here in S/E Asia, Gold has and always will be adored for it's shine and monetary trade in value. They still cling to old wisdom here and remember that a promise of IOU has only value in the afterlife unless it's on paper, yet even more secure in gold for pawn or selling people for any old or new-wave slave labor...
    ~"As Lord Brit Bravely Pointed Out"~

    Yet there's always "The wisdom of the duck test", which was proven during the last monetary collapse... where the monetary warlocks and witches managed to all stay afloat and even rise, "while the rest of us were left sinking"...
    ~I'll pay you next Tuesday for a Bit Coin today~

    Thus undoubtedly proving, just as you must cook a duck,
    "You've Got to Burn a Witch" ;)
    ~Time Lord~:rolleyes:
     
  11. vjek

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    Another update today in the news regarding bitcoin:
    ---
    Bitcoin crackdown in China halts bank transfers for two exchanges
    China's central bank is forcing the closure of banking accounts operated by the exchanges

    April 03, 2014, 6:44 AM — China may be tightening the noose around Bitcoin: two exchanges dealing in the virtual currency have been forced to suspend bank transfers from customers depositing yuan to buy bitcoins.
    On Thursday, local exchange FXBTC said several banks had ordered it to close accounts used for taking customer deposits, due to tightened regulations from China's central bank. Now all commercial banks and third-party payment platforms have been ordered to close all related services tied to bitcoin transfers, the exchange said in on its website.
    Hours before, another exchange, BTC38, issued a similar notice, and said due to the "influence from China's central bank" the site had been forced to revoke deposits via bank transfer. In the interim, the exchange can still accept withdrawals in Chinese yuan.
    Last month, the bitcoin exchanges were put on alert when the publication Caixin reported that the nation was tightening regulations covering the virtual currency. By April 15, the nation's central bank would require all banks and third-party payment companies to close accounts operated by bitcoin exchanges.
    ...
     
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