BitCoin Cebu - The future digital fiat currency that will replace paper fiat currency ( Mining & RIGS Discussion )

[dazzle]

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I am a newbie to cryptocurrency.


Here are my 2 cents:


1. I wouldn't worry much about it being compared to fiat currency, I would worry much of the security breach it may cause to systems they are installed. Even how complex the mathematical algorithm used for encryption is, there is always a way for it to be decrypted.


2. I would worry much to homes with webcams installed with miners running 24/7.


3. I would worry much to unsecured websites used for legit purposes who have been sniffed day in/out by hackers.


4. I would worry much for my daughter unknowingly using the phone connected through wifi in the home or connected to a legit service provider being sniffed illegally.


5. I would begin to wonder why gpu system is used for mining when it is used for gaming and viewing high definition graphics.


6. On the back end, the one securing maybe the one decrypting. We may not know it, at the end of the day a farm of video feeds and supposed legit transactions are being watched by whoever.


7. Where do we draw the hard line between security and privacy?


8. No phones in bedroom I guess and good bye to Smart TV and webcam?


9. I do hope "one way encryption" works and companies offering hard stealth unbreakable security softwares are keeping their promise.


10. Lastly, **** the NSA!

And regarding this:

10. Lastly, **** the NSA!

Here's my post on reddit:





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If I may add, while Nakamoto means "origin, central", Satoshi means "clear thinker, wise, intelligent" .

Central Intelligence Agency or NSA as in Nakamoto SAtoshi.

[cryptocointrader]

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[cryptocointrader]

"Worrying for something sensible arouses critical thinking and curiosity, not killing the cat in the end."

[kolz]

I'm still a bit skeptical on these cryptocurrencies, there are still a lot of loopholes in the system. Among its biggest problems - ASICs which at its current state, makes GPU mining almost impossible. In the future, bitcoin is going to be controlled by a few large ASIC miners, which at the current rate and difficulty, are the only ones capable of mining bitcoins (which now defeats the purpose of making it a decentralized currency). Second biggest problem is botnets - the race for cryptomining has fueled botnets to new highs, heck even TV set-top boxes are infected with malware used to mine bitcoins.

What I would be interested in are the alternates - like vertcoin, blakecoin or other cryptocurrencies that are asic proof and multi-pool resistant. But even so, ASICs are being developed for scrypt and scrypt-jane alternatives right. Also a cryptocurrency that doesn't rely on POW alone, perhaps a combination of proof of stake like peercoin is another viable alternative.

Also I currently do not like the idea of mining out meaningless SHA256 hashes that are of no intrinsic value to the currency. All that computing power used to mine meaningless hashes could possibly be used to solve real-world problems - like getting the nth prime number, or used for weather prediction and climate change simulations, etc.

Another thing that I don't like are the wild price swings of these cryptocurrencies. If these are backed by an underlying commodity or real currency (gold, etc.), only then can prices become stable - since the currency can never devaluate below its intrinsic underlying value.

[dazzle]

I'm still a bit skeptical on these cryptocurrencies, there are still a lot of loopholes in the system. Among its biggest problems - ASICs which at its current state, makes GPU mining almost impossible. In the future, bitcoin is going to be controlled by a few large ASIC miners, which at the current rate and difficulty, are the only ones capable of mining bitcoins (which now defeats the purpose of making it a decentralized currency). Second biggest problem is botnets - the race for cryptomining has fueled botnets to new highs, heck even TV set-top boxes are infected with malware used to mine bitcoins.


What I would be interested in are the alternates - like vertcoin, blakecoin or other cryptocurrencies that are asic proof and multi-pool resistant. But even so, ASICs are being developed for scrypt and scrypt-jane alternatives right. Also a cryptocurrency that doesn't rely on POW alone, perhaps a combination of proof of stake like peercoin is another viable alternative.


Also I currently do not like the idea of mining out meaningless SHA256 hashes that are of no intrinsic value to the currency. All that computing power used to mine meaningless hashes could possibly be used to solve real-world problems - like getting the nth prime number, or used for weather prediction and climate change simulations, etc.


Another thing that I don't like are the wild price swings of these cryptocurrencies. If these are backed by an underlying commodity or real currency (gold, etc.), only then can prices become stable - since the currency can never devaluate below its intrinsic underlying value.

have a look:
https://www.istorya.net/forums/politi...-bitcoins.html

[kolz]

have a look:
https://www.istorya.net/forums/politi...-bitcoins.html

Yep. Its a disaster waiting to happen, been ming bitcoins since 2010. Cashed out early when the price went 600, made a pretty sum last December. But now, its going downhill, with Mt Gox out and a lot of crypto Chinese exchanges being taken down (including Australian exchanges as well), I'm seing a bleak future for bitcoin. Unless changes are done to stabilize prices, right now people are just buying on hype, which is a bubble waiting to burst.

For those who are thinking on joining and jumping on this train, sad to tell you the train has left the station a long time ago - it may even be on a path to derailment.

[dazzle]

Yep. Its a disaster waiting to happen, been ming bitcoins since 2010. Cashed out early when the price went 600, made a pretty sum last December. But now, its going downhill, with Mt Gox out and a lot of crypto Chinese exchanges being taken down (including Australian exchanges as well), I'm seing a bleak future for bitcoin. Unless changes are done to stabilize prices, right now people are just buying on hype, which is a bubble waiting to burst.


For those who are thinking on joining and jumping on this train, sad to tell you the train has left the station a long time ago - it may even be on a path to derailment.

Chinese exchanges are being legalized:
China's Central Bank Governor: PBOC Won't Ban Bitcoin

[kolz]

Chinese exchanges are being legalized:
China's Central Bank Governor: PBOC Won't Ban Bitcoin

Bitcoin won't be banned, but the exchanges are being shutdown ...

China bitcoin exchanges say certain banks to close their accounts | Reuters

[dazzle]

If you're up for a bitcoin meetup, you can join our weekly bitcoin community meeting It would be an honor to have you share your thoughts as an early adopter.

[sammedriano]

My nose is bleeding with the terms