Bitcoin & the crypto-currency revolution. (get some here).

[klr]

Next big bitcoin crash and I'm gonna get me some.

I think a lot of people might be thinking the same. Which means it's not going to crash ever again, to the levels it was at before.
That is, unless governments step in in some way, to prevent trading in Bitcoins, because of the criminal aspect. Or if some other better virtual currency starts up, and everybody dumps bitcoins to get into that.
In which case the bitcoins might lose your money in that instance.

There's no doubt about it, seeing into the future is the best superpower to pick, if you ever get the chance.

... or someone (say the NSA) announces that they've cracked one of the algorithms that Bitcoin is based on. That would fun to watch.

[Tyrannical]

Where's my fucking time machine!

I used to say the same thing about comic books

The safety of bitcoins is only as safe as the PC you use to manage them, and we all know PCs can get hacked. And since bitcoins are so hard to track or trace, they become quite a target. Only a matter of time before bitcoin stealing worms become common.

[mistermack]

Where's my fucking time machine!

I used to say the same thing about comic books

The safety of bitcoins is only as safe as the PC you use to manage them, and we all know PCs can get hacked. And since bitcoins are so hard to track or trace, they become quite a target. Only a matter of time before bitcoin stealing worms become common.

That's true, but it's not really a problem for those who have a lot of bitcoins.
One bitcoin is worth the price of three good laptops now, so you could easily keep it on a machine that never goes online.
Or a spare hard disk that is just used offline for the bitcoins.

[laklak]

There was an old hermit named Dave
Who kept a dead whore in his cave
She was minus one tit
And smelled like shit
But look at the money he saved.

[klr]

US makes Bitcoin exchange arrests after Silk Road closure

The operators of two exchanges for the virtual currency Bitcoin have been arrested in the US.

The Department of Justice said Robert Faiella, known as BTCKing, and Charlie Shrem from BitInstant.com have both been charged with money laundering.

The authorities said the pair were engaged in a scheme to sell more than $1m (£603,000) in bitcoins to users of online drug marketplace the Silk Road.

The site was shut down last year and its alleged owner was arrested.

Mr Shrem, 24, was arrested on Sunday at New York's JFK airport. He was expected to appear in court on Monday, prosecutors said.

Mr Faiella, 52, was arrested on Monday at his home in Cape Coral, Florida.

Bitcoin exchanges are services that allow users to trade bitcoins for traditional currencies.

Mr Shrem is accused of allowing Mr Faiella to use BitInstant to purchase large quantities of bitcoins to sell on to Silk Road users who wanted to anonymously buy drugs.

The authorities said Mr Shrem was aware that the bitcoins were being used for such purchases, and therefore he was in violation of the Bank Secrecy Act.

The Act requires financial institutions in the US to alert authorities to any suspicious activity that may suggest money laundering is taking place.

Emily Spaven, managing editor of news site Coindesk, told the BBC: "Since the closure of Silk Road and arrest of alleged owner Ross Ulbricht, we always knew more arrests would follow.

"It is unfortunate Silk Road continues to make the headlines in association with Bitcoin - this is the dark side of Bitcoin, which the vast majority of digital currency users have no association with."

...

continued: http://www.bbc.co.uk/news/technology-25919482

[macdoc]

We're doing okay with lite coin mining. Got a few gift cards. Have the machines and the cards and need to heat the house anyway.

[pErvinalia]

* lots of stuff *

Thanks for that response, Skepticus! That's useful stuff - I appreciate it.

You're welcome bro. If you download a wallet app, or sign up with an on line wallet site like coinbase and post a bitcoin address here, I'll award you 0.1 BTC for a constructive and thoughtful contribution to Q'n'A.

Jeez, I wish I had taken up this offer. That would be worth about $10k Aussie now.

[pErvinalia]

I skim read a bit of my interactions with skepticus. I was wrong about a number of things. Yet I was so confident I was right..

[Brian Peacock]

That was the old rEv. He could be a bit of a dick sometimes.

[pErvinalia]

That was pre-medicated rEv.