A New ANTI-Bank Digital Currency - BITCOIN - Must Watch for any Pakistani in Pakistan

A

AsifAmeer

Siasat.pk - Blogger
Folks if you follow me or my threads, then this thread has some exciting news for you. I am posting this thread AFTER personally verifying this product. I produced about 0.01 bitcoin using my computer power. Bought my 1st 100 batch from the Mt Gox exchange using US dollars. And even bought a book from a seller using bitcoin.

Watch this video

You use this currency, and there is no way your Govt can harm you or the banks enslaving you!
 
F

f4faizoo

MPA (400+ posts)
AsifAmeer said:
Folks if you follow me or my threads, then this thread has some exciting news for you. I am posting this thread AFTER personally verifying this product. I produced about 0.01 bitcoin using my computer power. Bought my 1st 100 batch from the Mt Gox exchange using US dollars. And even bought a book from a seller using bitcoin.

Watch this video
Click to expand...

Interesting......seems like another revolution is just around teh corner............
 
S

Shah Zad

Banned
Please share ....... Who administers the Bitcoin? who introduced this virtual monetary system? any info ..... since, every body has to do spend some computer/online hours to earn the bicoins and they are than stored into a digital vault .... who configures and administers that vault ........... Please share some more info??
 
Vitamin_C

Vitamin_C

Chief Minister (5k+ posts)
Shah Zad said:
Please share ....... Who administers the Bitcoin? who introduced this virtual monetary system? any info ..... since, every body has to do spend some computer/online hours to earn the bicoins and they are than stored into a digital vault .... who configures and administers that vault ........... Please share some more info??
Click to expand...

From the video it says theres no centralized control over bitcoin by any govt or corporation, its more like bittorrent p2p so theres no one keeping the vault or there is no one incharge, its not like everyone connected to one dot, its like many small dots connected to each other just like the way bittorrent works. Its open source meaning anyone can review the source code and see what the program does. It was started in 2009 by some one by the name of Satoshi Nakamoto (sounds like a Japanese name to me but no one knows who he actually is.)
 
S

Shah Zad

Banned
Ya, but who bought the web-time ........ who designed it??? who would update and configure the Website and links ...... ???? I just wana know this .......... Because, when you know it better ....... when we stay on some web ......t he domain owner earns money ....... who would earn that money??? :13:
 
S

Shah Zad

Banned
Vitamin_C said:
From the video it says theres no centralized control over bitcoin by any govt or corporation, its more like bittorrent p2p so theres no one keeping the vault or there is no one incharge, its not like everyone connected to one dot, its like many small dots connected to each other just like the way bittorrent works. Its open source meaning anyone can review the source code and see what the program does. It was started in 2009 by some one by the name of Satoshi Nakamoto (sounds like a Japanese name to me but no one knows who he actually is.)
Click to expand...

Ya, but who bought the web-time ........ who designed it??? who would update and configure the Website and links ...... ???? I just wana know this .......... Because, when you know it better ....... when we stay on some web ......t he domain owner earns money ....... who would earn that money???​
:13:
 
United4Pak

United4Pak

Minister (2k+ posts)
Anything that can be generated by humans is bound to de value just like currency. It can be in the form of plastic, paypal or bitcoin. They are all the same.
 
Vitamin_C

Vitamin_C

Chief Minister (5k+ posts)
Shah Zad said:
Ya, but who bought the web-time ........ who designed it??? who would update and configure the Website and links ...... ???? I just wana know this .......... Because, when you know it better ....... when we stay on some web ......t he domain owner earns money ....... who would earn that money???
​
:13:
Click to expand...

[h=2]Developers[/h]

Someone has to maintain the server but no one owns it. Anyone can use bit torrent if you have a torrent software. You can make an account on the bitcoin software even if your offline. No one earns money its a non profit organization. Also its still being developed so it should be treated as an experimental software. Remember Bittorrent is level 3. Level 1(Napster) and 2(Kaaza & Gnutella) were shutdown and improved upon to reach level 3. Bitcoin is probably level 1 right now. But i like the idea someday in future if its not bitcoin it will be something else similar to this.
 
A

AsifAmeer

Siasat.pk - Blogger
This was a big project.. quite a few folks worked on it, included some Muslim kid named Aamir Taaki. Read it up! http://en.wikipedia.org/wiki/Bitcoin

THe key is "DECENTRALIZED". You know the US has already started cracking on Payments to Bitcoin exchanges. Paypal or even any commercial bank doesnt let you move money to Bitcoin exchange accounts. I had to move my money to DWOLLA, from DWOLLA it was transfered to Mt Gox (a Japanese exchange) where I bought my bitcoins. But once I have the coins, no govt, no one can steal them from me...

Look! If the Govt hates it and the banks dont like it, that HAS TO BE GOOD!


Shah Zad said:
Ya, but who bought the web-time ........ who designed it??? who would update and configure the Website and links ...... ???? I just wana know this .......... Because, when you know it better ....... when we stay on some web ......t he domain owner earns money ....... who would earn that money??? :13:
Click to expand...
 
G

golmaal

Banned
I posted it sometime ago as an alternative. Have been keeping an eye on it since one year. It got stable after some haphazard speculation.

Got to say, I am a bit disappointed with its performance so far in terms of popularity. The algorithm, itself, has a big caveat attached to it with respect to the database size which severely limits its scale.

I think the idea of virtual currencies would take around 50 more years to become mainstream so I wouldn't wanna invest just yet
 
G

golmaal

Banned
United4Pak said:
Anything that can be generated by humans is bound to de value just like currency. It can be in the form of plastic, paypal or bitcoin. They are all the same.
Click to expand...

Bitcoins have a theoretical limit wrt to the amount that can be generated. I don't recall the exact value but is something like 10 million bitcoins orr something IIRC
 
A

AsifAmeer

Siasat.pk - Blogger
fiat money's amount is controlled by a central bank and its distributed via Investment/Commercial banks. So the banks get the most out of the new money. Bitcoin goes straight to the "SERIOUS" minter. Number of BITCOIN is limited (21 million), which if you think is not alot. But BITCOIN's denomination are 1/10000 of a bitcoin!

Eak interesting baat batata houn. Do you know GOLD has NO intrinsic value? I will paste a para from my article here


Money only holds value because there are goods and services available to buy withthat money. It is the goods and services that create a value for that money. Coconutwater would be more valuable on a treasure island than kilos of Gold. It’s not thevalue of Coconut water that has increased, but the diminished value of Gold that’s reflected. Lesser the goods/services available, lesser the value of money – nomatter if it’s a pile of Gold.
Click to expand...

Vitamin_C said:
What is the difference between Fiat money and Bitcoin.. Does Bitcoin have anything else to back it or its value is just based on being limited in quantity and how is it limited.
Click to expand...
 
G

golmaal

Banned
Shah Zad said:
Ya, but who bought the web-time ........ who designed it??? who would update and configure the Website and links ...... ???? I just wana know this .......... Because, when you know it better ....... when we stay on some web ......t he domain owner earns money ....... who would earn that money??? :13:
Click to expand...

It uses P2P like torrents so there is no central server involved like website. As for facilitation transactions, even you can mark your computer as a facilitator and get extra bit coins for transactions that are expedited.
 
A

AsifAmeer

Siasat.pk - Blogger
Its the same as BIT TORRENT . No one makes money when you download a movie or a song. Sure it does cost the upload internet bandwidth but the downloader is not charged. Lekin with BITCOIN, those computers that do the payment processing have the right to charge processing fees. Lekin you also have the right to say k mein itni transaction fee pay karounga. The more you offer, the faster your payment will go thru.

And if you have an excellent computer with a high-end Video card, you can do the processing and make money.
Shah Zad said:
Ya, but who bought the web-time ........ who designed it??? who would update and configure the Website and links ...... ???? I just wana know this .......... Because, when you know it better ....... when we stay on some web ......t he domain owner earns money ....... who would earn that money???​
:13:
Click to expand...
 
A

AsifAmeer

Siasat.pk - Blogger
You may be right about the version lekin i dont think they can reset the bitcoin numbers or their ownership. I was on site where a Pakistani guy was trying to set up a Hawala system via bitcoin! lol

Vitamin_C said:
Developers



Someone has to maintain the server but no one owns it. Anyone can use bit torrent if you have a torrent software. You can make an account on the bitcoin software even if your offline. No one earns money its a non profit organization. Also its still being developed so it should be treated as an experimental software. Remember Bittorrent is level 3. Level 1(Napster) and 2(Kaaza & Gnutella) were shutdown and improved upon to reach level 3. Bitcoin is probably level 1 right now. But i like the idea someday in future if its not bitcoin it will be something else similar to this.
Click to expand...
 
You must log in or register to reply here.

Featured Discussion Latest Blogs خبریں

© Copyrights 2008 - 2025 Siasat.pk - All Rights Reserved. Privacy Policy | Disclaimer|

Back
Top