Re: Alternatives to Western Union
Here you go bruce:
https://youtu.be/kkTyxnhZ16w?t=43m37s
That's the video you previously shared. Start it at 43:37 while he's doing a Q&A, and specifically says, "if someone already has your files, then yeah, you're relying on the encryption".
Ok, let's start with that. Now if people have been capable of hacking into systems of say, Target, Home Depot, Bank of America, US State Department, US Department of Defence, and so on -- it stands to reason at some point they're going to get into AirBitz's network. Can we agree there?
So at some point, hackers are going to get access to those files, which are protected with AES256 encryption, and open source technology meaning the hackers can easily see the secret key used, plus the # of iterations. They'll be able to easily brute force those keys, which means anyone using a password less than say 8 characters is most likely going to have their funds stolen, and that's a lot of people.
Re: Alternatives to Western Union
From the Founder of Airbitz:
Quote:
Private keys are not being passed around a network encrypted by only your password.
They are encrypted by a fully random 256 bit key. That key is then encrypted by a strongly hashed login and password and stored on the user's device and backed up to our server.
And since there isn't an association between the hashed username and password and the encrypted data, a hacker would have to brute force thousands of hashed logins and passwords hoping to find a wallet of any value.
Re: Alternatives to Western Union
Quote:
Originally Posted by Smiles
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Originally Posted by Mancs
So if I'd bought bitcoin at up to $1250 at the end of 2013, early 2014, would I be in profit at $416 today?
Exactly. The original handful of early birds to Bitcoin could have made a killing .... buying in at 6 cents and selling out at $1200. Happens all time with new startups in the penny stock markets.
The Bloomberg journalist Olga Kharif who specialises in stories about Bitcoin has recently written a story What's in store for Bitcoin in 2016. It ends:
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Originally Posted by Olga Kharif
More bitcoin startups could merge or go out of business, Silbert predicted. One cause for that will probably be the lower-than-anticipated pace of consumer bitcoin adoption. Sharp swings in the digital money's value against the dollar and other currencies will continue to turn off users and make bitcoin impractical for everyday purchases.
Re: Alternatives to Western Union
If I had bought at the peak of ┬г1242 some two years ago and sold today I would have a loss of 63%. I appreciate that 6 cents to $448 in the last 5 or so would be better. I think I need to start a currency. Mancinars anyone?
Re: Alternatives to Western Union
Yeah. Reporters have proven themselves completely ignorant about bitcoin the vast majority of the time..... even when just attempting to report "facts" and news. Looking to them for their personal "predictions" is laughable. They've reported that, "Bitcoin is Dead" .......countless .......*countless* times over the years. We always joke, "look... bitcoin is dead. ... again." ......just before it comes back and sees another huge price surge.
Doing a google NEWS search for the phrase "bitcoin is dead" yields 143 official news articles all over the web.... in just the past 1 year.... ! Obviously, all bs, lies, and idiocy.
Bitcoin will reach ┬г1242 one day soon.... but it hasn't yet. Ever.
The price of a bitcoin reached an all-time high of US$1124.76 on 29 November 2013, up from just US$13.36 on 5 January at the start of the year; the price subsequently dropped into the $200-$300 range.
If you look only at one exceptional spike in the value.... You're focusing on the static from the phonograph needle.... and completely ignoring the *music* ! I don't personally know *anyone* who bought, or sold, at that high price peak. It was a fluke.
Way back when Bitcoin was at about $1.40 per, I became famous for predicting that bitcoin value will just go, "Up up up!"
So yes..... The clear 'Big Picture' is a steady climb ( with spikes and lows along the way ).... but a steady overall long term climb.... from $0.06 to the $454.45 it is at the moment I'm writing this.
The truth is..... This climb will continue until bitcoin reaches at least $100,000 per bitcoin. And that is assuming the USD stays at its current value. Of course, the USD has *lost* 96% of its value since 1913. And this trend will continue too. In fact, the USD will soon lose value *much* faster than it has historically.
My former doorman used to hang on my every word of advice, but unlike the vast majority of people, he actually took action and did what I advised him to do. Now he's a retired millionaire.
Anyway, arguing against the future of bitcoin.... is like arguing that, "The Internet is just a fad." And using pets.com or the dot-com-bubble as your "proof". You're guaranteed to be on the wrong side of history. ....on the laughable side.
I sincerely hope that some of you here will become millionaires in the next few years.
Re: Alternatives to Western Union
I highly doubt bitcoin is going to reach $100k any time soon. That would mean a market cap of say $16 trillion by that time. That's the same as the entire US GDP. The world's GDP is round $107 trillion, so I'm pretty sure bitcoin isn't going to take over more than 10% of that.
I love bitcoin too, but at least be realistic about it.
Yes, it's a really cool technology. Yes, it's here to stay, and yes, adoption will continue to increase as times goes on. I don't even have a problem seeing it around $2000, especially if / when more economic crises hit the world. But to think it's going to go to $100k just isn't logical.
Having said that, we all better hope the price of bitcoin doubles by mid-2016, or else the network is fucked. Miners are already working on fairly tight margins, so once the block rewards halve, we all better hope the price increases enough to keep them in business.
Re: Alternatives to Western Union
Yeah, I know. That's what everyone was telling me when bitcoin was $1.40
That figure of $100,000 does not come from me, by the way. It comes from a famous economist writing in Forbes. Others have suggested that it will go as high as $1,000,000 per bitcoin.
But, remember several things...
We tend to "measure" the value of bitcoin in terms of USD. Meanwhile, the value of one USD continues to plummet, and it will continue to plummet faster and faster in the coming years. So it's a bit like measuring the height of the glass elevator you're in..... based only on your relative height as compared to the glass elevator next to yours. Meanwhile, the elevator next to you is going down. You will think you are going up.... even if you're not... because that one is going down. My Point: The real true value of Bitcoin will continue to go up up up.... But if it continues to be expresses in terms of USD.... It's "numeric expression of value" ( the number of USD its worth ) will go up exponentially.... as the value of one USD falls even faster than the Bitcoin goes up. That's one reason why these predictions of bitcoin value (expressed in USD) are so numerically high. It's the *combination* of the bitcoin skyrocketing in value + the USD plummeting in value.... at the same time.
So you can laugh or ridicule.... or you can get rich if you stay in for the long term ( more than a one year investment! ).... But anyone who doesn't buy at least $100 worth of bitcoin NOW.... will be kicking themselves before too long. And those who do, will be wondering why the hell they didn't buy more.
Re: Alternatives to Western Union
Ok, it's definitely not going up to $1,000,000. That would require the entire world's economy, plus more. I'm pretty sure that's not going to happen.
But yeah, I'm in it for the long-term too. I only need about 60,000/month to live, so just pull out the little I need, and leave the rest sitting there. I don't see how I could spend more than that here. Well, I guess I could get a BF, and then living costs jump to around 150,000/month, haha. :)
I'm not a speculator though, but have no problem seeing the price increasing. Not to the levels you say, but nonetheless, adoption will continue and the price will slowly increase over the long-term.
Re: Alternatives to Western Union
( You're "pretty sure" of a lotta things.... ;) )
Anyway....
Some of you might have seen me sitting at the terrace restaurant at the Ambiance.... "working" on my laptop there.... around April of 2012.... It was just before my birthday. I had stayed in Pattaya up until Valentine's Day ( as Rush made reference to in his email I posted on another thread )... then I went back to Thailand around April 18. I remember that I had flown to Bangkok about a week earlier than I told my ( then ) thai bf from pattaya..... so I could play around with my *other* thai bf for a week in Chiang Mai! :ymdevil: But my bf in New York asked him, "How is it seeing Bruce there again?" ( He forgot that he was not supposed to say anything. :-ss ) Anyway, I remember very clearly that the price of bitcoin was $12 that day. It had just been $2 only four months before that. I was feeling great! Time to go off a few boys! :D
Reference https://en.wikipedia.org/wiki/History_o ... ue_history
Up to the moment price now: http://preev.com/btc/usd/source:bitfinex ( USD $465.50 )
Re: Alternatives to Western Union
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Originally Posted by cdnmatt
So only mobile apps are considered "wallets" in your eyes?
So are you used to taking your laptop to a coffee shop to pay for the coffee..... or do you take your entire desktop PC, router, etc with you to the coffee shop....? :-s
To quote a great man,
"A wallet fits in your pocket."