[ExI] bitcoins

[Kelly Anderson]

On Mon, Apr 8, 2013 at 1:58 PM, Eugen Leitl <eugen at leitl.org> wrote:

> On Mon, Apr 08, 2013 at 10:50:18AM -0700, frank mcelligott wrote:
>
> > has gotten to this list ,well that's a case in point in it's favor, and
> now
> > instead of maybe  people are saying not just gold but all the currencies
> of
> > the world are under attack by this INTERNET whatever.  Whenever a Avalon
>
> I call bullshit. The Internet is not a currency.
>

In point of fact, bitcoin is actually somewhat independent of the Internet.
You can write (or print) the numbers on a piece of paper. Yes, you'll need
the Internet to share the fact that you have transferred the numbers to
someone else, but you could just hand the numbers to someone if they
trusted you not to spend them. Not the best security in the world, but some
have made actual physical bit coins that have some kind of hidden hash tag
inside, so you need to break it open to spend it? I guess.

One of the bigger problems I am aware of is that if you don't make backups,
you can lose your bitcoins. This happened to about $250,000 worth of
bitcoins at one of the exchanges, which promptly went out of business.

-Kelly
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