The first link in the "Where do I go from here?" section at the end, leads to a parked domain bicoin.org apparently taken by domain squatters.
Yeah, I feel so confident about the rest of the links now.
Mastering Bitcoin [0] is also a good book. Though, it's for developers, the first few chapters anyone can read
I still don't understand what happens after all the bitcoins have been mined.
It seems to be designed to just fail eventually and be replaced, which I cannot reconcile against the elegance of the rest of the design.
To clarify: bitcoins can go away forever. About 6 years ago and had a wallet with a couple bitcoins in it. I have lost the key to that bitcoin wallet and if I can't find it, and noone else can find it, those bitcoins should be gone forever and irreversibly, right? If it were possible to recover the key to a wallet you dont own and spend coins that are not yours none of it would work.
So, once there are no more new coins, eventually all the coins will be lost. Am I missing something?
I am always wondering about Bitcoin and taxes. How does that work? And is it even taxable?
Bitcoin is the world's most successful ransom payment system.
An endorsement from John McAfee‽ I knew he was a fan but there's some folks who we probably should have second thoughts about using to promote bitcoin.
Entire article became moot once I saw a link to Cryptsy under reputable exchanges. Are you fucking serious? Author needs to update his resources.
A tangentially related question (I am a complete ignoramus when it comes to bitcoin).
Suppose I could harness the power of 1,000 or even 10,000 private computers distributed over the internet and all contributing resources. Could I profitably mine bitcoin?(This is not a theoretical question, I actually do have a way to do this) .
Interesting to see an article like this show up on the HN frontpage at a time when Bitcoin supporters are pumping and dumping other crypto-currencies on the major crypto exchanges. Seems like a co-ordinated effort to make a quick buck.
"Want Exclusive Blockchain Access? [e-mail input field]"
What a crock of shit!
If you spend money on an ebook to learn about bitcoin, you are truly befuddled. However, the book will not reverse this state of affairs.
Bitcoin will never be a mainstream medium for exchanging goods just by the fact that its harder to explain casual/newbies that 1 USD gets you 0.001XXX BTC or less and those the reason why the "point system" used by virtual money in videogames is more appealing than explaining their money value in nano cents units. IMHO bitcoin is a proof on how far people can go just to buy illegal drugs.
I just wanted to mention Bitcoin for the Befuddled. That book helped me so much to understand Bitcoin.
It's also really well written, and the cartoons are super cute. Love love love.
Thanks for sharing! Never really used Bitcoin, but this was pretty helpful.
Pretty good Bitcoin guide, not so technical and easy to read.
It displays like a real mess on firefox @ windows.
* Where can I find Bitcoins?
1. You can hand over stupendous amounts of personal identification to an all-but-unregulated exchange. This is best analogised to keeping your money in a sock under someone else's mattress. Occasionally exchange owners disappear with everyone's socks, or get "hacked". This is very rare, and only happens once or twice a month. Our FAQ strongly recommends Cryptsy, they're a good one mate.
2. You can exchange cash directly with someone on LocalBitcoins for bitcoins, because business deals in parking lots are famous for working out well.
3. You can mine them yourself! Note that barriers to entry include designing your own ASICs and super-cheap or subsidised electricity (possibly buying your own hydroelectric plant).
* How do I buy and sell stuff with Bitcoins?
Much simpler than just using your dollars!
1. Change your dollars into Bitcoins.
2. Find a vendor who advertises that they take Bitcoins.
3. See if they can find the staff member who still remembers how they take Bitcoins.
4. Buy your thing.
5. Wait six hours for your transaction to confirm.
6. When it's dropped on the floor, send it again with a larger fee. Make sure you didn't accidentally reverse the amount and fee fields, irreversible remember!
* Example of a Bitcoin transaction
Your mother calls you that her computer has been locked with ransomware demanding bitcoins within 48 hours. Proceed according to the first step.
* What do I need to know to protect my Bitcoins?
Fortunately, we have this super-simple guide to Bitcoin security! https://en.bitcoin.it/wiki/Securing_your_wallet Your mother will be completely up to speed next time.
* What are the disadvantages of Bitcoin?
It is most useful for speculation (95% of usage), drugs and ransomware in that order.
* Scams to watch out for
Fucking everything. The uses that aren't scams are buying drugs.
* Testimonials
Tyler Winklevoss, co-creator of Facebook, summed it up when he said:
"what was I thinking when I bought all these coins, will I get this ETF up before the bitcoin network collapses. DAMN YOU STOLFIIIIIIIII"
Rick Falkvinge, Founder of the Swedish Pirate party, predicted that:
"The Target Value For Bitcoin Is Not Some $50 Or $100. It Is $100,000 To $1,000,000."
Of course, that was a few months before the bubble popped, but never mind that!
According to John McAfee, Founder of McAfee,
"THEY PUT A RADIO IN MY HEAD YOU KNOW"
* Where do I go from here?
To a shop for armored knee pads, so the next time someone says "Bitcoin" or "Blockchain" to you you can kick them in the nuts and run.
I, Sasuke Nakamoto, inventor of the Bytecoins, approve of this!
When HN starts posting Pro-bitcoin news, it means it's a good time to sell.
I bought in when HN perpetuated the market debasement the last two times, when it "crashed" at $450 and $600 CAD. Both times, there was substantial fear, uncertainty, and doubt surrounding bitcoin in the HN comments (look them up yourself if you doubt me!). I adopted the position that I should be doing the exact opposite of what HN was recommending.
I'm still sticking to that position. I'll probably diversify greatly at this point with other altcoins, so I avoid the drop, then I'll buy in at the lower price. in around 30 days, I'll post back to see if I was wrong or not.
The block reward is 12.5 BTC now, it is not 25 BTC any more. Also Cryptsy ended up failing and is no longer functional. This article is outdated.