mbmott

5 ms·

1.
by mbmott 10y ago
Princeton prof ARVIND NARAYANAN - wrote an excellent introductory book on Bitcoin. https://freedom-to-tinker.com/blog/randomwalker/the-princeto...
2.
by mbmott 10y ago
Bitcoin definitely attracts fraud, but it's also teaching many people an important lesson in trust. Trust code and math as these things are ultimately verifiable.
3.
by mbmott 10y ago
What is "valid payment data"? How do they validate this data? You need to have a valid payment method. I'm not sure how better to explain this... a credit card or paypal account etc. It's validated when the payment clear
4.
by mbmott 10y ago
Bitcoin's utility is being a global currency. Like I said, Bitcoin will scale like the internet scaled which is in direct proportion to demand. Blocks aren't often full and if you are in a hurry then you need to pay 10 or 20 cents
5.
by mbmott 10y ago
That was pretty much my point. Bitcoin has a solid use case (being a global currency) and Steam is exploiting it.
6.
by mbmott 10y ago
I call it a DOS attack because blocks aren't regularly full anymore and the transaction data showed that the flood of transactions were "peeling chains", meaning they mostly had the same source. There is blockchain data to ba
7.
by mbmott 10y ago
As far as I know you can't make a purchase without having valid payment data. There might be a work around, but probably not via Bitcoin payments. Bitpay is definitely subject to KYC / AML compliance.
8.
by mbmott 10y ago
This is a valid point, but there are far sharper criticisms out there than Mike Hearn's. I find that following the code and not the community is the way to go in Bitcoin-land.
9.
by mbmott 10y ago
I follow you guys. Looking forward to trying yours out!
10.
by mbmott 10y ago
The Bitcoin network works perfectly fine and always has. The issue you are referring to was during a DOS attack on the network, which still wasn't an issue if you paid slightly higher fees to prioritize your transaction. The developer
11.
by mbmott 10y ago
I could see this as Steam testing the Bitcoin waters. Steam games created an entirely new market of digital items changing hands for real world money, and this is done globally across all currencies--bitcoin would be an ideal fit. I could a
12.
by mbmott 10y ago
A $100 cellphone isn't a decentralized peer to peer network. You are comparing apples to nose-hairs. Bitcoin will scale in the same way the internet scaled... slowly and then suddenly.
13.
by mbmott 10y ago
Not the case. The bitcoin you paid in and the bitcoin refunded to you are tied directly to your real identity, so I'm not sure what value "laundering" would have. There are no dirty bitcoins--see the U.S. Gov sale of the Silk
14.
by mbmott 11y ago
It doesn't currently approach that balance, but there are plenty of initiatives that are in the concept stage that would go a long way.