Quote from: jdbtracker on April 14, 2013, 08:43:56 PM

Quote from: hrkristian on April 14, 2013, 07:13:34 PM

Quote from: jdbtracker on April 14, 2013, 06:44:50 PM

This is a truly epic response that hits the nail firmly on the head, bashing it to splinters.

The amount of human ingenuity if we bothered to consider Ray Kurzweils estimates; 1 PetaFLOP of general computing power on average/person, there is at least 60 ExaFLOPs of human ingenuity potentially available at any moment to solve any problems the network might have.

We are running on a nearly ExaFLOP SuperComputer that is running the highest grade Cryptography Experiments every ten minutes, all while actually doing something very useful; Transfering your money to where it has to go and monitoring it's own network for efficiency.

This system seems to be self optimizing itself with the assistance of all it's members, from the developers to the common folk who just use the system to transfer money at a low cost; We are all testing the system, adapting to it, evolving it, This is forming the foundation for Web 4.0 a leap ahead... of what has been imagined for Web 3.0, the web automating and assimilating aspects of the real world and virtualizing them; it's a leap that may take us eventually to a self optimizing Internet; The internet will be aware of you.

The proof of concept has been established, Bitcoin is the foundation for this new technology, p2p distribution of resources and a motivated work force ready to take it to it's logical conclusion, the automation and distribution of virtualizable Institutions.

What a hell of a way to take back the 1% and spread it out to the rest of the 99%, truly ingenious.

By the way in it's current form Bitcoin is a Semantic web machine, a web 3.0 device.

Tim Berners-Lee originally expressed the vision of the Semantic Web as follows:

I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web the content, links, and transactions between people and computers. A "Semantic Web", which should make this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.

Just no. Please stop it with the Web X.0 and all the idological nonsense.

The 1% can crush the bitcoin system in a second between taking a shower and brushing their teeth, they could destroy bitcoins with a smoke signal.

What future do you people really see for the bitcoin? I don't doubt it's usefulness as a currency that surpasses the hoops of the established institutions (instead of making them convert to a simpler internet reality, bitcoin users are going the way of pirates in forcing change by adopting a new, better system that benefits all), but it's anonymous and decentralized, don't anyone see how nations and financial institutions will put a bullet through the proverbial skull of the bitcoin once it becomes a thorn in their sides?

Well that would be true if Bitcoin was a currency instead of an incredibly complex cryptographic engine.

the Core of Bitcoin is the secure transfer of data from one point to another... The core Technology is almost indestructible; What has been built on this foundation can be as shaky as it wants when you think that that data can be anything... financial information, computational data, virtualized work loads, the undisputed transfer of data with no errors from one point to another.

the 1% cannot crush bitcoin... because
   1)most of them don't want to, why would you when someone has just solved the problem of securely transferring funds from point A to B. Who is Bitcoins customers? Individuals and institutions with a vested interest in moving capital value, I.E banks can replace part of their system with this and can reliably send their transmissions by including a transaction fee to incentivise only the most powerful Bitcoin miners; they just saved themselves 1 billion dollars, and thats just in the banking sector!
   2)Bitcoin is a program, it can function anywhere, someone just has to keep a copy of it and distribute it, even if things get ugly they can run it behind a p2p Tor network, tunnel through the system, the system remains secure from external attacks because of the distributed nature of the network and the secure distribution network
   3)Bitcoin is nothing more than a new competitor in the financial markets, with thousands of employees with vested interest in seeing the possibly first open source corporation that has ever existed to cater to the financial sector.

Great points! Post more.