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Bitcoin Programming The Almighty Buck

Btcd - a Bitcoind Alternative Written In Go! 150

Posted by timothy
from the bang-for-the-buck dept.
An anonymous reader writes "The folks at Conformal have announced btcd, an alternative full-node implementation to bitcoind, written in Go! They have released the first of their core packages, btcwire, available for download at GitHub. As a bitcoin user myself, I love the idea of a full alternative. It will only make bitcoin stronger and more independent. This will be great for the Go community, too!"
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Btcd - a Bitcoind Alternative Written In Go!

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  • by Joce640k (829181) on Thursday May 09, 2013 @02:41AM (#43672725) Homepage

    Yep. What the world really needs right now is a new currency whose value fluctuates like a share price.

    (Because it's based on the same premise - that it's only worth what people are willing to pay for it).

  • by Anonymous Coward on Thursday May 09, 2013 @03:12AM (#43672817)

    While technically true, have you seen any major currency fluctuate over >1000% within a month lately? Ignoring what actually happens in real life does not help your argument.

  • by Anonymous Coward on Thursday May 09, 2013 @03:15AM (#43672831)

    That's funny. I see it as the value of a dollar fluctuates and bitcoin is constant. I guess it's all a matter of perspective. ;)

  • by ebcdic (39948) on Thursday May 09, 2013 @03:38AM (#43672889)

    What have you bought over the last year? How has their price varied in dollars and in bitcoins? No currency's value is constant, but some are a lot more constant than others.

  • by Joce640k (829181) on Thursday May 09, 2013 @03:42AM (#43672905) Homepage

    The price of food can double in a single day and you think it's normal? Luckily your wages do the exact same thing, right?

  • by dbIII (701233) on Thursday May 09, 2013 @04:12AM (#43672989)
    Which makes you a target for such scams :(
    Schools used to have subjects called things like "social studies", "civics" or something similar to try to give kids a rudimentary bullshit detector to protect against bent politicians, naturopaths and pyramid schemes. Whatever happened to those?
  • by pla (258480) on Thursday May 09, 2013 @05:56AM (#43673291) Journal
    have you seen any major currency fluctuate over >1000% within a month lately? Ignoring what actually happens in real life does not help your argument.

    Bitcoin has not fluctuated anywhere near 1000% in the past month. At most you could say 530%, comparing the low of 50 on April 16 to the high of 266 on April 10th. And excluding that bubble-and-pop (which very much still happens in USD-denominated assets), the exchange rate has remained relatively stable in the 90-120 range.

    However, even in making that 530% point, you've overlooked the opposite side of the coin - Bitcoin has whatever value people will pay for it, as does the US dollar. If people will pay $266 US dollars for one Bitcoin, not only has Bitcoin shot up in relative value, but the US dollar has shot down at the same time.

    Only the size of the USD vs BTC economies hides that fact. But when people will pay $266 for what most of the haters call a scam currency, that doesn't reflect well on the overall confidence in what they've traded for that "scam" currency.
  • by fuzzyfuzzyfungus (1223518) on Thursday May 09, 2013 @06:47AM (#43673487) Journal

    Given the (currently tiny) market for goods buyable with bitcoins, their 'value' is heavily dependent on the health of the exchanges where you can cash out into some other currency.

    Incidentally, those exchanges appear to get hacked and/or DDsSed every couple of months...

    With the GPU, FPGA, and ASIC miners either online or coming-real-soon-now, bot-herding in order to outcompete honest nodes is a substantial computational challenge, CPU miners are just too pitiful; but it would seem that the real weakness to exploit is the (much softer) underbelly of conventional web infrastructure and the price swings that attacks on that part of the bitcoin economy can create.

    The trade between bitcoins and USD looks sort of like the buying and selling of stock, in a world where it's totally normal for the NYSE to be firebombed multiple times per year...

  • by ultranova (717540) on Thursday May 09, 2013 @08:05AM (#43673897)

    Actually, in Greece, they use the Euro, so... Their money has not lost value...

    Which is one of the problems of euro, since it means that neither industry nor tourism get a boost from prices effectively falling. Euro will eventually collapse, of course, once enough countries have gone bankrupt that the rest can't carry it anymore, but it'll be too late for Greece.

  • by AuMatar (183847) on Thursday May 09, 2013 @09:36AM (#43674671)

    No, you don't. Look at the dollar or the pound. You see multi-decade stability (the last major blip with the dollar was disinflation in the 80s) , with a roughly constant rate of devaluation. That's what you want to see in a currency. Not a few months of relative stability with massive swings on either side. To even make the claim of stability because it had periods of it for parts of 1 year is a complete joke.

  • by Anonymous Coward on Thursday May 09, 2013 @10:37AM (#43675359)

    I can't pay my taxes in BTC and even with that "relatively stable" 90-120 range you're still talking about a 30% fluctuation, which is both unpredictable and dangerous for people who are trying to use it for normal currency stuff.


    Looked it up, and the euro and dollar exchange rate over the last 4 years (sure a bit longer than 1 year, but euro has existed longer than BitCoin as well), ranged from 1.2 to 1.6, which is also a 33% fluctuation, one of those fluctuations was in a single year as well. So it seems that BitCoin fluctuates about as badly as the Euro.

One can't proceed from the informal to the formal by formal means.