Bitcoin Releases Version 0.3

Teppy writes "How's this for a disruptive technology? Bitcoin is a peer-to-peer, network-based digital currency with no central bank, and no transaction fees. Using a proof-of-work concept, nodes burn CPU cycles searching for bundles of coins, broadcasting their findings to the network. Analysis of energy usage indicates that the market value of Bitcoins is already above the value of the energy needed to generate them, indicating healthy demand. The community is hopeful the currency will remain outside the reach of any government." Here are the FAQ, a paper describing Bitcoin in more technical detail (PDF), and the Wikipedia article. Note: a commercial service called BitCoin Ltd., in pre-alpha at bitcoin.com, bears no relation to the open source digital currency.
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Related: Crypto Tools

Re:Wow, that looks entirely legit!

[Tisha_AH]

Pshaw! The only true reliable source of information is the guy who appears on late night television with that goofy suit with $ signs all over it who talks about getting free money from the government.

It must work, look at how many politicians we have.

Compared to that guy, Wikipedia is still in diapers.

Re:uhhh.... exactly

[Tisha_AH]

Bitcom... Backed by the Greek treasury.

soory does not make sense

[mjwalshe]

>>Analysis of energy usage indicates that the market value of Bitcoins is already above the value of the energy needed to generate them, indicating healthy demand.

This does not mean anything - it strikes me this is the internet version of the guy we used to have in the UK who walked up and down oxford street with a placard warning against the dangers of lust and passion caused by fish, meat, bird, cheese, egg, peas, beans, nuts and sitting,

Presumably later on they start talking about the Gold Standard, Jews and the Illuminati.

Re:How secure

[Anonymous Coward]

Don't forget, you can always use your paper money as toilet paper. That's why I keep a few American dollars in my wallet. You just never know when a washroom might run out of toilet paper.

Re:How secure

[longhairedgnome]

That's...actually a good idea...

Awesome...

[thestudio_bob]

Cool, I can say it will cost you "2 Bits" and people won't stare at me like I'm some sort of old geezer.

Re:How secure

[Anonymous Coward]

how do these big fat women always find the exact center of a doorway or an aisle so that no one can get around them

Practice. If they get too close to any wall their gravity might collapse it towards them.

Re:Obvious flaw:

[Anonymous Coward]

So botnets are the most trusted entities in Bitcoin. Epic fail.

Re:How secure

[sjames]

That would add new worlds of meaning to getting screwed by the used car dealer.

Re:How secure

[nomadic]

I think it is well-established that the currency of choice for post-apocalyptic civilizations is bottle caps.

Re:How secure

[ribuck]

They can be washed...

That would be money laundering.