Bitcoin to Launch Satellites as Global 'Backup'

CommanderFrank

CommanderFrank

Cat Can't Scratch It
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Bitcoin programmers, fearing another Mt Gox meltdown could happen, are making plans to raise capital to put satellites in orbit to insure the safety of Bitcoin data.

Upload stations around the world would beam updates on the latest transactions to the satellites, which then be broadcast to the world from orbit.
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LMAO.

They can't even keep their own exchanges and servers in line...and they want to place a satellite in orbit?


Shall we take bets on how long a hacker de-orbits the satellite?
 
Skripka said:
LMAO.

They can't even keep their own exchanges and servers in line...and they want to place a satellite in orbit?


Shall we take bets on how long a hacker de-orbits the satellite?
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The bitcoin developers don't have exchanges nor servers, iirc. The servers are provided by miners - hence the miners process the transactions.

Although I don't get the idea of satellites. That won't prevent a Mt. Gox situation since they're not even related. Plus, the weak point would be the transmission stations.

Waste of capital.
 
how would a sat' stop what happened to Mt Gox...

if the owners of the say take off with the coins.. nothing can be done, doesnt matter WHERE they are.
 
Mt Gox wasn't mentioned and this article has almost nothing to do with a "melt down".

Apparently a bitcoin dev who runs a space something or other company thinks Bitcoin needs its own satellite TV channel (or something like it). To ensure the network itself isn't disrupted via the internet (or someone brings down the internet).

This would allow anyone to tune-in and recieve "free Bitcoin bandwidth", even if they did not have a fast or reliable internet connection. Garzik said that the plan would act as a "backup" that would make the groundbreaking crypto-currency more resilient to any attacks that attempted to manipulate the file.
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So someone who still has a 56k modem can plug into their Dish DVR and get bitcoins:confused: Having the satellites blink Morse code seems like just as convoluted solution that would be more available to the masses lol. I must be missing something.

It seems to be a back up method, to ensure against corruption or attack of the blockchain (or network). I don't understand how a solution has to have satellites in space though.

I am a BTC fan but this just sounds a bit insane.
 
Spidey329 said:
The bitcoin developers don't have exchanges nor servers, iirc. The servers are provided by miners - hence the miners process the transactions.

Although I don't get the idea of satellites. That won't prevent a Mt. Gox situation since they're not even related. Plus, the weak point would be the transmission stations.

Waste of capital.
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To my mind it doesn't matter who owns the exchanges and the hardware they run on...these (all the powers that be behind BTC) guys have serious problems with computer security and outright thievery among their own cadre....and their worry is to launch a satellite?


dandirk said:
Mt Gox wasn't mentioned and this article has almost nothing to do with a "melt down".

Apparently a bitcoin dev who runs a space something or other company thinks Bitcoin needs its own satellite TV channel (or something like it). To ensure the network itself isn't disrupted via the internet (or someone brings down the internet).



So someone who still has a 56k modem can plug into their Dish DVR and get bitcoins:confused: Having the satellites blink Morse code seems like just as convoluted solution that would be more available to the masses lol. I must be missing something.

It seems to be a back up method, to ensure against corruption or attack of the blockchain (or network). I don't understand how a solution has to have satellites in space though.

I am a BTC fan but this just sounds a bit insane.
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Last I knew the BTC blockchain file was around 10GB. Good luck ever keeping that up to date on the bandwidth a satellite connection can sustain. By the time you're able to even get an hourly delta file off of it, it will be obsolete.


BTW the word you're looking for is not "insane" it is "moronic".
 
People here so jelly they didn't become bitcoin billionaires. It's okay though keep up the hard work!!
 
kent said:
People here so jelly they didn't become bitcoin billionaires. It's okay though keep up the hard work!!
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It's ok 99.9999999999999999999999999% of bitcoin miners didn't become millionaires either. Half of the ones that did were probably scammers or ran exchanges they "suddenly closed" down.
 
Skripka said:
To my mind it doesn't matter who owns the exchanges and the hardware they run on...these (all the powers that be behind BTC) guys have serious problems with computer security and outright thievery among their own cadre....and their worry is to launch a satellite?
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How is that different than anything else? It seems almost daily we get reports of compromised servers and compromised cc information.

People steal all sorts of stuff on a daily basis. Does that mean everything sucks?

The difference with bitcoin is that it is new, its the gold rush, the wild west. The fact that it has a 4 billion market cap is impressive given the the amount of adoption and support.

Slowly more mature and professional companies will be available. Coinbase.com is an example. Just like every new product/market. All of this isn't new.

Should you "invest" your life savings? Hell No... just like you shouldn't invest your life savings into penny stocks.

Should you blindly believe that BTC will change the world and take down "tha man's" fiat... nope probably won't happen in my life time.

Should you poo poo every idea the second is has issues... Well sure of course, that is how change happens:confused: /sarcasm.

Is it ok to think an idea is cool and play around with it... heck yeah. Support it if you like it, don't use it if you don't.
 
dandirk said:
How is that different than anything else? It seems almost daily we get reports of compromised servers and compromised cc information.

People steal all sorts of stuff on a daily basis. Does that mean everything sucks?

The difference with bitcoin is that it is new, its the gold rush, the wild west. The fact that it has a 4 billion market cap is impressive given the the amount of adoption and support.

Slowly more mature and professional companies will be available. Coinbase.com is an example. Just like every new product/market. All of this isn't new.

Should you "invest" your life savings? Hell No... just like you shouldn't invest your life savings into penny stocks.

Should you blindly believe that BTC will change the world and take down "tha man's" fiat... nope probably won't happen in my life time.

Should you poo poo every idea the second is has issues... Well sure of course, that is how change happens:confused: /sarcasm.

Is it ok to think an idea is cool and play around with it... heck yeah. Support it if you like it, don't use it if you don't.
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How is it different?

Do you hear Target or Niemann Marcus talking about spending millions on launching an utterly pointless satellite?
 
More importantly, who would give him 5 million dollars in capital to do this? There is no return on your investment at all. The project is simply an excuse to get his private space company off the ground.
 
If you know anything about the environment of space then you know that this is almost as dumb as building a data center right next to an active volcano. If the cosmic rays don't toast it then floating space debris likely will. Also all satellites are tracked so if a government really wanted to take it down it would be really easy, albeit a little expensive (missiles don't come cheap). Also hard drives really don't work well in space, so you would need to use solid state storage, again not cheap. If they wanted to do this right then they would be spending somewhere way north of $5 million. Oh and it isn't any more secure that storing it on the ground.
 
Skripka said:
How is it different?

Do you hear Target or Niemann Marcus talking about spending millions on launching an utterly pointless satellite?
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Well, for one, it's different because the credit card system isn't wholly dependent on an electronic block chain that only exists on the internet. You can still make manual credit card transactions if the internet is down. But, because the entirety of the Bitcoin infrastructure exists on the internet, I could possibly see how making sure it still could remain functional might be important if you wanted to make sure users of BTC could still perform transactions if their internet was down.

That's not to say I support this idea... I think it's stupid too... there's probably better ways of accomplishing the same goal, but whatever floats the guy's boat.
 
kent said:
People here so jelly they didn't become bitcoin billionaires. It's okay though keep up the hard work!!
Click to expand...

... I really want to type something here that plays off of the famous Does anybody speak Jive? line from Airplane... but outside of using the word "Nonsense" as the target; every other word I can think of is going to get the mods yelling at me... again.

So I'll just move on and point out, once again, that at it's core Bitcoin strongly resembles a Pyramid or Ponzi scheme. Almost all of the exchange closures to date strongly resemble typical methods of cash-outs as those behind the exchanges take the money and run. I really don't feel sorry for anybody who still has any kind of investment in Bitcoin.

This latest, ahem, promotion once again strongly screams "criminally inclined." I'll note that other posters have already pointed out the apparent significant shortfall in estimated costs to actually get objects into an orbital trajectory. Other posters have also noted that space itself, due to lack of an atmosphere, is not exactly the best place for secure electronic storage devices. Right now this just looks like another way to try and fleece the gullible for more cash.

Incidentally, if you say gullible slowly enough, it sounds like bitcoin. Give it a try.
 
Saist said:
... I really want to type something here that plays off of the famous Does anybody speak Jive? line from Airplane... but outside of using the word "Nonsense" as the target; every other word I can think of is going to get the mods yelling at me... again.

So I'll just move on and point out, once again, that at it's core Bitcoin strongly resembles a Pyramid or Ponzi scheme. Almost all of the exchange closures to date strongly resemble typical methods of cash-outs as those behind the exchanges take the money and run. I really don't feel sorry for anybody who still has any kind of investment in Bitcoin.

This latest, ahem, promotion once again strongly screams "criminally inclined." I'll note that other posters have already pointed out the apparent significant shortfall in estimated costs to actually get objects into an orbital trajectory. Other posters have also noted that space itself, due to lack of an atmosphere, is not exactly the best place for secure electronic storage devices. Right now this just looks like another way to try and fleece the gullible for more cash.

Incidentally, if you say gullible slowly enough, it sounds like bitcoin. Give it a try.
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ROFL

Voted for Post of the Day!
 
Carbon_Rod said:
Well, for one, it's different because the credit card system isn't wholly dependent on an electronic block chain that only exists on the internet. You can still make manual credit card transactions if the internet is down. But, because the entirety of the Bitcoin infrastructure exists on the internet, I could possibly see how making sure it still could remain functional might be important if you wanted to make sure users of BTC could still perform transactions if their internet was down.

That's not to say I support this idea... I think it's stupid too... there's probably better ways of accomplishing the same goal, but whatever floats the guy's boat.
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Except the idiot who's proposed it should know fucking better than to put an emergency backup of a file that is very time-sensitive that is fucking huge (~10GB) on a medium that has thus far proved thoroughly bandwidth starved to consumers (satellite internet).

If you could manage to maintain an uninterrupted connection to a satellite for 2 whole days you'd just barely succeed in downloading the blockchain once at 56K...presuming you don't get corrupted data due to any number of factors (weather etc.). And by the time you succeed in downloading it, you'd need to update because it is out of date. This all ofc presumes that the satellite(s) is even visible from your location.
 
This sounds very expensive and ultimately pointless. Do they have a background in Satellite technology? Because if they did I think they might realize that there is no real reason to use satellites for this and that it would cost millions of dollars to achieve.
 
Quix said:
This sounds very expensive and ultimately pointless. Do they have a background in Satellite technology? Because if they did I think they might realize that there is no real reason to use satellites for this and that it would cost millions of dollars to achieve.
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They have a background in getting free advertising.

The idea is designed to be so fucking absurd it circulates around the net, giving this idiot press.
 
dandirk said:
How is that different than anything else? It seems almost daily we get reports of compromised servers and compromised cc information.

People steal all sorts of stuff on a daily basis. Does that mean everything sucks?
Click to expand...

Yes.
44511751_southparkgothkids.jpg
 
so the guy basically just wants to build a secondary (wireless) internet just for bitcoin?
 
there are a lot of pointless endeavors people strive for - for all the people spewing hate, any one of us could find something you do in your daily life that we could easily argue is pointless. The point is: trying new things isn't a bad thing. Some here act as if this is somehow going to cost you directly or will somehow hurt you in day to day life.


Fan of bitcoin, and I don't see how a satellite in space would really help, but at the same time it's not going to hurt me, or cost me any time and/or money. So why get all bent out of shape?

People invest loads of money into stupid crap all the time, some turn out to work, others don't. There are thousands of dumber things going on costing WAY more money every day. (look at pretty much any popular reality TV show these days)

Even if the whole thing failed, the guy who thought it up would at least be able to say "yeah I have a satellite orbiting earth", which is pretty damn cool no matter how you slice it. I'd rather see a bitcoin satellite going up into space than trash like "Honey Boo Boo" and "Real Housewives of Ex Con Rap stars".
 
"Safety"

Haha yeah. The worst environment there is for a data centre outside of volcanoes and electrical storms is for data safety? OK, pull the other one.

Why is it that I think this has a lot more to do with avoiding law enforcement?
 
Wouldn't that be riskier? With all the solar flares and stuff?
 
leSLIe said:
Wouldn't that be riskier? With all the solar flares and stuff?
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Shielding -- figure you put an array of SSD's in a thick ass (well insulated) lead box and you'd probably be good.

If we can have GPS satellites up in space still working since 1989, modern tech and advances should be able to keep a block of data safe. (the link speed would be total shit, but that's none of my business)
 
Skripka said:
How is it different?

Do you hear Target or Niemann Marcus talking about spending millions on launching an utterly pointless satellite?
Click to expand...

Bitcoin and Target are definitely both business entities.

http://en.wikipedia.org/wiki/Bitcoin said:
Bitcoin is a peer-to-peer payment system introduced as open source software in 2009 by developer Satoshi Nakamoto.
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Bitcoin is a protocol for transferring wealth.
 
Saist said:
... I really want to type something here that plays off of the famous Does anybody speak Jive? line from Airplane... but outside of using the word "Nonsense" as the target; every other word I can think of is going to get the mods yelling at me... again.

So I'll just move on and point out, once again, that at it's core Bitcoin strongly resembles a Pyramid or Ponzi scheme. Almost all of the exchange closures to date strongly resemble typical methods of cash-outs as those behind the exchanges take the money and run. I really don't feel sorry for anybody who still has any kind of investment in Bitcoin.

This latest, ahem, promotion once again strongly screams "criminally inclined." I'll note that other posters have already pointed out the apparent significant shortfall in estimated costs to actually get objects into an orbital trajectory. Other posters have also noted that space itself, due to lack of an atmosphere, is not exactly the best place for secure electronic storage devices. Right now this just looks like another way to try and fleece the gullible for more cash.

Incidentally, if you say gullible slowly enough, it sounds like bitcoin. Give it a try.
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^ thanks you.
 
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