My faith in Bitcoin just went out the window | TigerDroppings.com

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BayouNation
New Orleans Saints Fan
Member since Sep 2008
234 posts

My faith in Bitcoin just went out the window


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A Bitcoin transaction services company says that hackers broke into one of its brokerage accounts last week, nabbing more than $12,000 worth of the digital currency.








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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

My faith in Bitcoin just went out the window


quote:

A Bitcoin transaction services company says that hackers broke into one of its brokerage accounts last week, nabbing more than $12,000 worth of the digital currency.


Why would that effect your faith in bitcoin? It should effect your faith in Bitinstant.

I don't think you fully understand what you are attempting to discuss.


Do you lose faith in the dollar when a bank gets robbed?





This post was edited on 3/7 at 4:40 pm


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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

re: My faith in Bitcoin just went out the window


Uh-oh.....

I can honestly say my "faith in Bitcoin" is no less today than it was last week....






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BayouNation
New Orleans Saints Fan
Member since Sep 2008
234 posts

re: My faith in Bitcoin just went out the window


quote:

Why would that effect your faith in bitcoin? It should effect your faith in Bitinstant.

I don't think you fully understand what you are attempting to discuss.


Do you lose faith in the dollar when a bank gets robbed?


Yep, I don't so I'm going to stay away from Bitcoin.

I use a bank that is FDIC insured, is bitcoin insured?






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Lsut81
USA Fan
Member since Jun 2005
63080 posts

re: My faith in Bitcoin just went out the window










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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

I use a bank that is FDIC insured


and third party companies that transact in bitcoin can be insured by private insurers if they so choose.


quote:

is bitcoin insured?


bitcoin is a protocol

that's like asking if TCP is insured














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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

re: My faith in Bitcoin just went out the window


quote:

Why would that effect your faith in bitcoin?


It's 'affect,' Brainiac.






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
11785 posts
 Online 

re: My faith in Bitcoin just went out the window


I still have faith in this:







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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

re: My faith in Bitcoin just went out the window


quote:

bitcoin is a protocol

Herp derp.....






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Lsut81
USA Fan
Member since Jun 2005
63080 posts

re: My faith in Bitcoin just went out the window


quote:

I still have faith in this:


Unicorn Farts cannot be compromised... Just sayin






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TheOcean
Florida State Fan
Member since Aug 2004
30543 posts

re: My faith in Bitcoin just went out the window


quote:

A Bitcoin transaction services company says that hackers broke into one of its brokerage accounts last week, nabbing more than $12,000 worth of the digital currency.


I know of another case where three guys had 50k+ hacked from their site






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

re: My faith in Bitcoin just went out the window


quote:

I know of another case where three guys had 50k+ hacked from their site


That's okay because wiki says private insurance covered all of the losses....






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TigerDeBaiter
LSU Fan
Member since Dec 2010
2499 posts

re: My faith in Bitcoin just went out the window








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TheOcean
Florida State Fan
Member since Aug 2004
30543 posts

re: My faith in Bitcoin just went out the window


So you purchase new currency just to have to insure it? How is this viable if you aren't wealthy?





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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
11785 posts
 Online 

re: My faith in Bitcoin just went out the window


quote:

That's okay because wiki says private insurance covered all of the losses....


And it's true because insurance companies spend the resources to create actuarial tables for the figment of some Asian dude's imagination






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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6129 posts

re: My faith in Bitcoin just went out the window


quote:

My faith in Bitcoin just went out the window


It's easy to get reimbursed. Here:

If train A leaves the station going 60 miles per hour and train B leaves one hour later going 85 miles per hour, how long will it take train B to catch up with train A?

Now you can Bitcoin the night away






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

re: My faith in Bitcoin just went out the window


quote:

So you purchase new currency just to have to insure it? How is this viable if you aren't wealthy?








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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

re: My faith in Bitcoin just went out the window


quote:

I use a bank that is FDIC insured



and third party companies that transact in bitcoin can be insured by private insurers if they so choose.



How many U.S. bank customers have lost any of their money over the last 50 years because their bank was robbed?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

So you purchase new currency just to have to insure it? How is this viable if you aren't wealthy?


what?

I still don't understand how the article in the OP is an indictment of bitcoin. Can someone explain that?

I'm willing to answer your questions about the technical nature of the currency and political ramifications of it.

I also don't understand the fierce rejection of bitcoin by so many. What would it take for any of you bitcoin doubters to finally admit it's legit and worthwhile?

Also, do you not see that there is demand and thus value in a decentralized currency? If you don't think there is, why do you feel that way?


quote:

There is a principle which is a bar against all information, which cannot fail to keep a man in everlasting ignorance — that principle is contempt prior to investigation. --Herbert Spencer






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TheOcean
Florida State Fan
Member since Aug 2004
30543 posts

re: My faith in Bitcoin just went out the window


You said that insurance is a way to protect your bitcoins. How is that a viable system?






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