| Posted by | Message |
BayouNation 
New Orleans Saints Fan
Member since Sep 2008
111 posts
| My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:36 pm)
LINK
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.
|
| Back to top | Share on  |
WikiTiger 
LSU Fan
Member since Sep 2007
38631 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:39 pm to BayouNation)
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
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:40 pm to BayouNation)
Uh-oh.....
I can honestly say my "faith in Bitcoin" is no less today than it was last week....
|
| Back to top | |
BayouNation
New Orleans Saints Fan
Member since Sep 2008
111 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:41 pm to WikiTiger)
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?
|
| Back to top | |
Lsut81
LSU Fan
Member since Jun 2005
55439 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:42 pm to BayouNation)
|
| Back to top | |
WikiTiger
LSU Fan
Member since Sep 2007
38631 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:44 pm to BayouNation)
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
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:45 pm to WikiTiger)
quote:
Why would that effect your faith in bitcoin?
It's 'affect,' Brainiac.
|
| Back to top | |
Vols&Shaft83 
Tennessee Fan
Member since Dec 2012
3951 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:48 pm to BayouNation)
I still have faith in this:
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:50 pm to WikiTiger)
quote:
bitcoin is a protocol
Herp derp.....
|
| Back to top | |
Lsut81
LSU Fan
Member since Jun 2005
55439 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:50 pm to Vols&Shaft83)
quote:
I still have faith in this:
Unicorn Farts cannot be compromised... Just sayin
|
| Back to top | |
TheOcean 
Florida State Fan
FL
Member since Aug 2004
23990 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:54 pm to BayouNation)
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
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:56 pm to TheOcean)
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....
|
| Back to top | |
TigerDeBaiter
LSU Fan
Member since Dec 2010
2381 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:58 pm to BayouNation)
|
| Back to top | |
TheOcean
Florida State Fan
FL
Member since Aug 2004
23990 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:59 pm to LSURussian)
So you purchase new currency just to have to insure it? How is this viable if you aren't wealthy?
|
| Back to top | |
Vols&Shaft83
Tennessee Fan
Member since Dec 2012
3951 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 4:59 pm to LSURussian)
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 
|
| Back to top | |
ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4822 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 5:13 pm to BayouNation)
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
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 5:16 pm to TheOcean)
quote:
So you purchase new currency just to have to insure it? How is this viable if you aren't wealthy?
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 5:18 pm to WikiTiger)
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?
|
| Back to top | |
WikiTiger
LSU Fan
Member since Sep 2007
38631 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 5:24 pm to TheOcean)
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
|
| Back to top | |
TheOcean
Florida State Fan
FL
Member since Aug 2004
23990 posts
| re: My faith in Bitcoin just went out the window (Posted on 3/7/13 at 5:26 pm to WikiTiger)
You said that insurance is a way to protect your bitcoins. How is that a viable system?
|
| Back to top | |
