My faith in Bitcoin just went out the window - Page 7 - TigerDroppings.com

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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
14952 posts

re: My faith in Bitcoin just went out the window


quote:

Regarding the mining operations, IF (and I'm not saying they are, I'm just wondering if it is possible) one one the founders were inclined to game the system, couldn't they sporadically award their personal wallets with successful mined bitcoins and have it go unnoticed?
How much advantage is it if you know where not to look when you are mining? The founders could eliminate large search areas for themselves such that where anyone else might have a 1 in 50 trillion chance of an operation finding a bitcoin they have a 1 in 5 trillion chance. That is a sigificant advantage, and there is nothing that could have been done to protect against this.






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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 dont think the consumer confidence is there yet


i agree. and the bitcoin economy is so small that it is pretty much insignificant

It sure is fun to watch it grow, though.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80159 posts

re: My faith in Bitcoin just went out the window


quote:

It sure is fun to watch it grow, though.


That's what Bernie Madoff's clients said.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

but does that give you access to the current number of users? I assume that you could potentially see the number of wallets, but I think you also mentioned that users can spoof or create multiple wallets so I guess that would be inexact.


right. creating new key pairs is a trivial task that can be done in a single click. it is entirely possible for a single individual to have billions upon billions of bitcoin addresses if they so choose

so looking at the blockchain (i.e. the ledger) would not give an accurate estimate of users. i'm sure there are people out there trying to estimate that, but i don't know of any figures out there that are highly respected.

transaction volume, however, can be easily tracked. and i'd link you to that chart but blockchain.info is down right now for a server upgrade.

quote:

Regarding the mining operations, IF (and I'm not saying they are, I'm just wondering if it is possible) one one the founders were inclined to game the system, couldn't they sporadically award their personal wallets with successful mined bitcoins and have it go unnoticed? Ending up with 5% of awarded bitcoins would net them around $40M at the current value.


It just wouldn't be possible because it wouldn't be accepted by the network. if that was attempted, what it would essentially do is fork the blockchain and create a whole other currency, which of course no one would value, while leaving the existing bitcoin blockchain untouched.







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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55568 posts
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re: My faith in Bitcoin just went out the window


I gotta side with Russian here. As a financial expert, it feels like another tulip craze that will crash and burn eventually.





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80159 posts

re: My faith in Bitcoin just went out the window


quote:

but blockchain.info is down right now for a server upgrade.

"Nothing can go wrong....go wrong....go wrong....go wrong......"






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

It really is. Download and install Truecrypt. Then create an encrypted volume on a thumb drive or external hard drive Quick Tutorial. Now you have encrypted offline storage for private data.


Exactly!

Encryption is easy, and to be honest, something that EVERY computer user should be familiar with.

A lot of people in bitcoin threads always harp on security, but yet I bet most don't even encrypt their own data. If they are so concerned about security, you'd think they'd take the hour or two it takes to learn how to use encryption and do it.

That's why I can't take all these security arguments in these threads too seriously.






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Lsut81
USA Fan
Member since Jun 2005
63120 posts
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re: My faith in Bitcoin just went out the window


quote:

Broke


Hijack...

You're a watch guy, aren't you?






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
11836 posts
 Online 

re: My faith in Bitcoin just went out the window


A terrifying fact about Madoff, is that while he running his scheme, he was also smart enough to be earning $300Million a year LEGITIMATELY.





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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55568 posts
 Online 

re: My faith in Bitcoin just went out the window


I still fail to see any value in Bitcoin. Do companies not take the dollar online? Is this method safer? No. Is it quicker? No. Then what is it? Is it because it's anonymous or can be anonymous? If I send money, I want them to know where it came from.





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

medium of exchange


fair enough. we'll concentrate on that

quote:

I don't know why any American would care unless you want to store stuff you want to hide from the government. If you live in a country with a shaky financial system I think your point is valid. Similar comments apply to some of your other points I'm omitting here.


I just don't like this argument and don't think it's productive for us to even go down this path. It's basically a "if you have nothing to hide then why are you worried" argument, and I just don't buy into that mentality. I think financial privacy is a legitimate concern for any person, not just people with stuff to hide. But I know that opinion is not shared by everyone.

quote:

No, it's generally one business day. Maybe some people care about that, I don't.


Surely you can at least understand how transactional speed could be important to a lot of people, right?

quote:

I've never had this problem but can see where some might care.


Merchants typically like this feature because then they don't have to deal with chargeback fraud, or even legitimate chargebacks when a stolen credit card was used on their site.

The onus is on the bitcoin consumer to ensure that the company they are interacting with is reputable.

quote:

I get cash back by using my credit card, fwiw.


Credit card processors typically charge the merchant between 2-3% plus a set fee like $0.10 per swipe. bitcoin transactions can be done for a penny or less.

As a consumer you may not care because you don't see the costs directly, but I assure you that merchants pass on transaction fees to their customers in the form of higher prices.

quote:

Right now I don't see the appeal


And I don't blame you. But the bitcoin economy is growing.







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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80159 posts

re: My faith in Bitcoin just went out the window


quote:

Encryption is easy
=/=
quote:

take the hour or two it takes to learn how to use encryption


That's one of the reasons I don't take your opinions about bitcoin seriously.






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55568 posts
 Online 

re: My faith in Bitcoin just went out the window


quote:

You're a watch guy, aren't you?


THE watch guy






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21105 posts

re: My faith in Bitcoin just went out the window


quote:

That's why I can't take all these security arguments in these threads too seriously.


The difference is insurance. Although it will cost some time and effort, there is little risk from a monetary standpoint to the consumer if his bank account is hacked. Bitcoins offer no inherent insurance. if it's stolen there is little you can do. That risk is huge. So I'll probably never use bitcoins for anything other than a medium of exchange whenever that comes about. People today using it primarily for an investment are taking a huge risk.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

What do you predict will happen when all the coins are mined. ie "the gold rush is over"


Deflation

quote:

Why doesn't a supercomputer, say Watson, not just go snatch them all up? Why is it only (or seem to be) computer nerds trying to justify their bad arse rig they have?


I imagine IBM probably don't think it's worth it.

And remember, only 3600 are mined per day, and that will not change until nearly 2017 when it will be cut in half.

Bitcoin is still in its infancy. That probably explains why computer nerds are heavy into it.







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Lsut81
USA Fan
Member since Jun 2005
63120 posts
 Online 

re: My faith in Bitcoin just went out the window


quote:

THE watch guy





What are some of your favs? Looking to pick up a nice watch and I don't want to do Rolex, seems to cliche to me






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55568 posts
 Online 

re: My faith in Bitcoin just went out the window


quote:

What are some of your favs? Looking to pick up a nice watch and I don't want to do Rolex, seems to cliche to me


If you go start a thread on the OT I will answer your questions. I don't want to ruin this thread.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80159 posts

re: My faith in Bitcoin just went out the window


quote:

I imagine IBM probably don't think it's worth it
So 10,000,000 bitcoins yet to be mined X $44/bitcoin = $440,000,000 is not worth it?

Okay, got it....






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Lsut81
USA Fan
Member since Jun 2005
63120 posts
 Online 

re: My faith in Bitcoin just went out the window


quote:

If you go start a thread on the OT I will answer your questions. I don't want to ruin this thread.


Mind if I just shoot you an email?







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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55568 posts
 Online 

re: My faith in Bitcoin just went out the window


(no message)


This post was edited on 3/8 at 1:54 pm


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