Bitcoin will ruin people | Page 4 | TigerDroppings.com

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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
83687 posts

re: Bitcoin will ruin people


quote:

there are a finite number of bitcoins

Allegedly, counselor.
quote:

the "early adopters" have some amount of them
and the creators may have a way of obtaining more through devious means.






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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
299811 posts
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re: Bitcoin will ruin people


quote:

people are not using bit coins to exchange goods and services. They are hoarding them to inflate the price.

then it's a bubble, not a ponzi scheme. it will pop

quote:

Some are being exchanged to conduct illegal activity or gamble

or for sites like wordpress. other sites are following suit

quote:

The current expansion is all about the perception of use but not reality.

and that's a bubble. it will pop like all bubbles

but if i know it costs 0.1 BTC to get a girl to take nudes for me, and i know that i can get 0.1 BTC for $5, i know that i have to decide if it's worth $5 to get these nudes. i'm not subject to a ponzi scheme if i know the values going in and DO use it as a method of exchange






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Tigershatebama
LSU Fan
New Orleans
Member since Feb 2006
140 posts

re: Bitcoin will ruin people


quote:

I don't see how the two are comparable at all.


Bitcoin has a group of adopters, who I think for the most part have honest intentions, convincing people to convert dollars (or goods and services) into digital currency. A currency that will soon be worthless. The late adopters however will be left with no cash and worthless computer code. So other than honest intentions, how is this unlike Madoff?






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SlowFlowPro
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re: Bitcoin will ruin people


quote:

Allegedly, counselor.

i get what you're saying, but the code has been examined by a lot of experts in such things. i'd imagine if there was some evil flaw, it would have been found

quote:

and the creators may have a way of obtaining more through devious means.

again, i get what you're talking about, but the code is available for the public. it's open source






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SlowFlowPro
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Member since Jan 2004
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re: Bitcoin will ruin people


quote:

So other than honest intentions, how is this unlike Madoff?

it's a lot more like people who bought a house in southern california or florida in about...July of 2008






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
83687 posts

re: Bitcoin will ruin people


And the developers, who obviously were very skilled programmers, left themselves no way to hack into their own product at a later date without being discovered?

Sorry counselor, I don't trust unknown people on the other side of the world enough to believe that. I predict this scam will go down as the biggest computer based fraud ever devised.

ETA: I find it ironic that the same people on here who distrust public officials with long records of public service, including academia, explicitly trust people they've never heard of and who may never have their idenities revealed.



This post was edited on 3/29 at 9:19 pm


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SlowFlowPro
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Member since Jan 2004
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re: Bitcoin will ruin people


quote:

And the developers, who obviously were very skilled programmers, left themselves no way to hack into their own product at a later date without being discovered?

code is code is code. once it's set, it's set







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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
83687 posts

re: Bitcoin will ruin people


quote:

code is code is code. once it's set, it's set

Then how do criminal hackers break into "set" code every day?






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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35777 posts
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re: Bitcoin will ruin people


I can't imagine people are buying this crap as a viable currency.

I have thought about buying a few $k worth of it just for speculative purposes to try to get a ROI and entertain myself and sell, but it is too much of a damn hassle even to make a few $k.

And really it is not even worth it as a speculative play. I would short it right now if anything.







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Tigershatebama
LSU Fan
New Orleans
Member since Feb 2006
140 posts

re: Bitcoin will ruin people


quote:

this is a niche market. you don't think the market would react long before this scenario arose?


EXACTLY!!! This is the whole point of the discussion. The market will react to this being a scam, and bitcoins will be worthless.

quote:

if the early adopters are hoarding the BTC, then the value of the BTC they're hoarding is artificially diminished.


In Bitcoin theory it is completely opposite. The value would deflate not inflate as you assume.

But yes, if the hoarders tried to sell off all of their BTC at once the value would inflate. But they would have made money (or received goods) from what they had before the selloff. However everyone else that bought into it late would have seen the value of their high priced BTC drop to almost worthless. So early adopter makes money. Late adopter loses money. You almost spelled it out yourself.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
83687 posts

re: Bitcoin will ruin people


quote:

I would short it right now if anything

I've been trying to do just that. I can't find any reputable entity handling bitcoin shorting transactions.






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SlowFlowPro
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re: Bitcoin will ruin people


quote:

Then how do criminal hackers break into "set" code every day?

they find weaknesses in the ways to enter the system, typically. i'm not a programmer but i don't think these exist here

many times hackers get in via human error. either a disgruntled ex-employee gives access or they trick an employee through old means (telephone calls often) to get access information. sometimes there are viruses set that have keyloggers.

it's usually not like tv/movies make it seem






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
83687 posts

re: Bitcoin will ruin people


quote:

if the hoarders tried to sell off all of their BTC at once

Not even "all" is required. Just yesterday 3 sell orders totaling 10,000 BC prompted a selloff that dropped the value of BC by 20% in less than an hour.






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SlowFlowPro
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re: Bitcoin will ruin people


quote:

if the hoarders tried to sell off all of their BTC at once the value would inflate.


quote:

However everyone else that bought into it late would have seen the value of their high priced BTC drop to almost worthless.

these 2 sentences do not work together

if the early adopters are hoarding BTC, they're hoarding something that has no cash value

if they sell off the BTC to take advantage of the market prices, the market prices will increase

if people are buying BTC, those who bought BTC prior to the early adopter selloff would have their BTC raise in value

if the early adopters sell off all of their BTC, they're no longer hoarding BTC and can't affect the market

if the early adopters hoard until the end, the people at the end will be buying from the early adopters (since they'll be the ones holding BTC). then the early adopters cash out, but they're no longer hoarding BTC, so the value will not only go up, but the threat of hoarding is eliminated

you can't have it both ways






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin will ruin people


quote:

they find weaknesses in the ways to enter the system, typically. i'm not a programmer but i don't think these exist here

many times hackers get in via human error. either a disgruntled ex-employee gives access or they trick an employee through old means (telephone calls often) to get access information. sometimes there are viruses set that have keyloggers.

it's usually not like tv/movies make it seem


It's funny to watch morons like LSURussian fumble around and try to understand technology.



There are certainly things to be debated about bitcoin, but the technology behind it isn't one of them.






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lsu_tiger_az
LSU Fan
AZ/LA
Member since Mar 2004
30404 posts

re: Bitcoin will ruin people


quote:

It is putting up beach front property for sale in Arizona.



Hey now....


We have millions of acres of beach. We just lack the water to go along with all those beaches!











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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
83687 posts

re: Bitcoin will ruin people


quote:

they find weaknesses in the ways to enter the system

So you assume the BC original developers could not have left a planned "weakness" in their program that they could later exploit?

You're more trusting of people than I am. Especially people who originally designed the "currency" scheme in order to violate drug, sex trafficing and tax laws.

Not exactly upstanding, trustworthy citizens, counselor.....






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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
299811 posts
 Online 

re: Bitcoin will ruin people


quote:

So you assume the BC original developers could not have left a planned "weakness" in their program that they could later exploit?

it's very possible, but i'd imagine that it would have been found by now. a bunch of hackers have examined the code and none have found these weaknesses. it's always possible they all missed something, though

i'll put it this way. this is the currency of hackers. they wouldn't be messing with it if the code was exploitable within their means, because they'd be putting their "stash" at risk, too. see what i mean?

quote:

Not exactly upstanding, trustworthy citizens, counselor.....

and they're the biggest users as of now






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
83687 posts

re: Bitcoin will ruin people


quote:

It's funny to watch morons like LSURussian fumble around and try to understand technology

Is it as funny as watching you try to read a financial statement of a company like Apple? I hope so because I nearly busted a gut laughing at your attempt to explain Apple's stock issuance structure earlier in this thread.






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Tigershatebama
LSU Fan
New Orleans
Member since Feb 2006
140 posts

re: Bitcoin will ruin people


quote:

ETA: I find it ironic that the same people on here who distrust public officials with long records of public service, including academia, explicitly trust people they've never heard of and who may never have their idenities revealed.


This


Most of the time I just lurk. And for the most part I agree with everyone in this threads opinions. For most of the people that have responded contrary to the original post I think that they fundamentally believe that hard work is the way to get ahead. However, when it comes to this Bitcoin issue, they don't seem to understand that some computer programmer (if his program were to succeed for its fundamental purpose) will eventually become the wealthiest person in history for simply writing some code over the course of a weekend. His idea isn't even very unique it is just another form of fiat currency.




And don't bring up computer programer = Bill Gates. He sold a product and continuously worked to improve it.






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