Bitcoins were hacked yesterday? | Page 3 | TigerDroppings.com

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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21453 posts

re: Bitcoins were hacked yesterday?








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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22213 posts
 Online 

re: Bitcoins were hacked yesterday?


quote:

can still have value.
value is very subjective to people who disagree with IP.






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Korkstand
LSU Fan
Plaquemine, LA
Member since Nov 2003
10234 posts
 Online 

re: Bitcoins were hacked yesterday?


quote:

value is very subjective to people who disagree with IP.

I'm confused. Are you guys trying to discredit bitcoins, or a certain fraction of people who use them?

I brought up IP in an attempt at getting Russian to see that a virtual currency/gold isn't as far out an idea as it initially seems.

As for value, it is always subjective.






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eng08
LSU Fan
Member since Jan 2013
2212 posts

re: Bitcoins were hacked yesterday?


So on theory I could set up a hack of one or more exchange servers while at the same time pls wing buy orders for a 15-20% lower price.

As the attack happens and is announced my orders are filled, then I pull the plug, sit tight for a bit and sell when the price corrects back.

Quick 15-20% in profit.

Opinions?






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Anfield Road
Mississippi St. Fan
Liverpool Fan
Member since May 2012
965 posts

re: Bitcoins were hacked yesterday?


Insider trading?





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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
57261 posts

re: Bitcoins were hacked yesterday?


More like market manipulation. But it isn't an investment per se and doesn't fall within the guidelines of regulation.


Yet.






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GFunk
LSU Fan
Denham Springs
Member since Feb 2011
8842 posts

re: Bitcoins were hacked yesterday?


So wait...this is what I've gathered from these threads:

1.) Regular currency is always beholden to sovereign governmental manipulation.
2.) Cryptocurrency is not beholden to this manipulation.
3.) Bitcoins-as a Cryptocurrency-value is entirely derived off of demand from a market free of political influence.
4.) Bitcoins value as a Cryptocurrency is entirely influenced by what are described as "simple" DDOS hacks on websites that deal in Bitcoins.
5.) In order to be able to faciliate the "speedy" positive aspect of Bitcoin usage, one of these website establishments must be used.
6.) If one of these websites isn't used, you must use long strings of printed paper or some sort've flash-drive dongle to keep your bitcoin info safe and secure. Which essentially nullifies the advantages of the currency on almost every level.



This post was edited on 4/4 at 2:33 pm


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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
9365 posts

re: Bitcoins were hacked yesterday?


quote:

why do you say that? Why is a hash different than words in a book?


IMO, IP like a book or even an idea has value because it entertains, instructs, and/or explains events that happened in the real world.

The information that makes up a bitcoin does none of this. It only has value within the confines of the BC network.

I can write a book from scratch (even a crappy one) that someone would possibly buy. If I use a random number generator to produce hash tags the network will reject them as worthless.






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The Dude's Rug
LSU Fan
Gerdzfa
Member since Nov 2004
8741 posts

re: Bitcoins were hacked yesterday?


3 pages and no wiki..ermergerd





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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
57261 posts

re: Bitcoins were hacked yesterday?


He's probably wore out. And he's sworn us off about 10 times already as intellectual mongoloids. He said he spends his time elsewhere amongst other 160 IQs.





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Korkstand
LSU Fan
Plaquemine, LA
Member since Nov 2003
10234 posts
 Online 

re: Bitcoins were hacked yesterday?


quote:

4.) Bitcoins value as a Cryptocurrency is entirely influenced by what are described as "simple" DDOS hacks on websites that deal in Bitcoins.
No, their value is influenced by confidence in the system, just like any other financial instrument. It just happens that at this point in time, there are relatively few websites that account for the majority of transactions, and the market itself is relatively tiny. Any disruption is expected to cause huge changes.
quote:

5.) In order to be able to faciliate the "speedy" positive aspect of Bitcoin usage, one of these website establishments must be used.
No. Some sites (like Mt.Gox) are exchanges, and some store your wallet for you. The exchanges are necessary, but the wallet sites are most definitely not. Actually, storing your wallet on a website is probably the most risky thing you could possibly do. Neither, though, affect how "speedy" bitcoin is. Making purchases with bitcoins requires neither type of site.
quote:

6.) If one of these websites isn't used, you must use long strings of printed paper or some sort've flash-drive dongle to keep your bitcoin info safe and secure. Which essentially nullifies the advantages of the currency on almost every level.
Paper, flash drive, cell phone, laptop, whatever. How, exactly, does this nullify the advantages of being decentralized, international, having low transaction costs, etc?






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Korkstand
LSU Fan
Plaquemine, LA
Member since Nov 2003
10234 posts
 Online 

re: Bitcoins were hacked yesterday?


quote:

IMO, IP like a book or even an idea has value because it entertains, instructs, and/or explains events that happened in the real world.
But IP can be copied, and it only retains value through laws and artificial scarcity. Bitcoins are scarce through fundamental mathematical laws of the universe, and they have value as long as someone is willing to accept them.
quote:

I can write a book from scratch (even a crappy one) that someone would possibly buy. If I use a random number generator to produce hash tags the network will reject them as worthless.
That's kind of the point.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84372 posts

re: Bitcoins were hacked yesterday?


quote:

I brought up IP in an attempt at getting Russian to see that a virtual currency/gold isn't as far out an idea as it initially seems.

NO, you brought up IP in an attempt to form a "gotcha'" moment.

This thread has turned into a Poli Board debate so I won't play along.






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The Dude's Rug
LSU Fan
Gerdzfa
Member since Nov 2004
8741 posts

re: Bitcoins were hacked yesterday?








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Korkstand
LSU Fan
Plaquemine, LA
Member since Nov 2003
10234 posts
 Online 

re: Bitcoins were hacked yesterday?


quote:

NO, you brought up IP in an attempt to form a "gotcha'" moment.

You form an opinion, and then you don't budge. Any attempt to point out contradictions in your logic you label a "gotcha" argument, as if that somehow negates it.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84372 posts

re: Bitcoins were hacked yesterday?


quote:

You form an opinion, and then you don't budge.
If my opinion is ever wrong, I'll "budge."

quote:

Any attempt to point out contradictions in your logic
You have not done that that I've seen.






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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
9365 posts

re: Bitcoins were hacked yesterday?


quote:

But IP can be copied, and it only retains value through laws and artificial scarcity.


I disagree. If I figure out how to build a machine that converts air into food, that idea has value wether I patent it or not. It will help people regardless of what patent laws exist.

quote:

Bitcoins are scarce through fundamental mathematical laws of the universe,


But a bitcoin doesn't necessarily have to be scarce or finite. The person(s) who developed it could have just as easily said that every prime number is a bitcoin. It may be math but its still arbitrary.






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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21453 posts

re: Bitcoins were hacked yesterday?


quote:


But a bitcoin doesn't necessarily have to be scarce or finite


Yes it does. It was programmed so that it is necessarily scarce.






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Korkstand
LSU Fan
Plaquemine, LA
Member since Nov 2003
10234 posts
 Online 

re: Bitcoins were hacked yesterday?


quote:

If my opinion is ever wrong, I'll "budge."
The fact that you think of opinions in terms of right and wrong says a lot.
quote:

You have not done that that I've seen.
No? Your IP, which doesn't physically exist, has value. Yet you question the viability of bitcoins as a store of value because they don't exist in the physical world.

Clearly, you believe that both physical things (gold) and non-physical things (IP) can have value. Criticizing bitcoins for being virtual is a clear contradiction.

As I said before, the value of anything is subjective, and depends entirely on who is involved in the transaction. Your opinion is irrelevant.






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Vols&Shaft83
Georgia Tech Fan
Member since Dec 2012
18554 posts

re: Bitcoins were hacked yesterday?


quote:

Think of bitcoin as the currency of a virtual nation


Which is as valuable as a currency from an imaginary nation.


Unicorn farts are going to be the national currency of The Republic of Blow-Job and Hot Wings Land.






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