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Message
re: My faith in Bitcoin just went out the window
Posted on 3/7/13 at 6:51 pm to WikiTiger
Posted on 3/7/13 at 6:51 pm to WikiTiger
Actually I did read it. This stuck out to me in particular:
I'm sure they were reputable before that too.
Also I realize no actual "money" was lost from bitinstants customers, but still, they got hacked, and their primary if not only service is protecting digital "data"
quote:
This isn’t the biggest Bitcoin heist. Last year, the Bitcoinica exchange was hacked twice, to the tune of more than 60,000 bitcoins. (A Bitcoin is worth more than $40 today; the Bitcoinica thefts were worth several hundred thousand dollars at the time.) That exchange eventually went out of business.
I'm sure they were reputable before that too.
Also I realize no actual "money" was lost from bitinstants customers, but still, they got hacked, and their primary if not only service is protecting digital "data"
1
Posted on 3/7/13 at 7:04 pm to TigerDeBaiter
quote:
I'm sure they were reputable before that too.
Perhaps. But now they are out of business. I'd say the free market worked.
quote:
but still, they got hacked
No doubt! And it's very embarrassing. And who knows, maybe this causes them to go out of business too. Or maybe the learn from it and rebound successfully.
That's what MtGox did. The MtGox hack was probably the most detrimental of all bitcoin hacks.
What I gather from most of my bitcoin threads is this: People just truly fear a free market.
Personally, I find all of this fascinating to watch and play a role in. But then again, I'm a strong free market proponent.
Posted on 3/7/13 at 7:05 pm to WikiTiger
Russian, I think you are being ignored 
Posted on 3/7/13 at 7:16 pm to WikiTiger
quote:
What I gather from most of my bitcoin threads is this: People just truly fear a free market.
Personally, I find all of this fascinating to watch and play a role in. But then again, I'm a strong free market proponent.
No, we just have more confidence in tangible monetary assets....
Posted on 3/7/13 at 7:18 pm to lsu_tiger_az
quote:
No, we just have more confidence in tangible monetary assets....
That's fine. I can't fault you for that. But there is a lot of derision for bitcoin, which I don't understand. No one is forcing you or anyone to use them. They are only a competing currency.
So why the derision for something that, if people choose, will have no impact on their life?
Posted on 3/7/13 at 7:22 pm to WikiTiger
Wiki have you actually made a purchase yet with your trusted medium of exchange?
Posted on 3/7/13 at 7:23 pm to WikiTiger
quote:
People just truly fear a free market.
Yeah, that's it.
quote:
I'd say the free market worked.
And we are all betting the same here. Bitcoins will eventually be worthless IMO.
Posted on 3/7/13 at 7:23 pm to C
quote:
Wiki have you actually made a purchase yet with your trusted medium of exchange?
Nope!
Posted on 3/7/13 at 7:25 pm to WikiTiger
Whatcha savin up for?
Posted on 3/7/13 at 7:25 pm to TigerDeBaiter
quote:
Whatcha savin up for?
I'm a saver, oops, I mean hoarder.
Posted on 3/7/13 at 7:30 pm to WikiTiger
Posted on 3/7/13 at 7:30 pm to WikiTiger
Sounds like bitcoins can either be shoved between your digital mattress and protected with your digital gun or you can put it in a digital bank that may or may not be insured....seems to me that you will discover that bitcoins will evolve into some form of our current banking system on the interwebz. Awesome concept.
Posted on 3/7/13 at 7:33 pm to Vols&Shaft83
quote:
Video basically tearing bitcoin's butthole apart. Refute this
you gonna make me waste 15 minutes on someone calling it a ponzi scheme? come on, man.
Posted on 3/7/13 at 7:36 pm to Vols&Shaft83
lol, 2:39 in and he perpetuates the lie that it dropped to one cent
i can't take him seriously anymore
eta: six minutes in and i can't really take this guy seriously at all. sorry, this is just stupid shite. he's fricking talking about mining and he has no understanding of it whatsoever.
eta: 8:50 in. he clearly doesn't understand cryptography
frick, people that don't truly understand the technology behind bitcoin should probably keep their uninformed opinions to themselves
eta: done. it was a worthless video. if you want me to address any of his specific points, then post them and I will
i can't take him seriously anymore
eta: six minutes in and i can't really take this guy seriously at all. sorry, this is just stupid shite. he's fricking talking about mining and he has no understanding of it whatsoever.
eta: 8:50 in. he clearly doesn't understand cryptography
frick, people that don't truly understand the technology behind bitcoin should probably keep their uninformed opinions to themselves
eta: done. it was a worthless video. if you want me to address any of his specific points, then post them and I will
This post was edited on 3/7/13 at 7:52 pm
Posted on 3/7/13 at 7:43 pm to ItNeverRains
quote:
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?
This sounds like a 550 level GMAT quant problem.
My answer:
Train A has traveled 60 miles in one hour. Train B catches up at a rate of 25 mph on A. So 60/25 = 2.4 hours or 2 hrs 24 mins.
This post was edited on 3/7/13 at 7:47 pm
Posted on 3/7/13 at 8:12 pm to WikiTiger
quote:
People just truly fear a free market.
Do you seriously believe that is the basis for my derision of this scam?
Posted on 3/7/13 at 8:14 pm to windshieldman
quote:
Russian, I think you are being ignored
I know. wiki has confessed several times that he doesn't want to debate me. I've pwned him too many times, I guess....
Posted on 3/7/13 at 8:34 pm to WikiTiger
quote:
he clearly doesn't understand cryptography
This is always your argument, but it doesn't address the FACT that the bitcoin has no value except for perceived value. WHO GIVES A UNICORN FART ABOUT CRYPTOGRAPHY, THAT'S NOT THE frickING POINT.
You cannot pay taxes with it, you cannot pay your mortgage or utilities with it, you cannot use it at a grocery store and buy food with it. The dollar may be devaluing, but it is backed by the US Government and is accepted worldwide, bitcoin is not.
Bitcoins don't produce energy, in fact they cost incredible amounts of energy to produce and exchange.
The average person cannot mine them, so they will be tempted to buy them because of speculation that the value will go up. More people trying to "cash in" and buy bitcoins because of all the hype surrounding this cryptocurrency, then it crashes, and the suckers are left holding the bag.
I don't need to understand cryptography to recognize a scam when I see it. It's created out of thin air, it's propped up by relentless marketing, the insiders cash in on the suckers, the suckers cannot even sue Suckonmi Ballsy or whatever his name is because he probably doesn't exist, and then we all laugh at you
Posted on 3/7/13 at 8:39 pm to Vols&Shaft83
quote:
but it doesn't address the FACT that the bitcoin has no value except for perceived value
Its value is in its use as a safe, secure store of value, its transactional network, and its many qualities which combine the best features of both PM's and fiat.
quote:
You cannot pay taxes with it, you cannot pay your mortgage or utilities with it, you cannot use it at a grocery store and buy food with it.
Yet.
And even still, you can exchange into the dollar and pay all that if you so choose.
If the bitcoin economy continues to grow, exchanging will be unnecessary except for perhaps things like paying taxes, and maybe mortgages, although there will probably be proxy services that pop up that allow for that if the banks don't begin to accept it natively.
quote:
Bitcoins don't produce energy, in fact they cost incredible amounts of energy to produce and exchange.
So?
quote:
The average person cannot mine them, so they will be tempted to buy them because of speculation that the value will go up. More people trying to "cash in" and buy bitcoins because of all the hype surrounding this cryptocurrency, then it crashes, and the suckers are left holding the bag.
Then don't buy any bitcoins. Let us suckers be left holding the bag.
quote:
I don't need to understand cryptography to recognize a scam when I see it. It's created out of thin air, it's propped up by relentless marketing, the insiders cash in on the suckers, the suckers cannot even sue Suckonmi Ballsy or whatever his name is because he probably doesn't exist, and then we all laugh at you
Do you think only bitcoin specifically is a scam or do you think the whole concept of crypto-currency is a scam?
This post was edited on 3/7/13 at 8:40 pm
Posted on 3/7/13 at 8:54 pm to WikiTiger
quote:
Its value is in its use as a safe, secure store of value,
No it's not a Safe Secure store of value, as proven earlier with the multiple examples of fraud and hacking.
quote:
And even still, you can exchange into the dollar and pay all that if you so choose.
For the moment, until nobody wants them anymore.
quote:
So?
Ok, so something costs more than it produces = Good???
quote:
Then don't buy any bitcoins. Let us suckers be left holding the bag.
That's a good plan, why didn't I think of that, oh wait....
quote:
Do you think only bitcoin specifically is a scam or do you think the whole concept of crypto-currency is a scam?
The concept is fine, Bitcoin is a con.
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