Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse. | Page 15 | TigerDroppings.com

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Vols&Shaft83
Georgia Tech Fan
Member since Dec 2012
18551 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


Your coins have been in someone's ass





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gizmoflak
Georgetown Fan
Member since May 2007
9115 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


Colbert on Bitcoins


tl;dw:

quote:

There's absolutely no way to know what it's going to be worth in 5 minutes, let alone 5 years


quote:

it is money






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Vols&Shaft83
Georgia Tech Fan
Member since Dec 2012
18551 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

gizmoflak


ALL BITCOIN EXCHANGES ARE UNREGULATED YOU DUMB frick. And of course we lump bitcoin in with bitcoin exchanges, STUPID frickING STATEMENTS just ooze out of you.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

ALL BITCOIN EXCHANGES ARE UNREGULATED YOU DUMB frick


Dude, do you like being wrong? Because you sure do it a lot.


shite man, didn't you even participate in the threads on the FinCEN guidance that was published?






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gizmoflak
Georgetown Fan
Member since May 2007
9115 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

ALL BITCOIN EXCHANGES ARE UNREGULATED YOU DUMB frick. And of course we lump bitcoin in with bitcoin exchanges, STUPID frickING STATEMENTS just ooze out of you.


y u mad tho?



We just talkin' knowwha'msayin' ?






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84358 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

the bitcoin community. it's commonly referred to as the trollbox.

From observation, all btc True Beliervers are obvious trolls.



This post was edited on 4/18 at 9:23 pm


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Vols&Shaft83
Georgia Tech Fan
Member since Dec 2012
18551 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

Dude, do you like being wrong? Because you sure do it a lot.


shite man, didn't you even participate in the threads on the FinCEN guidance that was published?





Didn't apply to Exchanges and/Miners located outside of the United States. Your argument is invalid. Kiss my Buttcoin






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

Didn't apply to Exchanges and/Miners located outside of the United States.


Actually, it does if they accept US customers. Even before the FinCEN guidance, MtGox, among other foreign exchanges, were following US KYC rules.






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Vols&Shaft83
Georgia Tech Fan
Member since Dec 2012
18551 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.




quote:

Actually, it does if they accept US customers. Even before the FinCEN guidance, MtGox, among other foreign exchanges, were following US KYC rules.



SUUUUUUUUUUUUUUUUUUUUUUUUUUUUURE they did.




This post was edited on 4/18 at 9:40 pm


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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84358 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

Didn't apply to Exchanges and/Miners located outside of the United States. Your argument is invalid








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Vols&Shaft83
Georgia Tech Fan
Member since Dec 2012
18551 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.








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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84358 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

Actually, it does if they accept US customers

Not yet. The US may attempt to make it apply but the enforcement of it is uncertain without the cooperation of the authorities in the country where the exchange is domiciled. How much cooperation will the US get from Russia, for example, where btc-e is located?

MtGox voluntarily opted to comply. Your repeated comments holding that exchange up as an example is hypocritical on your part.






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Vols&Shaft83
Georgia Tech Fan
Member since Dec 2012
18551 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

Not yet. The US may attempt to make it apply but the enforcement of it is uncertain without the cooperation of the authorities in the country where the exchange is domiciled. How much cooperation will the US get from Russia, for example, where btc-e is located?

MtGox voluntarily opted to comply. Your repeated comments holding that exchange up as an example is hypocritical on your part.












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gizmoflak
Georgetown Fan
Member since May 2007
9115 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse


BTC was $5.19/coin one year ago.

Let's predict when it will drop below the $5.19 mark, as per Mt Gox prices.


I say July of 2017






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bobbyray21
Tennessee Fan
Member since Sep 2009
9490 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


I'm new to this bitcoin stuff and haven't followed the saga at all (and to be honest, I know nearly nothing about them), but why are bitcoins (BITcoins?) worth so much? Like a hundred bucks per? I didn't want to make a separate thread for this question, but this seemed like the place to get a good answer.





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


bitcoin price is based on pure supply and demand


right now there are only about 11,000,000 in existance and only 21,000,000 will ever exist






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15735 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


I've questioned this all along. If the system needs to know who was the owner for validation purposes, then how can ownership be anonymous? The system knows which wallet owned the bitcoins at whatever point in time. Ownership of the wallet may be anonymous, but governments and law enforcement can use techniques like traffic analysis to trace ownership of wallets.

The only way to avoid being traced is to use a wallet one time, but that isn't practical as it requires memorizing separate passwords for each wallet created as well as using different internet access points for transactions to avoid detection. That level of effort would be an inconvenience that most would not bother to make.






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gizmoflak
Georgetown Fan
Member since May 2007
9115 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

why are bitcoins (BITcoins?) worth so much?


The value is artificially propped up by a Ponzi scheme -- albeit an unprovable one as of yet -- and any day now, the Internet's favorite currency will collapse.

Did you even read the OP article?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


quote:

Poodlebrain




How can you people get on here and rail against bitcoin so much without even understanding what you are talking about? Especially you, Poodlebrain, you always try to discuss the technical details and you get it wrong every time. At least your cohorts avoid the details because they know they don't know what the frick they are talking about.

quote:

If the system needs to know who was the owner for validation purposes, then how can ownership be anonymous?


Randomly generated private-public key pair. You don't even have to even be on a computer or online to have bitcoins sent to you. You can store your private key in your brain if you so choose.

quote:

Ownership of the wallet may be anonymous, but governments and law enforcement can use techniques like traffic analysis to trace ownership of wallets.


This is very expensive, and success is not guaranteed. And there are many ways to make it even more difficult than it is by default.

quote:

The only way to avoid being traced is to use a wallet one time




quote:

but that isn't practical as it requires memorizing separate passwords for each wallet created





What the frick are you talking about?


quote:

as well as using different internet access points for transactions to avoid detection


There are easy ways around this.

quote:

That level of effort would be an inconvenience that most would not bother to make.


Tracking transactions even when the user takes no precautions is already extremely hard. When the user takes any precautions, it becomes so difficult as to not be cost effective. In other words, it might cost 2x to investigate x amount of tax evasion.







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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
57257 posts

re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.


I heart this thread.





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