re: Bitstamp Halts Withdrawls

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And ironically the article you linked weakened your stance that bitcoin is safe from fraud from the off block chain transactions. It pointed out that security from double spending during off block chain transfers depends entirely on the honesty of the exchange/wallet provider and can't be verified by the "community" like regular block chain transaction can.

So in order to actually be able to use btc an owner has to rely on a third party (can you say 'bank'?) that can pilfer his bitcoins. Only when the btc owner then tries to transfer his btc back to block chain transactions can the double spending fraud be detected. And by then it's too late. Reference MtGox.

As we've seen, relying upon the integrity of any entity closely associated with bitcoin is a huge gamble. Bitcoin attracts the ethically bankrupt.

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Just so everyone reading this knows, this is a perfect example of a person with a strong negative opinion on bitcoin having no clue what he's talking about. When I say you all don't understand the technology, I truly mean it. The amount of misunderstanding that most of you demonstrate is staggering, and I know you all are intelligent people, but god damn, some of you can be so dumb when it comes to this topic.