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Started By
Message
re: Stock markets vulnerable to hack - flash crash, about $100 billion disappears
Posted on 4/23/13 at 4:09 pm to WikiTiger
Posted on 4/23/13 at 4:09 pm to WikiTiger
quote:
WikiTiger
I've read almost every one of the daily BTC threads that populate this board. I appreciate the discussion and your knowledge on the subject matter just as I appreciate LSURussian and VolShaft's counterarguments.
Lately, however, it seems like these discussions have taken a different direction. The clearly defined pros and cons of BTC as compared to the dollar are becoming more muddled IMO. In fact, as BTC increases in popularity and functionality, it is becoming more prone to hacks/attacks and regulation. I am beginning to think BTC, in its present form, is experiencing the law of "diminishing returns." Furthermore, the criticisms you use against the dollar are beginning to hold weight against BTC as well. If you truly do not have a vested interested in BTC succeeding, you could have fooled me the last week or so. I think it may be time to give up on BTC, re-use whatever redeeming qualities it may have, and trash the cumbersome issues it has presented lately.
1
Posted on 4/23/13 at 4:14 pm to LSURussian
Does anyone deny that no markets are immune from flash crashes?
Posted on 4/23/13 at 4:17 pm to slackster
quote:
Lately, however, it seems like these discussions have taken a different direction.
I don't think so, but I'll hear you out...
quote:
The clearly defined pros and cons of BTC as compared to the dollar are becoming more muddled IMO.
Can you be specific about which pros and cons are muddled?
You whole post would be interesting to discuss, but you aren't very specific. I will address any specific concerns you have.
quote:
as BTC increases in popularity and functionality, it is becoming more prone to hacks/attacks
Again, bitcoin has not been hacked. Ever. Third party services that deal in bitcoin have been hacked, and probably will continue to be hacked.
Right now bitcoin is a wild west. It is on the bitcoin user to take proper precautions to protect their money. I wouldn't recommend anyone get involved with bitcoin right now. If you are going to get involved, learn the technology and take the steps to secure your system.
quote:
and regulation
Regulation will only be an issue for bitcoin if governments go tyrannical, i.e. prohibit businesses from accepting it. I find it humorous how many people casually say that will happen without considering the true implications of such an act. That would essentially mean that the government is prohibiting barter exchange. That's a scary proposition.
Any regulation of exchanges and what not will only be marginally effective, especially as decentralized exchanges come online in the next 5 years or so.
quote:
Furthermore, the criticisms you use against the dollar are beginning to hold weight against BTC as well. If you truly do not have a vested interested in BTC succeeding, you could have fooled me the last week or so. I think it may be time to give up on BTC, re-use whatever redeeming qualities it may have, and trash the cumbersome issues it has presented lately.
I don't know what you mean by this. Please be more specific.
This post was edited on 4/23/13 at 4:19 pm
Posted on 4/23/13 at 4:19 pm to joshnorris14
quote:
Hey look Wiki, you can now buy gatorade with bitcoin!
LINK
Did you catch the big-time irony of that video?
That particular bitcoin payment system is "patent pending"
Posted on 4/23/13 at 4:20 pm to WikiTiger
quote:
Again, bitcoin has not been hacked. Ever. Third party services that deal in bitcoin have been hacked, and probably will continue to be hacked.
Sure. The dollar has never been hacked either, but if the banking system collapses (banks are as much of a third part as Mt. Gox is), then the dollar will go down with it. By default, I view this as a criticism of both the dollar and BTC.
Posted on 4/23/13 at 4:20 pm to joshnorris14
quote:Then how do you explain the thread on this very board that discusses ZeroAccess? LINK
It's implicit in the nature of "decentralized" that his assertion must be false. There is no network to hack.
Posted on 4/23/13 at 4:24 pm to Poodlebrain
quote:
Then how do you explain the thread on this very board that discusses ZeroAccess? LINK
I have no idea what the relevance is to that.
I don't think you understand what "peer to peer" means either.
Posted on 4/23/13 at 4:31 pm to joshnorris14
quote:How can you possibly question relevance of anyone else when most of your posts are irrelevant to the topic? Just like in this thread.
I have no idea what the relevance i
Posted on 4/23/13 at 4:34 pm to slackster
quote:
Sure. The dollar has never been hacked either, but if the banking system collapses (banks are as much of a third part as Mt. Gox is), then the dollar will go down with it. By default, I view this as a criticism of both the dollar and BTC.
Well, there's a real distinction to be made, I think. The argument you seem to be making is that the exchanges are vital to the operation of bitcoin. And I'd disagree with that when looking forward. However, that being said, for the initial bootstrap of the currency, the exchanges will be important. Once a closed loop system develops, the exchanges will be negligible.
But then again, the exchange market is going to grow rapidly. And not only in "traditional" exchanges like you're used to, but as I mentioned earlier, decentralized exchange networks will be popping up as well. And not only that, but I think eventually you're going to start seeing for FOREX exchanges start offering bitcoin trading as well. In other words, we're going to see a strong growth and diversification of bitcoin exchanges in the next 2 years with the impact being most felt within 5 years.
Posted on 4/23/13 at 4:38 pm to joshnorris14
quote:That looks really convenient!
, you can now buy gatorade with bitcoin!
It only took a minute and a half, a laptop computer with internet access and a smartphone with a camera just to buy a bottle of gatorade.
That is soooooo much better than what we have now of just walking up to the vending machine and putting a dollar bill in it!
Posted on 4/23/13 at 4:38 pm to joshnorris14
quote:
Hey look Wiki, you can now buy gatorade with bitcoin!
LINK
In the time it took play that video on my smartphone, I had already purchased a Lemon/lime Gatorade @ 7/11 with my debit card, received $10 USD cash back, had already taken several sips of its' refreshing awesomeness, and got a nice view of a hot redhead fresh from the gym in her Yoga Pants
Posted on 4/23/13 at 4:39 pm to LSURussian
quote:
That is soooooo much better than what we have now of just walking up to the vending machine and putting a dollar bill in it!
A lot of vending machines take Visa/Mastercard now too
Posted on 4/23/13 at 4:40 pm to Vols&Shaft83
quote:
In the time it took play that video on my smartphone, I had already purchased a Lemon/lime Gatorade @ 7/11 with my debit card, received $10 USD cash back, had already taken several sips of its' refreshing awesomeness, and got a nice view of a hot redhead fresh from the gym in her Yoga Pants
It's so funny to see you morons talk like this.
You'd think that with living through the past 2 decades and seeing how fast technology progresses that people would have an innate understanding of how things become easier and faster over time. But one thing these bitcoin threads have taught me is that that is NOT TRUE. You morons have no vision whatsoever.
Posted on 4/23/13 at 4:40 pm to WikiTiger
quote:As opposed to the two exchanges which have gone bankrupt recently?
the exchange market is going to grow rapidly
Posted on 4/23/13 at 4:42 pm to WikiTiger
quote:Oh, I have a vision, alright. The vision is of bitcoin crashing and burning.
You morons have no vision whatsoever.
Posted on 4/23/13 at 4:44 pm to Vols&Shaft83
quote:
A lot of vending machines take Visa/Mastercard now too
Scenario: You're a vending machine owner.
Visa/MC charges you $0.10 + 3% per purchase.
Bitcoin fees are $0.0001 per purchase.
Which one would you prefer, assuming the convenience is the same for your customer?
This post was edited on 4/23/13 at 4:44 pm
Posted on 4/23/13 at 4:48 pm to WikiTiger
Why did this deserve another thread? 
Couldn't pose your question in someone else's thread on the same topic
Couldn't pose your question in someone else's thread on the same topic
Posted on 4/23/13 at 4:48 pm to WikiTiger
quote:
um, no, its total market value is about $1.5 billion right now
I'll take your word for it, I assumed that since the most recent crash it had fallen below that mark.
But I'd still question the veracity of the news item though.
Posted on 4/23/13 at 4:49 pm to foshizzle
quote:
I'll take your word for it, I assumed that since the most recent crash it had fallen below that mark.
Bitcoin is actually up about 40% for the month of April
Posted on 4/23/13 at 4:51 pm to LSURussian
quote:
That looks really convenient!
It only took a minute and a half, a laptop computer with internet access and a smartphone with a camera just to buy a bottle of gatorade.
That is soooooo much better than what we have now of just walking up to the vending machine and putting a dollar bill in it!
Yep, still playing stupid.
I'm glad you took the bait
LINK
This post was edited on 4/23/13 at 4:52 pm
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