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Posted: 7/26/2015 12:11:20 PM EDT
[#1]
I think the concept is good, but one throw of the internet kill switch and it's over. Your coins are locked up.
They can be seized (the US govt seized a bunch of them and is one of the biggest holder of bitcoins now). There's also the danger of hacking (which happened in Europe and Australia where millions of bitcoins were stolen). There's also the real possibility of your bitcoin purse disappearing (Mt. Gox). |
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Posted: 7/26/2015 12:17:28 PM EDT
[#2]
Quote HistoryQuoted:
I think the concept is good, but one throw of the internet kill switch and it's over. Your coins are locked up. They can be seized (the US govt seized a bunch of them and is one of the biggest holder of bitcoins now). There's also the danger of hacking (which happened in Europe and Australia where millions of bitcoins were stolen). There's also the real possibility of your bitcoin purse disappearing (Mt. Gox). All points I brought up. The retort of the internet was the government needs the internet more than citizens do. And that Bitcoin can be traded sans the Internet with peer to peer nodes. |
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Posted: 7/26/2015 12:42:02 PM EDT
[#3]
All I know is a member here became a multi-millionaire (~$12M) with them when he cashed out right before the first big drop.
One of those things where it was profitable to get in on early, but now you can make more selling mining hardware and electricity than you can by mining. The problem lies in which new thing to sink thousands of dollars in hoping it will pay off. There are already several crypto-currencies around to "fix" what was seen wrong with bitcoin, though bitcoin has corrected several issues in its lifetime and remains the only common viable currency (Microsoft accepts it). |
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Posted: 7/26/2015 12:48:29 PM EDT
[#4]
I was told PayPal was going to be accepting it "soon" last night. I really don't see a need for an alternative currency unless SHTF happens. Then I see Bitcoins being even more useless than USD, which could still be used to wipe your ass.
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Posted: 7/26/2015 2:43:21 PM EDT
[#5]
BTW, there is a new online currency, bitgold, that is supposed to have actual gold in its repository.
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Posted: 7/26/2015 6:29:50 PM EDT
[#6]
Quote HistoryQuoted:
BTW, there is a new online currency, bitgold, that is supposed to have actual gold in its repository. I think that sounds kind of familiar |
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Posted: 7/26/2015 6:32:49 PM EDT
[#7]
I don't know where they keep the metal for bitgold, but if it's anywhere in the Western World, it's subject to seizure.
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Posted: 7/26/2015 6:43:34 PM EDT
[#8]
Quote HistoryQuoted:
All I know is a member here became a multi-millionaire (~$12M) with them when he cashed out right before the first big drop. One of those things where it was profitable to get in on early, but now you can make more selling mining hardware and electricity than you can by mining. The problem lies in which new thing to sink thousands of dollars in hoping it will pay off. There are already several crypto-currencies around to "fix" what was seen wrong with bitcoin, though bitcoin has corrected several issues in its lifetime and remains the only common viable currency (Microsoft accepts it). No, he sold prior to the most recent bubble bursting. There have been three large bubbles since I've been involved (2011). I bought my first coins at $0.80. They're $287 as of this moment. |
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Posted: 7/26/2015 6:46:11 PM EDT
[#9]
Quote HistoryQuoted:
I think the concept is good, but one throw of the internet kill switch and it's over. Your coins are locked up. They can be seized (the US govt seized a bunch of them and is one of the biggest holder of bitcoins now). There's also the danger of hacking (which happened in Europe and Australia where millions of bitcoins were stolen). There's also the real possibility of your bitcoin purse disappearing (Mt. Gox). While true, this statement is misleading. Bitcoin is far harder to seize - or to even prove possession - than any other financial instrument of which I'm aware. Numbered bearer bonds come close, but you must have them in your physical possession. Bitcoin can be retained by memorizing a passphrase. |
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Posted: 7/26/2015 6:46:33 PM EDT
[#10]
Quote HistoryQuoted:
I think that sounds kind of familiar Quote HistoryQuoted:
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BTW, there is a new online currency, bitgold, that is supposed to have actual gold in its repository. I think that sounds kind of familiar You can read about it in this fiction novel: http://www.amazon.com/Cryptonomicon-Neal-Stephenson/dp/0060512806 |
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Posted: 7/26/2015 6:47:09 PM EDT
[#11]
Quote HistoryQuoted:
I think the concept is good, but one throw of the internet kill switch and it's over. Your coins are locked up. They can be seized (the US govt seized a bunch of them and is one of the biggest holder of bitcoins now). There's also the danger of hacking (which happened in Europe and Australia where millions of bitcoins were stolen). There's also the real possibility of your bitcoin purse disappearing (Mt. Gox). This is true only if you use a third-party wallet - which you'd have to be an idiot to do for any significant amount. |
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Posted: 7/26/2015 6:48:12 PM EDT
[#12]
Quote HistoryQuoted:
You can read about it in this fiction novel: http://www.amazon.com/Cryptonomicon-Neal-Stephenson/dp/0060512806 Quote HistoryQuoted:
Quoted:
Quoted:
BTW, there is a new online currency, bitgold, that is supposed to have actual gold in its repository. I think that sounds kind of familiar You can read about it in this fiction novel: http://www.amazon.com/Cryptonomicon-Neal-Stephenson/dp/0060512806 I'm far more inclined to believe that Neal Stephenson is a time traveler than the guy we have here that claims to be :) |
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Posted: 7/26/2015 7:03:14 PM EDT
[#13]
Quote HistoryQuoted:
While true, this statement is misleading. Bitcoin is far harder to seize - or to even prove possession - than any other financial instrument of which I'm aware. Numbered bearer bonds come close, but you must have them in your physical possession. Bitcoin can be retained by memorizing a passphrase. Quote HistoryQuoted:
Quoted:
I think the concept is good, but one throw of the internet kill switch and it's over. Your coins are locked up. They can be seized (the US govt seized a bunch of them and is one of the biggest holder of bitcoins now). There's also the danger of hacking (which happened in Europe and Australia where millions of bitcoins were stolen). There's also the real possibility of your bitcoin purse disappearing (Mt. Gox). While true, this statement is misleading. Bitcoin is far harder to seize - or to even prove possession - than any other financial instrument of which I'm aware. Numbered bearer bonds come close, but you must have them in your physical possession. Bitcoin can be retained by memorizing a passphrase. Bitcoins are created somewhere, and transferred somewhere, and the record of both their creation and transfer is public. There's nothing anonymous about bitcoin, the only minor issue is tying it to a physical person, computer, or location -- all of which is relatively easy. |
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Posted: 7/26/2015 7:56:52 PM EDT
[#14]
Quote HistoryQuoted:
Bitcoins are created somewhere, and transferred somewhere, and the record of both their creation and transfer is public. There's nothing anonymous about bitcoin, the only minor issue is tying it to a physical person, computer, or location -- all of which is relatively easy. Quote HistoryQuoted:
Quoted:
Quoted:
I think the concept is good, but one throw of the internet kill switch and it's over. Your coins are locked up. They can be seized (the US govt seized a bunch of them and is one of the biggest holder of bitcoins now). There's also the danger of hacking (which happened in Europe and Australia where millions of bitcoins were stolen). There's also the real possibility of your bitcoin purse disappearing (Mt. Gox). While true, this statement is misleading. Bitcoin is far harder to seize - or to even prove possession - than any other financial instrument of which I'm aware. Numbered bearer bonds come close, but you must have them in your physical possession. Bitcoin can be retained by memorizing a passphrase. Bitcoins are created somewhere, and transferred somewhere, and the record of both their creation and transfer is public. There's nothing anonymous about bitcoin, the only minor issue is tying it to a physical person, computer, or location -- all of which is relatively easy. Bitcoins enter the market at a rate of approximately 25 per 10 minutes at the moment. All transfers are pulic, true. If you use it properly though, there is absolutely no way to tell who owns a given address. People do dumb things that tie them to their coins, sure - but it's not like you're making it out to be. |
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Posted: 7/27/2015 4:36:54 AM EDT
[#15]
Quote HistoryQuoted:
Bitcoins enter the market at a rate of approximately 25 per 10 minutes at the moment. All transfers are pulic, true. If you use it properly though, there is absolutely no way to tell who owns a given address. People do dumb things that tie them to their coins, sure - but it's not like you're making it out to be. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
I think the concept is good, but one throw of the internet kill switch and it's over. Your coins are locked up. They can be seized (the US govt seized a bunch of them and is one of the biggest holder of bitcoins now). There's also the danger of hacking (which happened in Europe and Australia where millions of bitcoins were stolen). There's also the real possibility of your bitcoin purse disappearing (Mt. Gox). While true, this statement is misleading. Bitcoin is far harder to seize - or to even prove possession - than any other financial instrument of which I'm aware. Numbered bearer bonds come close, but you must have them in your physical possession. Bitcoin can be retained by memorizing a passphrase. Bitcoins are created somewhere, and transferred somewhere, and the record of both their creation and transfer is public. There's nothing anonymous about bitcoin, the only minor issue is tying it to a physical person, computer, or location -- all of which is relatively easy. Bitcoins enter the market at a rate of approximately 25 per 10 minutes at the moment. All transfers are pulic, true. If you use it properly though, there is absolutely no way to tell who owns a given address. People do dumb things that tie them to their coins, sure - but it's not like you're making it out to be. It's actually exactly like I'm making it out to be. You have to put a fairly significant amount of effort into keeping your coins semi-anonymous, and real anonymity is not possible. |
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