Bitcoins

JohnRo

Unlike the crooked banking industry and their government approved money printing pyramid scheme, everything btc is there for everyone to see, transparent, warts and all.

There are no footholds for crooks to exploit and manipulate the btc protocol. That more than anything is why the fight is on to try and suppress and stifle continued traction.

That said widespread adoption is a very long way off, should it even happen. I think those who expect it to take over the world any time soon are just as hysterical as the detractors.

Archi_Bald

JohnRo wrote: »

Unlike the crooked banking industry and their government approved money printing pyramid scheme, everything btc is there for everyone to see, transparent, warts and all.

So what exactly did go wrong at Mt Gox? Last I heard, from respectable sources such as The Register and Reuters, is that it isn't entirely clear what went wrong, and how the issues led to the closure.

JohnRo wrote: »

There are no footholds for crooks to exploit and manipulate the btc protocol.

As history has shown more than once now, crooks don't need to manipulate the btc protocol to trash people's btc investments.

dryhat

JohnRo wrote: »

Unlike the crooked banking industry and their government approved money printing pyramid scheme, everything btc is there for everyone to see, transparent, warts and all.

Contrast the Bitcoin with regular banking ....

Under regulation, Mt.Gox would be deemed "too big to fail" and would be propped up by money printing and continue to operate insolvently and dishonestly.

As we have seen in mainstream banking, this just throws good money after bad allows corrupt zombie institutions to continue to exist - sucking billions out of the productive economy and leads to the stagnant, corrupt economy we are now experiencing.

Bitcoin just gets on with it and resumes as normal.

JohnRo

Archi_Bald wrote: »

So what exactly did go wrong at Mt Gox? Last I heard, from respectable sources such as The Register and Reuters, is that it isn't entirely clear what went wrong, and how the issues led to the closure.

As history has shown more than once now, crooks don't need to manipulate the btc protocol to trash people's btc investments.

I've no more clue what's happening at mt.gox any more than anyone else. Haven't used it for years and it was blindingly obvious there were serious problems there many months ago.

Fools and their money are easily parted, that's nothing whatsoever to do with btc and everything to do with the human condition, as any cursory search for scams will conclude.

ChesterDog

I have never touched Bitcoin, as it's not my cup of tea at all. (Actually, neither are cups of tea, to be honest). However, it is always worth remembering that when 'everyone' is selling, someone is buying.

paddyrg

dryhat wrote: »

Contrast the Bitcoin with regular banking ....

Under regulation, Mt.Gox would be deemed "too big to fail" and would be propped up by money printing and continue to operate insolvently and dishonestly.

Frankly though M:TGox would never have been in good enough shape to have received any kind of licence if regulated. Payment processors or exchanges with less than 1% of their value have serious hoops to jump through, teams of penetration testers, teams of compliance auditors etc., not some guy who tried to emulate openssh in php.

principa

I have been following bitcoin for a few years but never used it.

Why would people buy it with their nation's currency in order to buy something that they could buy with their nation's currency? It appears to be completely superfluous??

puk999

dryhat: do you find it curious that a majority of your posts on this thread have been thanked by user re-wired, and similarly on the A salient lesson for those jumping onto financial bandwagons thread and on the My Interest rate gamble pays off again! thread and that re-wired has never posted anything since they joined in August 2012?

Aren't you worried about being cyberstalked like that? :laugh:

dryhat

puk999 wrote: »

dryhat: do you find it curious that a majority of your posts on this thread have been thanked by user re-wired, and similarly on the A salient lesson for those jumping onto financial bandwagons thread and on the My Interest rate gamble pays off again! thread and that re-wired has never posted anything since they joined in August 2012?

Aren't you worried about being cyberstalked like that? :laugh:

Nah.

re-wired is cool.

........ and for all the thanks they have given, have not received a single one back.

A model of altruism.

I love re-wired.

VoucherMan

principa wrote: »

Why would people buy it with their nation's currency in order to buy something that they could buy with their nation's currency?

Many live in countries where you can't 'buy something with their nation's currency' but they could buy it with Bitcoin.

Or closer to home if you wanted to buy something online it may (if and when retailers adopt it) be cheaper using it than credit/debit cards as there would be no x.x% surcharge as they try to recoup their costs.

Not to mention easier to hide from the wife.

I've seen many comments suggesting it can be a better way to send currency to someone abroad although I'm not convinced myself.

In keeping with the site I'm leaning towards the cheaper than plastic reason.