Topic: .................................................................. (Read 7957 times)

Now there's a fact you got right.

I'm participating in too many threads and with too many stubborn people that are refusing to use logic or take into consideration any facts.

You are right on this:

I failed to notice that darkmule made the false "strawman" accusation, while you, "bananas", made the "trolling" accusation.

I've therefore deleted the post where I made the error.  I apologize for the mistake.

(See how easy it is to admit when you are wrong and acknowledge facts, you really ought to try it sometime).

Remember that some people earn a paycheck by being immune to fact and logic, and by attempting to infect others with that immunity:

http://21stcenturywire.com/2014/02/25/snowden-training-guide-for-gchq-nsa-agents-infiltrating-and-disrupting-alternative-media-online/

You don't even know who you are talking to, must be high

The only thing DannyHamilton is doing wrong is defeating my ignore list by quoting trolls.

After reading this, http://www.zerohedge.com/contributed/2014-02-25/why-trolls-start-flame-wars-swearing-and-name-calling-shut-down-ability-think

Which side are you on?

DannyHamilton You are wither trolling or trolling.

For those of you impacted by Mt Gox collapse, Bitcoin Builder is still making a market for MtGox bitcoin. http://bitjuice.com/2014/02/25/bitcoin-builder-still-processing-mtgox-trades/

Transparent?  In what way?

How many bitcoins does Coinbase control?

How do they determine which transactions to cancel due to "high risk"?

Are they engaging in "fractional reserve"?  How would you know?


LOL.  Clearly one of us has facts and logic on our side, and the other is frustrated that their opinions don't hold water.

The most important rule to remember when it comes to bitcoins is:
"If you don't have exclusive control of the private key associated with a bitcoin address, then you don't have the bitcoins that are associated with that address."

There is only one web based wallet that I know of where you maintain exclusive control of your bitcoins.

Here's a hint...

Coinbase is NOT that web based wallet.

Any time you send your bitcoins to an address where you don't have exclusive control of the private keys (such as MtGox, CoinBase, BitStamp, BTC-E, localbitcoins, etc), you are making a donation to whoever has control of those private keys.

The bitcoins immediately belong to them and not to you.  They are no longer "your" bitcoins.  In return, most of the people who run these websites will offer you a promise that they will send an equal amount of their bitcoins wherever you ask them to whenever you ask them to.  You need to decide if you trust them to deliver on such a promise, keeping in mind the possibilities that they could have security flaws, could find their assets seized by government agencies, could be tempted to keep the bitcoins for themselves, and a variety of other situations that could cause them to fail to live up to the promise provided.

How much ya lookin to invest, kid? I gots a bridge for ya!

Now that bitcoin is finished, can we expect another better cryptocurrency to take over in the future? Or is confidence in cryptocurrencies in general gone?

Your post is gibberish.  One site has been demonstrably transparent, the other hasn't.  I'm done playing with trolls.

"We have HUNDREDS of cold wallets!  We just don't use any of them.  We decided to automate re-spending of coins rather than implement a simple line of code that would force a human to look at the request."

One does simply not keep $350M in a single cold wallet.

Not a straw man.  Check the definition.  It would only be a straw man if I was the one who introduced the idea that Coinbase's claims were accurate specifically so that I could knock it down.

You were the one that introduced the "if their claims are accurate" statement in reference to Coinbase, therefore not a straw man.

Furthermore, I'd think if there is one thing people would have learned by now it that a good reputation is a very poor indicator of reliability.  After Bitcoinica, Instawallet, Bitcoin Savings & Trust, and inputs.io I'd think that by now people would start to see that if Coinbase wants us to believe that they have "a reasonably good protocol for securing coins and keeping them in cold storage" then we need more than "claims" by them.  At a minimum they need to provide an independent audit by a trusted third party.

Better yet would be complete transparency of their process.

O RLY?

Looks like mods are truly overworked. The whole forum is being flooded with anti-gox posts, and I don't see any of them being removed...

Onkel Paul

Straw man alert.  Coinbase doesn't have a years long history of constant lying.  Their claims are entitled to somewhat more credence.

Fixed your typo.

The writing has been on the wall about Gox for a LONG time now.  It's not like this should come as a surprise to anyone.  There will be no increased regulation because of Gox's incompetence, regulators only care about money laundering, not some dummy who can't run his business. 

This might not be that incorrect. What was the foundation doing all this time? Gaving is developing, okay, the others? Pretty much nothing. This could have been prevented.
Many members here have warned people about Gox, and they have obviously been right all this time, while the foundation was blind.

It doesn't have to be that way at all.

Of course it's best if people don't hand their coins over to third parties at all, but since that message continually falls of deaf ears the next best thing is to implement a system that does unimpeachable real time accounting of both the btc asset and liability side, and also prevents any single entity from losing or stealing coins:

http://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.html