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justusranvier

legendary

Activity: 1400

Merit: 1013

Quote from: Beef Supreme on March 01, 2014, 12:02:43 AM

Agreed. Even after the theft, within one minute of talking to someone about what happened at Gox I can gauge how much they know about BTC the protocol.

1. They mispronounce it BIT CON, not to be sarcastic either.
2. They say "Its too bad those bitcoins didn't work." What?
3. They refer to BTC as "Something drug cartels came up with to facilitate drug deals and launder money."

When Tulips come up I feel like wringing someone's stupid, ignorant neck, really. And the concept of "buying power" and how it relates to deflationary vs inflationary currency is just straight up too difficult for some people to comprehend.

This is all very good.

The world will be a better place the fewer Bitcoins people like that end up holding. The future does not belong to them.

Beef Supreme

full member

Activity: 140

Merit: 100

Put your trust in MATH.

Agreed. Even after the theft, within one minute of talking to someone about what happened at Gox I can gauge how much they know about BTC the protocol.

1. They mispronounce it BIT CON, not to be sarcastic either.
2. They say "Its too bad those bitcoins didn't work." What?
3. They refer to BTC as "Something drug cartels came up with to facilitate drug deals and launder money."

When Tulips come up I feel like wringing someone's stupid, ignorant neck, really. And the concept of "buying power" and how it relates to deflationary vs inflationary currency is just straight up too difficult for some people to comprehend.

Nathonas

sr. member

Activity: 280

Merit: 250

Knowledge is Power

So in other words, do all the same things that people have been telling you to do countless times now. I only got into bitcoin in Nov. of last year but I made 100% sure to reduce any chances of losing my bitcoins BEFORE I made my purchase. I learned about wallets, exchanges, etc. It sucks but the people who lost the most from this were willfully ignorant of the knowledge.

dynodog

member

Activity: 97

Merit: 10

Quote from: byt411 on February 27, 2014, 05:20:43 PM

For those who don't want to read the text:

1. Keep your bitcoins on your wallet, not a online one.
2. Preferably on a cold wallet.
3. Split the bitcoins into multiple wallets for more security if needed.

the lesson will be that the general public won't get into something when these two elements are met (1) they don't understand it and (2) now realize that there is a distinct chance of losing their money, not bc of the volatility, but by a theft, fraud and/or negligence which they do not understand either.

Xubu

full member

Activity: 252

Merit: 100

I you wanna trade, you have to use an exchange. So it could happen to any of us. Imagine you had all your BTC on Gox? I would drive crazy. I saw some members of the community organized an action to support the Mt. Gox victims. http://www.solidarity4mtgoxvictims.com:800/

When i trade i use BTC-e.com. Do you guys think this exchange is safer?

Thanks

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

keep most of your coins on an online wallets with no 2 factor and crappy password.

sent money to an insolvent exchange to get some cheap coins.

never install or update your antivirus and download crappy stuff like dogecoin.

coins101

legendary

Activity: 1456

Merit: 1000

proper regulated exchanges should use client accounts which are kept safe from their day-to-day expense accounts.

Any collapse and client money is kept safe and it still belongs to you. administrators called in to run exchanges that go bankrupt can't touch it.

we should demand exchanges use off-line client accounts.

HeliKopterBen

hero member

Activity: 622

Merit: 500

Quote from: Holliday on February 27, 2014, 07:21:51 PM

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!

Quoted to spread the word. Holiday has been saying this for a long time now.

Flunder707

sr. member

Activity: 455

Merit: 250

Don't put all your eggs in one basket?

kneim

legendary

Activity: 1666

Merit: 1000

Quote from: Timo Y on February 28, 2014, 12:36:57 PM

I agree with everything you say except for one thing:

These are not lessons from the mtgox collapse. They are lessons from the mybitcoin and bitomat collapses (and others) more than 2 years ago.

In fact, the are lessons from basic common sense.

More transparency would be appreciated. Regularly auditing customer assets, for example. But because of human deficiency, this is a disadvantage to the trading platform, as vircurex is showing as an example. This is a not solvable intrinsic problem, that will repeat in the future. This is also an example, why regulation can be necessary.

Without regulation, the damage can only be limited, if trading platforms keep small and distributed. Or if humans react more reasonable on honest platform information. So withdraw all unnecessary money from platforms, for they crash sooner than later.

Timo Y

legendary

Activity: 938

Merit: 1001

bitcoin - the aerogel of money

I agree with everything you say except for one thing:

These are not lessons from the mtgox collapse. They are lessons from the mybitcoin and bitomat collapses (and others) more than 2 years ago.

In fact, the are lessons from basic common sense.

go4nature

member

Activity: 70

Merit: 10

Keeping bitcoin in cold storage is the best option. If you want to cashout do it slowly like 5% per day. NEver trust anyone.

justusranvier

legendary

Activity: 1400

Merit: 1013

Quote from: C10H15N on February 28, 2014, 10:45:55 AM

Quote from: justusranvier on February 28, 2014, 10:39:21 AM

It's 1994 and you're whining that the Internet will never go anywhere because it's too complicated for Grandma to install Winsock and mess with AT commands.

You just lost 90% of the people here Grin

Correct, and the 10% who would get it are still curled up in the fetal position after reading the word "winsock".

evansearle42

sr. member

Activity: 366

Merit: 250

Quote from: Lauda on February 27, 2014, 05:24:53 PM

Quote from: byt411 on February 27, 2014, 05:20:43 PM

For those who don't want to read the text:

1. Keep your bitcoins on your wallet, not a online one.
2. Preferably on a cold wallet.
3. Split the bitcoins into multiple wallets for more security if needed.

Thank you. The post is rather useless, this has been said and posted thousands of times. Nobody listens to the first one.

even keeping in ur wallet is dangerous

C10H15N

legendary

Activity: 944

Merit: 1026

Quote from: justusranvier on February 28, 2014, 10:39:21 AM

It's 1994 and you're whining that the Internet will never go anywhere because it's too complicated for Grandma to install Winsock and mess with AT commands.

You just lost 90% of the people here Grin

justusranvier

legendary

Activity: 1400

Merit: 1013

Quote from: gollum on February 28, 2014, 10:32:53 AM

Yeah right, tell your grandma to use bitcoin client or use paper wallets...
bitcoin will remain a geek speculation as long as we don't have trustworthy bitcoin banks.

It's 1994 and you're whining that the Internet will never go anywhere because it's too complicated for Grandma to install Winsock and mess with AT commands.

Beef Supreme

full member

Activity: 140

Merit: 100

Put your trust in MATH.

Quote from: kneim on February 28, 2014, 10:33:09 AM

Quote from: Beef Supreme on February 28, 2014, 10:23:10 AM

HELLO??? Don't you people realize that people sent GOX loads of money only when the price dropped like a rock, trying to buy cheap coins? It was a calculated risk to triple or quadruple bitcoin holdings.

That's simply worse than gambling, as it was an incalculable risk.

Yeah, its called going ALL IN on the RIVER.

Except, it wasn't the card needed to win a big pot, it was a frickin deuce.

kneim

legendary

Activity: 1666

Merit: 1000

Quote from: gollum on February 28, 2014, 10:32:53 AM

Yeah right, tell your grandma to use bitcoin client or use paper wallets...
bitcoin will remain a geek speculation as long as we don't have trustworthy bitcoin banks.

I believe a wallet like multibit is already usable by my grandma.

kneim

legendary

Activity: 1666

Merit: 1000

Quote from: Beef Supreme on February 28, 2014, 10:23:10 AM

HELLO??? Don't you people realize that people sent GOX loads of money only when the price dropped like a rock, trying to buy cheap coins? It was a calculated risk to triple or quadruple bitcoin holdings.

That's simply worse than gambling, as it was an incalculable risk.

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

Yeah right, tell your grandma to use bitcoin client or use paper wallets...
bitcoin will remain a geek speculation as long as we don't have trustworthy bitcoin banks.

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