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Topic: A lot of bad news recently for bitcoin, IMO it is going to start to hurt. - page 2. (Read 4914 times)

member
Activity: 70
Merit: 10
Shouldn't the loss of all these bitcoins suggest that the supply of coins has decreased and the remaining are therefore more valuable?

Correct BUT if noone wants to use a system that is prone to the loss then your bitcoins won't be worth much at all.  I think the motivation here is to encourage a smart balance of security and user friendliness that keeps 90% or more of the common plane jane users safe.

User Friendliness is paramount! Even windows with its stupid security problems is still the dominant operating system WHY?! because it is user friendly!
full member
Activity: 224
Merit: 100
Shouldn't the loss of all these bitcoins suggest that the supply of coins has decreased and the remaining are therefore more valuable?
sr. member
Activity: 254
Merit: 250
People blaming Microsoft are just plain ignorant. The security attack can happen on other operating system too. Because Windows has more market share so hackers spend more effort on exploiting holes in it. Plus, I don't think exchanges are using Microsoft SQL servers.
legendary
Activity: 1834
Merit: 1020
I'm open to suggestions on how to get Microsoft to design a reasonably secure operating system. Better people than I have been trying for years without success.

I guess what I am trying to get at and trying not to be argumentative about is that the Bitcoin community can't just say, "ah it's windows fault, tell them to fix their security issues, after all bitcoin has never been hacked" a better question to seek answers to is "What can the bitcoin community do to protect potential consumers against the in-vulnerabilities of windows?"  so for the best answer is a hand jammed procedure about taking wallets offline, encrypting them and using live cd's when accessing the wallet... I would venture to say that is impractical for a great majority of the people that are needed to adopt this technology in the long run.  Again, I don't know the answer but I suspect there are a lot of smart people out there with ideas that should seriously be considered weighing the technical feasibility and the ease of use for an end user, security should be higher priority up until you get to a point such as "I forgot my password so I just lost my life savings"

Additionally people will need mobile wallets they can use in every day retail as a user can't tell a store clerk "I'll send you the BTC when I get home, Thanks!" lol .... and that is a whole new ballpark relating to security which will be needed as well for general acceptance.

For the time being, we should be hitting up sites like www.Bitmunchies.com is mass numbers.  Security isn't as much of an issue if you want to sell your BTC right away -- then, responsibility to be safe and secure falls largely upon the merchant (which he should be doing anyway if it's a business).  Besides...if I can run my errands in a few seconds online without paying for gas and spending the extra time, that's a damn good reason for me to buy some BTC at an exchange and immediately use them to purchase tangible goods.  This increases demand, gets the currency circulating, and bounces the value of BTC upward.  I think if people saw this happening and thought, "Hey, these guys are paying the same they would if they went to a store, but pay for no gas, spend less time, are not required to input sensitive credit card information, and have their order shipped right to their door!" then that will spark interest.  And, you don't really have to worry about losing you BTCs....they'll be spent soon anyway.
hero member
Activity: 588
Merit: 500
People can blame windows or the exchanges etc. until they are blue in the face... simple fact of the matter is that until widespread adoption "coerces" people to use BTC or the security vulnerabilities are addressed it will be a big hurdle for BTC to get over.  I don't have the solution by any means but it is something that seriously needs to be discussed.

I'm open to suggestions on how to get Microsoft to design a reasonably secure operating system. Better people than I have been trying for years without success.
sr. member
Activity: 476
Merit: 250
moOo
Quote
"What promotion campaign?" is a valid question

we do need to push it more.. the google trends is pathetic
legendary
Activity: 1736
Merit: 1006
Totally agree on the penny stock analogy. It'll fall very very hard once the promotion campaign is over.

What promotion campaign, you mean the spike to $30? That's long over.




orange: gold
red: USD
blue: bitcoin

The USD is getting a ton of press time, but is dropping. Gold has the most hits, though the line is fairly flat, yet gold prices are at record high.

Bitcoin has a microscopic amount of google hits compared to USD and gold. "What promotion campaign?" is a valid question.

hero member
Activity: 588
Merit: 500
Bitcoin Windows being so easily hacked is one of the big reasons I say that it will never take off. These hacks will continue and if the mainstream ever uses bitcoin, most of them will lose their coins.

Fixed.
sr. member
Activity: 254
Merit: 250
Good points about the penny stock. What has really changed in a year that makes bitcoin worth $30 or even $13? Really nothing has changed except it was hyped up with a few major news articles.

I wish I would be able to short bitcoin.

Good thing you can't short it, because I'm happy to continue to sell btcs as I know short-squeeze is not very likely Smiley
legendary
Activity: 4690
Merit: 1276
I also have become involved with Bitcoin under the impression that it was highly speculative and that there is every possibility of losing every cent I 'invested'.

I actually am quite impressed at how well Bitcoin has held on so far under the never ending barrage of misfortune.  If anything, I have more confidence in it now than I did a month ago (and have upped my bet noticeably.)

I hope against hope that Bitcoin fulfills the desires of the 'good' people in the community, but even if it does not, I see a possible trajectory as follows:

Bitcoin becomes a tool used by non-state actors and the intelligence communities to hold and transfer value.  Bones are tossed out to keep people mining and transacting, but a lionshare of the utilization is cloaked.  Shadows and traces of it's primary function might be noticed by sharp-eyed observers, but not much more.

Come to think of it, the use as I've described above and the more 'wholesome' use as a currency free of debt-based money problems may not necessarily be mutually exclusive.  But I ramble...
hero member
Activity: 602
Merit: 500
Good points about the penny stock. What has really changed in a year that makes bitcoin worth $30 or even $13? Really nothing has changed except it was hyped up with a few major news articles.

I wish I would be able to short bitcoin.
sr. member
Activity: 254
Merit: 250
Totally agree on the penny stock analogy. It'll fall very very hard once the promotion campaign is over. Remember it was trading at less than 1 penny last year, without having any real value.

Cashing out all the remaining coins at $13 now (well, if it gets re-pumped, I won't regret either as I'm continously mining as well).
hero member
Activity: 672
Merit: 500
So are you bullish or bearish now on the coin? How many more of these growing pains until it really effects the price? What can be done to help end amateur hour here?

My outlook on Bitcoin has not changed from the day I first purchased.  I equate it to a penny stock.  An extremely speculative investment with the chance for tremendous appreciation but an even greater chance of failure.  Gambling money, basically.

The bad press is just a symptom of the problem, which is Bitcoin lacks the necessary infrastructure to be widely adopted at this point.  Either Bitcoin gets through the growing pains or gets taken under by them. 
member
Activity: 112
Merit: 10
If someone is looking for graphic design work, my wife happens to be an excellent graphic design artist (not that I'm biased or anything.) We posted a few things here and there on various bitcoin job boards, but all we ended up with was more spam in our email.

I'm just not sure the market is there yet, but if someone is looking, feel free to send me a PM.
member
Activity: 84
Merit: 10
I yam what I yam. - Popeye
Bitcoin being so easily hacked is one of the big reasons I say that it will never take off. These hacks will continue and if the mainstream ever uses bitcoin, most of them will lose their coins.

You know not of what you speak.

Bitcoin has *not* been hacked no matter how often people like you say it.
member
Activity: 84
Merit: 10
I yam what I yam. - Popeye
I agree with joulesbeef.  There is a demand for graphic design here for under $300.  I say under $300 because that's where designcontest.com seems to start off at.

The sad part is I've seen some of her work and it's *great* stuff.

Oh well...
hero member
Activity: 630
Merit: 500
I agree with joulesbeef.  There is a demand for graphic design here for under $300.  I say under $300 because that's where designcontest.com seems to start off at.
sr. member
Activity: 476
Merit: 250
moOo
Quote
"I'm not interested in that bitcoin/Amway stuff!"

No wonder she's starving. 8^)

lol. Well I agree she isnt being smart. There is risk to bitcoin but that would be offset by expanding her market and in the growing bitcoin market, her services should be pretty desirable right now.
hero member
Activity: 602
Merit: 500
Bitcoin being so easily hacked is one of the big reasons I say that it will never take off. These hacks will continue and if the mainstream ever uses bitcoin, most of them will lose their coins.
member
Activity: 84
Merit: 10
I yam what I yam. - Popeye
Funniest thing I've heard about BitCoin lately; I brought up bitcoin services forum for the second time in two weeks to a starving graphic artist who seems kind of tecchie and was complaining bitterly about not having the resources to sell her services.

"I'm not interested in that bitcoin/Amway stuff!"

No wonder she's starving. 8^)
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