Topic: Doubts about bitcoin these days... - page 3. (Read 5500 times)

It's a good thing the media doesn't report everytime dollars are stolen from somewhere, or there would be nothing else in the news.


US banks are not held accountable for this. They are insured, bought and bailed out, and have the option of capital controls.



Ever deposited money into a bank? If yes, you've had money stolen. They can legally lend your money to the next guy who walks into the door, or spend it speculatively. All banks are insolvent, but because that's okay for banks, they won't be required to close their doors like Gox was for being in the same position. Not to sound like I'm sticking up for Gox, I thought it was a heap of crap, bitcoin was made to avoid that scenario altogether. But consider that the BEST bank is basically the equivalent of the worst bitcoin exchange, in terms of business models, and you'll see why there are still advocates for bitcoin.


Yeah, well, like every bitcoiner will tell you, people will keep losing their coins until they learn to stop giving them to strangers on the internet to hold onto. Bitcoin was designed for YOU to hold YOUR OWN money. Take advantage of that feature.

This will continue forever, and has nothing to do with bitcoin. For as long as there are people willing to leave money places and with people they don't know, there will be people willing to be those people you don't know. Stop feeding them. It's not like you can give all your cash to homeless dudes and hope to get it back someday either.



People giving money to strangers in exchange for a promise has been around since money was invented. This is not unique to bitcoin. There is no money that can stop you from giving it to unsavory dudes who want money, except HODL coin, which cannot be transferred under any circumstances.

As a long-term believer in change I have to ride the tech wave and hope that problems will be solved by smart people working together, 1000 brains ( I hope to be one of those people) working together across the world is better than 100 brains in a company working together.

As a speculator it is great working with crypto because I come from a field where you have NO CLUE about demand (equities/forex) and about supply, since it is always changing and there is no central place to check for this... you can't place a price target accurately unless you start reading about astrology and fortelling events before they happen

So with bitcoin all I know is, you don't need faith, you need to do a tiny bit of grade-school math to know that we are deeply undervalued.. and you can extend this to find value in certain alt's that present a great investment opportunity until they do not. You make money until you can't... as a speculator I'm interesting in increasing my fiat balance, but as a long-term believer I'm interested in stacking up my bitcoin balance so one day I won't have to even go back to fait....

I have these two mind-sets... and they should offer seperation of concerns.

Finally remember we are early-adopters.. so if it does pan out... you will be rewarded beyond your wildest dreams... just takes patience and sticking to the plan. If the math fails you stand aside.. that helps to know when to get out. As of this moment bitcoin is a screaming buy... wish I had more fiat @ $400.

I agree with others that bitcoins biggest problem is user security of their coins and how hackers/scammers have stolen a significant amount of bitcoins in circulation. Now that does not mean the coins are gone forever but the amount stolen is huge. Just imagine adding up all the coins stolen and scammed from that big thread at this forum and it is shocking. The pace keeps increasing too.

just wait and hope theres a better security for bitcoin being develop as of now. till then invest safe, small, and only what you can afford to lose.
i believe theres an upside in the rampant hacking of bitcoins, and thats an improving growing bitcoin(hopeful)  

I'm starting to lose faith too, so I do hope this is a capitulation type situation.  The simple fact that for many potential users it is harder not easier to get into bitcoin than before.  The professionalization of mining and difficulties of converting fiat shuts out many potential new users.  I agree that the nature of bitcoin, for good or ill, brings out the incessant hacking we're seeing.  At least the non technical frauds, e.g. Pirateat40, seem to be on the decline.

I love how people keep spreading FUD about how Bitcoin is based on an outdated protocol... when it is open source, and the core developers keep adding to it and improving it every single day.

Kinda like saying Linux is based on an outdated version of UNIX.   

Bitcoin bounced back in late 2011.  Sentiment was much more negative then that it is now.

http://glcbitcoin.com/2014/03/04/zeroblock-acquires-real-time-bitcoin-trading-platform-rtbtc

Since bitcoin is about to become obsolete, possible right before I click the post button, you should get out before you get hacked.

You describe a need for security which the market is going to meet.
Consider blockchain.info, only the user has access to the private keys, they literally cannot run with the money...brilliant.
Why don't they open an exchange?

Surprised? This is the way Bitcoin was designed from the get-go: as a store of value (i.e. for hoarders, for greedy egomaniacal individualists) rather than as a medium of exchange. In order to function primarily as a medium of exchange it would have to have a demurrage fee attached so that the more you keep your coins unused in your account, the more value they lose (see the Freicoin concept). But no, it's not designed to maximize trade and productive activities, it's designed to maximize hoarding and therefore it primarily attracts greedy people.

USA is very Orwellian in many ways already. There are a few bright spots like the pot freedom in CO, but that is not enough.

So, does this come under the bracket: "signs of impending capitulation"?

The topic is "doubts about bitcoin".

Also this is not about "hackers" - it is about an encryption algorithm becoming obsolete. Bitcoin is a technology set a fixed point in time at the time of its creation - meanwhile the rest of technology continues to grow exponentially around it. Bitcoin may not be able to respond to the exponential growing technology in time to preserve itself, while banks will.

We are talking about hackers. Anything can be hacked. Clearly, you should get out now while you still can.

We are talking about the longevity of bitcoin itself here; not me and my personal savings. Banks are likely to last much longer than bitcoin, from a technological perspective. This is because when the encryption methods used by banks are broken, or come under threat of being broken, the banks will most likely be able to instantly upgrade to new protocols and continue to operate as if nothing happened, with no difference even noticed by the user. For bitcoin, on the other hand, it may be impossible to do such an upgrade or complete a transition in time and bitcoin will fail.

Doesn't matter. If all banks and all governments get hacked there won't be anyone to bail you out. Id invest in gold and a bunker right away if I were you.

I think certainly in recent times, Joe Public's view of Bitcoin or any other crypto currency comes with a high risk of being burned by some bunch of shady bastard's and they aint going to come running into Bitocin with all their worthless fiat anytime soon. It doesn't help that all the exchanges are probably ranging between a bit shady (at best) right through to down right rip-off price fixing ponzi scheme running bastards (at worst). Bitcoin's meteoric rise, was probably largely to do with Karpeles ramping up the price with his fractional reserve Goxcoins and Goxbucks in order that he could leach of real BTC/real USD at the top of the market to cover his hacker losses and then some.

Gives pause for thought. The whole Bitcoin market and price discovery for the majority of its time has been based upon fraud. Not unlike the real financial world then, but at least that has got governments supporting it for when it goes tits up. Their aint gonna be another mad rush from the public to get into Bitcoin for some time. For Bitcoin to take the sort of jump that all Bitcoiners are rooting for, it will take an economic crisis, such as the one which was narrowly averted early this week in Ukraine when the EU announced $15B Aid. The day before that announcement, was the day of the mad price insensitive Bitcoin pile-in with probably much more capital heading in Bitcoin's direction.

Sounds pretty bad doesn't it? For Bitcoin's value to explode, which is something we all want to happen to satisfy our own greed, we need war, economic break-down, and human misery. Until then, it's bot trading on the exchanges keeping the price as buoyant as they can until the next X-Factor comes along.

Edit: Those individuals that drove the price up with their 3K buy-in walls. Anyone think that they might have cashed out yet? (they can't have, otherwise we would know all about it). Are they gonna cash out, and if so, will they do so as recklessly as they bought in?

Bank transactions are reversible. If anything every goes wrong I will have human beings to speak with, resolving the situation and even hunting down the thief. It's likely that the bank itself would be legally liable for the losses, and not me. Also you can create bank accounts with restrictions and limits on the amount of and way funds can be transferred. Nobody would be able to just instantly transfer my entire account balance to some other account, even if they had access.

You don't keep any money in a bank, do you tera? It's gotta be all paper, right? After all, anything you can't hold in your hand is at risk of hacking from hackers.