Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 27558. (Read 26711749 times)

Explanation

Yes, but how often are you using gopher to read books, archie to find files, or do you finger your best friend to find out the latest happenings? For every legacy protocol still in use, there's just as many that are obsolete.

Yes, very true.  I especially like your last 2 sentences.  Although anyone who bought popular IP domain names early on and sold them years later made a killing.

Nobody knows what bitcoin-based companies or exchanges will still be around 10 years from now, but the Bitcoin protocol will live on along with bitcoin the currency.

However, the short-lived tech world history has shown us that a company that makes something technology-related so brain dead simple for the masses to comprehend and easy to use, usually that company has staying power since they managed to grab onto early market share and become a market leader.

Apple made easy-to-use GUI OSes and integrated software/hardware brain dead simple.

Netscape made web browsing brain dead simple.  

Google made internet searching brain dead simple.

Facebook made social networking brain dead simple.

YouTube made online video sharing brain dead simple.

LinkSys made WiFi brain dead simple.

Apple and Google made smartphone and tablet apps brain dead simple.

So who will make bitcoin e-commerce brain dead simple?  Many companies like Coinbase and BitPay are trying.  Perhaps we have yet to see those players that are already good at that kind of thing (Google?  Apple?  Facebook?  Amazon?) enter the bitcoin arena.  My bet is that eventually we will, and that they are already discussing it.

How about the current European Banking Sector Asset Quality Review - i'll take the evidence presented of Bitstamp's solvency as superior to any of the smoke and mirrors provided by the existing fiat system.
If I recall Ireland's banking sector was solvent under the first ECB test, until it wasn't just a few months later.

Banks are no better- scams and shysters are everywhere, some of them get paid millions of pounds by companies owned by the same shareholders they extort - criticise bitcoin if you will and many involved in it deserve the criticism but Stamp have functioned well to date. The questions around KYC are far more likely to be evidence of an exchange co-operating with authorities than an exchange intentionally attempting to defraud customers or in financial difficulty

Direct some of your penetrating insight on the conventional fiat system you appear to support over bitcoin, I work in it, and have done for twenty years and I know its full of scams, most of them much smarter and much more complex than anything you have seen yet in bitcoin.

the 90's companies maybe, but the companies on bitcoin are bitpay, coinbase, Mt.Gox (already doomed), etc.

however TCP/IP, HTTP, FTP, etc are all still around. Those are the protocols.

Bitcoin (the protocol) will most likely survive in any scenario, while bitcoin (the currency) will gain value as Bitcoin gains more utility and becomes more easy to use for the average person.

The difference between the internet and bitcoin is that you can invest directly in the protocol, without having to invest in a company. Never in history was there a chance to directly invest into a potentially life-changing worldwide protocol.

If you bought the internet companies of the 90's you probably didn't make any money

Bitcoin is a great protocole, very useful and very strong, it will appear to most when the USD Euro Yen and Pound will collapse dramatically

+1

I remember people saying something similar when something called 'the Internet' started to gain momentary popularity in the late 90s. Thank goodness that didn't work out.
Bitcoin is a protocol. The rest will get worked out along the way, just as it was/is with the Internet.

I have no reason to believe that Bitstamp is insolvent, but, if it were, it could and would easily fake that test.  That the test is accepted without criticisms only confirms how gullible bitcoiners are.

Bitcoin is not itself a scam, but I have never in my life seen an economic sector so chock full of scammers.  Every crook in the world who learns a little about bitcoin would want to "adopt" it.  It is a much more lucrative and "safe" vehicle for scams than the classical ones -- stolen credit cards, counterfeit cash, phony viagra, nigerian heirlooms, penny stocks, ponzi funds, ...

Explanation

Actually, Jorge has a point - although the audit proves that they held X amount of BTC when this was carried out, the total being compared against is taken from their database, so may be incorrect, and would definitely be one of the first things to alter if someone was stealing BTC.. I'll be much happier when they implement a full (user verifiable) merkle tree proof of solvency as described here:

https://iwilcox.me.uk/2014/proving-bitcoin-reserves#merkle_top

Prepare everyone - we're going down! I'm pretty confident as you will see: I just bought some.

..cc..m..f?

I'm just going to leave this here;
$666 by Monday June 2, 2014

Kinda cool.

 I don't have any doubts about their solvency, I want some answers and clarification of their over zealous KYC/AML procedure 

I know sheesh. We are still well in the green on the one week chart, as well as the one month chart.  We just slipped back into the Red on the three month chart only...

Jorge, this is another example of you discarding information that doesn't meet your starting criterion of bitcoin = scam.
Confirmation bias doesn't do you any favours.

 

Yawn.  Another "audit" that proves nothing, but reassures those who want to believe. 

At least we know the sum of the balances of all Bitstamp client accounts (if we trust Bitstamp, that is).  A useful datum, although useful to what I can't say at the moment.

Don't tell Jorge.

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