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Topic: Why Eve Online's economist thinks bitcoin could be a scam (Read 1953 times)

full member
Activity: 146
Merit: 100
In da Jungle!
Hahaha... I read the code too!!!! Only to "compare" LTC with BTC... I was curious what "changes" they made to create a different coin

Later I compared LTC to DOGE and DOGE to PANDA

long story short... THERE ARE A TON OF CHANGES there!!!

So if anyone ever makes a "new coin" you can bet they've read the code!  Smiley

I wonder if we can "read EVE'S" code?  How many of their monetary units exist?  How transparent is their "inflation model" .. ?

What if they realize that their game is getting less and less traction, and so the "economists" decide to cash out while they can!?!?

legendary
Activity: 4214
Merit: 4458
some context
1. the bitcoin inventor has not wrote any code for 3 years. so you do not have to trust him. instead Gavin Andressen is very publicly known and approachable and he would be the person to contact in regards to bitcoin code.

2. although i explained Eve's theory flaw about trust in regards to bitcoin inventors secrecy being a problem in point 1. we have to realise that EVE online's economist cannot speak to the inventor of FIAT.. as he is dead due to old age. so why trust FIAT if he cant speak to the FIAT inventor?

3. the code is publicly viewable and due to the fact that 100,000's of people use it, and 10's of thousands of businesses have coded and recoded their services to be bitcoin implemented shows the code works and is not a closed system that cannot convert to FIAT.

4. there are not just 1, but hundreds of people that have actually read the code. they do this to make some of the exchanges you see today, explorers, wallet software. and also just geeks who love to read code. so do not think that only gavin A is the only one that knows what is contained in the code.

5. some altcoins like asiacoin have no other purpose thus the amount of people who actually read the code is minimal. although i am shocked that some of the small exchanges that added asiacoin did no checks and simply added it, it was also one of these service providers that wanted to make a explorer for asiacoin that found the hidden code exploit. which proves that outsiders do actually check source code, even on useless coins which have no collection of other services.

hero member
Activity: 793
Merit: 1016
While I can't see how anyone could be calling Bitcoin a "scam", the fact is that Satoshi's premine does exist and now we have the feds with their own massive hoard taken from the SR bust. It cannot be ignored that either one of these groups could cause some serious disruptions to the exchange rate depending on if/when/how they cash out.

and then they have no coins.  Problem solved.

why does no one understand that?  it's really that simple.
hero member
Activity: 793
Merit: 1016
oh look some one else who doesn't understand bitcoin who is skeptical of bitcoin
newbie
Activity: 52
Merit: 0
I had no idea there is EVE online economy specialist.

Ironically bitcoin would probably work well with online games, especially mmo.
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
His answers seemed to indicate that he is a Keynesian who does not understand the concept of not printing limitless money.

This is great for video game companies that want to print as much money as they want and benefit from it.

I recall when I first found out about Second Life a Linden dollar was equal to about fifty cents (or 2 Linden dollars to 1 USD)...how much are they worth now with the ability to print as many as they want?
legendary
Activity: 2100
Merit: 1040
A Great Time to Start Something!
The same news cycle...
Much of the BTC news has turned positive the last 10 to 15 days.
Either it's a "false positive" or things will be getting very exciting by this summer.
legendary
Activity: 1400
Merit: 1009
While I can't see how anyone could be calling Bitcoin a "scam", the fact is that Satoshi's premine does exist and now we have the feds with their own massive hoard taken from the SR bust. It cannot be ignored that either one of these groups could cause some serious disruptions to the exchange rate depending on if/when/how they cash out.

In 2011, the exchange rate dropped 90% and Bitcoin is still here. In 2013, the exchange rate dropped 60% and Bitcoin is still here. Recently, the exchange rate has dropped about 60% and Bitcoin is still going strong.

I don't think Bitcoin really gives a crap about the exchange rate.
Exactly.

The same news cycle about Bitcoin repeats each time as well, and there's an entirely new generation of people who get get caught up in it because they don't bother to study (recent!) history.

N00bs gonna n00b, I guess.
sr. member
Activity: 462
Merit: 250
The code is open source - no need to take the security professions on trust

Think he does not really understand how distributed trust works
legendary
Activity: 2618
Merit: 1022
Quote
A system is set up, value is promised,

where was any value promised by anyone to anyone.....?
sr. member
Activity: 322
Merit: 250
wise words. some might say "but it's open source". the recent asiacoin scam tells us a different story: nobody checked the code.
Yes, Asiacoin. Not bitcoin as if in that coin which is currently peaking global interest from large firms and individuals alike.
legendary
Activity: 4354
Merit: 3260
While I can't see how anyone could be calling Bitcoin a "scam", the fact is that Satoshi's premine does exist and now we have the feds with their own massive hoard taken from the SR bust. It cannot be ignored that either one of these groups could cause some serious disruptions to the exchange rate depending on if/when/how they cash out.

In 2011, the exchange rate dropped 90% and Bitcoin is still here. In 2013, the exchange rate dropped 60% and Bitcoin is still here. Recently, the exchange rate has dropped about 60% and Bitcoin is still going strong.

I don't think Bitcoin really gives a crap about the exchange rate.
legendary
Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
in which way does this series of posts from 2011 proof that there is no backdoor in the compiled multibit or electrum wallet most people download without asking? what about using your brain before shouting "fud"?

That is possible.  But unlikely because the community should be checking this
I use electrum and you've just inspired me to compile it myself,
verify, and bring any discrepancies to the attention of the community.

Open source projects rely on an active community.  Smart people understand this.

And really, the bitcoin community is extremely bright.
I thought I was pretty smart but there are some intellectual giants among us.
 
donator
Activity: 1218
Merit: 1079
Gerald Davis
While I can't see how anyone could be calling Bitcoin a "scam", the fact is that Satoshi's premine does exist and now we have the feds with their own massive hoard taken from the SR bust. It cannot be ignored that either one of these groups could cause some serious disruptions to the exchange rate depending on if/when/how they cash out.

and then they have no coins.  Problem solved.
member
Activity: 83
Merit: 10
While I can't see how anyone could be calling Bitcoin a "scam", the fact is that Satoshi's premine does exist and now we have the feds with their own massive hoard taken from the SR bust. It cannot be ignored that either one of these groups could cause some serious disruptions to the exchange rate depending on if/when/how they cash out.
hero member
Activity: 667
Merit: 500
Let's put this in perspective. This guy is a central banker, just for an online game.

His job is just as likely to be disrupted as anybody else's, because a friction-free digital cash that even interacts in the "real world" invalidates pretty much all he does for Eve Online.
newbie
Activity: 44
Merit: 0
Roll Eyes

Nope. No one has bothered in the past 6 years to look at the code. We all just blindly trust Satoshi.

Do a little research before you post FUD. I wonder if anyone figures anything out for themselves anymore.
https://bitcointalksearch.org/topic/satoshi-client-operation-overview-41718

All little knowledge I have is very conceptual. Technically I just can't understand BTC technology has nothing to do with my degree (Law).
Yes I'm talking only on my behalf, BUT as adoption grows there will be more people like me and less people capable of checking lines of code.

Therefore it was no FUD at all I was only talking about myself.
full member
Activity: 238
Merit: 100
in which way does this series of posts from 2011 proof that there is no backdoor in the compiled multibit or electrum wallet most people download without asking? what about using your brain before shouting "fud"?
sr. member
Activity: 457
Merit: 250
Interesting indeed.

We do have too much faith in BTC's code. But provided it is safe now I doubt someone can change the code at will.
This person would've to change the code AND persuade nodes and users to change software, otherwise it would be only a fork, isn't it?
I'm not sure...

Does anybody has a better grasp on this matter?

 Roll Eyes

Nope. No one has bothered in the past 6 years to look at the code. We all just blindly trust Satoshi.

Do a little research before you post FUD. I wonder if anyone figures anything out for themselves anymore.
https://bitcointalksearch.org/topic/satoshi-client-operation-overview-41718
donator
Activity: 2058
Merit: 1054
1 - Yes, we have no idea who Satoshi is and he does not want to be known.
And it doesn't matter.

2 - We know who Satoshi "friends" are. Some are proven criminals, others are still in close relations with such crimnals. ALL are speculators.
Bitcoin is bigger than the Bitcoin Foundation, so your conspiracy theories, even if true, have little weight.

3 - Yes, the code can be changed at will by people included above.
Yes, it can. It can also be changed by a trained monkey. But only the users can decide to use the new code.

In particular, most core developers have nothing to do with the Foundation.

4 - While people people here denies it until death, it is proven that bitcoin price was manipulated to the value it is nowadays by Satoshi Friends Foiundation. If you analyze the top accounts from leaked MT Gox databse one of the largest accounts would only buy at very high prices and only sell at very low prices. Another large one was dedicated only to large purchases for years, never sold anything. Bitstamp belongs to the same foundation.
So if someone (person/organization) only bought bitcoins at an exchange, this is evidence that the price is manipulated? I guess what you call "manipulation" is what I call "market forces".

And even if there's a grand conspiracy by some people other than those who created Bitcoin... So? Conspiracies only last so long, long-term the value of bitcoins will depend mostly on fundamentals, and this has little impact on Bitcoin's merits.

Interesting indeed.

We do have too much faith in BTC's code. But provided it is safe now I doubt someone can change the code at will.
This person would've to change the code AND persuade nodes and users to change software, otherwise it would be only a fork, isn't it?
I'm not sure...

Does anybody has a better grasp on this matter?
You are correct.

In practice most people don't review the code themselves so they place some trust in people who do, but if some egregious change is made it will be well known and cause resistance.


I'll be happy to see CCP condone Bitcoin (e.g. selling ETC for BTC, at least through an official reseller), and I hope next time Dr. Gudmundsson talks with someone about Bitcoin, it will be one who can explain Bitcoin's bigger vision.
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