Gingerbread Man on 15/6/2011 at 21:32
Quote Posted by ZylonBane
Bitcoin is financial LARPing.
I could have saved a lot of time by quoting you >:(
Yakoob on 15/6/2011 at 22:02
Well I do agree that is really loose and prone to abuse, I already said a few posts up that's exactly why I am not getting involved. But the thing is, it is getting increasing more publicity and, scam or not, people are buying into that shit...
Shug on 16/6/2011 at 06:14
sounds like someone's a little angry they didn't get in on the bottom floor :angel:
I had a strange moment where I was reading some debates about bitcoin and its capitalisation of US$44mil or thereabouts came up. At first, one thinks - "that many people are interested in it?!" And then the second reaction is, "oh, only that much money; it's not serious yet."
d0om on 16/6/2011 at 16:08
It seems to be a very good idea, in principle. The cryptographic solutions to verifying transactions are good.
The way they issue BitCoin, is bad. They are essentially giving away currency to the people who start the system up. I could start my own BitCoin operation, where I would issue all the initial BitCoins to myself, and it would have all the same properties for security (other than I would be in charge or issuing new coins.)
If a similar system was set up, backed by a large company/central bank, where the coins were pegged to some existing currency (ie put in $, get issued new BitCoin) the system might take off as away of securely exchanging money without it being traceable, and with low transaction fees.
TTK12G3 on 18/6/2011 at 03:22
Inevitable, as the article states. Why you would use standard locations and refuse encryption for this kind of thing is absolutely beyond me.
Melan on 18/6/2011 at 06:24
Quote Posted by Yakoob
It looks like Bitcoin is picking up quite a bit of publicity, which may be just what it needs to snowball to an unstoppable size and become a permanent fixture in the global economy. Interesting times ahead of us folks... interesting indeed.
Are you saying this is the time to convert my hard-earned Linden Dollars into Bitcoin and become rich, like Anse Chung and all those other people? :D
It's sperg coin for people who can't spot a pyramid.
Yakoob on 18/6/2011 at 14:07
Well, pyramid schemes are a permanent fixture in our economy. Perhaps a small one, but they're always there.
Shug on 18/6/2011 at 14:34
"The first actual theft of Bitcoins was reported this week by a user who claimed a hacker transferred 25,000 BTC from his machine, theoretically worth about $500,000 at current exchange rates."
Heh, great journalism. "The thieves took off with 1,000 euros, theoretically worth US$1,430 at current exchange rates"
Yakoob on 18/6/2011 at 15:24
The difference is, most people know what Euro is and how much it is worth. The same most people probably haven't heard of BTC. And with its value changing by as much as 30% on a daily basis, no one really knows how much they're worth at any point in time. Valid journalism.