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Title: Some timely advice Post by: fergalish on October 07, 2012, 02:28:20 PM Seems that every second week there's another bitcoin scandal - pirateat40, bitcoinica, now glbse. Is it never going to end? So I have some advice for everyone. Now, one of bitcoin's great advantages is, it's like cash because transactions cannot be reversed, it's (not really) anonymous, it's fungible blah blah blah. So, if it's like cash, then treat it like cash. What I mean is, if some dude approaches you on the street and asks for a $100 loan with 5% compounding monthly, would you give it to him? So, whatever investment interests you, think first "Would I put cash in an envelope and mail it to their untraceable anonymous PO box?" And before you tell me about trust ratings, well, just don't bother. Title: Re: Some timely advice Post by: Ivica on October 07, 2012, 02:29:55 PM http://www.reactiongifs.com/wp-content/uploads/2011/05/tumblr_ljh0puClWT1qfkt17.gif
It's never enough drama here. Never gets boring either. Title: Re: Some timely advice Post by: Gavin Andresen on October 07, 2012, 03:02:35 PM What I mean is, if some dude approaches you on the street and asks for a $100 loan with 5% compounding monthly, would you give it to him? +1So, whatever investment interests you, think first "Would I put cash in an envelope and mail it to their untraceable anonymous PO box?" I still hope the Bitcoin world will be boring in 4 or 5 years, but I expect lots more chaos and drama until at least then. This is what innovation looks like-- lots of failures and a few spectacular successes. It is still WAY too early to tell what will be successful long-term. Title: Re: Some timely advice Post by: Graet on October 07, 2012, 03:04:17 PM the resilient will inherit the Bitcoin!
Title: Re: Some timely advice Post by: ElectricMucus on October 07, 2012, 03:05:19 PM What I mean is, if some dude approaches you on the street and asks for a $100 loan with 5% compounding monthly, would you give it to him? +1So, whatever investment interests you, think first "Would I put cash in an envelope and mail it to their untraceable anonymous PO box?" I still hope the Bitcoin world will be boring in 4 or 5 years, but I expect lots more chaos and drama until at least then. This is what innovation looks like-- lots of failures and a few spectacular successes. It is still WAY too early to tell what will be successful long-term. Well, the problem is there is something more to it.... The way these things blow up it is highly suspicious that these "failures" are done purposefully. Title: Re: Some timely advice Post by: Come-from-Beyond on October 07, 2012, 03:48:45 PM Is it never going to end? Our mistakes are essential part of our experience. The day when it ends will be the last day of the mankind. Title: Re: Some timely advice Post by: hazek on October 07, 2012, 03:49:36 PM What I mean is, if some dude approaches you on the street and asks for a $100 loan with 5% compounding monthly, would you give it to him? +1So, whatever investment interests you, think first "Would I put cash in an envelope and mail it to their untraceable anonymous PO box?" I still hope the Bitcoin world will be boring in 4 or 5 years, but I expect lots more chaos and drama until at least then. This is what innovation looks like-- lots of failures and a few spectacular successes. It is still WAY too early to tell what will be successful long-term. Not to mention all the bad habits and beliefs people brainwashed in public schools and by government propaganda have been used to hold their entire life. It's going to take some time and a lot of harsh lessons before people learn and readjust. And I can't wait for the result of this! Title: Re: Some timely advice Post by: franky1 on October 07, 2012, 04:04:41 PM my rule for trading is, if someone asks u for money and makes very nice promises.. just think.. can u meet them face to face and slap them if things go wrong. the answer to that question is the answer to, do you invest.
Title: Re: Some timely advice Post by: dancupid on October 07, 2012, 04:24:12 PM Most business start-ups fail - if every time a business that accepts bitcoin fails and we think it's the end for bitcoin, then we are going to depressed for the rest of our lives.
For every success story their will be 100 failures. Bitcoin's success is not dependent on every bitcoin business being successful. Title: Re: Some timely advice Post by: kwoody on October 07, 2012, 07:50:51 PM It is human nature to learn from mistakes, be they yours or somebody elses.
Remember, "If it sounds too good to be true, it probably isn't." Title: Re: Some timely advice Post by: auzaar on October 08, 2012, 12:57:09 AM I agree very profound, wise and original thoughts here.
Title: Re: Some timely advice Post by: mobile4ever on October 08, 2012, 04:30:45 AM The way these things blow up it is highly suspicious that these "failures" are done purposefully. If it is or it isnt, websites are not the place to store multiple bitcoin accounts. They become huge banks and likely targets. The bitcoin markets should spread them out ( the BTC ) over other places. Title: Re: Some timely advice Post by: giszmo on October 08, 2012, 05:01:48 AM Bitcoin is backed by drama.
A hopefully exponentially growing user base will keep the drama/educated ratio at least constant. Absolute numbers in businesses and under-educated bitcoin users grows but this has to compete with ever more questions bitcoin businesses get asked by the fast growing group of educated users. If drama disappears we can safely assume that bitcoin stopped growing. Title: Re: Some timely advice Post by: Sitarow on October 08, 2012, 05:55:55 AM Bitcoin is backed by drama. A hopefully exponentially growing user base will keep the drama/educated ratio at least constant. Absolute numbers in businesses and under-educated bitcoin users grows but this has to compete with ever more questions bitcoin businesses get asked by the fast growing group of educated users. If drama disappears we can safely assume that bitcoin stopped growing. well I would not go that far but Drama can be fun for some. A distraction from the real issues for others. Title: Re: Some timely advice Post by: The_Duke on October 08, 2012, 07:20:19 AM What I mean is, if some dude approaches you on the street and asks for a $100 loan with 5% compounding monthly, would you give it to him? +1So, whatever investment interests you, think first "Would I put cash in an envelope and mail it to their untraceable anonymous PO box?" I still hope the Bitcoin world will be boring in 4 or 5 years, but I expect lots more chaos and drama until at least then. This is what innovation looks like-- lots of failures and a few spectacular successes. It is still WAY too early to tell what will be successful long-term. So what about this announcement that would bring so much stability to bitcoin? Did you mean to say "an announcement that will bring stability to bitcoin in 4 to 5 years"? Title: Re: Some timely advice Post by: Remember remember the 5th of November on October 08, 2012, 06:45:50 PM Bitcoin websites and services are just prone to hacks/attacks.
Title: Re: Some timely advice Post by: finkleshnorts on October 08, 2012, 08:27:31 PM Hmm... I'm so glad I have all of my bitcoins "under a matress" right now. In times like these, I really do wonder about the future of bitcoin. When people ask me "what can you buy with bitcoins?", I'm not really sure what to say anymore, because I don't really trust anyone enough to buy anything with bitcoins. I'd rather buy items with paypal, and sell items for bitcoin. And I will settle for selling items for paypal.
Has the bootstrapping of the bitcoin economy hit an insurmountable wall? Title: Re: Some timely advice Post by: MaxSan on October 08, 2012, 08:54:52 PM Bitcoin is more of a F2F currency. Highly effective for trusted businesses.
P2P doesnt work so guy due to you not knowing who your sending your money to... Title: Re: Some timely advice Post by: giszmo on October 08, 2012, 08:59:35 PM Hmm... I'm so glad I have all of my bitcoins "under a matress" right now. In times like these, I really do wonder about the future of bitcoin. When people ask me "what can you buy with bitcoins?", I'm not really sure what to say anymore, because I don't really trust anyone enough to buy anything with bitcoins. I'd rather buy items with paypal, and sell items for bitcoin. And I will settle for selling items for paypal. Has the bootstrapping of the bitcoin economy hit an insurmountable wall? Oh come on! There is tons of stuff you can use it for where you instantly get your product. The only problem is with sites that hold huge amounts in escrow. Title: Re: Some timely advice Post by: Frequency on October 08, 2012, 09:28:24 PM Seems that every second week there's another bitcoin scandal - pirateat40, bitcoinica, now glbse. Is it never going to end? So I have some advice for everyone. Now, one of bitcoin's great advantages is, it's like cash because transactions cannot be reversed, it's (not really) anonymous, it's fungible blah blah blah. So, if it's like cash, then treat it like cash. What I mean is, if some dude approaches you on the street and asks for a $100 loan with 5% compounding monthly, would you give it to him? So, whatever investment interests you, think first "Would I put cash in an envelope and mail it to their untraceable anonymous PO box?" And before you tell me about trust ratings, well, just don't bother. It is human nature to learn from mistakes, be they yours or somebody elses. I hope for real that the preorderd devices will get deliverd as promised.. they sound almost to good to be true also. :o :oRemember, "If it sounds too good to be true, it probably isn't." Title: Re: Some timely advice Post by: goodlord666 on October 08, 2012, 11:39:26 PM Quote Remember, "If it sounds too good to be true, it probably isn't." Was that a Freudian slip? Title: Re: Some timely advice Post by: finkleshnorts on October 09, 2012, 01:30:53 AM Hmm... I'm so glad I have all of my bitcoins "under a matress" right now. In times like these, I really do wonder about the future of bitcoin. When people ask me "what can you buy with bitcoins?", I'm not really sure what to say anymore, because I don't really trust anyone enough to buy anything with bitcoins. I'd rather buy items with paypal, and sell items for bitcoin. And I will settle for selling items for paypal. Has the bootstrapping of the bitcoin economy hit an insurmountable wall? Oh come on! There is tons of stuff you can use it for where you instantly get your product. The only problem is with sites that hold huge amounts in escrow. Good point. I guess it's not really buying goods that worries me, it's the storing/trusting part. Title: Re: Some timely advice Post by: Bitcoin Oz on October 09, 2012, 01:38:02 AM Hmm... I'm so glad I have all of my bitcoins "under a matress" right now. In times like these, I really do wonder about the future of bitcoin. When people ask me "what can you buy with bitcoins?", I'm not really sure what to say anymore, because I don't really trust anyone enough to buy anything with bitcoins. I'd rather buy items with paypal, and sell items for bitcoin. And I will settle for selling items for paypal. Has the bootstrapping of the bitcoin economy hit an insurmountable wall? How much value will bitcoin have if everyone stuffs them in the mattress ? Title: Re: Some timely advice Post by: finkleshnorts on October 09, 2012, 02:10:43 AM How much value will bitcoin have if everyone stuffs them in the mattress ? How much value will bitcoin have if you can't otherwise keep them out of the hands of thieves? Title: Re: Some timely advice Post by: mobile4ever on October 09, 2012, 05:17:56 AM How much value will bitcoin have if everyone stuffs them in the mattress ? In comparison to what? |
