I don't know exactly how it works, but it's basically...I think they call it a "light" wallet, no blockchain or anything like that, and if you accidentally delete your bitcoins, there's 12 words they give you that you're supposed to memorize that you can use to recover them.
Sounds right. I use Mycelium on Android (for my walking around bitcoins) which is basically the same principle. Nothing wrong with it but subject to vulnerabilities in the OS. |
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"TA can't possibly give you a greater than 50% edge" sounds awfully similar to "it is impossible to make a living by playing poker it is all just luck" to me.
Speaking as someone who doesn't day trade, doesn't know much about TA but makes a living from poker.
I think TA potentially has some value. We can all see the "ringing" from major price shifts. There's clearly some money to be lapped up there. I think survivor bias also plays into things a lot though and some people are likely deluding themselves that their TA is giving them more of an edge than it actually is and are placing themselves in somewhat of a risky position. As you are clearly aware, poker is more than just luck. But you'd be daft to risk your life savings after winning your first few hands. |
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My buddy recommends electrum wallets to newbies, but I haven't seen it mentioned here to protect from at least losing your coins accidentally. Is there something wrong with it that I don't know about?
I am not familiar with it. The main problem with software wallets that run as applications is that the security of their environment is very hard to guarantee. Ideally a hardware wallet would be a single purpose device that has very restricted input and output. There would also need to be some special restrictions on the signing authorization. |
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Double spending is not at all a problem with fiat. Neither cash nor credit. Counterfeinting and (succesful) attacks on cards, POS'es, ATMs yes, but not double spending. You cannot clone Benjamin. At least not a fictive but definitely produceable quantum Benjamin that cannot be cloned.
Creating fake bills and using them is doble spending. So yes, cash has that problem. It is not clear to me that any fiat is NOT double spending. Certainly counterfeiting can be construed thus, but what else is fractional reserve lending? Good point. |
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Gox is far is a total loss for its customers. Inflation isn't that harsh :-P
Gox didn't touch me at all (other than the affect it had on price which will balance out long term). Inflation will get you no matter how carefully you lock your dollars away. |
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EDIT: I do see that Jorge made additional posts (above) to attempt some comparison between bitcoin and various other fiat payment systems. I remain of the conclusion that his comparison are inadequate largely on the basis that the security of bitcoin is continuing to evolve. Surely there are currently some security issues with bitcoin - yet Jorge seems to be overstating them in order to spread FUD about bitcoin. I look forward to continued developments in the bitcoin space to make improvements on security b/c certainly, it remains a concern for everyone if a security issue develops or involves an individual user, then the irreversible nature of a transaction can be very problematic if one's coins get in the wrong hands.
What concerns me is the Jorge brings problems, not solutions even when some of these solutions are fairly obvious or already known and only require a little imagination and deduction. The process should be "X is a problem this is why it is unsolvable" or "X is a problem, a possible way to mitigate it might be Y" but what we appear to be getting is "X is a problem now let's run around in circles yelling like our hair is on fire" Here are some issues and solutions that have been addressed with an existing service, credit cards: o Credit card numbers on receipts lead to theft (Yes, they used to do this.) Solution: Receipts now show only four digits of cards o Front of card has all data needed for a purchase: Solution CCV codes o CCV codes can be seen: No solution from providers. Some customers memorize then remove CCV codes. o Cards can be "skimmed" by untrustworthy waiters. No solution from providers. Recommendation is for customer to not relinquish control of their card. (Somewhat hard to actually do) |
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But we do not need to discuss theory. The MtGOX heist alone stole 5% of all the money in the bitcoin economy. There have been dozens, if not hundreds, of other heists; the total may be 10% of all the money. AFAIK, none of those thieves has been identified, much less caught; and none of those stolen coins were retrieved.
That is 10% of all the money in 5 years, which is 2% per year. Inflation alone steals 3-9% of our money every year. Try harder  Euro inflation is 1% this year, isn't it? But never mind. Devaluation of bitcoin has stolen ~50% of your money in the last two months. Your turn. I "lost" (I haven't actually lost anything with Bitcoin) far more in absolute terms and not far off in relative terms when the pound fell 20% against the dollar in a matter of days several years ago almost simultaneous with the artificially manipulated housing bubble bursting. And yes, computer security issues do affect Bitcoin which is why we have paper/offline wallets. These are somewhat inconvenient and not the complete answer but hardware wallets are coming and these will provide a huge amount of improved security (third party hardware cryptography devices have been available for applications which truly need security for a while now. Why would Bitcoin be any different?) |
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Will it be available online at some point? I can't wait for the sequel: "Oops!" |
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Love that analogy ... but. You really want to eat the same stuff over and over again? . How about something new? Something lighter... that could take us to the moon  |
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that's funny, Chinese love manipulation..... it is about time that PBOC release a new statement to clear all the FUD and explain once again and clearly their position about Bitcoin and give a strict guidance to prevent manipulation... Glad you said new , because they have already issued this statement three times or more but seems like people just don't want to listen It's like the food. You have one statement then a couple of hours later, you want another. |
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How much fiat is left and how far can it take us?
Why, 238,900 miles, of course. |
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Tax filing deadline yesterday in the US. A few days for refunds to get to accounts, another few days to get to an exchange...
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Chart buddy invalid pic  Hosting provider account ran dry again. Plans afoot to try and cut costs but if anyone feels like sponsoring... |
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Since English is not my native tongue, I'm not going to loose any sleep over such a ridiculous mistake...
Now you /are/ trolling. |
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Are you actually familiar with urban dictionary? It is hardly authoritative. FWIW, the actual origins are from a treatment for drowning. I don't think many people got saved that way. https://www.youtube.com/watch?v=6uEJbwGYaDs |
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And you dont get that feeling when reading Shroomskit replies?
Usually I get this image. It helps if you do the voice in your head.  |
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Trains....
Trains everywhere...
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Additional options to have the repo government BTC marketm treat, but the long-term damage to the deep pockets that anyone can use, but this is the first time in the wrong hands, and / or stealing money from the currency in the attack. : Deterioration Wikipedia. As long as you do not trust the market to buy foreign currency not lose .., on the other hand, it is certain, or GS .. sometimes .. can not even run out of money ... and the inevitable price.
what Wolfeen may have been using google translate.  Google degook. |
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Also in the April 2014 crash bitcoin lost 75% without any fundamental reason for the crash. We're not at 75% yet and we have been plastered with negative reports on mainstream media. The only bitcoin stories I have seen recently on mainstream TV in the UK have been about gox and the crash. That sticks in peoples minds.
2013? The fundamental reason was that it was simply too high. |
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Also every day there are 3,600 new freshly mined bitcoins, and part of them are sold to pay electricity bills, try to recover money invested on the miner, investing on more mining power or present/future panickers.
Even moreso when the price isn't going up, I expect. As soon as the price starts edging up, that spigot closes down and it's Katy bar the door. |
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