You trust Instawallet for up to 100 BTC.
If you're willing to trust Instawallet for 100 BTC, there is something fundamentally wrong with your idea of bitcoin security. You do know I'm using it as an example, right? Replace Instawallet with Mt Gox. If Mt Gox gets hacked, you only lose the amount you had there. If you're using Ripple and Mt Gox gets hacked, then you lose as much as you have trusted it. That's not how Ripple works as far as I can tell. If MtGox were hacked, seized or went offline, it seems it would make it impossible for them to function as a gateway, hence no transactions could take place for MtGox USD. It seems the only thing you're able to prove so far is not to trust you on Ripple. |
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You trust Instawallet for up to 100 BTC.
If you're willing to trust Instawallet for 100 BTC, there is something fundamentally wrong with your idea of bitcoin security. |
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Sure. You send first and I'll be happy to take it off your hands.
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Id go to the casino with $500 and see what I can make with that. Then probably buy some shares or something.
Given the track record of the bitcoin community, those two are not mutually exclusive. |
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I've made the same statement multiple times in the past Matthew.
There is a real cost associated with either securing your Bitcoins properly or risk of losing your Bitcoins. If you make them secure enough to withstand hackers (offline), physical theft (stored in a safe), blackmail (plausible deniability), and fire (multiple locations), then it also makes them extremely cumbersome to spend or use. That cumbersomeness = loss of time. Time is money.
On the other hand, if you don't secure your Bitcoins against every one of the above possibilities, then it is entirely possible that you could lose your Bitcoins, so there is a risk cost of holding them.
I think the biggest incentive to spend them is the volatility though. And there's nothing you can do to change that, except hedging. Sure, the price might be on a general uptrend, and you might believe that it will continue heading that direction, but there's always the possibility of something terrible happening and causing the price to plummet. So, you spend because you don't know if you'll still be able to spend tomorrow.
Summary: There are three ways to lose money by not spending Bitcoins:
- By theft or loss.
- By spending time or money in keeping them secure.
- By the value dropping.
True that! |
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Yes. It is hard to spend your fiat money when it loses its purchasing power. With deflationary currency your savings gain more purchasing power and at somepoint you want to use your wealth.
Surely spending your fiat as fast as possible while it is losing purchasing power makes more sense than spending your Bitcoin that is rising in value? Of course! However, my personal point was more of a tongue-in-cheek one, that people are being hacked and losing their digital balances quite often, that the fear of holding such a fragile (electronic) balance whether the pressure is entirely on them may cause them to want to get rid of it sooner than later. |
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..because if people don't spend, the risk of being hacked, losing their coins, etc increases over time.
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Whatever you do, don't make it "Who let the dogs out" or we will find you and pummel you with ketchup packets.
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If you're asking is bitcoin a "Sound investment" ("financially strong, secure, or reliable"), the answer would be not even close. Investing in bitcoin is absolutely speculation (read: gambling), but even I admit there is a certain amount of cultism behind it that will keep the price propped up to certain lengths. When bitcoin is useful for more than buying coffee and ugly strippers on reddit, it may be a better investment. Being a good or bad investment has never stopped people before though. Do what you believe is right as some things aren't about money, even literal internet money.
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Everybody could always be guessed to have hidden agendas for everything and starting discussing them based on just a hunch almost never leads to anywhere sensible if the people behind them are not willing to be open about them.
If TradeFortress or anyone else with a hardon for slandering Ripple were honest, this entire thread may never have existed in the first place, GoWest may have never felt it necessary to call out someone bribing people to slander on their behalf, and TradeFortress may not have been guilty of lying by omission. Unfortunately, all of these things happened so here we are. Since nothing besides attempts to derail have been posted by anyone, I'll lock the thread for now. |
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Fastcash4bitcoins offers this exact service (though they are usually out of money because they are so popular). Yet I haven't ever seen this kind of vitriol leveled at them. Calling a service like this a scam before it is even doing any business is out of line IMO. I don't know if there are conflicts of interest involved on the part of the people making these comments, but these comments are premature at best. This model can be successful, and at the present time these guys have given no indication that they won't be.
1) No one called them scammers. They are asking for trust in an environment that has never worked well (Paypal for bitcoin). 2) Maybe no one has ever heard of that other site and that's why they aren't receiving the same questioning. Could you link to their thread please? I'd love to see what they promise. - as you can see in the 50+ page thread, no one has had problems and their customers give them rave reviews. Welp, that's all the evidence I need! If another service has gotten away with breaking Paypal TOS for a year and been lucky, it must mean no one could possibly scam anyone with a similiar service or get their accouts frozen.  |
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it won't be different because humans are still involved.
I've always worried about this in regards to bitcoin, because no manner of coding can change human nature. |
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Does Sirius control bitcointalk.org (or just bitcoin.org)? If so, it seems like you should be talking to him about it, not Theymos.
edit: I've PMed Sirius to get his opinion on it as I believe he is the one in control of the domains, and as Theymos has said he's too lazy to handle it, it may be something Sirius would be happy to do as a way of giving back to the people who have donated literally millions of dollars in bitcoins to this very forum.
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Try PMing "piuk" on the forums. He runs blockchain.info.
As for the typical use case, it usually comes back to you automatically in a day or so whenever this happens at blockchain.info.
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Also, the website lists certain trademarks. A search of the USPTO.gov database returns NO results for Cryoniks or Frostbit. They are illegally using the TM designation after their good designations.
It isn't illegal to use them I think, it just means wherever they appear on their logos and such have zero merit. Correct. Poor word choice on my part. TM is just trademark, and it requires no registration. ® requires registration and is illegal to claim unless registered. |
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Seems they (and some other payment services) were at the bitcoin conference and are back now catching up with the queue. Happens every year so far when we have a conference in the community, so much that it might be used later for an attack vector to be honest (maybe that's why MtGox didn't go).
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Fastcash4bitcoins offers this exact service (though they are usually out of money because they are so popular). Yet I haven't ever seen this kind of vitriol leveled at them. Calling a service like this a scam before it is even doing any business is out of line IMO. I don't know if there are conflicts of interest involved on the part of the people making these comments, but these comments are premature at best. This model can be successful, and at the present time these guys have given no indication that they won't be.
1) No one called them scammers. They are asking for trust in an environment that has never worked well (Paypal for bitcoin). 2) Maybe no one has ever heard of that other site and that's why they aren't receiving the same questioning. Could you link to their thread please? I'd love to see what they promise. |
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How about Frank'n'Stein with a monster eating a hot dog and drinking? lulz
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