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That's really your problem with this article? It seemed like a pretty common explanation that tries to keep things simple.
+1 In the name of keeping something simple, we can present factually incorrect information? Stupid is as stupid does. Writers go on and on about the mystery of 'mining', and bitcoin and related things. Time for us to remove all this mystical bullshit and tell it like it is. 'Solving complex mathematical equations' is just blowing smoke up a nerd's ass. Nobody is solving complex math equations. What mining does is no more sophisticated than guessing a number. Stop trying to make it appear that only geniuses are capable of creating bitcoin via 'solving complex mathematical equations' - utter bullshit. Same as most writing on bitcoin - utter bullshit. We ought to always try to inform journalists when they error. If it takes shame, this to is a good way to get the story straight next time. I intend to call out future dumbass reporters as they try to pass off their trash as fact. I encourage other to also point them out by name and laugh in their face and publically ridicule them. Modern journalists don't have editors any longer. I am not precisely sure why that is. But in the old days, a journalist was careful to get it right as their boss would have their ass if they made these kinds of mistakes. Today, journalists don't really care much at all about getting it right. There are not enough hours in the day to write to nearly all journalists about nearly all articles they write. There are better uses for my time. And if I were to pick my battles on journalistic stupidity this would not have been one of them. |
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Bitcoin will ultimately fail unless we recontextualize trust-free addresses. Until such time my efforts will be to cultivate proof-of-stake meta coins.
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If you're bad at handling money, you'll end up in debt, bitcoin or not.
But bitcoin can worsen it if you had all your assets in it :/ If you have all your assets in one thing you are bad at handling money. |
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Of course it needs some regulation, mainly the way people interact with bitcoin.
Like these pump and dump schemes, for instance, are clear examples of issues that should be regulated.
Will regulation really stop pump and dumps though? As long as there are people that believe they can fall into money and that eventually it will be their turn, as long as there are people who's greed is stronger than their rationality, there will be pump and dumps and all manner of cons. No laws, no regulations will ever change that. |
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Bitcoin is still a baby and is already capable of saving people money and increasing the security of their transactions against fraud (contrasted to 190 billion annual credit card fraud) If you're the victim of credit card fraud, you get a refund from the card company. If you're the victim of Bitcoin fraud, you get nothing. And the perpetrator walks away scot-free. To this you'll reply: "Only stupid people keep their BTC on exchanges or other BTC service providers in the first place! Smart people keep all of their BTC in super-cold storage!" True. Cold storage is a good solution for the nerds, the geeks and the BTC cultists. But the Average Joe is stupid. Cold storage isn't user-friendly enough for the Average Joe. That's why BTC never can go mainstream -- unless reliable (and regulated) third parties emerge. And such third parties can only operate at a cost, i.e. basically the same way the banks and credit card companies operate. So the less educated pay a premium. Whether it is being talked into a loan they can't afford or having to hire an accountant, this is always the case. Why should it be any different with bitcoin. The difference is that those that care to can bypass these third parties. This isn't possible or at least advisable with most other systems. As with most things it isn't an either or situation. There can be third party services and their costs for those that want the ease or simplicity. And those parties can be bypassed for those that would rather control their own matters. That isn't possible with credit cards or banks. |
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Much like creating world peace, the only way to end world hunger is to kill everyone.
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comparing the entire event to a fictional story for easy understanding...
Dogecoins are available cheap around 70 satoshi, but if there is an exchange like cryptsy programmed with bots to buy dogecoins daily at an increasing price but with no underlying bitcoins paid to exchange..This would drive the price of dogecoins very high..As long as the people cashing out are less than people buying in, this would not put the exchange in problem to withdraw funds, but this is exactly what will happen in a buyers market which is happening.
Even arbitrage and free market wont drive price lower because there is constant ballooning of price at one exchange which is fundamentally a fake activity..
This could even continue until the price of each dogecoin is one million, people around the world believe that each doge is worth a milion and buy and sell for that price, but when this fake activity is exposed then the price will collapse because fundementally the supply demand of dogecoin does not fix the price at one million a coin..this will cause a panic sale at first and then slowly declining price until it is finally back to 70 satoshi or slightly above than that because free market utlimately corrects all manipulations...
Applying this to bitcoin, the price of bitcoin then should be around the price before this fake bot activity started, which is around 100-200$..
but all these is only when these reports are proved to be true..
One thing you are failing to factor into your equation is that Gox, China, IRS, Bots etc all added exposure for an idea that was not that well known. It spread news of bitcoin more into the mainstream consciousness. And while all of these news events were bad this was counter balanced by the fervor of the bitcoin community responding with its knowledge. Add so in the past year more places are accepting bitcoin, there are more forums, there are more books, there are more start up companies and venture capitalists, ATMs, exchanges, apps, software maturity, etc. The infrastructure technological, societal and even Governmental has developed as a result of the exposure. And all of that adds value to bitcoin. It'll never see $100 again. I was thinking about this explanation for sometimes,it really makes sense, but do you also realize that for such an exposure to happen for bitcoins among the mainstream consiousness, a lot of people had to lose a lot of money and cry(i am talking about the Mt.Gox depositors).. I may be cold in my thinking but I have never had much sympathy for those that don't do their research when it comes to money. Laziness and greed are what cause most people to lose financially. Was there any reason to suspect that Mt. Gox would implode? Some, but not really. Was it easy to know that you shouldn't leave tons of liquidity in any online exchange. Hell yes. A tiny bit of research into the nature of bitcoin (and computers) and one knew to keep the bulk of your bitcoins offline in multiple 'accounts', backed up and with the keys solely in your possession. The world is cold and in the end only you can protect yourself, by doing the work and taking personal responsibility. |
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comparing the entire event to a fictional story for easy understanding...
Dogecoins are available cheap around 70 satoshi, but if there is an exchange like cryptsy programmed with bots to buy dogecoins daily at an increasing price but with no underlying bitcoins paid to exchange..This would drive the price of dogecoins very high..As long as the people cashing out are less than people buying in, this would not put the exchange in problem to withdraw funds, but this is exactly what will happen in a buyers market which is happening.
Even arbitrage and free market wont drive price lower because there is constant ballooning of price at one exchange which is fundamentally a fake activity..
This could even continue until the price of each dogecoin is one million, people around the world believe that each doge is worth a milion and buy and sell for that price, but when this fake activity is exposed then the price will collapse because fundementally the supply demand of dogecoin does not fix the price at one million a coin..this will cause a panic sale at first and then slowly declining price until it is finally back to 70 satoshi or slightly above than that because free market utlimately corrects all manipulations...
Applying this to bitcoin, the price of bitcoin then should be around the price before this fake bot activity started, which is around 100-200$..
but all these is only when these reports are proved to be true..
One thing you are failing to factor into your equation is that Gox, China, IRS, Bots etc all added exposure for an idea that was not that well known. It spread news of bitcoin more into the mainstream consciousness. And while all of these news events were bad this was counter balanced by the fervor of the bitcoin community responding with its knowledge. Add so in the past year more places are accepting bitcoin, there are more forums, there are more books, there are more start up companies and venture capitalists, ATMs, exchanges, apps, software maturity, etc. The infrastructure technological, societal and even Governmental has developed as a result of the exposure. And all of that adds value to bitcoin. It'll never see $100 again. |
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Losing private keys must really suck, but I see your point. Isn't there someway to protect it?
Yes. Create backups. Take personal responsibility? No, I insist someone protect me from my own many forms of laziness. Make it law. |
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...What is going on here?
...
Trading can be really hard. The 2011/2012 Bear market took over a year to get moving back up again. However, some of the (short-term) rallies were big and fast, and there was plenty of chances to make good trades. Things will get better. Bear markets are what shorting was invented for. Research, foresight and understanding (work) is what makes the difference. The market condition itself is irrelevant. |
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How much does one get PAID to write such stuff? Seriously.
Now on to the notion that anyone lost money. It is this kind of thinking that is seriously wrong with people in general these days and the OP is using this same mentality as propaganda. It's like when the housing bubble collapsed and people complained they "lost money". You only lose money when you sell. Otherwise, you need to think of it as, "I bought a house and I own 100% of that house. The value has dropped slightly but I still own 100% of that house." Housing prices are going back up and anyone who stayed in their home is now that much closer to paying off their original mortgage, which should have been the intent of every home buyer. Everyone else who bankrupted or walked away from their mortgages has to deal with the consequences now but they want to blame others for them buying something they could not afford in the first place.
Ahh, but that's it. They bought a home they could not afford but justified it by thinking the price was going to continue going up and they would be handsomely rewarded for their gamble. When it didn't work out that way, and they got to the point where they could no longer afford to make the payments, they blamed everyone else. They did the same thing with Bitcoin. These same types of people spent dollars they could not afford to lose then blamed everyone else when their gamble didn't pay off. If you bought at $1,200 and are still hodling then you likely bought them as an investment and I need to point out to you that at this point you have lost NOTHING. You still own the same number of bitcoins you had when you started. Now if everyone in the world stops using Bitcoin, then I'd say you lost money. Until then, keep calm and hodl on.
Good point about 'investors' blaming everyone else for their lack of research. On bitcoin though I notice very few complainers from bitcoin investors. Most of the complaints seem to come from those that have hated bitcoin from the get go. I suspect many of these just regret that they didn't get in when they first heard about it and so are continuing to justify their position. The whole concept of buy low/sell high is doing just that. But 'dumb money' tends to high on the trend (high by the time they here of it) and panic on the first correction. Thus because they did not actual research they have no confidence and end up buying high and selling low. They blaming everyone else for their loses. But if it weren't for those fool hearty (greedy and lazy) souls the rest of us would make a lot less money. |
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Papa Johns isn't the worst ?!
Lil Caesar's. They can fax you the pizza and it tastes just the same. |
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The idea of a bank making a currency that has no middleman (i.e. them) seems counterproductive if not an outright contradiction. If they can monopolize it it isn't 'BTC-like'
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OP you really think this way? Is there any people concerned that others wouldn't use bitcoin and why?
I don't think he really believes in what he posted. If he does, he's an idiot, and if he doesn't, he's an idiot for trolling the forums. That leaves us to 2 alternatives, he's either and idiot or an idiot.  He sounds jealous to me. Perhaps a friend told him about bitcoin back in 2012. So he has to think it is a joke else he is the joke. |
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You advocate cowardice and submission. That might sit well with you if you are predisposed to it, but it would stick in my throat. Any time someone tries to take away the fruits of my labour using the threat of violence, I will say no.
So basically you will make use of (steal) the infrastructure, services and protections of your country without compensation because the payment is not optional? A country is like any other product if you don't like it don't buy it. But to use it without paying is theft. And yes, I left mine, twice. Although with no family and a job I could do anywhere with an internet connection it was easier for me than most. |
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Governments can either let it flourish or hurt it badly
Like the I.R.S. taxing it? Governments have no desire to allow bitcoin to flourish. I.R.S wants to tax miners, then tax for every single bitcoin transaction that occurs within the U.S. If people comply/(fear the I.R.S.) bitcoin will pretty much die in the U.S. Just like taxing income killed the dollar. |
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I know 2 women who own bitcoins, but I don't know any who spend them actively
Several of my online poker buddies purport to be women and to be buying chips via bitcoin. |
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Bitcoin is probably not meant to be used by the innumerate.
These days if you can count makes you one of the "elite".
Ah, come on...That's overstating it a bit. Being able to do long division with a paper and pencil however... (One might detect that I am an aging USian...) McDonald's cash registers have little rows of LEDs that tell how many quarters, dimes etc to give back in change. Wendy's registers have made the change themselves for years. Simple math is a dying science in the US. What surprises me is how many seem PROUD of the fact that they can't do basic math. |
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What would be the exact functions of BTC cops and how would they be able to find stolen BTC? I think it would be god to have some regulatory body over shady and dodgy BTC deals and scammers also maybe a blacklist shame and name site so everyone can visit so they can be aware of dodgy peeps trying to scam them. Could be in idea I guess as scammers are prowling now using BTC as their new peddling machine. We had revshares, hyips posing as forex companies and cyclers and now sites are cropping up pretending to be cloud mining companies then bang they gone with our dough..  To my mind education is always preferable to enforcement. Have a well advertised webpage for people to go to to get information and suggestions for what not to do and why. |
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In the U.S. we have had major power outages that last several days, see the NorthEast Blackout of 2003. http://en.wikipedia.org/wiki/Northeast_blackout_of_2003 While this doesn't happen frequently, it still seems to be a problem for something that most people want to replace fiat. How does bitcoin today benefit anyone if that happens? Paper coins that can be printed by anyone still rely on confirmation. Otherwise rampant counterfeiting would take place and the coin would fail. Anyone else see this as a problem? The network is completely reliant on the power being on at all times for any transaction to be confirmed. Not only power, but it must also have an internet connection. Would you say bitcoin is centralized around these two factors? It's a global network. Non-issue. I am not talking global scale. You are missing my point. It doesn't matter where it happens. What does an American, Egyptian, German, Russian, Australian, Insert any country or people, do when it happens to them locally. You have no physical currency that can be traded, right? If you needed food on day 2, you couldn't buy anything from a neighbor or whoever. I've had snowstorms where I have been stuck in my house for four days. Temporary problems are a fact of life. We soldier on. |
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