Bitcoin Forum
October 04, 2022, 11:27:32 AM *
News: Latest Bitcoin Core release: 23.0 [Torrent]
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Other / Meta / What is it about bitcoin that brings the "pan-handler" out of everyone? on: July 26, 2011, 11:12:59 PM
I would say the majority of bitcoin users on this forum all have some kind of donation address that is posted everywhere they go... This has got to be the only place in the world where non poor people are constantly groveling for handouts.

This is a purely psychological inquiry. Any ideas why?
2  Bitcoin / Bitcoin Discussion / Who was the original mtgox owner? on: July 04, 2011, 03:11:41 PM
Mr Karples: Hello sir, I think bitcoin is a really neat idea and there is some money to be made I would like to buy your exchange.

Original Owner: Sure, just one condition: I want to retain full read only database access so in the future sometime I can game the system and / or have inside trading information.

Mr Karples: Deal, I can't think of anything wrong with that.

So clearly this early adopter mtgox operator was not in it for the neatness of bitcoin, he was a greedy and corrupt fuck.

Who is this man, what is he doing now so I can be sure not to go anywhere near it?
3  Other / Beginners & Help / Has anyone speculated on Mt.Gox's mystery auditor yet? on: June 21, 2011, 12:17:36 AM
If it was just a standard financial auditor so they could properly operate in the United states, then why wouldn't they just say so? It would obviously need to be a full government accredited company/individual.

The fact they have "secrecy" clauses with this auditor (exact quote from the interview was something along the lines of we have an agreement about their anonymity?), and give them full access to all users info such as emails and hashed passowrds etc can only mean one thing in my eyes. The auditor has to be the IRS or homeland security.

It would make sense that they would want to be able to track "terrorist" funding efforts etc. I would wager they threatened this unfettered access as a condition of letting them continue operating in the United States.

There is no way it is just a third party "accountant" or auditor, otherwise they would love to publicize such a thing as it gives them alot of credibility as a financial institution. (Also they wouldnt give them personal info, only transaction info)

Can anyone give me any examples of why you would ever want an auditor at all if you can't tell people about it to improve trust / credibility in your company?
4  Other / Beginners & Help / A random slightly negative opinion. on: June 12, 2011, 03:27:07 PM
After reading all about bitcoins I love the idea to no end! The long term design is quite good, however the short term "get started" method was not thought out enough it seems.

The only way for bitcoin to become a real currency, rather than the stock-like gambling mechanism that it is, would be if you could only transfer into bitcoins one way. That is traditional currency to buy bitcoins, but not the other way around. You can not sell bitcoins for cash.

The way for that to work would have been that people who wanted into the economy would have had to pay a miner (none of this centralized exchange crap) and as soon as that miner completes a block chain, the 50BTC would go to someone who payed them. (There are tons of ways to turn this into a cooperative business such as the mining pools happening now)

But the simple fact that you have mechanisms to trade back and forth turns it into a gambling mechanism that will never get away from the currencies people are trading it in.

I am in a position right now where I am developing some hardware that could offer bitcoin support. But the only way to do it would be to dynamicly value bitcoins at their exchange rate. And to remove volatility risk, I would have to convert any bitcoins immediately into cash.  This is the exact opposite of the whole point of bitcoins, they should be used as a different currency, not as an exchange mechanism. 

Businesses can not operate on traditional money and bitcoin at the same time. The reason being that big staples of rent / utilities / wages will never switch over to an all bitcoin model.  The only business that can and should accept bitcoin is one that can work only in bitcoins. So perhaps small homemade item trading. That is a huge limiting factor.

So final conclusion: Bitcoins is a great great idea, and a worthwhile experiment. But I dont think it will ever switch from a stock-like gambling mechanism to a currency ever.

Pages: [1]
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!