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921
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Bitcoin / Bitcoin Discussion / Re: Since when was mtgox the regulartory agency for btc?
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on: June 19, 2011, 09:46:29 PM
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Normally I would not comment on this but felt like I must So to put this into context your saying. say someone hacks your bank account and you have say 1 million in there and sends it to me. I can keep that money ? come on even the stock market has had a roll back before I think it was last year cannot remember what for and for anyone that feels that they cannot trust bitcoins no more feel free to send yours to the address on my sig. I will more than happy take them off your hands  I have never once said keeping the fraudulently obtained money is okay. What I'm saying is, that after thuis money has been obtained and the massive confidence shock in the bitcoin and mtgox has been had, mtgox does not have the right to demand we trade at the same values that were being traded at before. It's akin to the government demanding that money be worth money despite the fact it's valueless. |
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922
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Bitcoin / Bitcoin Discussion / Re: Since when was mtgox the regulartory agency for btc?
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on: June 19, 2011, 09:35:14 PM
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By rolling the price back to it's prior value and not letting the free market decide upon the new value after this attack, Mtgox is essentially saying that they themselves are the de facto controller of the value of bitcoin. I don't use bitcoin because I wanted some regulatory agency to say how much my money was worth, I wanted the market itself to decide that.
mtgox should be shut down anyway for this absolute gross failure to uphold private data.
Oh also which mod deleted my thread, if you have any love for the constitution you'll let people speak their mind instead of enforcing your views upon them. Thanks!
Are you stupid? Why are there so many morons on this forum? It still is a free market, they are rolling back compromised accounts and the system. Gox doesn't decide the market at all, once it opens back up people put in the price they want to sell the coins for and buy for as usual. Hmm then why would they announce they're "rolling back all the prices and accounts to before 3pm 20th june?" if something happens to a company that makes it fail, the owner of the stock market doesn't get to go "sorry chaps I'm not letting you sell at the price you want. You gotta sell at the price I WANT", does he? |
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925
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Bitcoin / Bitcoin Discussion / Since when was mtgox the regulartory agency for btc?
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on: June 19, 2011, 09:25:53 PM
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By rolling the price back to it's prior value and not letting the free market decide upon the new value after this attack, Mtgox is essentially saying that they themselves are the de facto controller of the value of bitcoin. I don't use bitcoin because I wanted some regulatory agency to say how much my money was worth, I wanted the market itself to decide that.
mtgox should be shut down anyway for this absolute gross failure to uphold private data.
Oh also which mod deleted my thread, if you have any love for the constitution you'll let people speak their mind instead of enforcing your views upon them. Thanks!
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926
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Economy / Economics / So, since when was Mtgox the bitcoin regulatory body?
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on: June 19, 2011, 09:13:43 PM
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By rolling the price back to it's prior value and not letting the free market decide upon the new value after this attack, Mtgox is essentially saying that they themselves are the de facto controller of the value of bitcoin. I don't use bitcoin because I wanted some regulatory agency to say how much my money was worth, I wanted the market itself to decide that.
mtgox should be shut down anyway for this absolute gross failure to uphold private data.
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927
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Economy / Economics / Re: Huge Bitcoin sell off due to a compromised account - rollback
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on: June 19, 2011, 07:46:07 PM
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if you're gonna roll the prices back why not just and put all your money back in a fake government backed money bank. if you're too fucking stupid to set a long enough password to prevent it being stolen you deserve to have it all stolen. Regulating the market is NOT in the spirit of bitcoin.
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930
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Bitcoin / Bitcoin Discussion / Re: A Secure and Redundant Savings Wallet Concept, Hopefully
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on: June 18, 2011, 05:19:47 PM
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but when you want to actuall retrieve those coins you've got to remove all the security, and when bitcoin loads or reads a wallet file it loads the entire wallet.dat into memory, making it trivially easy to steal. It's like building a giant nuclear proof bunker to store all your priceless art in, but then to read it you take it out of that and walk to a bus stop at the dodgy end of town.
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934
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Bitcoin / Bitcoin Discussion / Re: Here's why I think there is legs left yet in mining
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on: June 18, 2011, 12:19:18 PM
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Thing is that it's volatility and (unfortunately) it's community is going to drive people away. No large company is going to willinginly accept bitcoins as payment if theres a risk that all their profits will be wiped out overnight by the price dropping 20%. the community is also an issue because people are unlikely to take bitcoin seriously when the forum is filled with posts about how price drops are caused by government conspiracies and if you have bitcoins the goverment most likely has already set a CIA watch team on you.
I've personally read no such things in my time here... The volatility, absolutely. I don't see a way around that at this time... Actually, I think I'll brainstorm on it and make a post later... Ellipsis... A post that details how it's really the CIA and the shadow government who stole 25,000 bitcoins. Yeah, people aren't gonna view that as crazy at all no siree. |
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935
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Bitcoin / Bitcoin Discussion / Re: Here's why I think there is legs left yet in mining
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on: June 18, 2011, 12:08:51 PM
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Thing is that it's volatility and (unfortunately) it's community is going to drive people away. No large company is going to willinginly accept bitcoins as payment if theres a risk that all their profits will be wiped out overnight by the price dropping 20%. the community is also an issue because people are unlikely to take bitcoin seriously when the forum is filled with posts about how price drops are caused by government conspiracies and if you have bitcoins the goverment most likely has already set a CIA watch team on you.
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936
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Economy / Economics / Re: Looks like Bitcoin is no more volatile than RIM Stock
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on: June 18, 2011, 12:03:48 PM
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I guess most folks missed the point of my post.
I was implying that the volatility of Bitcoin's value is no different than the volatility of a publicly traded stock. So, there's no reason to keep discussing it, or to try and use volatility as an excuse for why Bitcoin may fail. There are real world financial stocks that display the same issues, yet millions of people trust their money to them.
This is a fucking moronic post because I do not regularly go and purchase a load of stocks then go to a clothes store and expect to be allowed to use my penny stocks to purchase goods. If I invest in stocks it is because I want to risk money upon making a return, not becuase I want an alternative currency. Bitcoin is currently being treated as a stock/commodity rather than as a currency and that is why it (might) fail. |
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940
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Economy / Economics / Re: difficulty is holding back BTC value
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on: June 17, 2011, 03:04:13 PM
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Hmm yes, make bitcoins almost impossible to obtain, thus giving all the buying power to a few pools who would conceivably be able to manipulate the market in a 51% attack. This is a good idea.
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