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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 587686 times)
jbreher
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November 07, 2014, 01:30:25 AM
 #2181

[quote author=Cryddit link=topic=12156.msg9459949#msg9459949 dat
Gox had a fatally flawed method of handling transaction malleability, and someone (or someseveral) exploited the technical flaw to steal a half-billion dollars worth of coin from Gox over a period of nearly a full year.    
[/quote]

At the risk of detracting from an otherwise important part, is this not an unvetted allegation? Something certainly was amiss at Gox, but I've yet to see an explanation that ties such a loss to transaction malleability.

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November 07, 2014, 02:09:42 AM
 #2182

hedge hedge hedge

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November 07, 2014, 03:06:00 AM
 #2183

Quote from: Cryddit link=topic=12156.msg9459949#msg9459949
dat
Gox had a fatally flawed method of handling transaction malleability, and someone (or someseveral) exploited the technical flaw to steal a half-billion dollars worth of coin from Gox over a period of nearly a full year.    

At the risk of detracting from an otherwise important part, is this not an unvetted allegation? Something certainly was amiss at Gox, but I've yet to see an explanation that ties such a loss to transaction malleability.
There was actually a research report put out shortly after gox claimed that malleability was the reason for their lost coins; it said that their claim would not have been possible if every single TX that was affected by malleability was a TX that gox was sending to their customers
Cryddit
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November 07, 2014, 03:21:41 AM
 #2184


Gox had a fatally flawed method of handling transaction malleability, and someone (or someseveral) exploited the technical flaw to steal a half-billion dollars worth of coin from Gox over a period of nearly a full year.    

At the risk of detracting from an otherwise important part, is this not an unvetted allegation? Something certainly was amiss at Gox, but I've yet to see an explanation that ties such a loss to transaction malleability.

Hmm.  Apparently you are right.  According to the article at

https://www.cryptocoinsnews.com/malleability-bankrupt-mt-gox/

Blockchain exploration reveals that the losses due to transaction malleability prior to Gox freezing withdrawals cannot have been more than one percent of the amount missing.

Of course this doesn't invalidate the point; it just shifts the bulk of the horrifying cost from the risk of crackers exploiting a technical flaw to the risk of malfeasance by a money transmitter.   The point remains that we need a trustless business model for money transmitters, regardless of whether their incompetence is more technical or ethical.
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November 07, 2014, 05:06:59 AM
 #2185

^- One of the best reads in a long time.

It states the problem, but what's the solutions?

Where is your average Joe going to get his Bitcoins without without trusting a third party like gox or mintpal?

The trust is the point of failure that probably is stoppong a lot more people jumping into btc

How can you get them?  Without sending money to btcE or bit stamp which I trust neither and don't even consider trusting the smaller less known exchanges etc

Until there's a rock solid way for someone to buy 100,000usd+ of Bitcoins with zero risk of being ripped off the whales will not jump on board

There is no exchange I would ever trust with 100k or more

I think Coinbase is insured and allows the user to use a vault now in which they have the private keys. 

If the money is ripped off before it gets into the vault, Coinbase's insurance should cover it.  If it is ripped off after it is in the vault and the user has the private keys, then the user probably did something wrong.

NEM      Faucet      Slack Invite      Easy API’s      Light Wallet      Amazing White Paper       Supernodes     Telegram Invite     Mijin 
Erdogan
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November 07, 2014, 09:43:25 AM
 #2186


These types of services are welcome. We will see how badly they will be regulated by coercion from the state, if not, they will be held in check by the market (with some cockups). If the market demands it, and it can be supplied to the right price, it is good.


The actual point of regulation is to try to minimize the expense of dealing with them.  Unregulated businesses in a situation where they are trusted (ie, where they can screw their customers over) are very expensive.  In fact, experience shows, more expensive than tightly regulated ones.

We would like to not labor under the cost of regulation.  But avoiding regulation doesn't work to keep costs down either, unless we can come up with trust-free (ie, where they CAN'T screw their customers over) models for these services.

This is about adoption; if Bitcoin remains more expensive (ie, if the cost savings of a trust-free business model remains something we can't actually deliver to end users and businesses) then there isn't an economic motive for mainstream businesses to adopt Bitcoin. 

I don't agree. The point of regulation is to create relative bans and relative privileges, which escalates to absolute bans and privileges, which is equal to a monopoly by coercion. It always reduces the options for the market, which makes everything more expensive.

Bitcoin is not perfect for all purposes, so we need extensions. Trustless solutions using crypto is preferrable, but in trading goods and services for money, some level of trust both ways between customer and supplier is always necessary and not always unwanted, and service companies that need a low level of trust to help the process is ok.

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November 07, 2014, 07:03:25 PM
 #2187

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

Smiley
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November 08, 2014, 12:47:29 AM
 #2188

My elite status got robbed.

coinfreebie.com! Free BitCoins!
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November 09, 2014, 04:03:44 AM
 #2189

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

 

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o0o0
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November 09, 2014, 04:42:38 AM
 #2190

Just bought 3 more BTC for 1k, like a fuckin BOSS

I want to be a boss too... another 1k in bitcoin added to my coffers Smiley.
CoinCidental
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November 09, 2014, 10:51:43 AM
 #2191

Just bought 3 more BTC for 1k, like a fuckin BOSS

I want to be a boss too... another 1k in bitcoin added to my coffers Smiley.

I've been stocking up at least 3 coins  a week
I hope it goes even lower than now so I can more reserves in my stockpile

DEEPONION IS JUST  A SPAMMERS CAMPAIGN **not a real AIRDROP**
fabiola!
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November 10, 2014, 07:48:50 PM
 #2192

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Smiley
CoinCidental
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November 10, 2014, 08:01:53 PM
 #2193

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Now is the time to get in, you think when the reward half's again  your ever going to get Coins this cheap again??

If you don't buy any now, don't complain when they're  over 10,000usd each........ Sad

You can lead a horse to water, but I guess you really can't make him drink lol


DEEPONION IS JUST  A SPAMMERS CAMPAIGN **not a real AIRDROP**
KeyJockey
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November 10, 2014, 08:35:18 PM
 #2194


You can lead a horse to water, but I guess you really can't make him drink lol


Or my favorite variation of that phrase:

"You Can Lead A Whore To Culture, But You Can't Make Her Think"

 Grin  Grin  Grin


Erdogan
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November 10, 2014, 09:53:47 PM
 #2195


You can lead a horse to water, but I guess you really can't make him drink lol


Or my favorite variation of that phrase:

"You Can Lead A Whore To Culture, But You Can't Make Her Think"

 Grin  Grin  Grin




What is the logic?


KeyJockey
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November 11, 2014, 02:17:32 AM
 #2196


What is the logic?


Ummm... err... well, I guess maybe 'cuz we're all gonna be the new wealthy elite ("gentlemen..." LOL) and I suppose some may end up surrounded by hookers & blow, and/or with various other gold-digger, hangers-on types, who are just there for the lulz and the bling...? 

In that case, maybe just remember some of 'em ain't gonna be able to understand the cryptography and mathematical concepts behind bitcoin, so in that case... don't waste your time trying to explain it to them?

Or... naaaaw... no logic really: I actually just thought it was funny  Roll Eyes

fabiola!
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November 11, 2014, 04:31:11 AM
 #2197

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Now is the time to get in, you think when the reward half's again  your ever going to get Coins this cheap again??

If you don't buy any now, don't complain when they're  over 10,000usd each........ Sad

You can lead a horse to water, but I guess you really can't make him drink lol



It's good advice, I'm doing the same thing, just please don't show off too much k? x

Smiley
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November 11, 2014, 07:12:45 AM
 #2198

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Now is the time to get in, you think when the reward half's again  your ever going to get Coins this cheap again??

If you don't buy any now, don't complain when they're  over 10,000usd each........ Sad

You can lead a horse to water, but I guess you really can't make him drink lol



It's good advice, I'm doing the same thing, just please don't show off too much k? x


Nothing wrong with pride in ones good work Smiley. I'm back to $500 AUD weekly deposits and purchases now... Did the majority of my coin purchases at $379 AUD. Sitting at 122.03 BTC....

Like a mini boss?


Erdogan
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November 11, 2014, 09:09:35 AM
 #2199


What is the logic?


Ummm... err... well, I guess maybe 'cuz we're all gonna be the new wealthy elite ("gentlemen..." LOL) and I suppose some may end up surrounded by hookers & blow, and/or with various other gold-digger, hangers-on types, who are just there for the lulz and the bling...? 

In that case, maybe just remember some of 'em ain't gonna be able to understand the cryptography and mathematical concepts behind bitcoin, so in that case... don't waste your time trying to explain it to them?

Or... naaaaw... no logic really: I actually just thought it was funny  Roll Eyes



I just thought it was denigrating a group of people. You don't know them all.

fabiola!
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November 11, 2014, 05:43:25 PM
 #2200

Just bought 3 more BTC for 1k, like a fuckin BOSS

Oi! Showing off is prohibited. stop it!
Smiley

If you have it, flaunt it.
There were people who felt pretty smug because bitcoin's price "fell" to $500.
They don't look so cool now.

I don't agree, whats the point of flaunting, making people feel worse about themselves? MEAN!

Now is the time to get in, you think when the reward half's again  your ever going to get Coins this cheap again??

If you don't buy any now, don't complain when they're  over 10,000usd each........ Sad

You can lead a horse to water, but I guess you really can't make him drink lol



It's good advice, I'm doing the same thing, just please don't show off too much k? x


Nothing wrong with pride in ones good work Smiley. I'm back to $500 AUD weekly deposits and purchases now... Did the majority of my coin purchases at $379 AUD. Sitting at 122.03 BTC....

Like a mini boss?




AUD?Huh If my country' money was made of PLASTIC I would be putting loads into BTC as well! haha. JK, I love Australia, I spent 7 months there last year, missing the lamingtons and tim tams.

Smiley
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