Korbman
Legendary
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Activity: 1064
Merit: 1001
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November 18, 2012, 02:13:21 PM |
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People in general underestimate just how much work is involved in operating your own business. Those who dream of opening their own business so they don't have to answer to anyone and can work part-time are in for a rude shock and extremely likely to fail.
+1 I really wish this could be ingrained in anyone looking to start a business...bitcoin or not. Even I thought starting up mine would be easy, but as I generated my "To Do" list I found out quite quickly that this was no easy task. If you want your business to be started correctly and taken seriously, you've got to spend the time to be thorough...and that takes a lot of work. |
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"There should not be any signed int. If you've found a signed int
somewhere, please tell me (within the next 25 years please) and I'll
change it to unsigned int." -- Satoshi
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oblongmeteor
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November 19, 2012, 12:43:36 AM |
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One thing I consistently hear back from Bitcoin business owners I talk to off-board is that they grossly under-estimated the level of attempted fraud they would encounter. It's something for which every Bitcoin business needs to be prepared before they even launch because many have no capacity to absorb losses in their early months of operation - losing even a few thousand dollars to fraud will be catastrophic.
Could you elaborate on some of the fraud these businesses have encountered? I'd be genuinely interested in more detail. |
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hardcore-fs
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November 20, 2012, 10:12:10 AM |
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People in general underestimate just how much work is involved in operating your own business. Those who dream of opening their own business so they don't have to answer to anyone and can work part-time are in for a rude shock and extremely likely to fail.
+1 I really wish this could be ingrained in anyone looking to start a business...bitcoin or not. Even I thought starting up mine would be easy, but as I generated my "To Do" list I found out quite quickly that this was no easy task. If you want your business to be started correctly and taken seriously, you've got to spend the time to be thorough...and that takes a lot of work. I have several shelf companies, I keep them around so as to remind me just how difficult having your own "profitable" business can be. |
BTC:1PCTzvkZUFuUF7DA6aMEVjBUUp35wN5JtF
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tenakha
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November 21, 2012, 12:16:14 PM |
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MPOE-PR - superb post in every way! :-)
Well done. Everything you have said is valid. And it ain't easy .. I've learnt that the hard way .....
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MPOE-PR (OP)
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November 21, 2012, 11:42:28 PM |
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Thanks!
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digital
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November 26, 2012, 04:23:09 PM |
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...
Late last week, a few of us in #bitcoin-otc were scammed by someone (GPG-registered and positively rated in the Web of Trust) who was buying Bitcoins and paying with a stolen/hacked Chase QuickPay account....
Just goes to show WOT is not foolproof. Trusted people can turn scammer. It happens. Just because they are trusted on the wot doesn't mean the business wont fold. Basically, your arguments are sound. And sure it may help to be on wot, but you have to admit that there are exceptions to every rule. There are no absolutes, especially on the interweb... |
If I help you out: 17QatvSdciyv2zsdAbphDEUzST1S6x46c3
References (bitcointalk.org/index.php?topic=): 50051.20 50051.100 53668.0 53788.0 53571.0 53571.0 52212.0 50729.0 114804.0 115468 78106 69061 58572 54747
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MPOE-PR (OP)
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November 26, 2012, 05:12:47 PM |
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Just goes to show WOT is not foolproof. Trusted people can turn scammer. It happens. Just because they are trusted on the wot doesn't mean the business wont fold.
Basically, your arguments are sound. And sure it may help to be on wot, but you have to admit that there are exceptions to every rule. There are no absolutes, especially on the interweb...
Obviously nothing is foolproof. Let's look at it in the drive-vs-fly perspective: the fact that flight is a superior mode of transportation over driving if long distances are involved does not imply either that cars should never be used or that planes can never crash. |
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Isokivi
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November 27, 2012, 04:53:32 PM |
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Did the whole otc-pgp thing finally, went trough my past transactions and found a whopping one person who could rate me  I guess a rating of one is better than none, but not by much. |
Bitcoin trinkets now on my online store: btc trinkets.com <- Bitcoin Tiepins, cufflinks, lapel pins, keychains, card holders and challenge coins. |
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digital
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November 27, 2012, 05:14:11 PM |
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Did the whole otc-pgp thing finally, went trough my past transactions and found a whopping one person who could rate me I guess a rating of one is better than none, but not by much. Personally, I had better luck with heatware. Same basic principle, it just works with multiple websites/trading groups... |
If I help you out: 17QatvSdciyv2zsdAbphDEUzST1S6x46c3
References (bitcointalk.org/index.php?topic=): 50051.20 50051.100 53668.0 53788.0 53571.0 53571.0 52212.0 50729.0 114804.0 115468 78106 69061 58572 54747
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MPOE-PR (OP)
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November 27, 2012, 07:57:48 PM |
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Did the whole otc-pgp thing finally, went trough my past transactions and found a whopping one person who could rate me I guess a rating of one is better than none, but not by much. Well done. Don't despair, like all good things it takes time. |
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stevebc
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November 30, 2012, 12:04:34 AM |
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This part caught my eye...
"Who are the movers and shakers? Whose word is worth 10k Bitcoins no questions asked and from whom? Why?"
Does anyone in the Bitcoin community really have this sort of unshakable faith in any other member? Any person who could convince a dozen others each to trust him/her with 10k Bitcoins would have to be considered a flight risk.
50000-100000 Bitcoin has a lot of value compared to a reputation. I wouldn't trust ANYONE with that kind of temptation, it would seem kind of foolish to even consider doing so.
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crazyates
Legendary
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Activity: 952
Merit: 1000
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November 30, 2012, 03:36:51 AM |
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This part caught my eye...
"Who are the movers and shakers? Whose word is worth 10k Bitcoins no questions asked and from whom? Why?"
Does anyone in the Bitcoin community really have this sort of unshakable faith in any other member? Any person who could convince a dozen others each to trust him/her with 10k Bitcoins would have to be considered a flight risk.
50000-100000 Bitcoin has a lot of value compared to a reputation. I wouldn't trust ANYONE with that kind of temptation, it would seem kind of foolish to even consider doing so.
Yes. I could count them on one hand, but there are people that are that well trusted. |
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MPOE-PR (OP)
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November 30, 2012, 12:16:07 PM |
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This part caught my eye...
"Who are the movers and shakers? Whose word is worth 10k Bitcoins no questions asked and from whom? Why?"
Does anyone in the Bitcoin community really have this sort of unshakable faith in any other member? Any person who could convince a dozen others each to trust him/her with 10k Bitcoins would have to be considered a flight risk.
50000-100000 Bitcoin has a lot of value compared to a reputation. I wouldn't trust ANYONE with that kind of temptation, it would seem kind of foolish to even consider doing so.
Then again you're new, so that's both naturally to be expected and quite reasonable. On the other hand, communities build trust over time, irl people end up married even, it's how these things work. In time. Yes. I could count them on one hand, but there are people that are that well trusted.
Not quite as many as there used to be, sadly. |
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digital
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November 30, 2012, 03:35:32 PM |
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Not quite as many as there used to be, sadly.
lol That says it all... |
If I help you out: 17QatvSdciyv2zsdAbphDEUzST1S6x46c3
References (bitcointalk.org/index.php?topic=): 50051.20 50051.100 53668.0 53788.0 53571.0 53571.0 52212.0 50729.0 114804.0 115468 78106 69061 58572 54747
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crazyates
Legendary
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Activity: 952
Merit: 1000
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November 30, 2012, 04:47:54 PM |
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Not quite as many as there used to be, sadly.
lol That says it all... HAHA I was thinking the same thing. And why is that? They take those 10k BTC and run?    |
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ShireSilver
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November 30, 2012, 06:15:31 PM |
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Yes. I could count them on one hand, but there are people that are that well trusted.
Not quite as many as there used to be, sadly. Well, considering I can count to 31 on one hand, that's still a decent amount of them. |
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crazyates
Legendary
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Activity: 952
Merit: 1000
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November 30, 2012, 06:31:53 PM |
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Yes. I could count them on one hand, but there are people that are that well trusted.
Not quite as many as there used to be, sadly. Well, considering I can count to 31 on one hand, that's still a decent amount of them. You know of 31 different people that you would willingly loan 10,000BTC? I can think of maybe 5. |
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digital
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November 30, 2012, 06:38:44 PM |
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Yes. I could count them on one hand, but there are people that are that well trusted.
Not quite as many as there used to be, sadly. Well, considering I can count to 31 on one hand, that's still a decent amount of them. You know of 31 different people that you would willingly loan 10,000BTC? I can think of maybe 5. That's your question? I was wondering how he had 31 fingers on one hand... |
If I help you out: 17QatvSdciyv2zsdAbphDEUzST1S6x46c3
References (bitcointalk.org/index.php?topic=): 50051.20 50051.100 53668.0 53788.0 53571.0 53571.0 52212.0 50729.0 114804.0 115468 78106 69061 58572 54747
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crazyates
Legendary
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Activity: 952
Merit: 1000
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November 30, 2012, 07:07:14 PM |
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Yes. I could count them on one hand, but there are people that are that well trusted.
Not quite as many as there used to be, sadly. Well, considering I can count to 31 on one hand, that's still a decent amount of them. You know of 31 different people that you would willingly loan 10,000BTC? I can think of maybe 5. That's your question? I was wondering how he had 31 fingers on one hand... Lol no he's using a binary that's basically 2^(number of fingers you use). On one hand, that means counting to 31. If he had 31 fingers, he could count to 2.1Billion! |
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MPOE-PR (OP)
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November 30, 2012, 07:12:01 PM |
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Not quite as many as there used to be, sadly.
lol That says it all... HAHA I was thinking the same thing. And why is that? They take those 10k BTC and run? Well, take this with a grain of salt as I am not Nostradamus or Merlin or anything, but: Bitcoin started as some bullshit nonsense (not in fact, but in the eyes of the world). A year or so of diligent work by dedicated people (you know, the geeks working on client etc) slowly changed this, and suddenly a section of the general population felt very empowered. Any anonymous bank clerk thought himself promoted to bank manager because Bitcoin. Any half-literate chav felt ready to open a stock exchange. Because Bitcoin, and his own partial understanding thereof makes him special enough. These people weren't rich, weren't educated, weren't experienced or intellectually sophisticated or more generally speaking...these people had no social value, practically (which explains why they sought their value in Bitcoin: same reason the US was originally colonized, same reason anything new happens). As such, they constructed the usual buildings of the stupid, creating fake agreement, inventing their own version of political correctness and so forth. The divergence between reality such as it was and the very limited abilities of representation that they possessed increased over time and eventually allowed swindlers slightly more savvy than the average rock to wreak all sorts of havoc. The imaginary towers built on the shoddy representations of shoddy minds came tumbling down, and after Pirate you've seen all these wanna-bes collapsing one after another. They're too many to list here and possibly not worth the mention anyway. The people that are left are...well...the people that are left. But for what it's worth I don't think intent enters much into it at all, so far. What we've had were idiots who honestly thought they're good enough, like Kludge, like Harnett, like who have you. They weren't good enough. That's pretty much all. |
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