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Author Topic: Why BTC vendors going out of business or getting hacked is awesome  (Read 617 times)
DuddlyDoRight
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March 11, 2016, 01:05:25 AM
Last edit: March 11, 2016, 01:20:16 AM by DuddlyDoRight
 #1

https://www.youtube.com/watch?v=bPshJi82FNk

What Stefan says in this video is great. I think the fact that tumbler, faucet, gateway, market, and casino owners who low-ball on development and policy practices have such trouble surviving is a testament of bitcoin's free-market nature. It's just too bad the slobs who start them don't have to pay any of the money they "lost".. That's the one thing the crypto-currency community needs to remedy legally.. It's too easy to "lose" money and just go to your summer home in the Hamptons and have people forget it happened in a business week..

I have faith that one day this forum will get threads where people won't just repeat their previous posts or what others have already stated in the same thread. Also that people will stop acting like BTC is toy-money and start holding vendors accountable. Naive? Maybe.
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March 11, 2016, 06:13:55 PM
 #2

https://www.youtube.com/watch?v=bPshJi82FNk

What Stefan says in this video is great. I think the fact that tumbler, faucet, gateway, market, and casino owners who low-ball on development and policy practices have such trouble surviving is a testament of bitcoin's free-market nature. It's just too bad the slobs who start them don't have to pay any of the money they "lost".. That's the one thing the crypto-currency community needs to remedy legally.. It's too easy to "lose" money and just go to your summer home in the Hamptons and have people forget it happened in a business week..
the reality is not just faucet,gateway or casino who feel and got hacked like this,some exchange and other big BTC vendor have chance to lost their money.
DuddlyDoRight
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March 12, 2016, 12:11:23 AM
 #3

https://www.youtube.com/watch?v=bPshJi82FNk

What Stefan says in this video is great. I think the fact that tumbler, faucet, gateway, market, and casino owners who low-ball on development and policy practices have such trouble surviving is a testament of bitcoin's free-market nature. It's just too bad the slobs who start them don't have to pay any of the money they "lost".. That's the one thing the crypto-currency community needs to remedy legally.. It's too easy to "lose" money and just go to your summer home in the Hamptons and have people forget it happened in a business week..
the reality is not just faucet,gateway or casino who feel and got hacked like this,some exchange and other big BTC vendor have chance to lost their money.

Yeah I've seen the big gateways go down too. All because someone who knows what SQL injection is never even looked at the code because they cost first-world investment figures to have develop or audit and their is no real consequences or accountability for carelessness even now with bitcoin startups..

I have faith that one day this forum will get threads where people won't just repeat their previous posts or what others have already stated in the same thread. Also that people will stop acting like BTC is toy-money and start holding vendors accountable. Naive? Maybe.
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March 12, 2016, 12:22:06 AM
 #4

https://www.youtube.com/watch?v=bPshJi82FNk

What Stefan says in this video is great. I think the fact that tumbler, faucet, gateway, market, and casino owners who low-ball on development and policy practices have such trouble surviving is a testament of bitcoin's free-market nature. It's just too bad the slobs who start them don't have to pay any of the money they "lost".. That's the one thing the crypto-currency community needs to remedy legally.. It's too easy to "lose" money and just go to your summer home in the Hamptons and have people forget it happened in a business week..
the reality is not just faucet,gateway or casino who feel and got hacked like this,some exchange and other big BTC vendor have chance to lost their money.

Yeah I've seen the big gateways go down too. All because someone who knows what SQL injection is never even looked at the code because they cost first-world investment figures to have develop or audit and their is no real consequences or accountability for carelessness even now with bitcoin startups..
I think it is kind of a good thing that the weak get weeded out and the stronger businesses survive, but at the same time I wish that the smaller businesses weren't getting hacked into oblivion. It is kind of nice seeing new businesses and concepts come to the Bitcoin economy some times.

I don't necessarily mind some of the smaller faucets and casinos going out of business. Only the top-of-the-line casinos should remain, and the other ones should be gone.

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March 12, 2016, 05:19:47 AM
 #5

What kind of statement is that to say it is great they are losing their money/bitcoin?
This can only lead to bad publicity that bitcoin does not need anymore of. It was convinced in this kind of bad press and saying that business are exposed to getting hacked (even if it is true) will scare off any more businesses to adopt it as a form of payment. Not good for you not good for me if we want to transact using it.

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March 12, 2016, 09:57:32 AM
 #6

Good interview there and some interesting points. The free market nature, I sort of agree as well. The unstable market and the way and time each company enters it could have all the difference into making one last longer than the others. Many of these could be solve if one had a good and proper way of balancing everything from the start (although no measurements could save 100% but in many ways, most problems could be avoided and that's what's lacking on those who failed).

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March 12, 2016, 11:08:36 AM
 #7

What kind of statement is that to say it is great they are losing their money/bitcoin?
This can only lead to bad publicity that bitcoin does not need anymore of. It was convinced in this kind of bad press and saying that business are exposed to getting hacked (even if it is true) will scare off any more businesses to adopt it as a form of payment. Not good for you not good for me if we want to transact using it.
Honestly bitcoin are easier to secure that any of standard methods of payments we currently have. How often do you hear about credits card data was compromised during hackers attack?
So far bitcoin could only be stolen because of the total lack of basic security and because vendors are stupid enough to not keep their hot wallets safe.
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March 13, 2016, 02:29:35 AM
 #8

What kind of statement is that to say it is great they are losing their money/bitcoin?
This can only lead to bad publicity that bitcoin does not need anymore of. It was convinced in this kind of bad press and saying that business are exposed to getting hacked (even if it is true) will scare off any more businesses to adopt it as a form of payment. Not good for you not good for me if we want to transact using it.
Honestly bitcoin are easier to secure that any of standard methods of payments we currently have. How often do you hear about credits card data was compromised during hackers attack?
So far bitcoin could only be stolen because of the total lack of basic security and because vendors are stupid enough to not keep their hot wallets safe.

The difference between bitcoins getting hacked/stolen and credit card details being compromised, is that users are usually compensated when credit cards get compromised. Banks just take the hit and it makes no difference to them, given the huge profits they make. With bitcoin, you have only yourself to blame and nobody to compensate you.


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DuddlyDoRight
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March 13, 2016, 04:03:16 AM
Last edit: March 22, 2016, 04:07:23 AM by DuddlyDoRight
 #9

Encouraging bad publicity? You mean like paying someone from India or Pakistan $80.00 to do your back-end and making it worse by marketing it as "secure" anywhere you can get exposure?

EDIT: Did I see someone mention how secure bitcoin was because there are no credit card databases being dumped?  Huh

I have faith that one day this forum will get threads where people won't just repeat their previous posts or what others have already stated in the same thread. Also that people will stop acting like BTC is toy-money and start holding vendors accountable. Naive? Maybe.
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April 24, 2016, 08:14:58 PM
 #10

I think it is better for the bitcoin related business to make good profit. It will promote the bitcoin and raise its value.

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DuddlyDoRight
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April 25, 2016, 05:04:06 AM
 #11

I think it is better for the bitcoin related business to make good profit. It will promote the bitcoin and raise its value.

Good profit from services or products yes.. Profit from claiming losses no.. This community is far too easy on people who just lose large capital one day that doesn't belong to them..

I have faith that one day this forum will get threads where people won't just repeat their previous posts or what others have already stated in the same thread. Also that people will stop acting like BTC is toy-money and start holding vendors accountable. Naive? Maybe.
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