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Author Topic: Bitcoin Is Useless Because It's Too Easy Too Get Robbed  (Read 5063 times)
bonker
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June 25, 2011, 06:43:45 PM
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No one yet has answered this problem: Its too easy to get robbed. You send someone some bitcoins and they can just walk! It's just like posting cash to a stranger, totally stupid.
No-one posts cash to stranger, so no-one will send bitcoins! It's obvious!

In a face to face transaction, use cash - cus its anonymous.
In an internet transaction, use Paypal etc, cuz its the only way not to get robbed.

Add escrow to bitcoin and you've gained nothing now. The whole project is totally pointless!

Why can no-one give me a robust resolution. By robust, I mean not some juvenile, hand waving gibberish arguement.

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LTC: Li8UYJprncRwmNzvRs53UG714Lcps2Yy8R
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gusti
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June 25, 2011, 06:47:22 PM
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well, let me just say that I made more than 200 bitcoin transactions with people I don't know, and I never was robbed

If you don't own the private keys, you don't own the coins.
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June 25, 2011, 06:48:28 PM
 #3

This is the fundamental problem with the currency and why I am expecting a near-term price of between $7-$9.

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

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June 25, 2011, 06:49:48 PM
 #4

This is the fundamental problem with the currency and why I am expecting a near-term price of between $7-$9.
why not <$1 then?
NghtRppr
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June 25, 2011, 06:50:03 PM
 #5

No one yet has answered this problem: Its too easy to get robbed. You send someone some bitcoins and they can just walk! It's just like posting cash to a stranger, totally stupid.
No-one posts cash to stranger, so no-one will send bitcoins! It's obvious!

In a face to face transaction, use cash - cus its anonymous.
In an internet transaction, use Paypal etc, cuz its the only way not to get robbed.

Add escrow to bitcoin and you've gained nothing now. The whole project is totally pointless!

Why can no-one give me a robust resolution. By robust, I mean not some juvenile, hand waving gibberish arguement.

If you get robbed 1% of the time then charge 1% more to do a transaction with BTC. That way, you spread the risk around and come out even in the long run.
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June 25, 2011, 06:50:49 PM
 #6

This is the fundamental problem with the currency and why I am expecting a near-term price of between $7-$9.
why not <$1 then?

I said near-term.  The market is so infantile and speculative that it's going to remain above its fundamental price for quite some time.

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

17JzkreEBYNHQM9tMTiUKCHANofwzHRLhP
molecular
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June 25, 2011, 06:51:43 PM
 #7

No one yet has answered this problem: Its too easy to get robbed. You send someone some bitcoins and they can just walk! It's just like posting cash to a stranger, totally stupid.
No-one posts cash to stranger, so no-one will send bitcoins! It's obvious!

In a face to face transaction, use cash - cus its anonymous.
In an internet transaction, use Paypal etc, cuz its the only way not to get robbed.

Add escrow to bitcoin and you've gained nothing now. The whole project is totally pointless!

Why can no-one give me a robust resolution. By robust, I mean not some juvenile, hand waving gibberish arguement.

You have a point.

I think there will be payment systems on top of bitcoin some day (google, maybe even paypal, visa come to mind), which offer chargeback, fast hassle-free payment and protection from theft to a certain degree.

Bitcoin is online gold, not many trade in gold nowadays, but it's used as store of value. Bitcoin might have similar fate with other currencies pegged to it.

Not a "robust solution", but maybe a direction to think?

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dikidera
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June 25, 2011, 06:52:07 PM
 #8

No one yet has answered this problem: Its too easy to get robbed. You send someone some bitcoins and they can just walk! It's just like posting cash to a stranger, totally stupid.
No-one posts cash to stranger, so no-one will send bitcoins! It's obvious!

In a face to face transaction, use cash - cus its anonymous.
In an internet transaction, use Paypal etc, cuz its the only way not to get robbed.

Add escrow to bitcoin and you've gained nothing now. The whole project is totally pointless!

Why can no-one give me a robust resolution. By robust, I mean not some juvenile, hand waving gibberish arguement.
Using paypal is the only way TO get robbed.
TraderTimm
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June 25, 2011, 06:53:17 PM
 #9

Bonker doesn't like to read. All the answers are there, even if you refuse to look them up.

Guess its another troll-erday.

fortitudinem multis - catenum regit omnia
bonker
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June 25, 2011, 06:54:12 PM
 #10

well, let me just say that I made more than 200 bitcoin transactions with people I don't know, and I never was robbed

I suppose you could publish your list of trusted addys to the community. That might be an approach to the problem, I suppose?

Also, remember the people using bitcoins right now generally believe in the project and want it to succeed. You know nice guys. So I suspect fraud would increase with general usage, as the masses get involved.

BTC: 1FU1EX4xCEt26rezoNaEZ1rhbqA4VVP8pq
LTC: Li8UYJprncRwmNzvRs53UG714Lcps2Yy8R
Serge
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June 25, 2011, 06:54:42 PM
 #11

This is the fundamental problem with the currency and why I am expecting a near-term price of between $7-$9.
why not <$1 then?

I said near-term.  The market is so infantile and speculative that it's going to remain above its fundamental price for quite some time.
Please excuse my ignorace, but how do you determine this 'fundamental' price?  got any formula to share?
BTC Economist
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June 25, 2011, 06:55:57 PM
 #12

This is the fundamental problem with the currency and why I am expecting a near-term price of between $7-$9.
why not <$1 then?

I said near-term.  The market is so infantile and speculative that it's going to remain above its fundamental price for quite some time.
Please excuse my ignorace, but how do you determine this 'fundamental' price?  got any formula to share?

Look into asset pricing models.

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

17JzkreEBYNHQM9tMTiUKCHANofwzHRLhP
JTaBitCoinKing
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June 25, 2011, 06:56:24 PM
 #13

Someone could make a service like Paypall that uses Bitcoins, couldn't they?

I think these problems will be solved by 3ed party companies that create software to secure Bitcoin transactions, and hardware that allows us to use Bitcoin in our dally life.
gusti
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June 25, 2011, 06:58:27 PM
 #14

well, let me just say that I made more than 200 bitcoin transactions with people I don't know, and I never was robbed

I suppose you could publish your list of trusted addys to the community. That might be an approach to the problem, I suppose?

Also, remember the people using bitcoins right now generally believe in the project and want it to succeed. You know nice guys. So I suspect fraud would increase with general usage, as the masses get involved.

http://bitcoin-otc.com/viewratings.php

If you don't own the private keys, you don't own the coins.
Serge
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June 25, 2011, 06:59:30 PM
 #15

This is the fundamental problem with the currency and why I am expecting a near-term price of between $7-$9.
why not <$1 then?

I said near-term.  The market is so infantile and speculative that it's going to remain above its fundamental price for quite some time.
Please excuse my ignorace, but how do you determine this 'fundamental' price?  got any formula to share?

Look into asset pricing models.
thanks, i'll just assume $7-9 "fundamental" price is simply your speculation, the point at which you would like to execute some buy orders
o
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June 25, 2011, 06:59:40 PM
 #16

Then you should sell off all your bitcoin. Roll Eyes

If you are fear, you can use the service like https://clearcoin.appspot.com/ that hold the money so that you can release it to the other one until you receive the product.

Or you may wait for a year for the implementation of contract https://en.bitcoin.it/wiki/Contracts , at that time you can hold the money until both people signed the contract. If conflict occur, just get a third trusted person to solve it. At that time, the value of bitcoin should rise because it is so easy to use without any third party Grin
bonker
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June 25, 2011, 07:07:02 PM
 #17

Bonker doesn't like to read. All the answers are there, even if you refuse to look them up.

Guess its another troll-erday.


I guess TraderTimm doesn't like to write. Can you at least provide a link to a robust resolution? Because I haven't found one so far

BTC: 1FU1EX4xCEt26rezoNaEZ1rhbqA4VVP8pq
LTC: Li8UYJprncRwmNzvRs53UG714Lcps2Yy8R
TraderTimm
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June 25, 2011, 07:09:54 PM
 #18

Bonker doesn't like to read. All the answers are there, even if you refuse to look them up.

Guess its another troll-erday.


I guess TraderTimm doesn't like to write. Can you at least provide a link to a robust resolution? Because I haven't found one so far

Given that there have been a bazillion posts about wallet security, the equivalence of bitcoin to cash and the attendant problems, I'm sure if you were able to do your own homework instead of monkey-hammering out your poorly researched opinions, you might be able to learn something.

But I'm not holding my breath over it.


fortitudinem multis - catenum regit omnia
bonker
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June 25, 2011, 07:11:54 PM
 #19

well, let me just say that I made more than 200 bitcoin transactions with people I don't know, and I never was robbed

I suppose you could publish your list of trusted addys to the community. That might be an approach to the problem, I suppose?

Also, remember the people using bitcoins right now generally believe in the project and want it to succeed. You know nice guys. So I suspect fraud would increase with general usage, as the masses get involved.

http://bitcoin-otc.com/viewratings.php

Ok, that's starting to ease my concern a little. Thanks for that.

BTC: 1FU1EX4xCEt26rezoNaEZ1rhbqA4VVP8pq
LTC: Li8UYJprncRwmNzvRs53UG714Lcps2Yy8R
Grant
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June 25, 2011, 07:14:45 PM
 #20

No one yet has answered this problem: Its too easy to get robbed. You send someone some bitcoins and they can just walk! It's just like posting cash to a stranger, totally stupid.
No-one posts cash to stranger, so no-one will send bitcoins! It's obvious!

In a face to face transaction, use cash - cus its anonymous.
In an internet transaction, use Paypal etc, cuz its the only way not to get robbed.

Add escrow to bitcoin and you've gained nothing now. The whole project is totally pointless!

Why can no-one give me a robust resolution. By robust, I mean not some juvenile, hand waving gibberish arguement.

While you're right "its easy to get robbed" (until we have more robust infrastructure). For trading/shopping i have to use your argument against BTC, against using paypal/cc over the net. What happens when a seller accepts pp/cc, they INCREASE their price similar to the risk they take (of stolen cc/pp or simply other dispute), with bitcoin the "seller beaware attitude" turns into a "buyer beaware attitude", so its possible to run a "shop" at lower costs with BTC as opposed to cc/pp. This is the problem i have with our RL system, regardless of an outcome of a buyer/seller dispute the creditcard company ALWAYS profit, the seller usually loses and all other buyers pay the price for all of this.


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