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Author Topic: Bitcoin Is Useless Because It's Too Easy Too Get Robbed  (Read 5062 times)
bonker
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June 25, 2011, 07:15:30 PM
 #21

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.



Dude, you're turning out to be a prime dickbag. This isn't a question of "wallet security", it's a problem of transaction fraud. Seeing as you couldn't come up with an answer, some others have come up with a partial solution. But there are still glaring holes in Bitcoin that will see it burn in an early grave if it ever hits the general population in its present form..

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Denicen
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June 25, 2011, 07:16:09 PM
 #22

Huge lol at this thread:
If bitcoin were useless then no one would want to steal it from you.
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June 25, 2011, 07:19:10 PM
 #23

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.

stop bullshitting.  you have no idea.
Stephen Gornick
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June 25, 2011, 07:24:21 PM
 #24

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.

Unfortunately, ClearCoin is now closed to new escrow listings.
  - http://forum.bitcoin.org/index.php?topic=21659.0

Astro
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June 25, 2011, 07:25:24 PM
 #25

This is the fundamental problem with the ANY currency and why I am expecting a near-term price of "I have no fucking idea what I'm talking about."

fixed
TraderTimm
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June 25, 2011, 07:27:52 PM
 #26


Dude, you're turning out to be a prime dickbag. This isn't a question of "wallet security", it's a problem of transaction fraud. Seeing as you couldn't come up with an answer, some others have come up with a partial solution. But there are still glaring holes in Bitcoin that will see it burn in an early grave if it ever hits the general population in its present form..

Uh oh, name-calling - let me get something to cry into.

Transaction fraud discussions are in the forums too, you know, under the heading "bitcoin escrow". Of course, you'd know this if you had bothered to look. Do you research anything you talk about, ever? I'm quite sure by the time any of these problems are solved, it won't be because you posted a few hurried statements about bitcoin in your spare time.

Either offer some kind of strategy yourself, learn about the complexities, or stay out of the way of those who will solve it for you.


fortitudinem multis - catenum regit omnia
Astro
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June 25, 2011, 07:28:27 PM
 #27

This isn't a question of "wallet security", it's a problem of transaction fraud.

If you're too squeamish to use it, don't. 
SmokeAndMirrors
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June 25, 2011, 07:33:58 PM
 #28

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.

Funny you say paypal is the only way not to get robbed. It's the same as sending bitcoins, except once you receive the item you do a chargeback. Paypal doesn't care, just like bitcoins doesn't care. If you're not safe with transactions, you will get robbed. Same with pretty much any other scenario dealing with money.

Use clearcoin, otherwise maybe you should not deal with currencies at all if this is your concern.

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

My address -
1EM9HGg1SEa5Bux1rVEPxGqGSfNTTc9EkC
BTC Economist
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June 25, 2011, 07:45:05 PM
 #29

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.

stop bullshitting.  you have no idea.

Since you don't want to do research: R = Rf + B(Rm - Rf)

go from there...

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
cypherdoc
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June 25, 2011, 07:49:02 PM
 #30

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.

stop bullshitting.  you have no idea.

Since you don't want to do research: R = Rf + B(Rm - Rf)

go from there...

just b/c u throw up a formula u think that makes u an expert on market pricing?  in an infant industry like btc?

tell me exactly what the price of the Dow should be at this moment?  how about the USD?  what about the Euro?  

you can't b/c if u could you'd be making trillions in forecasting fees.  markets are inherently unpredictable and screw 99% of the ppl trying to guess the right price.
stic.man
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June 25, 2011, 07:50:31 PM
 #31

i remember that formula from sophomore econ too!
BTC Economist
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June 25, 2011, 07:55:34 PM
 #32

i remember that formula from sophomore econ too!

Hmm did you derive it there too? 

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
Serge
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June 25, 2011, 08:00:06 PM
 #33

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.

stop bullshitting.  you have no idea.

Since you don't want to do research: R = Rf + B(Rm - Rf)

go from there...

Could you please fill in the numbers so we can clearly see BTC price = $7-9
Thanks
stic.man
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June 25, 2011, 08:01:14 PM
 #34

i remember that formula from sophomore econ too!

Hmm did you derive it there too? 

I dunno man, that's a lot of jameson ago
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June 25, 2011, 08:05:24 PM
 #35

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.

stop bullshitting.  you have no idea.

Since you don't want to do research: R = Rf + B(Rm - Rf)

go from there...

Could you please fill in the numbers so we can clearly see BTC price = $7-9
Thanks

No because this will give you the % expected return and then you use that in a discounted cash flow model to get the price.

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
relative
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June 25, 2011, 08:10:06 PM
 #36

any kind of bitcoin valuation in which you don't include a markup for knuckleheads who think bitcoin will replace all existing currencies and pour their live savings into it because of this leads you nowhere near 7$.
Astro
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June 25, 2011, 08:23:27 PM
 #37

Step one to being taken seriously on the bitcoin forums: Don't use "BTC Economist" as your username!
Serge
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June 25, 2011, 08:27:14 PM
 #38

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.

stop bullshitting.  you have no idea.

Since you don't want to do research: R = Rf + B(Rm - Rf)

go from there...

Could you please fill in the numbers so we can clearly see BTC price = $7-9
Thanks

No because this will give you the % expected return and then you use that in a discounted cash flow model to get the price.

I still do see how what you're doing isn't speculation, just the same as those who count "what if % of global economy was in BTC and should cost xxxx". Please correct me if i'm wrong.
Ryland R. Taylor-Almanza
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June 25, 2011, 08:30:11 PM
 #39

+1
#bitcoin-otc is pretty much the de facto standard way of seeing if someone is trustworthy around here.
bonker
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June 25, 2011, 08:48:09 PM
 #40


Dude, you're turning out to be a prime dickbag. This isn't a question of "wallet security", it's a problem of transaction fraud. Seeing as you couldn't come up with an answer, some others have come up with a partial solution. But there are still glaring holes in Bitcoin that will see it burn in an early grave if it ever hits the general population in its present form..

Uh oh, name-calling - let me get something to cry into.

Transaction fraud discussions are in the forums too, you know, under the heading "bitcoin escrow". Of course, you'd know this if you had bothered to look. Do you research anything you talk about, ever? I'm quite sure by the time any of these problems are solved, it won't be because you posted a few hurried statements about bitcoin in your spare time.

Either offer some kind of strategy yourself, learn about the complexities, or stay out of the way of those who will solve it for you.



Sorry, buddy, you continue to mark yourself as a dickbag. Escrow is obvious, but it introduces the problem of a third party. This is a fundamental flaw as any conventional escrow would be subject to regulation. Escrow makes Bitcoin no different to a bank or paypal transaction. As such, Bitcoin is just a geeky reinvention of the wheel.

The nearest thing to a resolution offered so far is the "web of trust", offered by a more constructive poster than yourself earlier in this thread.

But remember, if Bitcoin goes mainstream gangs of very smart people will be looking to attack it.




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