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Author Topic: Oh the irony!!!  (Read 3369 times)
evoorhees
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Democracy is the original 51% attack


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July 13, 2011, 05:59:35 PM
 #1

The irony of waiting on Dwolla USD-based transactions in order to convert into Bitcoins is not lost on me.

Simply by using current online payment systems, one should readily see how superior the coin is. I send my friend in another country money via Bitcoin... 5 min delay. I send myself money from my own bank in my own state to my own account via USD... 3 days. It is faster for me to drive to Canada to pay someone there with cash than it is to wire the money directly to that person's bank. Absurd. Markets do not long tolerate such inefficiencies when alternatives exist.

As Victor Hugo presciently stated, "On résiste à l'invasion des armées; on ne résiste pas à l'invasion des idées."

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GeniuSxBoY
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July 13, 2011, 06:03:27 PM
 #2

YAY FOR GOOD NEWS
airdata
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July 13, 2011, 06:05:13 PM
 #3

I believe the proper phrase is " Oh the ironing."

99Percent
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July 13, 2011, 07:03:53 PM
 #4

Of course, the flip side is that with bitcoins you are totally on your own. No margin for mistakes or stupidity.
SpaceLord
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July 13, 2011, 07:25:14 PM
 #5

Of course, the flip side is that with cash you are totally on your own. No margin for mistakes or stupidity.

Fixed that.  Cheesy
evoorhees
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Democracy is the original 51% attack


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July 13, 2011, 07:32:58 PM
 #6

Of course, the flip side other benefit is that with bitcoins you are totally on your own. No margin for mistakes or stupidity by other people.

Fixed it also  Wink
foggyb
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July 13, 2011, 07:36:46 PM
 #7

The irony of waiting on Dwolla USD-based transactions in order to convert into Bitcoins is not lost on me.


You, good sir, have earned one hand-frosted cupcake for promoting bitcoin. Hand frosted FTW.



BTW its hand-frosted.
foggyb
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July 13, 2011, 07:44:45 PM
 #8

Of course, the flip side is that with bitcoins you are totally on your own. No margin for mistakes or stupidity.

Yeah, cause we know how easily bitcoins can blow away in the wind, or burn up in a fire, or get stolen by a mugger.

Seriously though, how is a mugger going to get bitcoins off your android if you dont' tell him the password? This will take a very sophisticated mugger.



99Percent
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July 13, 2011, 07:56:37 PM
 #9

I am referring to transactions online. If you make a mistake sending money to a different Dwolla account or another bank account, it can usually be saved by asking the bank to reverse it, of if you mistype 10000 for 100.00 a bank will probably catch it and tell you there are limits. Not with bitcoins.
foggyb
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July 13, 2011, 08:09:25 PM
 #10

I am referring to transactions online. If you make a mistake sending money to a different Dwolla account or another bank account, it can usually be saved by asking the bank to reverse it, of if you mistype 10000 for 100.00 a bank will probably catch it and tell you there are limits. Not with bitcoins.

Probably always?

If I deal with honest exchanges and merchants, I am almost assured of getting my funds back. What exchange or merchant will keep coins you accidentally sent? That would be suicide for them. The transactions are all in the blockchain for everyone to see.

Heck, 60% of random strangers are going to return coins that are accidentally sent.

Also, the bitcoin exchange that I deal with has a confirmation dialog for all bitcoin transactions. To let a mistake by twice, I'd have to be drunk, stoned, or stupid.




foggyb
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July 13, 2011, 08:13:52 PM
 #11

If your bank makes an error in your favor, and you spend money that isn't yours (even accidentally) the bank may legally charge you overdraft fees.

How's that for peace of mind?
Martin P. Hellwig
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July 13, 2011, 08:17:19 PM
 #12


Seriously though, how is a mugger going to get bitcoins off your android if you dont' tell him the password? This will take a very sophisticated mugger.
[/quote]

Never underestimate the persuasive power of a baseball bat :-)
Jalum
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July 13, 2011, 08:18:54 PM
 #13

Simply by using current online payment systems, one should readily see how superior the coin is. I send my friend in another country money via Bitcoin... 5 min delay.

And then how long for them to convert it into real money?
foggyb
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July 13, 2011, 08:24:26 PM
 #14


Never underestimate the persuasive power of a baseball bat :-)

1. How is that punk going to know you have a bitcoin account?
2. Why would he risk prison time for what might be 5 0.05 bitcoins?
3. How long will he stand in the street and threaten me, waiting for the password? Remember, if i get a concussion, i might forget the password.
4. Android app can have a feature that gives the thief access, but to a secondary (honeypot account) with only a small amount of BTC. If the thief wants to beat you to a pulp in broad daylight because he thinks you gave him a honeypot account, more power to him.


99Percent
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July 13, 2011, 09:15:25 PM
 #15

Of course, honest merchants thrive, and the ones who try to keep a quick bitcoin or two because of a mistake are going to be quickly dismissed. Same happens with cash, if you accidentally pay with a $50 instead of a $20 and realize later, you might or might not get your missing money back if you go to the only merchant you spent money that day.

But I think you are mistaken about the block chain being able to save you or your merchant from accidental transactions. First a merchant should never have the same public sending address because it is not secure. And even if he did, nobody is going to save you or even believe you if you claim a merchant "stole" your bitcoins, why would we, or why should we for that matter?

For better of for worse (I personally think its for better) with bitcoins you are truly on your own. Its going to be tough for many people to transition from government money transactions (with credit cards for example) to real online cash type money like bitcoins, after so many years, generations even, of being consumer protected.

I am referring to transactions online. If you make a mistake sending money to a different Dwolla account or another bank account, it can usually be saved by asking the bank to reverse it, of if you mistype 10000 for 100.00 a bank will probably catch it and tell you there are limits. Not with bitcoins.

Probably always?

If I deal with honest exchanges and merchants, I am almost assured of getting my funds back. What exchange or merchant will keep coins you accidentally sent? That would be suicide for them. The transactions are all in the blockchain for everyone to see.

Heck, 60% of random strangers are going to return coins that are accidentally sent.

Also, the bitcoin exchange that I deal with has a confirmation dialog for all bitcoin transactions. To let a mistake by twice, I'd have to be drunk, stoned, or stupid.
foggyb
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July 13, 2011, 09:30:53 PM
 #16

But I think you are mistaken about the block chain being able to save you or your merchant from accidental transactions.

I never said the blockchain will save anyone. I just wanted to point out that the transaction record is there, and that it encourages merchants and consumers to act in a mutually beneficial way.

For better of for worse (I personally think its for better) with bitcoins you are truly on your own.

Isn't that what we wanted? Way to go bitcoin! Personal responsibility is fun. We don't need the banks to hold our hands.
Trader Steve
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"How do you eat an elephant? One bit at a time..."


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July 13, 2011, 09:46:15 PM
 #17

The irony of waiting on Dwolla USD-based transactions in order to convert into Bitcoins is not lost on me.

Simply by using current online payment systems, one should readily see how superior the coin is. I send my friend in another country money via Bitcoin... 5 min delay. I send myself money from my own bank in my own state to my own account via USD... 3 days. It is faster for me to drive to Canada to pay someone there with cash than it is to wire the money directly to that person's bank. Absurd. Markets do not long tolerate such inefficiencies when alternatives exist.

As Victor Hugo presciently stated, "On résiste à l'invasion des armées; on ne résiste pas à l'invasion des idées."



+1
Yes, I love the ease of bitcoin and hate the hassle of traditional banking. Cool
RandyFolds
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July 13, 2011, 10:17:30 PM
 #18


Never underestimate the persuasive power of a baseball bat :-)

1. How is that punk going to know you have a bitcoin account?
2. Why would he risk prison time for what might be 5 0.05 bitcoins?
3. How long will he stand in the street and threaten me, waiting for the password? Remember, if i get a concussion, i might forget the password.
4. Android app can have a feature that gives the thief access, but to a secondary (honeypot account) with only a small amount of BTC. If the thief wants to beat you to a pulp in broad daylight because he thinks you gave him a honeypot account, more power to him.




1) We are all here dealing voluntarily with a super-volatile currency because we think it will take off. Everyone is going to have a bitcoin account in this speculative future.
2) Have you really never seen 'Cops' or read a newspaper? You don't get caught by being smart... Plus, once those idiots who are "destroying bitcoin, coin by coin" wreak their havoc, .05btc will be like, 2% of the whole bitcoin economy. <---(This is a joke)
3) See #2
4) Hopefully this future-app in our speculative-future here wards off this future thug with its futuristic dummy account, but please refer to numbers 1), 2) and 3) regarding that future thug beating you to a pulp.

▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
▓▓ ONEDICE.ME ▓▓▓▓▓ BEST DICE EXPERIENCE ▓▓▓▓ PLAY OR INVEST ▓▓▓▓▓▓
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foggyb
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July 13, 2011, 11:17:50 PM
 #19


1) We are all here dealing voluntarily with a super-volatile currency because we think it will take off. Everyone is going to have a bitcoin account in this speculative future.
2) Have you really never seen 'Cops' or read a newspaper? You don't get caught by being smart... Plus, once those idiots who are "destroying bitcoin, coin by coin" wreak their havoc, .05btc will be like, 2% of the whole bitcoin economy. <---(This is a joke)
3) See #2
4) Hopefully this future-app in our speculative-future here wards off this future thug with its futuristic dummy account, but please refer to numbers 1), 2) and 3) regarding that future thug beating you to a pulp.

1. Why does everyone need to have a bitcoin account for it to be a success? Far from it. One percent adoption would make it a booming  success.
2. You missed the point. The mark's Bitcoin wallet might be nearly or completely worthless and he has ten different bitcoin wallets.
3. You missed the point. Muggers are in a hurry.
4. I don't HOPE that theft protection schemes will be built into bitcoin applications. I KNOW they will be. You assume that only apps coded by stupid people will be popular?
5. Homeless muggers will understand all these things better than you, and that will inhibit bitcoin device theft.
RandyFolds
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July 13, 2011, 11:39:07 PM
 #20

I was just saying you grossly underestimate criminals, but in troll.

Seriously, how many brazen rapes, beatings, and murders occur 'in broad daylight'? You missed my point about watching COPs...criminals, at least the ones getting caught, are not intelligent. You also missed my point about the growth of bitcoin...a mugger demands your wallet and watch before he knows how much they are worth.

Look up california's three strikes law. How many assholes are sitting in jail for the rest of their lives for less than 1BTC's value? You think there aren't a zillion people out there who wouldn't fuck you over without a second though? You think too highly of the world, sir.

Not sure where you came up with 'apps coded by stupid people', but a password isn't going to cut it to protect half a million dollars, ever. Remember that persuasive baseball bat?

▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
▓▓ ONEDICE.ME ▓▓▓▓▓ BEST DICE EXPERIENCE ▓▓▓▓ PLAY OR INVEST ▓▓▓▓▓▓
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