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Author Topic: Can anyone post an exhaustive list of bad things Bitcoin is doing to this world?  (Read 6132 times)
Impaler
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November 11, 2013, 04:27:28 AM
 #61

The Kidnapping has apparently already begun, its just your files for now, children will take a bit longer.

http://www.coindesk.com/cryptolocker-malware-demands-bitcoin-ransom/

On a side note I would say that anything that makes people believe in Austrian economic nonsense is bad but that's a bit indirect as it's actually the implementation of Austrian economic practices that are damaging to the economy not people beliefs in them.

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November 12, 2013, 05:41:52 PM
 #62

The Kidnapping has apparently already begun, its just your files for now, children will take a bit longer.

http://www.coindesk.com/cryptolocker-malware-demands-bitcoin-ransom/

On a side note I would say that anything that makes people believe in Austrian economic nonsense is bad but that's a bit indirect as it's actually the implementation of Austrian economic practices that are damaging to the economy not people beliefs in them.

I wonder where do people get this shit? I've stopped using a serious antivirus software years ago, visit a lot of horrible places on the web daily, and yet I'm clean.

Best thing you can do is to store your important stuff offline I guess.


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hayek
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November 12, 2013, 06:05:24 PM
 #63

Grossly disproportionate rewards to a small community of self selecting early adopters.

Yeah, the wheel was like that too. See how that turned out  Roll Eyes

Bitcoin enables trade. Voluntary trade.

Off the top of my head I cannot come up with an evil as the result of voluntary trade.
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November 12, 2013, 06:48:32 PM
 #64

The worst use of Bitcoin that is happening today is sell of arms & ammunitions. There were (maybe are) some sellers on Silk Road that dealed in this

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rpietila
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November 12, 2013, 07:07:05 PM
 #65

Grossly disproportionate rewards to a small community of self selecting early adopters.

Early adopter are those how were looking/searching for alternative to the fiat currencies, and they took big risk, have vision and strong hands..  This is ok, they have the merit to own what they own.
What big risk?

Running the Bitcoin client software on computers they already owned?

The risk of holding thousands of bitcoins for 3 or more years through various rallies and crashes. 10,000 bitcoins in June 2011 was $320,000 in value. If you didn't sell, you risked losing $320,000. So, you held on, past the fall to $2, watching your $320,000 become $20,000. Ouch. Then, after what seemed like years, the exchange rate starts increasing again. Do you sell when it hits $32 again, almost 2 years later, regretting not selling the first time, or do you risk it and hold. Then in April 2013 it hits an ATH of $266. Do you sell. Did you sell on the way up? Do you hold? Will Bitcoin be worth anything in a year? Will a superior crypto currency be created? Will major governments outlaw Bitcoin? Will there be a 51% attack? Will there be a fork? Then it crashes back to $60 in a matter of days. Do you sell then? Will it go back up? Who can withstand these kind of fluctuations?

What big risk? Bitcoin is extremely risky. Any early adopter still holding early mined coins has experienced risk far beyond what any normal person will experience in their lifetime. The higher the exchange rate goes, the more risk they assume by holding on to their early stash.

Most early adopters have long since sold to investors who are capable of dealing with this kind of extreme risk.

It doesn't matter which money system is used, there will always be the extremely wealthy and there will always be the extremely poor. Bitcoin wasn't designed to change that because that isn't the job of money.

Keep pretending that the early adopters are just comfortably holding thousands of coins, without a care in the world, because they all knew it would make them filthy rich in a few years.

I like this. But even more I liked inspired by a few posts before:


A: It's unfair that Bitcoin rewards early adapters disproportionately.

B: Pssst... There is a new coin, Litecoin. You can still be an early adopter!

A: It is too expensive. I want lots of coins cheaply!

B: Feathercoin has been trading a while and you can just buy as many as you want.

A: Wtf is that...

B: The software is open source. Make your own coin and just select how many you want.

A: Too much hassle; I would invest my time and even money for something that has no guarantee of ever succeeding.

B: There you have the unfair and disproportionate bitcoiners...
worldtreasurefinders
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November 12, 2013, 09:14:01 PM
 #66

Three of the big "bad things" brought up in this thread are buying drugs, buying guns and laundering your own money.  None of these things are actually crimes, because they have no victims.  Voluntary exchange between willing parties is not criminal behavior.

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November 12, 2013, 09:14:54 PM
 #67

The worst use of Bitcoin that is happening today is sell of arms & ammunitions. There were (maybe are) some sellers on Silk Road that dealed in this

They would have to do it under the radar, as Silk Road banned arms trade.

And people being able to effectively defend themselves, despite pro-criminal safety government infringements of the most important human right, is not the worst use of bitcoin.

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November 13, 2013, 01:34:00 AM
 #68

I would also say one of the potentially bad things is how easily they can be lost, forever.  One missed digit in a recipient's wallet, one lost paper wallet, one bad apple stealing from an exchange, etc., and they can never be recovered. 

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worldtreasurefinders
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November 13, 2013, 02:16:35 AM
 #69

I would also say one of the potentially bad things is how easily they can be lost, forever.  One missed digit in a recipient's wallet, one lost paper wallet, one bad apple stealing from an exchange, etc., and they can never be recovered. 

Maybe there's a market for risk management, last I heard in the fiat world financial fraud cost over 6 billion a year and that's an out of data figure. Of course there would be costs involved...

Makes me wonder, at a price of over $300 per BTC, is it time for the market to develop a bitcoin moderation/investigation/dispute resolution service?  A third party which private companies/customers can hire to investigate and opine on claims of wrongdoing between parties utilizing BTC as their medium of exchange?

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November 13, 2013, 04:07:35 AM
 #70

I would also say one of the potentially bad things is how easily they can be lost, forever.  One missed digit in a recipient's wallet, one lost paper wallet, one bad apple stealing from an exchange, etc., and they can never be recovered. 

I believe one missed digit or other small errors won't do anything, due to checksums.

One mispasted address, though...but the same is true with email. You think you Ctrl+C'd your girlfriend's address and then paste it into the recipient line, but you actually still had your boss's address on the clipboard. Then you proceed to send your boss a raunchy email, with cock pics, and/or talking about what a jerk he is. Alternatively you send that to an address that rebroadcasts to the whole company. Possible jail time.

Email isn't ready for the mainstream!
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November 13, 2013, 04:13:59 AM
 #71

As a few people mentioned above, Bitcoin does have downsides, but they are tiny compared to the benefits. Access to running water also has downsides. It "wastes" power, costs resources and labor to maintain, makes people less creative, needs to be drained, etc.
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November 13, 2013, 01:23:39 PM
 #72

The worst use of Bitcoin that is happening today is sell of arms & ammunitions. There were (maybe are) some sellers on Silk Road that dealed in this

They would have to do it under the radar, as Silk Road banned arms trade.

And people being able to effectively defend themselves, despite pro-criminal safety government infringements of the most important human right, is not the worst use of bitcoin.

Say what? I smell hypocrisy. No guns but tons of heroin? Drugs kill as good as guns do. I could never imagine that silkroad would ban something, lol. Proves that I know nothing.


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