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Author Topic: A lot of bad news recently for bitcoin, IMO it is going to start to hurt.  (Read 4215 times)
vulgata
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August 03, 2011, 04:03:53 PM
 #41

I must be an idiot, because everytime i try linux I end up going back to windows with my tail between my legs.

I recently tried ubuntu 11.04 but trying to get my GPU drivers loaded Borked my system.  Then I tried linuxcoin, but couldnt figure out how to start mining...  back to windows 7...

Its a shame, because ive always loved the GUI user interface of linux.  If all i did was surf the web then yeah id use ubuntu... but getting world of warcraft to work in linux is WAAAAAAAAAAAAY to much work.  
you're not an idiot, you're only not an informatican

@vulgata

See, thats what i ment what's Ubuntu about...

I like and use Ubuntu, but that's the reason, why i normally use Windows, and run Ubuntu on a stick..


I guess I have a different level of "dumb" than everyone else then... there's a separate application just for installing closed-source drivers that has never let me down and installing my miner was as simple as typing "git pull".  Any problems I ran into were solved with Google, same as when I was on Windows and OS X.

Of course there are going to be isolated incidents of people having problems with their computers because of a unique combination of hardware/software, but again Windows has a huge industry behind it that exists to solve all those problems for you for a profit.  You paid a computer manufacturer to configure Windows perfectly for your hardware, they pay Microsoft and hardware companies to write drivers so it all works together, and you pay for a service agreement to solve all your problems for you.

Similarly, people who use Linux seriously (servers, finance industry, businesses, governments) pay Red Hat, Oracle, etc. for that kind of service and reliability.  They just haven't pushed hard enough into the desktop arena like Windows has.  But again, that's an issue behind the business side of selling OSs, not a technical argument.

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joulesbeef
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August 03, 2011, 04:46:39 PM
 #42

there is a reason why most businesses use linux in the back while their sheeple non techie employees are all on windows. And it is a bit more than "we have always done it this way that is why"


you can quibble all day about if either is more user friendly or if you can get the same level of customer service from redhat as you could from MS.

at the end of the day, it is cheaper on businesses with windows up front and linux in the back, even if it doesnt seem like it with all them damn windows licenses.

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August 03, 2011, 05:03:00 PM
 #43

Huh, I have been replacing all the Winxx OS on the computers at work. When I check back a few weeks later to ask how they like the new Ubuntu OS, the just say... "wha? I didn't notice anything".

Anyway on topic. No I don't think it will be so bad for BTC. The examples you mentioned are mostly not problems with bitcoin.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin=https://bitcointalk.org/index.php?topic=1610684
joulesbeef
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August 03, 2011, 07:15:17 PM
 #44

Quote
Anyway on topic. No I don't think it will be so bad for BTC. The examples you mentioned are mostly not problems with bitcoin

really hard to believe you can say that. Many people used mybitcoin as they did not trust having their wallets on their own computer with various bitcoin trojans. Now suddenly the place where they felt safe, disappears without a trace. And that is about 100,000 bitcoins, many of those people were current traders. If you just lost 1000 coins would you immediately go buy some more? If you didnt feel safe with the wallet at home and the biggest most recommended online wallet just disappeared, would you go looking for the second biggest?

yeah some of my examples are only small straws on the camels back. The MTGOX glich for example. But it just adds to peoples unease. DO you really doubt that ANY stock would not go down with similar level of bad news?

I'm not saying it would hurt long term, I hope not. it will if this shit doesnt stop. But you would have to be blind to not see it has hurt the short term. Why do you think we are at $9 right now? due to all the good news?

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August 04, 2011, 05:39:35 PM
 #45

Well, I agree with your idea that prices are hurt by bad press. What I meant about those examples not be bitcoin problem is that they are not flaws in the fundamentals of bitcoin.  Scammers, shady or unprofessional websites, market manipulation, those are problems with people, not bitcoin.
If SHA-256 were broken, now that would be a flaw.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

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joulesbeef
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August 04, 2011, 09:13:36 PM
 #46

Ok i understand.. you are right.. most of the flaws so far are growing pains and people starting to recognize that bitcoin is a target for scammers cause it is new, a lot o fmoney goes through it and people dont have good security habits yet.

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vulgata
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August 04, 2011, 09:25:16 PM
 #47

Well, I agree with your idea that prices are hurt by bad press. What I meant about those examples not be bitcoin problem is that they are not flaws in the fundamentals of bitcoin.  Scammers, shady or unprofessional websites, market manipulation, those are problems with people, not bitcoin.
If SHA-256 were broken, now that would be a flaw.

The problem is that Bitcoin is only as good as the people using it.  It can't exist by itself in a vacuum.  While we as techies/geeks may write off the human component and market stuff as less important than the "fundamentals", they are just as essential to its success as the client, network, and crypto are.  Too many of these incidents (and they're getting worse as more people get involved and centralize more) may sour the public on the whole idea and drive them away for good.

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August 04, 2011, 09:58:45 PM
 #48

Well, I agree with your idea that prices are hurt by bad press. What I meant about those examples not be bitcoin problem is that they are not flaws in the fundamentals of bitcoin.  Scammers, shady or unprofessional websites, market manipulation, those are problems with people, not bitcoin.
If SHA-256 were broken, now that would be a flaw.

The problem is that Bitcoin is only as good as the people using it.  It can't exist by itself in a vacuum.  While we as techies/geeks may write off the human component and market stuff as less important than the "fundamentals", they are just as essential to its success as the client, network, and crypto are.  Too many of these incidents (and they're getting worse as more people get involved and centralize more) may sour the public on the whole idea and drive them away for good.

It's like high school all over again, isn't it?

shmadz
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August 04, 2011, 11:39:33 PM
 #49

Bitcoin is new and uncertain. With the new and uncertain can come great rewards or great failures, right now it is looking like the later is taking hold. So far we have seen

25k stolen
trojan wallet stealers.
MtGox hacked
dwolla reversing payments.
MtGox glitch sending price to million per coin.
MyBitcoin the largest online wallet service, MIA and no info what so ever and no way to contact the owner as yet.
The 3rd biggest exchange had 17,000 coins go poof. In the normal market even if something like this was to happen and their was no backups, you could get most peoples stocks back, it would just take time and research but with coins, they get destroyed and they are gone, no one can refind them later.


This is a lot for someone looking into bitcoin to handle.

So are you bullish or bearish now on the coin? How many more of these growing pains until it really effects the price? What can be done to help end amateur hour here?

This was (still is) one of my biggest questions about bitcoin. There is supposed to be a max of 21,000,000 BTC eventually, but how many will get lost, deleted, etc.... 10%? 20%? more?

(*WARNING - wild imagination about to go wild*)

What if bitcoin actually succeeds? Say bitcoin gains mass acceptance, and then some wacko decides to bomb a bitcoin convention with the intent of decreasing the supply in order to drive up the demand/price??




"You have no moral right to rule us, nor do you possess any methods of enforcement that we have reason to fear." - John Perry Barlow, 1996
proudhon
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August 04, 2011, 11:44:53 PM
 #50

(*WARNING - wild imagination about to go wild*)

What if bitcoin actually succeeds? Say bitcoin gains mass acceptance, and then some wacko decides to bomb a bitcoin convention with the intent of decreasing the supply in order to drive up the demand/price??

Wait, I missed the part where everyone at the convention was toting around their entire wallet on their smartphone and were the only one's in their family/circle with access to their backups.
joulesbeef
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August 05, 2011, 01:46:18 AM
 #51

nah but a ton of coins have already17,000 have  been lost at that one exchange, and tons of people have screwed up and lost their coin and tons quit with change in their wallets but the more that our lost the less that should be, as value goes up, once we get all 21 million, hopefully fractions of a bitcoin will be worth a lot, so people will tend to lose small fractions rather than whole coins.

Still once lost bitcoins are lost forever. unlike gold

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August 05, 2011, 06:52:35 AM
 #52

joulesbeef, part of the beauty of Bitcoin.  21 million (slightly less) is the upper bound of BTC.   Loss is not insignificant.  Study compSci (computer science) and investigate "order O notation", upper bound and lower bound become significant factors... http://en.wikipedia.org/wiki/Big_O_notation

Same principles apply to BitCoin money supply.

Ganalon -- Techie and Financial Guy
http://websqurl.com/
vulgata
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August 07, 2011, 05:40:12 PM
 #53

Well, I agree with your idea that prices are hurt by bad press. What I meant about those examples not be bitcoin problem is that they are not flaws in the fundamentals of bitcoin.  Scammers, shady or unprofessional websites, market manipulation, those are problems with people, not bitcoin.
If SHA-256 were broken, now that would be a flaw.

The problem is that Bitcoin is only as good as the people using it.  It can't exist by itself in a vacuum.  While we as techies/geeks may write off the human component and market stuff as less important than the "fundamentals", they are just as essential to its success as the client, network, and crypto are.  Too many of these incidents (and they're getting worse as more people get involved and centralize more) may sour the public on the whole idea and drive them away for good.

It's like high school all over again, isn't it?

Unfortunately, yes  Undecided

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