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flug
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August 06, 2011, 03:21:27 PM |
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Random thought: if the Bitcoin real economy was more mature, anyone stealing bitcoins would be more inclined to keep them and/or spend them (reinforcing the Bitcoin economy) rather than cashing out to dollars (reducing bitcoin's exchange rate).
So, not only is Bitcoin suffering from lack of security, it's also suffering from lack of a real economy. These problems will gradually diminish as time goes on.
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stic.man
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August 06, 2011, 03:52:47 PM |
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bitcoins are still up like 800% since april
Just look long term, buy low to cut your investments, ride it out long term
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oakpacific
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August 06, 2011, 03:57:27 PM |
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I'm still bullish on bitcoins, and I'm willing to pay 5% above market price to buy them, too bad that I don't have any MtGox USD left and the bank transaction is taking ages.
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shmadz
Legendary
 Offline
Activity: 1512
Merit: 1000
@theshmadz
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August 06, 2011, 03:58:13 PM |
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As much as I hate the fact that people are losing their bitcoins, it is better that the flaws are exploited earlier rather than later. The money that these hackers get away with is their payment for exposing these flaws.
Which flaws exactly has been exposed? So far it had been human stupidity for the most part, the flaw which was already exposed many thousands years ago. So it's human greed fighting human stupidity at this point, which endangers this project. these 2 posts are my favorite in the thread, and cut to the core of the point at hand, IMO. thanks piramida and triforcelink. Could bitcoin actually die? of course! any disruption, be it natural in the form of a super solar flare taking out the power grid, or intentional, as in a government hitting the "kill-switch" on the internet (I'm looking at you Obama) or some hacker figuring out how to "beat the system". Or just the simple, slow death of non-acceptance. but I like what piramida pointed out. in order to have a truly secure system, you need to invite the "hackers" or people that are familiar and experienced with cracking or otherwise exploiting these systems so that you can bring to light the vulnerabilities of said system. and also from triforcelink, pointing out that the biggest threat to bitcoin lies in human greed. (the "stupidity" I will label as ignorance, and lay the blame of this ignorance at the feet of the greedy. i.e. the intentional "dumbing-down" of our society in order to reduce the number of critical thinkers that might otherwise pose a threat to the ones that currently hold power (and information, such that information, and the control thereof = power)) |
"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
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Cluster2k
Legendary
Offline
Activity: 1692
Merit: 1018
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August 06, 2011, 06:22:04 PM |
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I'm sure merchants are lining up to adopt bitcoins as their currency. Why use US dollars where the volatility is maybe 3% in a bad week and credit card merchant fees eat a whopping 2.5%, while bitcoins can drop over 25% in a week.
Bitcoin is not dead, but it is suffering many flesh wounds.
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FlipPro
Legendary
Offline
Activity: 1764
Merit: 1015
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August 06, 2011, 06:25:28 PM |
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As much as I hate the fact that people are losing their bitcoins, it is better that the flaws are exploited earlier rather than later. The money that these hackers get away with is their payment for exposing these flaws.
Which flaws exactly has been exposed? So far it had been human stupidity for the most part, the flaw which was already exposed many thousands years ago. So it's human greed fighting human stupidity at this point, which endangers this project. these 2 posts are my favorite in the thread, and cut to the core of the point at hand, IMO. thanks piramida and triforcelink. Could bitcoin actually die? of course! any disruption, be it natural in the form of a super solar flare taking out the power grid, or intentional, as in a government hitting the "kill-switch" on the internet (I'm looking at you Obama) or some hacker figuring out how to "beat the system". Or just the simple, slow death of non-acceptance. but I like what piramida pointed out. in order to have a truly secure system, you need to invite the "hackers" or people that are familiar and experienced with cracking or otherwise exploiting these systems so that you can bring to light the vulnerabilities of said system. and also from triforcelink, pointing out that the biggest threat to bitcoin lies in human greed. (the "stupidity" I will label as ignorance, and lay the blame of this ignorance at the feet of the greedy. i.e. the intentional "dumbing-down" of our society in order to reduce the number of critical thinkers that might otherwise pose a threat to the ones that currently hold power (and information, such that information, and the control thereof = power)) Most of your reasons are either impossible, or highly unlikely. |
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RandyFolds
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August 06, 2011, 07:50:54 PM |
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Sad to see bitcoin has died, well i just deleted my wallet and moved on with my life.
Verry stupid move ! Especially if you had coins in it and they will be lost permanently... (Joke) - - - - - - - - - - - - - - (Your Head) |
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the joint
Legendary
Offline
Activity: 1834
Merit: 1020
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August 06, 2011, 07:54:55 PM |
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I'm still bullish on bitcoins, and I'm willing to pay 5% above market price to buy them, too bad that I don't have any MtGox USD left and the bank transaction is taking ages.
Wanna buy 16 BTC at $9? |
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oakpacific
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August 06, 2011, 09:51:30 PM |
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I'm still bullish on bitcoins, and I'm willing to pay 5% above market price to buy them, too bad that I don't have any MtGox USD left and the bank transaction is taking ages.
Wanna buy 16 BTC at $9? Too bad I didn't see your post sooner. |
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the joint
Legendary
Offline
Activity: 1834
Merit: 1020
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August 06, 2011, 10:01:15 PM |
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I'm still bullish on bitcoins, and I'm willing to pay 5% above market price to buy them, too bad that I don't have any MtGox USD left and the bank transaction is taking ages.
Wanna buy 16 BTC at $9? Too bad I didn't see your post sooner. You're tellin' me, haha. |
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Anonymous
Guest
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August 06, 2011, 10:16:42 PM |
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I wonder how many scammers had their coins in mybitcoin  These failures all happened because of centralised services not because of bitcoin itself. Dont store all your coins in one place... |
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Bitcoinreminder.com
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August 07, 2011, 12:32:01 AM |
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I wonder how many scammers had their coins in mybitcoin These failures all happened because of centralised services not because of bitcoin itself. Dont store all your coins in one place... +1 |
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enquirer
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August 07, 2011, 10:13:49 AM |
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while bitcoins can drop over 25% in a week.
more like - in an hour |
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GeniuSxBoY (OP)
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August 25, 2011, 06:50:07 PM |
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BUMP TO THE TOP
This could be the end.
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Be humble!
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dree12
Legendary
Offline
Activity: 1246
Merit: 1077
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August 25, 2011, 06:53:51 PM |
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Then buy now so you can sell these rare relics of digital history for thousands each!
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YoYa
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August 25, 2011, 07:05:21 PM |
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RandyFolds
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August 25, 2011, 09:25:24 PM |
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He semi-coherently babbles about how no one can find a security flaw, though maybe I didn't listen well enough...care to elaborate? |
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the joint
Legendary
Offline
Activity: 1834
Merit: 1020
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August 25, 2011, 10:39:15 PM |
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BUMP TO THE TOP
This could be the end.
In my opinion, there is far less reason to think this is the end compared to the previous drop to the $5 range. New huge online sites (Bitcoindeals.com), ATMs, etc. give the future of Bitcoin a good support system. Watch if it hits $5 again, and see everyone buy it all back up. |
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FlipPro
Legendary
Offline
Activity: 1764
Merit: 1015
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August 25, 2011, 11:23:54 PM |
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BITCOINS WILL NEVER DIE. NEVER NEVER NEVER Even if SHA-256 gets cracked (via quantum computing) the blockchain can and will be upgraded... Now, Bitcoins price can crash at any moment  . |
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