Bitcoin Forum
December 12, 2017, 10:28:23 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: NYPOST - Bitcoin is "Tinker Toy Currency & Tulipmania".WTF? Correct this idiot.  (Read 990 times)
Pangia
Sr. Member
****
Offline Offline

Activity: 406


View Profile
March 02, 2014, 06:21:11 PM
 #1

http://nypost.com/2014/03/01/hackers-stole-437m-worth-of-bitcoins-in-tinker-toy-currency-mess/

Hackers stole $473M of ‘Tinker Toy currency’ bitcoins
By Jonathon M. Trugman  March 1, 2014 | 9:35pm
Modal Trigger
Hackers stole $473M of ‘Tinker Toy currency’ bitcoins
Only a ban will solve this bitcoin currency mess.
Photo: Reuters
MORE ON:
BITCOINS
Millions missing as Mt. Gox bitcoin exchange files for bankruptcy
Mt. Gox bitcoin customers could be out of luck
Bitcoin exchange Mt. Gox subpoenaed after cyber attacks
Bitcoin prices rise as authorities probe exchange closure
Mt. Gox — formerly known as Magic: The Gathering Online Exchange — made 750,000 bitcoins worth $473 million disappear, the company said Friday.
The former trading-card exchange declared bankruptcy after CEO Mark Karpeles announced that hackers had plundered all the coin on the site.
Once again, let’s be clear: Bitcoin is not a currency, crypto or otherwise. A legitimate currency is a store of an economic value based upon a nation’s level of economic strength.
Anybody referring to bitcoin as a currency is either slimy or just plain stupid.
A bona fide currency has a homeland, and it is that country’s specific approved form of money, with a seal and a traceable serial number, backed up by gross domestic product, taxes and oversight.
Even commodities like gold, diamonds, silver and oil have measurable, underlying values that can be precisely weighed.
Bitcoin is closer to the Dutch Tulipmania of the 1630s, only you can’t put a bunch of bitcoins on your Sunday dinner table.
So unfortunately for the young man standing outside Mt. Gox HQ in Tokyo, there is no liquidity left, no paper trail and certainly no profits.
So, moving forward, can we stop with the quasi-official talk from federal and state officials?
As Fed chair Janet Yellen explained it perfectly to senators, “It’s not so easy to regulate bitcoin, because there is no central issuer.”
Even so, New York state regulator Benjamin Lawsky has been leading the charge to possibly “regulate” or rein in bitcoin. Well-respected after having won a major $340 million settlement from Standard Chartered Bank in a money-laundering case, he is almost beyond reproach and working tirelessly on bitcoin.
Better would be to take a cue from Sen. Joe Manchin (D-W.Va.), who called for a complete ban on bitcoin in a letter to regulators last week.
“I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hardworking Americans,” the senator wrote.
Give the guy credit: He tells like it is, even if some of the Bitcoin sponsors like Marc Andreessen are politically active donors and have lobbyists converging on Washington and New York en masse.
While it’s clear that politicians’ and regulators’ intentions are good, they do need to be careful not to mistakenly lend even a scintilla of credibility to what amounts to a Tinker Toy currency.


 
 
           ▄████▄
         ▄████████▄
       ▄████████████▄
     ▄████████████████▄
    ████████████████████      ▄█▄                 ▄███▄                 ▄███▄                 ▄████████████████▀   ▄██████████

  ▄▄▄▀█████▀▄▄▄▄▀█████▀▄▄▄     ▀██▄             ▄██▀ ▀██▄             ▄██▀ ▀██▄             ▄██▀                   ██
▄█████▄▀▀▀▄██████▄▀▀▀▄█████▄     ▀██▄         ▄██▀     ▀██▄         ▄██▀     ▀██▄         ▄██▀        ▄█▄          ▀██████████████▄
████████████████████████████       ▀██▄     ▄██▀         ▀██▄     ▄██▀         ▀██▄     ▄██▀          ▀█▀                        ██
 ▀████████████████████████▀          ▀██▄ ▄██▀             ▀██▄ ▄██▀     ▄█▄     ▀██▄ ▄██▀                                       ██
   ▀████████████████████▀              ▀███▀                 ▀███▀       ▀█▀       ▀███▀      ▄███████████████████████████████████▀
     ▀████████████████▀
       ▀████████████▀
         ▀████████▀
           ▀████▀
║║


║║
.
.

║║
██
║║
.
.

║║
██
║║
.
║║


║║
1513074503
Hero Member
*
Offline Offline

Posts: 1513074503

View Profile Personal Message (Offline)

Ignore
1513074503
Reply with quote  #2

1513074503
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513074503
Hero Member
*
Offline Offline

Posts: 1513074503

View Profile Personal Message (Offline)

Ignore
1513074503
Reply with quote  #2

1513074503
Report to moderator
1513074503
Hero Member
*
Offline Offline

Posts: 1513074503

View Profile Personal Message (Offline)

Ignore
1513074503
Reply with quote  #2

1513074503
Report to moderator
1513074503
Hero Member
*
Offline Offline

Posts: 1513074503

View Profile Personal Message (Offline)

Ignore
1513074503
Reply with quote  #2

1513074503
Report to moderator
Kay0r
Full Member
***
Online Online

Activity: 182


View Profile
March 02, 2014, 06:54:05 PM
 #2

http://nypost.com/2014/03/01/hackers-stole-437m-worth-of-bitcoins-in-tinker-toy-currency-mess/

Hackers stole $473M of ‘Tinker Toy currency’ bitcoins
By Jonathon M. Trugman  March 1, 2014 | 9:35pm
Modal Trigger
Hackers stole $473M of ‘Tinker Toy currency’ bitcoins
Only a ban will solve this bitcoin currency mess.
Photo: Reuters
MORE ON:
BITCOINS
Millions missing as Mt. Gox bitcoin exchange files for bankruptcy
Mt. Gox bitcoin customers could be out of luck
Bitcoin exchange Mt. Gox subpoenaed after cyber attacks
Bitcoin prices rise as authorities probe exchange closure
Mt. Gox — formerly known as Magic: The Gathering Online Exchange — made 750,000 bitcoins worth $473 million disappear, the company said Friday.
The former trading-card exchange declared bankruptcy after CEO Mark Karpeles announced that hackers had plundered all the coin on the site.
Once again, let’s be clear: Bitcoin is not a currency, crypto or otherwise. A legitimate currency is a store of an economic value based upon a nation’s level of economic strength.
Anybody referring to bitcoin as a currency is either slimy or just plain stupid.
A bona fide currency has a homeland, and it is that country’s specific approved form of money, with a seal and a traceable serial number, backed up by gross domestic product, taxes and oversight.
Even commodities like gold, diamonds, silver and oil have measurable, underlying values that can be precisely weighed.
Bitcoin is closer to the Dutch Tulipmania of the 1630s, only you can’t put a bunch of bitcoins on your Sunday dinner table.
So unfortunately for the young man standing outside Mt. Gox HQ in Tokyo, there is no liquidity left, no paper trail and certainly no profits.
So, moving forward, can we stop with the quasi-official talk from federal and state officials?
As Fed chair Janet Yellen explained it perfectly to senators, “It’s not so easy to regulate bitcoin, because there is no central issuer.”
Even so, New York state regulator Benjamin Lawsky has been leading the charge to possibly “regulate” or rein in bitcoin. Well-respected after having won a major $340 million settlement from Standard Chartered Bank in a money-laundering case, he is almost beyond reproach and working tirelessly on bitcoin.
Better would be to take a cue from Sen. Joe Manchin (D-W.Va.), who called for a complete ban on bitcoin in a letter to regulators last week.
“I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hardworking Americans,” the senator wrote.
Give the guy credit: He tells like it is, even if some of the Bitcoin sponsors like Marc Andreessen are politically active donors and have lobbyists converging on Washington and New York en masse.
While it’s clear that politicians’ and regulators’ intentions are good, they do need to be careful not to mistakenly lend even a scintilla of credibility to what amounts to a Tinker Toy currency.

This guy should go back playing monopoly

If the above post was helpful, please consider donate BTC to 1F6BBUcpJLbGoXuftGYa9YSZkCCVHYdHAP
-gagapool.pw-  Multialgo/Multicoin payout. The first of its kind.
CoinRocka
Sr. Member
****
Offline Offline

Activity: 251


View Profile
March 02, 2014, 06:57:04 PM
 #3

Warren would buy.  Even if he says you shouldn't.   Cool
HorseCoin
Jr. Member
*
Offline Offline

Activity: 42


View Profile
March 02, 2014, 07:48:18 PM
 #4

tinker toy. 

bup bup bup bup!!

investment is a great staple
Littleshop
Legendary
*
Offline Offline

Activity: 1316



View Profile WWW
March 02, 2014, 09:35:55 PM
 #5

http://nypost.com/2014/03/01/hackers-stole-437m-worth-of-bitcoins-in-tinker-toy-currency-mess/

Bitcoin is closer to the Dutch Tulipmania of the 1630s, only you can’t put a bunch of bitcoins on your Sunday dinner table.


I guess he has never heard of foodler.com


cryptoanarchist
Legendary
*
Offline Offline

Activity: 1106



View Profile
March 03, 2014, 12:43:07 AM
 #6

The NY Post is sorta like the Weekly World News in terms of credibility.

Edit: On second thought, the Weekly World News is MORE credible.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!