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Bitcoin community in panic as major exchange goes AWOL.

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Is Bitcoin what Wall Street would be like if there were absolutely no regulations?
A stock exchange does serve a purpose, and even you see more and more non-productive parasitic trading, errr, I meant financial innovation, even without regulation (and we've been there before) there is still some economically useful activities that can be carried out by it.
Bitcoin speculation is 100% non-productive, and people who make money on it are the epitome of the moocher class.
 
isn't bitcoin trading the best video game of all time
Talking about bideo james, TF2 keys resemble a real currency much much more than the butts. They are stable, secure, they circulate AND you can buy real life goods and services with them. Amazing.
 
that's a lot of interesting conjecture

*yawn* i'm tired

i'm gonna go play video games

i spend lots of my time reading about bitcoin, but not to inform people like yourself, go do your own research.

Ugh, why are Bitcoin people so intolerable?
 
A stock exchange does serve a purpose, and even you see more and more non-productive parasitic trading, errr, I meant financial innovation, even without regulation (and we've been there before) there is still some economically useful activities that can be carried out by it.
Bitcoin speculation is 100% non-productive, and people who make money on it are the epitome of the moocher class.
Yeah, normally the stock market should be about the allocation of capital and investment through company ownership.
 
that's a lot of interesting conjecture

*yawn* i'm tired

i'm gonna go play video games

i spend lots of my time reading about bitcoin, but not to inform people like yourself, go do your own research.

Haha. Can't tell if real or character.

If you're playing Bioshock remember it is a cautionary tale and not a brochure.
 
that's a lot of interesting conjecture

*yawn* i'm tired

i'm gonna go play video games

i spend lots of my time reading about bitcoin, but not to inform people like yourself, go do your own research.

So I'm a dick for my opinion on a particular fighting game but it's ok for you to be one when discussing about Bitcoin?

What a hypocrite. Please go play your games and stay on gaming side.
 
Wasn't Mt Gox (magic the gathering online exchange) the biggest exchange? Wouldn't that be like the Nasdaq disappearing? Not only disappearing but being run by that sock puppet from pets.com before it actually imploded? What is wrong with people?
 
Wasn't Mt Gox (magic the gathering online exchange) the biggest exchange? Wouldn't that be like the Nasdaq disappearing? Not only disappearing but being run by that sock puppet from pets.com before it actually imploded? What is wrong with people?

I believe they ran off with 350M or so...Bit coin mkt cap is around 8B I believe.

In any case, MtGox was always the shadiest exchange. Can't believe so many would leave their assets there.
 
I believe they ran off with 350M or so...Bit coin mkt cap is around 8B I believe.

In any case, MtGox was always the shadiest exchange. Can't believe so many would leave their assets there.
Brand loyalty. Bitcoin speculators developed an early fondness for MtGox when the service helped them get a great deal on Exodia: The Forbidden One in high school.
 
i spend lots of my time reading about bitcoin, but not to inform people like yourself, go do your own research.

if you want to convince people, in the face of all factual evidence, that bitcoin is not powered entirely by a parasitic speculation bubble, i am not sure you are going to do it by revealing that you have literally no counterpoint to their arguments
 
Bitcoin is already a monetary revolution. Whether it survives or not doesn't matter: Bitcoin has proved that it was possible and the wheels are in motion. By the way, the fact that platforms go bankrupt, that bubbles appear and burst, that the rate is volatile are normal hiccups as people search for the truth. It's a very ordinary phenomenon of discovery and experimentation by the market. The fact that Mt.Gox went bankrupt represents a lot of information for future altcoin entrepreneurs and represents a warning for Bitcoin's competitors. Plus, considering how Bitcoin pulls through with so little damage after one of its biggest exchange platforms has crashed and burned is damn good news for Bitcoiners.

So yeah, one should not think it will be usable on the very short term, but the first steps have already been done. The legions of idiots who celebrate the fall of BTC can cry, shout, stamp their feet or even dance on their heads but they have already lost.
 
So yeah, one should not think it will be usable on the very short term, but the first steps have already been done. The legions of idiots who celebrate the fall of BTC can cry, shout, stamp their feet or even dance on their heads but they have already lost.

smh

This is like reading about a religous cult.
 
The legions of idiots who celebrate the fall of BTC can cry, shout, stamp their feet or even dance on their heads but they have already lost.
When I can go buy groceries and pay for my electric bill with your neckbeard fedora currency, then I'll take bitcoin seriously.
 
that's a lot of interesting conjecture

*yawn* i'm tired

i'm gonna go play video games

i spend lots of my time reading about bitcoin, but not to inform people like yourself, go do your own research.
iBA4kVPDIyTko.gif
 
that's a lot of interesting conjecture

*yawn* i'm tired

i'm gonna go play video games

i spend lots of my time reading about bitcoin, but not to inform people like yourself, go do your own research.
Wow, if there ever was a neck beard response of GAF, this would be it. Jesus.
 
Bitcoin is already a monetary revolution. Whether it survives or not doesn't matter: Bitcoin has proved that it was possible and the wheels are in motion. By the way, the fact that platforms go bankrupt, that bubbles appear and burst, that the rate is volatile are normal hiccups as people search for the truth. It's a very ordinary phenomenon of discovery and experimentation by the market. The fact that Mt.Gox went bankrupt represents a lot of information for future altcoin entrepreneurs and represents a warning for Bitcoin's competitors. Plus, considering how Bitcoin pulls through with so little damage after one of its biggest exchange platforms has crashed and burned is damn good news for Bitcoiners.

So yeah, one should not think it will be usable on the very short term, but the first steps have already been done. The legions of idiots who celebrate the fall of BTC can cry, shout, stamp their feet or even dance on their heads but they have already lost.
You can say it's hiccups on the way "to the truth", I think it is unavoidable manifestations of the deep flaws in it. And this is not hindsight, people (including myself, check my post history if you must) have been saying since its inception that this model will lead to rampant speculation, high volatility and unproductive boom and bust cycles.
 
if you want to convince people, in the face of all factual evidence, that bitcoin is not powered entirely by a parasitic speculation bubble, i am not sure you are going to do it by revealing that you have literally no counterpoint to their arguments


First, I know it's a big celebration, the bitcoin defender of the thread has given up, but like I said, the info is out there for people who want to inform themselves...me getting tired of treading the same old ground doesn't make any of these arguments any more valid or delete that information. It's a typical internet situation where a bunch of people have ganged up and act like this conversation is taking place in a vacuum, which is why I don't really mind quitting. A lot of the stuff thrown at me is stuff that can be looked up quite easily and it's my choice whether I feel like doing that for people or not. But the bar is really set to "bitcoin must be perfect" and I'd be expected to answer every last dumb quip before changing anyone's position. That's just not happening.

Also, some seem to think that telling them to read and inform themselves means something more condescending, like I'm saying "once you learn, you'll understand, and come to love bitcoin" but I'm just talking about basic learning here. You can safely do that without drinking any kool aid.

They don't want to learn about it though, so it's just endless arguing forever. They say things like you can only hoard it or spend it on silk road, which hasn't been true for a good long while. Places do take bitcoin. Tiger direct and overstock are the two big ones, along with tons of independent businesses and casinos in vegas. It's not a whole lot, but it's a lot better than, say, December of just last year. I don't care if that's good enough for some of the people in this thread, but it's progress.

"The writing is on the wall, it's gonna go to zero and die" when it had a relatively small drop compared to past crashes, when it was already in the process of recovering while we were posting yesterday. Not to mention the times its crashed, it only came back stronger. Or the constant media attention. Or the various government responses that mostly endorse it or at least let it play out (along with some that try to limit it, of course.) But all this will mean nothing if you just want to believe it's going to die in the future regardless of anything happening today, so why would I spend time arguing it?

Plus, you simply can't convince someone it's not some pyramid-bubble-whatever. I guess one thing I learned yesterday is that maybe it's impossible to start a new currency without it looking like that, particularly at the general public level. You've got a weird currency, places to spend it, or you can trade it as sort of a commodity--what else is there to say? They focus on trading and how people lose money--that's not really offering any special reason why it's a scam or different from regulated currency. Dollars disappear into various shady markets and clever trading set ups all day every day.

My point was, there's tons of information out there. If you want to believe it's a huge scam, none of it will mean anything to you and I'm not going to spend much time arguing about it with you. I don't ask for anyone to agree, but walls of text loaded with assumptions based on very old information are just not something I want to deal with. I've seen empty_vessel do this in plenty of other bitcoin threads and it's obvious it can just go on forever. I can tell the difference between people who want to actually learn some stuff (they ask questions, they don't get dramatic and snarky or post massive amounts of conjecture just to deal with a simple point) and people who just want to argue and agree with each other. Bitcoin threads on gaf seem to be for people who just want to argue and totally own some dude on the internet with a slick quip. So, I know when to quit.

It's not my responsibility to post every last bit of information and defend bitcoin's honor, just like people apparently have no responsibility to research stuff before posting outdated info and bad arguments/assumptions. I'm not even a "bitcoin is the future, fiat is useless" guy, nor am I into the idea of totally unregulated currency running around doing whatever it wants. I am probably in agreement with a lot of people here on that, but that doesn't mean you flush the whole damn thing down the toilet...that would be throwing away a pretty awesome technological achievement that could be the foundation for others in the future--it's as simple as that to me. Plus I threw in a little disposable income and it has served me nicely. but the thread would like me to defend where I put my money and what I do with it as well. I'm going to need to post bank statements soon enough.

You come into a thread like this and the conversation is already mostly in the gutter, inviting nothing more than jabs from people who disagree with each other, not really looking ready to learn anything. Sometimes I'm on the other side of the fence, playing the snarky ass (ok, a lot of the times), so I know about how much progress I can make as an individual arguing against 50 others who agree with each other.

The game here is that I keep going, trying forever, while any little point raised on the other side, no matter how easily researched or dumb it is, means absolute defeat for me until I disprove it. Along the way, I'll deal with ad hominem attacks that say I'm a fanatic just for even entering the debate. And even just me writing too many words in this post will make someone quote this and say "tl;dr: u salty" and act like that's a victory lol

Hence, giving up. This isn't really about bitcoin per se, but rather about the argumentation style that we're currently engaged in.

but just remember that crypto jesus died for your sins.
 
First, I know it's a big celebration, the bitcoin defender of the thread has given up, but like I said, the info is out there for people who want to inform themselves...me getting tired of treading the same old ground doesn't make any of these arguments any more valid or delete that information. It's a typical internet situation where a bunch of people have ganged up and act like this conversation is taking place in a vacuum, which is why I don't really mind quitting. A lot of the stuff thrown at me is stuff that can be looked up quite easily and it's my choice whether I feel like doing that for people or not. But the bar is really set to "bitcoin must be perfect" and I'd be expected to answer every last dumb quip before changing anyone's position. That's just not happening.

Also, some seem to think that telling them to read and inform themselves means something more condescending, like I'm saying "once you learn, you'll understand, and come to love bitcoin" but I'm just talking about basic learning here. You can safely do that without drinking any kool aid.

They don't want to learn about it though, so it's just endless arguing forever. They say things like you can only hoard it or spend it on silk road, which hasn't been true for a good long while. Places do take bitcoin. Tiger direct and overstock are the two big ones, along with tons of independent businesses and casinos in vegas. It's not a whole lot, but it's a lot better than, say, December of just last year. I don't care if that's good enough for some of the people in this thread, but it's progress.

"The writing is on the wall, it's gonna go to zero and die" when it had a comparatively small drop compared to past crashes, when it was already in the process of recovering while we were posting yesterday. Not to mention the times its crashed, it only came back stronger. Or the constant media attention. Or the various government responses that mostly endorse it or at least let it play out (along with some that try to limit it, of course.) But all this will mean nothing if you just want to believe it's going to die in the future regardless of anything happening today, so why would I spend time arguing it?

Plus, you simply can't convince someone it's not some pyramid-bubble-whatever. I guess one thing I learned yesterday is that maybe it's impossible to start a new currency without it looking like that, particularly at the general public level. You've got a weird currency, places to spend it, or you can trade it as sort of a commodity--what else is there to say? They focus on trading and how people lose money--that's not really offering any special reason why it's a scam or different from regulated currency. Dollars disappear into various shady markets and clever trading set ups all day every day.

My point was, there's tons of information out there. If you want to believe it's a huge scam, none of it will mean anything to you and I'm not going to spend much time arguing about it with you. I don't ask for anyone to agree, but walls of text loaded with assumptions based on very old information are just not something I want to deal with. I've seen empty_vessel do this in plenty of other bitcoin threads and it's obvious it can just go on forever. I can tell the difference between people who want to actually learn some stuff (they ask questions, they don't get dramatic and snarky or post massive amounts of conjecture just to deal with a simple point) and people who just want to argue and agree with each other. Bitcoin threads on gaf seem to be for people who just want to argue and totally own some dude on the internet with a slick quip. So, I know when to quit.

It's not my responsibility to post every last bit of information and defend bitcoin's honor, just like people apparently have no responsibility to research stuff before posting outdated info and bad arguments/assumptions. I'm not even a "bitcoin is the future, fiat is useless" guy, nor am I into the idea of totally unregulated currency running around doing whatever it wants. I am probably in agreement with a lot of people here on that, but that doesn't mean you flush the whole damn thing down the toilet...that would be throwing away a pretty awesome technological achievement that could be the foundation for others in the future--it's as simple as that to me. Plus I threw in a little disposable income and it has served me nicely. but the thread would like me to defend where I put my money and what I do with it as well. I'm going to need to post bank statements soon enough.

You come into a thread like this and the conversation is already mostly in the gutter, inviting nothing more than jabs from people who disagree with each other, not really looking ready to learn anything. Sometimes I'm on the other side of the fence, playing the snarky ass (ok, a lot of the times), so I know about how much progress I can make as an individual arguing against 50 others who agree with each other.

The game here is that I keep going, trying forever, while any little point raised on the other side, no matter how easily researched or dumb it is, means absolute defeat for me until I disprove it. Along the way, I'll deal with ad hominem attacks that say I'm a fanatic just for even entering the debate. And even just me writing too many words in this post will make someone quote this and say "tl;dr: u salty" and act like that's a victory lol

Hence, giving up. Just remember that crypto jesus died for your sins.
I know that whenever I have a compelling argument backed with facts, I always post a wall of text explaining why I won't share it.
It's the way of the internet, it's human nature.
 
First, I know it's a big celebration, the bitcoin defender of the thread has given up, but like I said, the info is out there for people who want to inform themselves...me getting tired of treading the same old ground doesn't make any of these arguments any more valid or delete that information. It's a typical internet situation where a bunch of people have ganged up and act like this conversation is taking place in a vacuum, which is why I don't really mind quitting. A lot of the stuff thrown at me is stuff that can be looked up quite easily and it's my choice whether I feel like doing that for people or not. But the bar is really set to "bitcoin must be perfect" and I'd be expected to answer every last dumb quip before changing anyone's position. That's just not happening.

Also, some seem to think that telling them to read and inform themselves means something more condescending, like I'm saying "once you learn, you'll understand, and come to love bitcoin" but I'm just talking about basic learning here. You can safely do that without drinking any kool aid.

They don't want to learn about it though, so it's just endless arguing forever. They say things like you can only hoard it or spend it on silk road, which hasn't been true for a good long while. Places do take bitcoin. Tiger direct and overstock are the two big ones, along with tons of independent businesses and casinos in vegas. It's not a whole lot, but it's a lot better than, say, December of just last year. I don't care if that's good enough for some of the people in this thread, but it's progress.

"The writing is on the wall, it's gonna go to zero and die" when it had a relatively small drop compared to past crashes, when it was already in the process of recovering while we were posting yesterday. Not to mention the times its crashed, it only came back stronger. Or the constant media attention. Or the various government responses that mostly endorse it or at least let it play out (along with some that try to limit it, of course.) But all this will mean nothing if you just want to believe it's going to die in the future regardless of anything happening today, so why would I spend time arguing it?

Plus, you simply can't convince someone it's not some pyramid-bubble-whatever. I guess one thing I learned yesterday is that maybe it's impossible to start a new currency without it looking like that, particularly at the general public level. You've got a weird currency, places to spend it, or you can trade it as sort of a commodity--what else is there to say? They focus on trading and how people lose money--that's not really offering any special reason why it's a scam or different from regulated currency. Dollars disappear into various shady markets and clever trading set ups all day every day.

My point was, there's tons of information out there. If you want to believe it's a huge scam, none of it will mean anything to you and I'm not going to spend much time arguing about it with you. I don't ask for anyone to agree, but walls of text loaded with assumptions based on very old information are just not something I want to deal with. I've seen empty_vessel do this in plenty of other bitcoin threads and it's obvious it can just go on forever. I can tell the difference between people who want to actually learn some stuff (they ask questions, they don't get dramatic and snarky or post massive amounts of conjecture just to deal with a simple point) and people who just want to argue and agree with each other. Bitcoin threads on gaf seem to be for people who just want to argue and totally own some dude on the internet with a slick quip. So, I know when to quit.

It's not my responsibility to post every last bit of information and defend bitcoin's honor, just like people apparently have no responsibility to research stuff before posting outdated info and bad arguments/assumptions. I'm not even a "bitcoin is the future, fiat is useless" guy, nor am I into the idea of totally unregulated currency running around doing whatever it wants. I am probably in agreement with a lot of people here on that, but that doesn't mean you flush the whole damn thing down the toilet...that would be throwing away a pretty awesome technological achievement that could be the foundation for others in the future--it's as simple as that to me. Plus I threw in a little disposable income and it has served me nicely. but the thread would like me to defend where I put my money and what I do with it as well. I'm going to need to post bank statements soon enough.

You come into a thread like this and the conversation is already mostly in the gutter, inviting nothing more than jabs from people who disagree with each other, not really looking ready to learn anything. Sometimes I'm on the other side of the fence, playing the snarky ass (ok, a lot of the times), so I know about how much progress I can make as an individual arguing against 50 others who agree with each other.

The game here is that I keep going, trying forever, while any little point raised on the other side, no matter how easily researched or dumb it is, means absolute defeat for me until I disprove it. Along the way, I'll deal with ad hominem attacks that say I'm a fanatic just for even entering the debate. And even just me writing too many words in this post will make someone quote this and say "tl;dr: u salty" and act like that's a victory lol

Hence, giving up. This isn't really about bitcoin per se, but rather about the argumentation style that we're currently engaged in.

but just remember that crypto jesus died for your sins.

In the time it took me to read this post, three thousand new cryptocurrencies appeared, while bitcoin fell $300 and rose $250.
 
Plenty of people have researched and watched Bitcoin, since long before Pirateat40 took a bunch of the Bitcoin faithful for mugs, or MTGox suffered it's first hack. (Or how about even earlier Gox, where they sent passwords to accounts in plaintext, in the url of the account login) and yet still hold the opinions that you're all a bunch of loons playing libertarian-themed games with money that make even ponzi scheme victims look positively intelligent.

Overstock.com is an outlier due to the CEO's heavy Libertarian leanings, how's Bitcoin doing at Mezes Grill, you remember them, the coffee shop that was lauded as one of the first to take Bitcoin, oh wait, that's right, that only lasted a month or so due to Bitcoins volatility and the slow speed of transaction confirmation, and they quietly dropped that method of payment didn't they?

95%+ of those interested in Bitcoin are day-trade, get-rich-quick types with Libertarian leanings, 5% are intelligent sharks that have learned how to feast on these small fishes either by outright scam & theft or their own day trading (with plenty of market manipulation going on to tilt things in their favor, easily done with the relatively anemic market volume involved.)

The whole of Bitcoins history is littered with scam and failure, incidents that so far outweigh any of it's successes that the successes are the exception, not the rule.

Will, some day in the future, a crypto-currency of some type gain acceptance for international money transfer? Possibly, but it won't be Bitcoin, nor any of the current alt-coins, nor will they see wide scale retail acceptance, at least not until the complete death of real, government backed currencies and banking systems.

The people that have made the most out of Bitcoin are those fleecing, scamming, stealing from the fools, which the Bitcoin community has plentiful supply of.
 
I think the Itchy and Scratchy dollars is a good simile for bitcoin. They're "worth money" so long as there is somewhere to exchange them for something that people want.
How long that continues, or how much of that something you can trade it for depends on other currencies. It's a piggyback currency.

The speculators love the volatility, but it severely limits legitimate usage. I don't think it is useless, but without a predictable value to peg against you can't trade with it.
 
Plenty of people have researched and watched Bitcoin, since long before Pirateat40 took a bunch of the Bitcoin faithful for mugs, or MTGox suffered it's first hack. (Or how about even earlier Gox, where they sent passwords to accounts in plaintext, in the url of the account login) and yet still hold the opinions that you're all a bunch of loons playing libertarian-themed games with money that make even ponzi scheme victims look positively intelligent.


we're off to a great start!

Overstock.com is an outlier due to the CEO's heavy Libertarian leanings, how's Bitcoin doing at Mezes Grill, you remember them, the coffee shop that was lauded as one of the first to take Bitcoin, oh wait, that's right, that only lasted a month or so due to Bitcoins volatility and the slow speed of transaction confirmation, and they quietly dropped that method of payment didn't they?

overstock did a million in transactions in the first month:
http://www.techspot.com/news/55763-...-million-in-bitcoin-sales-in-first-month.html

tiger direct did $500k in about a week:
https://www.josic.com/tiger-direct-processes-500000-in949-bitcoin-payments

but no, that one coffee house. thus, all is invalidated. and even if there are successes, they don't count (and you literally say that later on.)

I'm expected to argue against that?

95%+ of those interested in Bitcoin are day-trade, get-rich-quick types with Libertarian leanings, 5% are intelligent sharks that have learned how to feast on these small fishes either by outright scam & theft or their own day trading (with plenty of market manipulation going on to tilt things in their favor, easily done with the relatively anemic market volume involved.)

citation needed

or is it just common sense

once again, who can argue against this impeccable reasoning and flawless argumentation style?

The whole of Bitcoins history is littered with scam and failure, incidents that so far outweigh any of it's successes that the successes are the exception, not the rule.


the conversation is already over then. guess nobody can respond.

Will, some day in the future, a crypto-currency of some type gain acceptance for international money transfer?

the answer to this rhetorical will be amazing, but first, lets acknowledge that "some type of acceptance" is actually a very low bar that has so far been very surpassed with actual trade activity (see the overstock and tiger direct links), as well as government panels worldwide, which have not universally condemned it, but have actually been very permissive, allowing it to play out.


Possibly, but it won't be Bitcoin, nor any of the current alt-coins, nor will they see wide scale retail acceptance, at least not until the complete death of real, government backed currencies and banking systems.


what?! government backed currencies have to die first? That's a pretty hardcore idea there, bud.

The people that have made the most out of Bitcoin are those fleecing, scamming, stealing from the fools, which the Bitcoin community has plentiful supply of.

and we end it the right way, with 3 fingers pointing back at the dollar and insulting anyone for even trying to be interested.

this is the kind of shit I'm talking about that people apparently expect others to respond to in a level headed "lets talk about this manner." The kind of shit you see in examples of terrible arguments in logic textbooks.
 
I know that whenever I have a compelling argument backed with facts, I always post a wall of text explaining why I won't share it.
It's the way of the internet, it's human nature.

No, more snark is what we need.

He did point out that the market has mostly recovered already, which flies right in the face of all the people claiming the "bubble" has just burst, people were fools to buy into this ponzi scheme which isn't backed by a nation so it is obviously worthless, besides it's too volatile to use, sell now or lose everything, etc, etc.

These same type of arguments are regurgitated every time some negative news is posted about bitcoin...which keeps on working just fine despite all of this.

how's Bitcoin doing at Mezes Grill, you remember them, the coffee shop that was lauded as one of the first to take Bitcoin, oh wait, that's right, that only lasted a month or so due to Bitcoins volatility and the slow speed of transaction confirmation, and they quietly dropped that method of payment didn't they?

The speculators love the volatility, but it severely limits legitimate usage. I don't think it is useless, but without a predictable value to peg against you can't trade with it.

Services like Bitpay can absorb the volatility for a moderate fee. Initial confirmation is done within seconds. Lower cost than credit cards and more importantly, no charge backs.

Volatility is not an issue to companies. Obviously it still is to consumers, but it's not nearly as bad as only a year ago. The technology and community are still immature, nobody is denying this, but things are getting better every day.

All this talk made me hungry. I think I may order takeaway food tonight, using bitcoin. Over 5000 restaurants in the Netherlands support it.
 
I don't care about currency type. I only care that whatever method I use for trade is stable enough to dependably trade. Bit coin doesn't meet these needs.

Miners and day traders do not intend to " use" bit coin, only exchange it for profit. Like gambling and other speculator markets it has no value to me.
 
Market has recovered all of what it lost yesterday. Crypto has shown great resilience after bad news and day by day you are seeing less of these mega crashes as you used to. I've never hidden the fact that I am in the speculation camp and my intentions are purely financial gain short-term, but I have no doubt Bitcoin will be around for a long long time, well after I'm done with it. Right now there are a lot of greedy disingenuous people trying to capitalize on its growth by any means necessary stealing and manipulating. Fortunately you have more and more legitimate business people backing Bitcoin every day.

Just look to some names attached to Bitcoin. Richard Branson and Virgin, Tiger Direct, Newegg, Overstock, Paypal, all entities who have started to accept or have talked about a future in Bitcoin. You have California who just passed law to make digital currencies legal, Bitcoin is "lawful money" in the state of California now. New York Department of Financial Services having a two day hearing on Bitcoins which was overall extremely positive. Of course the big one was last November when US Congress said Bitcoin was a "legal means of exchange and offer legitimate benefits" and also just a very positive feeling overall coming out of that meeting.

I'm no Bitcoin evangelist and I won't get too much into defending (I'll leave that to you kick51 lol) it, but to say it is a pyramid scam and has no future is a bit misinformed.
 
I'm no Bitcoin evangelist and I won't get too much into defending (I'll leave that to you kick51 lol) it, but to say it is a pyramid scam and has no future is a bit misinformed.

Bitcoin was designed to have 0 bitcoins exist in the future. How can one say that it has a future when it is designed not to exist in the future?
 
Bitcoin was designed to have 0 bitcoins exist in the future. How can one say that it has a future when it is designed not to exist in the future?
I'm not too in the know about the technical aspects but I found this:

The estimate is 2140 based on the block reward halving frequency of four years. According to math and knowledge that there are 32 halving events, in 2136, the block reward will yield 0.00000168 BTC per day, which is 0.00000042 BTC per block. That's 42 satoshis.

It's arguable that there could be one additional halving, to a block reward of 0.00000021 BTC, but that would require a major protocol modification since the number of Bitcoin would then exceed 21 million. Additionally, to go past that, there'd have to be a protocol modification to extend divisibility past eight decimal places. It is far, far to early to worry about either of these, because we're more than a century away from this problem.

Nonetheless, future = tomorrow. So, it does have a future, I don't know how long that future will be. Let's say foreseeable?
 
Bitcoin was designed to have 0 bitcoins exist in the future. How can one say that it has a future when it is designed not to exist in the future?


more citations needed

and regardless of what happens, even if the great leviathan swallows all teh buttcoinz, it was worthwhile. not everyone is trying to protect themselves from every last possible problem that could occur with bitcoin. It's the kind of experimentation that just needs to happen.
 
more citations needed

and regardless of what happens, even if the great leviathan swallows all teh buttcoinz, it was worthwhile. not everyone is trying to protect themselves from every last possible problem that could occur with bitcoin. It's the kind of experimentation that just needs to happen.

You want him to do the research?
 
more citations needed

There isn't a need for citation. There is no mechanism to replace lost bitcoin. Part of the job of central banks is to replace lost cash in circulation. It's fundamental to the continued existence of something that it be replenished when lost. If it isn't, that something will eventually disappear over time. That bitcoin did not do this means it was designed to not exist in the future.

Nobody knows the rate at which bitcoin disappears (it is unmeasurable because of the design of the thing), but I suspect it's higher than many realize. Of course, some people don't realize it is disappearing at all. The lost and unreplenished coins work to the early adopters' advantage, because the dwindling supply will appear as a rise in price per bitcoin, which many are mistaking for a sign of bitcoin's success. It induces buyers (later adopters) from whom the early adopters profit. Eventually, however, this pyramid will run its course. It's actually a brilliant scheme, because it could take many years, possibly even a couple of decades, for the scheme to run its course and crash, and the early adopters will probably be prosecution-proof.

That bitcoin is divisible does not solve this problem. Small pieces of something are lost just as easily as big pieces. More easily, in fact. More pennies are lost than $100 bills. As the price per bitcoin continues to rise and smaller and smaller divisions are needed to be used for the actual purchasing of goods, this only continues to enrich the early adopters.
 
You want him to do the research?


after equivocation like that, definitely

or he doesn't have to


There isn't a need for citation. There is no mechanism to replace lost bitcoin. Part of the job of central banks is to replace lost cash in circulation. It's fundamental to the continued existence of something that it be replenished when lost. If it isn't, that something will eventually disappear over time. That bitcoin did not do this means it was designed to not exist in the future.

Nobody knows the rate at which bitcoin disappears (it is unmeasurable because of the design of the thing), but I suspect it's higher than many realize. Of course, some people don't realize it is disappearing at all. The lost and unreplenished coins work to the early adopters' advantage, because the dwindling supply will appear as a rise in price per bitcoin, which many are mistaking for a sign of bitcoin's success. It induces buyers (later adopters) from whom the early adopters profit. Eventually, however, this pyramid will run its course. It's actually a brilliant scheme, because it could take many years, possibly even a couple of decades, for the scheme to run its course and crach, and the early adopters will probably be prosecution-proof.


...but he probably should have before putting that much effort into more conjecture and just plain odd/paranoid reasoning
 
As long as you don't go to a restaurant and try to pay in any of them with bitcoins it doesn't. But it's misleading to throw out 5000 as a number of restaurants accepting bitcoin.

Exactly. By this extension, you could argue that Bitcoin is accepted by every restaurant, because you can probably find someone on Localbitcoins to trade Bitcoin for a gift certificate to the restaurant of your choice. Until you can take a device to the restaurant itself and present an actual Bitcoin transaction to the cashier at the time you pay for your food, you're not really paying for your food with Bitcoin - the restaurant still receives dollars for their transaction.

At this point, nothing is going to convince the true believers of the folly of speculative bubbles. Even if Bitcoin went back to $10, and every major and minor exchange out there was found to be run by fraudsters running off with peoples' coins, they'd still be convinced that we're only a few more hiccups away from a viable, fiat free future. As long as I can pay $800 for a Bitcoin on one day, and have it be worth half that the next, the vast majority of people will refuse to accept it as viable currency.

EDIT: My GAF ads on this page are now all about penny stocks - that are a 'play in the Bitcoin space'. They're certainly as volatile, I'm sure...
 
Do you need to replace bitcoins when you can just keep taking a smaller fracture of one? As in it doesn't really matter how many coins there are, it could be 1 coin with 8 billion little pieces. Only the value will change.
 
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