So, it seems that my concerns about Bitcoin (and other eCurrencies) may have been well founded.

Posted by Robbie53024 10 years, 2 months ago to Economics
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All you naysayers who said that Bitcoin, and other eCurrencies, are safe might want to get some Tabasco for the crow you're about to eat.

All Comments

  • Posted by mccannon01 10 years, 2 months ago
    IMHO, Bitcoin is just another fiat currency without the piece of paper and without a government enforcing its use. Like other fiat currencies, it's only as good as believers are willing to go along with it, and it will be imperative to continuously increase the congregation.
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  • Posted by khalling 10 years, 2 months ago in reply to this comment.
    you have a point. unlike most fiat currencies, it cannot be inflated. No one can counterfeit it.
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  • Posted by khalling 10 years, 2 months ago in reply to this comment.
    several ways.
    1. go onto an exchange and buy/sell them.
    2. you can exchange them directly with a person. for instance, using your laptop or smart phone. There are websites that discuss and advertise and connect people to locally trade
    3. there are a bunch of options on local. you an trade for currency, other stuff, or have it transferred into your bank account.
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  • Posted by Robbie53024 10 years, 2 months ago in reply to this comment.
    Agreed. The possible advantage of this was that it supposedly had a fixed limit, and a fixed growth rate. Thus, it should have been more stable and not subject to manipulation. Those would be characteristics worthy of use, fiat or no, if only the security were assured.
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  • Posted by khalling 10 years, 2 months ago in reply to this comment.
    well of course that's great to have as well. I am mostly trading bitcoin right now. time will tell
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  • Posted by Robbie53024 10 years, 2 months ago in reply to this comment.
    I'm sticking with my silver and gold. I might be old fashioned, but I like the heft and feel of it.
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  • Posted by khalling 10 years, 2 months ago in reply to this comment.
    it shows up in a wallet-and you have the option of taking it locally. It is a brand new industry and system. It will be volatile until it settles out. As long as currency is fiat, and the govt intrusive, there will be a market for this kind of thing.
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  • Posted by Robbie53024 10 years, 2 months ago in reply to this comment.
    That's part of it. Also the controls and backups that are part of the regular banking industry.
    If my bank was broken into and my funds were stolen, so long as I have documentation, I am covered. Not so with Bitcoin. How do you prove your ownership?
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  • Posted by jbaker 10 years, 2 months ago in reply to this comment.
    But couldn't you say the same thing about your money in your bank? Couldn't a hacker that is smarter than the original people who developed that system get in there and steal your money?

    Of course that is FDIC insured ... and maybe that is all this comes down to - not really a technology issue but an insurance issue.
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  • Posted by Robbie53024 10 years, 2 months ago in reply to this comment.
    Whether the feds or just thieves, really doesn't matter. It's occurring. As someone else said, I find Bitcoin intriguing, but inherently vulnerable. I just don't see how any item that is controlled by a computer program with an algorithm cannot be subverted by someone smarter than the original programmer.
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  • Posted by $ Abaco 10 years, 2 months ago in reply to this comment.
    "gods hairy balls"...LOL. I've never heard that one before. One of my favorites I use is "Jesuz Mary Joseph!" when frustrated.
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  • Posted by Robbie53024 10 years, 2 months ago in reply to this comment.
    I speak only for myself. And if I allude to others, I say so.
    I was not speaking up for anyone. You specified r, in a reply to my post, so, duh, I assumed that you were responding to me.
    Discord, should not be viewed as something to be avoided - it presents opportunities to sharpen ones argument. Better to do so here in the midst of mostly like minded people, because we all will surely need to do so against those who have radically different perspectives.
    Yes, we have much to align with. Easier to do when treated with respect instead of condescension.
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  • Posted by richrobinson 10 years, 2 months ago in reply to this comment.
    Good call Robbie. My thinking early on was that the US government would not allow competition. Do you think this was inevitable or is someone causing this meltdown?
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  • Posted by Zenphamy 10 years, 2 months ago in reply to this comment.
    Where in the world did 'All us Christians' come from? Is your feeling of victimhood and paranoia that close to the surface with such a thin skin that you have to imagine an attack from thin air?
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  • Posted by Zenphamy 10 years, 2 months ago
    Ah, another pay to view.

    You can't prevent or stop all theft. Let's wait and see how Bitcoin deals with it.
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  • Posted by richrobinson 10 years, 2 months ago
    The talk today is that the problem is isolated. Curious to see what happens over the next few weeks.
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  • Posted by khalling 10 years, 2 months ago in reply to this comment.
    huh. that's what I think you've been doing with r.
    LS has been pushed recently- on the post last week, in particular her children were called into question. She has been been burning bright ever since. As I've said-we have gone months in here with no discord. There is much to align. push people and they will fight back. That is my personal take on the dynamics of the last two weeks here. I know. I follow alot of the posts in here. Look, ultimately, gulchers can't worry that on an Ayn Rand site they will offend those who do not appreciate Objectivism. hello! up is down. the admins are subtly weighing in. trust me-this is the kindler, gentler Objectivist site-go hang out on one of the others and report back. did you flag me? I was kinda looking forward to that. sizzle. stamp!
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  • Posted by Robbie53024 10 years, 2 months ago in reply to this comment.
    I don't mind irreverence. But I do not choose irreverent terms that are intentionally offensive.

    I have no bone to pick with you. I think that LS has been intentionally provocative and antagonistic as of late, and you seem to want to protect her instead of looking at those posts objectively. Hell, I have no problem with her, if she would only accept that her view of the world isn't absolute and the only thing acceptable on this board.

    I try to respect the opinions of others (and granted, may not always succeed) and only ask that others try to do the same. If some want to partake in debate on certain issues, great. But don't grouse about those having such debate just because you don't want to participate. That is rude, and the way that the communication was made was obnoxious as well.

    Generally, I think that you have been an honest and reasoned debater on the issues. Not all on this site can have the same said of them. I try not to carry over the issues from one poster to another, except when that poster comes to the aid/support of the other.
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  • Posted by khalling 10 years, 2 months ago
    I want you all to keep thinking that way....
    an industry is not defined by a bad business.
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  • Posted by khalling 10 years, 2 months ago in reply to this comment.
    shoot. don't google it. last time someone googled it- I came up. I just did and a bunch of crazy stuff came up with the possessive and atheism. I honestly can tell you-I had no idea. just seemed like a good old fashioned swear term to me. I enjoy irreverence.
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  • Posted by khalling 10 years, 2 months ago in reply to this comment.
    that is my phrase btw. I made it up. google it. tell me what you find. I do not not bring up human failure unless someone else does. I celebrate Man.
    do you get some of us are a little road weary here and say enough-lets get back to where we can agree? We've gone months without this sort of division. why now?
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  • Posted by jbaker 10 years, 2 months ago
    There is a distinction here that is easily missed. The security issues that have come up with bitcoin recently have to do with online "wallets". The wallet services make it easier for consumers to get involved with bitcoin.
    At the risk of oversimplifying, an analogy that I like to use illustrating the recent issues goes something like this ... you put some money in "Harry's Bank". It is not FDIC insured and you don't know Harry very well. One day Harry comes to you and says, "I left the vault open and someone came in and took all the funds, in cash." Cash spends like cash, anonymously - so you are hosed.

    I personally find bitcoin fasinating. The original paper is pretty short and quite readable with only a few references to statistics and cryptography.
    https://bitcoin.org/bitcoin.pdf
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  • Posted by Robbie53024 10 years, 2 months ago in reply to this comment.
    Yes, but the fact that Harry is out there and able to hold your "cash" is the very problem.
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  • -1
    Posted by Robbie53024 10 years, 2 months ago in reply to this comment.
    Well, I can't keep track of every idiosyncrasy of each and every poster on this forum. That said, you use the same derogatory phrase as another antagonist and expect not to be looked upon as an antagonist?

    I agree that we have more in common that should be rallied to fight against the common collectivist enemy, so why choose inflammatory language?

    I have no problem debating Objectivism vs. theism from an intellectual perspective. When you stoop to laying human failure at my feet merely because I happen to be of the same faith as those who had the moral failure, I am going to react very strongly. That is not thin skinned, that is a rational response to an unfair attack.
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