51–60 of 108 posts
I assume 'GP' means 'Guilty Party'? If so, it's kind of telling that a community has to use 'guilty party' enough to start abbreviating it...
Fool me once, shame on you. Fool me twice, shame on me.
This is starting to prove -- the hard way -- why regulations, certifications, and all that other stuff that feels like meaningless overhead the majority of the time has become a grudgingly accepted part of our lives. It comes back to the most difficult problem: you inevitably need to trust someone, so how do you minimize your risk in that trust? I always thought the Bitcoin trust issues would revolve around the inabi…
As the big banks in the USA have proven, government regulation is definitively not the answer to the question "How can you know whom to trust?" Seriously. Knock that shit off. It's a red herring. You can't abstract away the personal process of choosing trust anchors and metrics, no matter how hard you try. Changing your trust anchor to "the government" just means you end up getting fucked on a larger scale, over a la…
This might explain the unusual rise of BTC vs. USD. The thief might have just traded those dollars to bitcoins which makes them harder to trace.
Earlier quoted context omitted.
As the big banks in the USA have proven, government regulation is definitively not the answer to the question "How can you know whom to trust?" Seriously. Knock that shit off. It's a red herring. You can't abstract away the personal process of choosing trust anchors and metrics, no matter how hard you try. Changing your trust anchor to "the government" just means you end up getting fucked on a larger scale, over a la…
As the big banks in the USA have proven, government regulation is definitively not the answer to the question "How can you know whom to trust?” A common sentiment: “Big Government doesn’t work.” No, it doesn’t work. But in many cases, it’s less broken then no government a/k/a The Free Market. I’m reminded of Winston Churchill’s quip: "It has been said that democracy is the worst form of government except all the othe…
This is why I have trouble with Bit Coin. I actually like the idea of Bit Coin, a predictable monetary policy that has many of the advantages of a traditional inflationary economy, but without the ability of a political entity to make short term fixes that screw us over in the long term. But the problem is that we're transferring elite status to a different group of people. In the end, your ability to mine coins, process transactions, protect yourself and transact business using a non-trivial system is an advantage and screw everyone who doesn't get it. If you don't have advanced hardware and cheap electricity, you're disadvantaged. If you don't know how to use a mouse, you're disadvantaged.
I wish I was smart enough to come up with a better solution.
The app and its infrastructure was created by a single, very inexperienced programmer. The app's original author, Zhou Tong, is only 17[1]. Not that age is an indicator of experience in general, but it's certainly the case here. I'm honestly shocked at the amount of trust placed in Bitcoinica. An interesting display of the oft mentioned Stockholm Syndrome happening elsewhere on the forum here https://bitcointalk.org/…
- I didn't set the password. - I didn't have the power to change the password. - I shouldn't have access to the account.
The root cause is LastPass account being stolen.
Earlier quoted context omitted.
As the big banks in the USA have proven, government regulation is definitively not the answer to the question "How can you know whom to trust?" Seriously. Knock that shit off. It's a red herring. You can't abstract away the personal process of choosing trust anchors and metrics, no matter how hard you try. Changing your trust anchor to "the government" just means you end up getting fucked on a larger scale, over a la…
As the big banks in the USA have proven, government regulation is definitively not the answer to the question "How can you know whom to trust?” A common sentiment: “Big Government doesn’t work.” No, it doesn’t work. But in many cases, it’s less broken then no government a/k/a The Free Market. I’m reminded of Winston Churchill’s quip: "It has been said that democracy is the worst form of government except all the othe…
Putting aside the way the Bitcoinica account got compromised, I wanted to mention that I learned the hard way that either Mt.Gox is rife with security holes or a lot of these breaches are actually insider jobs from someone working at MtGox : A month back I realized that I had around 40 BTC lying around and decided to sell them on MtGox. First, my Mt.Gox is mostly inactive, so I actually had to reset my password and s…