21–30 of 38 posts
So... anyone willing to learn enough about BitCoin to build something to find all the "fixed" transactions? It shouldn't take much analysis to determine whether or not MtGox has been drained. All these articles written about what happened but no one able to just look at the blockchain and give hard numbers.
So... anyone willing to learn enough about BitCoin to build something to find all the "fixed" transactions? It shouldn't take much analysis to determine whether or not MtGox has been drained. All these articles written about what happened but no one able to just look at the blockchain and give hard numbers.
Earlier quoted context omitted.
Your unregulated financial institutions fail to take basic security measures to protect consumers, they frequently halt withdrawals without warning, your uninsured deposits are sucked into the void, your speculative 'currency' experiences extreme daily deflation and inflation... Better blame proprietary software. Whatever you do, don't question your assumptions. And under no circumstances should you think about the f…
I heard of a cool tech called the dollar so I figured, what the heck, I'll give it a try. Turns out they try to make you spend it by continually inflating the supply of them out there with no end. In order to keep your head above water, you have to put in a "bank". Fine, it compensates you for the loss of purchasing power, so no biggie, right? Wrong. They actually lend out the dollars that are supposed to be in your…
$0.
This is a rather good record compared to bitcoin.
Earlier quoted context omitted.
This is to the point. In a low trust environment transparency and reputation will be the biggest influencers.
And this, this statement is why I believe that Bitcoin or really any cryptocurrency will never have more than a fraction of a fraction of 1% of any transactions, and will never take off in the mainstream. The reason that people use fiat currencies is because they can trust the institution/government backing them. They can trust that if they are handed a dollar by a business, it's a dollar, no questions asked. If folk…
Earlier quoted context omitted.
I heard of a cool tech called the dollar so I figured, what the heck, I'll give it a try. Turns out they try to make you spend it by continually inflating the supply of them out there with no end. In order to keep your head above water, you have to put in a "bank". Fine, it compensates you for the loss of purchasing power, so no biggie, right? Wrong. They actually lend out the dollars that are supposed to be in your…
Amount of losses due to depositary institution failure since 1934: $0. This is a rather good record compared to bitcoin.
0 BTC.
Not bad!
Earlier quoted context omitted.
Your unregulated financial institutions fail to take basic security measures to protect consumers, they frequently halt withdrawals without warning, your uninsured deposits are sucked into the void, your speculative 'currency' experiences extreme daily deflation and inflation... Better blame proprietary software. Whatever you do, don't question your assumptions. And under no circumstances should you think about the f…
I heard of a cool tech called the dollar so I figured, what the heck, I'll give it a try. Turns out they try to make you spend it by continually inflating the supply of them out there with no end. In order to keep your head above water, you have to put in a "bank". Fine, it compensates you for the loss of purchasing power, so no biggie, right? Wrong. They actually lend out the dollars that are supposed to be in your…
"those that can get the political connections" ... if you have the capital and do the paperwork and follow the regs, you can start a bank and get access to the discount window.
"insurance fund couldn't handle yada yada yada" ... the FDIC is implicitly backed by the full faith and credit of the US government. As long as the Treasury exists and has the ability to tax and borrow, your deposit is money good up to FDIC limits.
if you're going to invent new money, makes sense to understand the existing money, and try not to invent something worse.
Earlier quoted context omitted.
I heard of a cool tech called the dollar so I figured, what the heck, I'll give it a try. Turns out they try to make you spend it by continually inflating the supply of them out there with no end. In order to keep your head above water, you have to put in a "bank". Fine, it compensates you for the loss of purchasing power, so no biggie, right? Wrong. They actually lend out the dollars that are supposed to be in your…
meh ... "those that can get the political connections" ... if you have the capital and do the paperwork and follow the regs, you can start a bank and get access to the discount window. "insurance fund couldn't handle yada yada yada" ... the FDIC is implicitly backed by the full faith and credit of the US government. As long as the Treasury exists and has the ability to tax and borrow, your deposit is money good up to…
Not true. There's this little extra step where first the regulatory authority gets to decide whether your state needs another bank.
Earlier quoted context omitted.
I heard of a cool tech called the dollar so I figured, what the heck, I'll give it a try. Turns out they try to make you spend it by continually inflating the supply of them out there with no end. In order to keep your head above water, you have to put in a "bank". Fine, it compensates you for the loss of purchasing power, so no biggie, right? Wrong. They actually lend out the dollars that are supposed to be in your…
Amount of losses due to depositary institution failure since 1934: $0. This is a rather good record compared to bitcoin.
I still cannot believe anyone has any "real" money tied up in something like MtGox. Disturbing, stunning.
In other news that may also surprise you, there are people who put millions of dollars into companies that don't even have working products yet.
That makes such woes some sort of contribution towards a better economy.
Earlier quoted context omitted.
Amount of losses due to depositary institution failure since 1934: $0. This is a rather good record compared to bitcoin.
Whaaa? Deposits over $100K (now $250K) were uninsured.