61–70 of 86 posts
Earlier quoted context omitted.
I'm old enough to remember a time when using your credit card to buy something on the internet was considered wildly stupid and irresponsible. Just saying.
One difference is that slashdot didn't lead with a new "all the credit cards are gone!" story every day...
Every new day seems to bring another new Bitcoin scandal -- whether it's a hacked exchange, stolen wallets, frozen funds, collapsed Ponzi schemes, arrested illegal-market operators, or who knows what else. Yet, despite all this, Bitcoin keeps appreciating, recently reaching an all-time high.[1] -- [1] https://blockchain.info/charts/market-price?timespan=all
My pet theory for the spate of hacks as of late is that they're all happening now precisely because Bitcoin is trading so high. If you can hack a Bitcoin "bank" and rob it, wouldn't it be smartest to wait until the money inside it is worth the most?
Every new day seems to bring another new Bitcoin scandal -- whether it's a hacked exchange, stolen wallets, frozen funds, collapsed Ponzi schemes, arrested illegal-market operators, or who knows what else. Yet, despite all this, Bitcoin keeps appreciating, recently reaching an all-time high.[1] -- [1] https://blockchain.info/charts/market-price?timespan=all
I'm old enough to remember a time when using your credit card to buy something on the internet was considered wildly stupid and irresponsible. Just saying.
Earlier quoted context omitted.
I'm old enough to remember a time when using your credit card to buy something on the internet was considered wildly stupid and irresponsible. Just saying.
When exactly was that? The Fair Credit Billing Act was passed in 1975. http://en.wikipedia.org/wiki/Fair_Credit_Billing_Act
I don't believe that bitcoin will destroy fiat or the finance industry as a whole, but I do think it will become a very convenient way of moving money around, especially between national currencies. Much in the same way that sending an email is more convenient than sending a letter internationally. It's not a complete solution; it's a foundation to build services upon, and those services will most likely be offered by the same large financial institutions we have today, along with a few upstarts. Just my 2 μBTC.
Every new day seems to bring another new Bitcoin scandal -- whether it's a hacked exchange, stolen wallets, frozen funds, collapsed Ponzi schemes, arrested illegal-market operators, or who knows what else. Yet, despite all this, Bitcoin keeps appreciating, recently reaching an all-time high.[1] -- [1] https://blockchain.info/charts/market-price?timespan=all
Bitcoin continues to appreciate, because positive developments surpass negative ones, by far . In the last week alone: - Winklevosses: Bitcoin worth at least 100 times more: http://www.cnbc.com/id/101190181 - Federal Reserve economist says bitcoin is a remarkable technical achievement: http://www.coindesk.com/federal-reserve-economist-says-bitco... - Shopify (70,000 merchants!) accepts Bitcoin: http://thenextweb.com/…
1) Security is compromised at an entity that deals somehow with bitcoins. The security of the blockchain remains unimpacted, it is as relevant to the fundamentals of the currency as much as someone getting robbed is relevant to the fundamentals of the fiat currency they were robbed in.
2) Much whining and gnashing of teeth ensues as to how bitcoin is going to collapse any second now because clearly it is just some crazy snake oil and look at the rash of compromises as evidence, and by the way it also happens I disapprove of it because it goes against my views on what a currency needs to be.
3) People respond much along the lines I'm responding now.
4) It devolves into an ideological argument along the lines of the characteristics of the currency itself and the potential death of fiat money and its implications.
Conclusion; Some people are fundamentally ideologically opposed to bitcoin and will use whatever they can to drag it through the mud at every opportunity.
Compromising the blockchain or the fundamentals of bitcoin itself is news, even when it's overblown or exaggerated like the recent Cornell findings, some venture getting owned because they failed to adequately secure their place of business is par for the course and barely a footnote at this point in time.
For the first time in normal everyday business history, security really matters now. You can't just put up a banner with the legal penalties for acting against corporate policy and actually expect to hold people accountable via the legal system for ignoring your banner, the new rules are that you need real security.
Frankly I think that's a good thing and something that is far overdue, the swiss cheese state of general security practices coupled with the apathy and ignorance of general computer users has gone on for far too long, but because the individuals in question were never held personally to account there was never the motivation to really fix the problem.
Now there is, people need to accept this new paradigm if they want to deal in this space.
Every new day seems to bring another new Bitcoin scandal -- whether it's a hacked exchange, stolen wallets, frozen funds, collapsed Ponzi schemes, arrested illegal-market operators, or who knows what else. Yet, despite all this, Bitcoin keeps appreciating, recently reaching an all-time high.[1] -- [1] https://blockchain.info/charts/market-price?timespan=all
I'm old enough to remember a time when using your credit card to buy something on the internet was considered wildly stupid and irresponsible. Just saying.
For that to be a reality, we need to combine hardware wallets (https://en.bitcoin.it/wiki/Hardware_wallet http://www.bitcointrezor.com/), the new payment protocol (https://en.bitcoin.it/wiki/BIP_0070), and escrow transactions (https://en.bitcoin.it/wiki/Bitcoin_Escrow_Service), but the result would be pretty awesome.
I'm getting somewhat tired of these kinds of stories, the stories and the responses here both follow identical patterns. 1) Security is compromised at an entity that deals somehow with bitcoins. The security of the blockchain remains unimpacted, it is as relevant to the fundamentals of the currency as much as someone getting robbed is relevant to the fundamentals of the fiat currency they were robbed in. 2) Much whin…
Every new day seems to bring another new Bitcoin scandal -- whether it's a hacked exchange, stolen wallets, frozen funds, collapsed Ponzi schemes, arrested illegal-market operators, or who knows what else. Yet, despite all this, Bitcoin keeps appreciating, recently reaching an all-time high.[1] -- [1] https://blockchain.info/charts/market-price?timespan=all
I'm old enough to remember a time when using your credit card to buy something on the internet was considered wildly stupid and irresponsible. Just saying.
Earlier quoted context omitted.
Bitcoin continues to appreciate, because positive developments surpass negative ones, by far . In the last week alone: - Winklevosses: Bitcoin worth at least 100 times more: http://www.cnbc.com/id/101190181 - Federal Reserve economist says bitcoin is a remarkable technical achievement: http://www.coindesk.com/federal-reserve-economist-says-bitco... - Shopify (70,000 merchants!) accepts Bitcoin: http://thenextweb.com/…
I'm not sure that I'd lead with speculation from the Winklevosses in order to convince a skeptic. Your other three points are much stronger. Also, only the latter two are actual economic developments, rather than analysis. The upcoming Congressional hearings might be newsworthy too.