I see an old and antiquated finance legend trying to shoot down an idea that could one day put him out of business. Peer to Peer banking sounds a lot better than Peer to Bank to Other Bank to Peer.

 

I'm not surprised if one day his company uses blockchain technology and or he invests in cryptocurrencies secretly. Correlation of the past does not lead to causation in the present/future. Old players who say its a scam doesn't understand the algorithm and technology behind it; they are also traumatized by past market crash. Bias opinion. Old textbooks can't define the present and future, just like how MBA is an 'old' program. Buying more ethereum if it reaches 250 in the near future.

 

Yea, if only someone had mentioned this as a downside of Bitcoin...oh wait, its mentioned ad nauseum. A currency designed to be untraceable and unregulated attracts criminals. Shocked.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 
happypantsmcgee:

Yea, if only someone had mentioned this as a downside of Bitcoin...oh wait, its mentioned ad nauseum. A currency designed to be untraceable and unregulated attracts criminals. Shocked.

Bitcoin is traceable. This doesn't seem to be so much of a problem with bitcoin but rather a security flaw in the site.
 

Right, I know its traceable in that way but who cares? If you cant keep it (aka store it securely) its a pretty shitty way to hold value...

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 

The Guardian had an article about The NSA starting to crack down on TOR browser. TOR is an essential part of the online drug deal black market. If we assume that the majority of Bitcoin usage is for black market goods and services, we can then conclude that if TOR is ever cracked by The NSA then Bitcoin value should plummet unless an alternative means of secure browsing emerges in time for people to make the switch.

Recent headlines suggest Bitcoin has been attracting the attention of alternative investors and hedge funds (not to mention our beloved Winklevoss twins) who have already setup quite a few Bitcoin funds. I wonder if the fund managers will be liable to their investors if the bitcoin market tanks due to nsa scrutiny of anonymous web browsers and the inevitable decline in online black market activities.

How do you tell a client that their money is gone because the government cracked down on drug dealers and guys cruising the web for local harlots giving cheap handy jammers?

 

Bitcoin is traceable, every single transaction is recorded. However one has no real control over the place where they park their bitcoins. Say you put your bitcoin account on a website and that website decided to pull its servers offline and lock everyone out then poof your account is gone.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 
heister:

Bitcoin is traceable, every single transaction is recorded. However one has no real control over the place where they park their bitcoins. Say you put your bitcoin account on a website and that website decided to pull its servers offline and lock everyone out then poof your account is gone.

Keep them in your own dat file.
sigmahatsquared:

I don't believe this will ever truly be a currency, as a currency has to have some sort of stability...which it does not. It can however, pave the way for other payment networks such as (insert name)coin to be successful in the future.

Of course it isn't "stable" yet. It will need more time and people to accept it before it it could stabilize.
 

I guess you missed the article about the guy who accidentally threw away his hard drive with 9MM worth of bitcoin on it.

There is no way to truly secure bitcoins that is 100% secure. If you store it on the cloud it can be stolen or erased due to server issues. If you store it locally it can be stolen or lost, if you store it on physical medium and lock it in a bank it can be stolen or it will deteriorate over time due to the fact that disk or SSDs will fail due to lack of electricity.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

I'm just gonna wait for Anonymous to get involved. If they don't I will have lost all faith.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 
D M:

I'm just gonna wait for Anonymous to get involved. If they don't I will have lost all faith.

Just curious what the 4chan script kiddies would accomplish....
Get busy living
 

From a price perspective:

Gold : silver :: BTC : litecoin

I can't believe it, I just bought a litecoin on eBay. Wow. It was that easy. Now I'm mining the suckers too. LOL if people are going to bid this bad boys up, I'll sell them. Hahahaha this whole thing is ridiculous

Get busy living
 

Bitcoin has value because the market is dictated by math problems. In the beginning you unlcck a bitcoin with a simple math problem. Now the problems are so complicated they take dedicated bitcoin machines weeks to crack. When you factor in the costs of actually cracking the problems on new bitcoin you will find the current price isn't really all that much higher than creation costs.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

Basically why I've started mining litecoins instead. The exchange rate is lower, but so is the processing power needed. At least for now.

On a more serious note: does anyone know if any HFT desks have poured any processing power into mining? I mean, these guys could probably tear through millions of dollars worth in a few days. Anyone know anything about this?

Get busy living
 

Difficulty is designed to increase so coins are mined at a certain rate. The only thing that is changing is your hashing power relative to the networks power and with the release of lots of ASICs most GPU miners have been squeezed out. GPU miners have mostly moved over to Scrypt based coins. Mining in pools also is much more efficient as you will get much more consistent results.

 

@UFOinsider @heister Actually, the mining is rigged by the originator of the concept. They (even though there really isn't any "they") control the rate at which new coins are mined with the difficulty of the problems. That way they're able to stagger the release of new coins. That's how they know it will take until 2040 to mine the last Bitcoin. Here's a short and sweet explanation:

http://bitcoin.stackexchange.com/questions/10486/when-will-the-last-bit…

In other words, throwing more processing power doesn't speed up the process, it only increases the likelihood that you (or whatever mining collective you're a part of) will be the one to crack a block. By that line of reasoning, you could invest the $27,000 in the most powerful (at the moment) commercially available mining rig and never crack a block. It would be extraordinary bad luck, but still very possible.

 

Its going to be interesting to see the rise of bank precision jobs to rob peoples hard drives.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

Would the rise of institutional banks that will specifically deal with storage and transaction services of digital currencies like Bitcoins be possible in the near future? If so, would it be a profitable business?

 

Secure as in a bank can't just lick you out of your funds like JPM recebtky did

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

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