BitCoin: "The Most Dangerous Project We've Ever Seen"

you know i've read thruogh this thread about 4 or 5 times and still have no clue what it means meh i'll stick to beer

I read an article how some are saying to transfer their money into BitCoin in Spain to avoid any "haircuts" when and if they happen.

I like it and believe it will eventually end up being on everyone's cellphone or mobile device (just wave the device and money gets deducted from your account) but I see the possibility of it being very insecure as there will be a million readers which could steal bitcoins from you electronically without you knowing.

Right now one major problem with the Bitcoin protocol is that by design it can't suppor that many transactions. To scale up to that level would require a restructure of how the network functions and transactions are stored.

I'm pretty sure EVE Online and other similar MMO games have fully demonstrated how totally free markets have a tendency to devolve into awfulness.

I haven't really followed BitCoin a whole lot, but it sounds pretty dumb.

Al Gore's a big fan of BitCoin, it seems.

the Spanish have decided that BitCoins are better than what happened to Cyprus, apparently.

Easier to go there for the rest.

Hopefully they converted their BitCoins into real money prior to yesterday's BitCoin crash.

them cashing out WAS the bitcoin crash

They're still ahead of the game given they paid 130 and atm they're trading at 150.

Actually apparently there was a hacker attack to manipulate them and the correction is what we're seeing, according to the link anyway.

I am shocked, shocked, I tell you, to see evidence that a currency not backed by either a central bank or reserve asset might be subject to a speculative bubble and crash. Oh my!

It wasn't a hack, it was several DDOS attacks. From Techcrunch:

I wonder if they got the idea from real-world finance workers.

http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656

It looks like bitcoin won't be amounting to much of anything as it has devolved into a massive lawsuit between all the various partners.

Ohhhhhhhh it faaaaaailed!!!



PPPPPT!!!

If anyone has any doubts that Bitcoins are stupid, this should put a rest to your doubts: The Winklevoss twins, who're about the two douchiest people on the planet, are investors.

Well it might fail but it's still a great experiment and I think a newer system can be built that will work better then Bitcoin.

I agree. Fortunately, the solution and system is already here.

It's just sad that people actually took that bit coin thing seriously.

Beck is already on money?

Victor Sagat: Is this a joke? This money isn't even worth the paper it's printed on!
Bison: On the contrary. Every Bison dollar will be worth five British pounds. That is the exchange rate that the bank of England will implement after I kidnap their queen.

I smell a sequel here: If Looks Could Kill 2: Steranko Goes Digital



Besides, Richard Grieco needs the work.

Is that Raul Julia?

That was the last movie he was in. True story!

How is a contract dispute between two Bitcoin exchanges an indication that the currency has failed?

With the Winklevoss douchebags involved, what could go wrong?

http://bostinno.streetwise.co/2013/07/02/the-winklevoss-twins-bad-bet-on-bitcoin/

If you have money with Mt. Gox, you're probably fucked.

It is more and more evident that bitcoin is the modern equivalent of a land deal or bogus stock certificate con job.

Oops.

I wouldn't have a problem with Bitcoin if the machines used to mine Bitcoins had to do some useful work in order to generate a Bitcoin. Something like merging Bitcoin with SETI@home or any of the other BOINC projects. Right now, the power consumed by Bitcoin mining machines is something like that of a dozen power plants. If that same processing power was being turned to SETI research, analyzing proteins, or any of the other things that BOINC does, there'd be huge benefits for everybody, not just the guys mining the Bitcoins.