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(Ars Technica)   A study finds that 45% of Bitcoin exchanges end up failing, taking their users' money with them. But, hey, at least Bitcoin isn't fiat currency, amirite?   (arstechnica.com ) divider line
    More: Fail, Wired UK, bitcoins, empirical  
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3076 clicks; posted to Geek » on 27 Apr 2013 at 1:40 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-28 12:12:39 AM  

Alonjar: 45% of bitcoin exchanges fail.

Exchanges are the companies who exchange bitcoins for cash.

95% of all new businesses fail.

Sounds to me like the industry is doing well, no?


Not when their failure ends up with their customers losing their monopoly money.
 
2013-04-28 12:16:51 AM  

NeoCortex42: I Like Bread: ZeroCorpse: News Flash for investment-for-the-fall-of-the-economy morons:

When the economy collapses, it won't matter if you have gold, silver, platinum, or bitcoins. The moment money completely fails and government collapses, the only things of actual value will be skills, talents, food, water, clothing, and various means of protection. Who is going to want to trade food for gold? You can't eat gold. You can't drink gold. You can't do ANYTHING with it in a fallen civilization. It's just pretty metal with some handy non-corrosive qualities.

^
The only value gold has to anyone is feudal lords and tribal chiefs to display their status. But libertarians/anarcho-capitalists love everything about feudalism/tribalism, so I can't say they're being intellectually dishonest.

Gold is actually pretty damn useful in electronics.


I agree. But when civilization collapses, how many people are going to be skilled enough to use it for that purpose?

Frankly, I echo the sentiments of my high school chemistry teacher: "It's a shame we decided gold was pretty and therefore valuable for jewelry and coins, because if it didn't have that arbitrary value assigned to it, its chemical properties would be incredibly useful for everyday objects."

Of course, this was also a guy who partied with Bob Seger and told us about the time he tried moonshine, so he was a bit different.
 
2013-04-28 12:20:32 AM  

A Terrible Human: Alonjar: 45% of bitcoin exchanges fail.

Exchanges are the companies who exchange bitcoins for cash.

95% of all new businesses fail.

Sounds to me like the industry is doing well, no?

Not when their failure ends up with their customers losing their monopoly money.


Most businesses go broke within ten years - not ten weeks.
But since Bitcoin customers are lolbertarians, dope addicts, and chomos - who gives a shiat?
People like that deserve to get ripped off anyway.
 
2013-04-28 12:24:56 AM  

Ivo Shandor: Yankees Team Gynecologist: At least with silver vs. gold, the two metals have different chemical properties, but nobody cares about Style A of long unique bit string vs. Style B. Am I overlooking something here?

No, you have correctly identified one of Bitcoin's major flaws. For example there's Litecoin which is the same thing but different. Sort of. Nobody's really sure.


It's the monetary version of Esperanto. And will be as successful.
 
2013-04-28 12:33:25 AM  

Ray_Peranus: Can't wait to see how all my libertardian friends who invested in bitcoins find a way to blame this on the gub'ment...


A true Libertardian such as myself blames myself for being stupid and not using a reliable exchange.  Or I blame myself for being too lazy to find my painkillers elsewhere instead of silk road when I don't feel like making sure my encryption is up to date.

On the flip side, I can't wait to see how long it takes for a Libtard to turn this into a political iss....oh.
 
2013-04-28 04:40:49 AM  
i27.photobucket.com
 
2013-04-28 04:59:17 AM  
Well, it's no Flax, that's for sure.

I like the general idea behind it, but it seems so skeevy.

jso2897: It's the monetary version of Esperanto. And will be as successful.


And this is also a concern.
 
2013-04-28 11:14:32 AM  

ZeroCorpse: Frankly, I echo the sentiments of my high school chemistry teacher: "It's a shame we decided gold was pretty and therefore valuable for jewelry and coins, because if it didn't have that arbitrary value assigned to it, its chemical properties would be incredibly useful for everyday objects."


Gold would be very useful for pipes, wires and anything exposed to the environment. But the cost is also rather high for another reason: scarcity. There's just not enough gold available to replace copper or aluminum in any meaningful way.
 
2013-04-28 11:38:59 AM  

theorellior: ZeroCorpse: Frankly, I echo the sentiments of my high school chemistry teacher: "It's a shame we decided gold was pretty and therefore valuable for jewelry and coins, because if it didn't have that arbitrary value assigned to it, its chemical properties would be incredibly useful for everyday objects."

Gold would be very useful for pipes, wires and anything exposed to the environment. But the cost is also rather high for another reason: scarcity. There's just not enough gold available to replace copper or aluminum in any meaningful way.


---

I think most of the hype around gold is retarded.  However, there may be an in-between scenario where we're nowhere near apocalypse, but the world economy just ain't what it used to be (or what we thought it was).  We'd still have plumbing, the internet, and cell phones, but due to volatility all first-world nations would be more like 1.5-world compared to our former selves.  In that situation, gold (and similar commodities) would be valuable.

But even in that scenario, the world would recover one way or another--if not NA/Europe/Japan, then some other superpower structure like China/India.  Then people would hop right off of gold to those currencies.  So gold would just be a temporary holdover.  Still, this recovery could take decades, so the goldtards may have a point.

Also, while they aren't a legitimate means to GET rich (aside from fluke bubble-riding), precious metals are a decent hedge against losses.  Odds are most people's retirement funds include them in some form or another.
 
2013-04-28 05:38:52 PM  

Alonjar: 45% of bitcoin exchanges fail.
Exchanges are the companies who exchange bitcoins for cash.
95% of all new businesses fail.
Sounds to me like the industry is doing well, no?


Depends; how does that failure rate compare to more specific business sectors, like banking?
 
2013-04-28 06:51:13 PM  
Bitcoins are the Beanie Babies of our time.
 
2013-04-28 11:42:24 PM  

DeaH: Bitcoins are the Beanie Babies of our time.


As a kid I was obsessed with those bastards but my family was poor so I had maybe 2.
 
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