If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(CNBC)   Bitcoin bombs 20% because bugs are biting it big time   (cnbc.com) divider line 80
    More: Followup, virtual currency, digital currency, hacking attacks  
•       •       •

2632 clicks; posted to Business » on 10 Feb 2014 at 11:01 AM (21 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



80 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

First | « | 1 | 2 | » | Last | Show all
 
2014-02-10 11:09:04 AM
It's a flaw that was found in 2011. MT.GOX should have been on this awhile ago.
 
2014-02-10 11:39:14 AM
Just wait until the transaction chain is in the terabytes and you need a 20 disk array and 1Gb/sec Internet connection to maintain up-to-date trading info.

Also, with all these other crypto-currencies now on the market, what makes BitCoin so valuable?  Can't I use any number of alternatives at this point, all of which don't trade at astronomical and ever fluctuating prices?  Remember, BitCoin is a currency, not a stock.  No pro-Bitcoin person has ever been able to answer this question.  Please enlighten me.
 
2014-02-10 11:41:12 AM
No honor among thieves.
 
2014-02-10 11:43:25 AM
They still cost about $675 more than they are worth.
 
2014-02-10 11:49:41 AM
down under $600 now.
 
2014-02-10 11:50:47 AM

valkore: Just wait until the transaction chain is in the terabytes and you need a 20 disk array and 1Gb/sec Internet connection to maintain up-to-date trading info.

Also, with all these other crypto-currencies now on the market, what makes BitCoin so valuable?  Can't I use any number of alternatives at this point, all of which don't trade at astronomical and ever fluctuating prices?  Remember, BitCoin is a currency, not a stock.  No pro-Bitcoin person has ever been able to answer this question.  Please enlighten me.


What makes it valuable?  Name.  Just like what makes In-n-Out infinitely more valuable over Douglas Burger.

As far as BitCoin itself.. you're taking shiat too seriously.  Classic contrarian.  Lighten up and use dogecoin
 
2014-02-10 11:51:51 AM

valkore: Just wait until the transaction chain is in the terabytes and you need a 20 disk array and 1Gb/sec Internet connection to maintain up-to-date trading info.

Also, with all these other crypto-currencies now on the market, what makes BitCoin so valuable?  Can't I use any number of alternatives at this point, all of which don't trade at astronomical and ever fluctuating prices?  Remember, BitCoin is a currency, not a stock.  No pro-Bitcoin person has ever been able to answer this question.  Please enlighten me.


Bit coins biggest benefit is the wide spread notoriety and "acceptance". That is also the biggest disadvantage because the price has risen. I view it as a big game of hot potato.
 
2014-02-10 11:58:44 AM

valkore: Also, with all these other crypto-currencies now on the market, what makes BitCoin so valuable?


Visa, MasterCard, or (lol) American Express.
 
2014-02-10 12:02:15 PM

DerpHerder: Bit coins biggest benefit is the wide spread notoriety and "acceptance". That is also the biggest disadvantage because the price has risen. I view it as a big game of hot potato.


So all these futurists touting that they're getting in on the ground level and equating today's BitCoin use as the "IPO" before it explodes and makes the megazillionaires may not be accurate?
 
2014-02-10 12:03:47 PM

sendtodave: valkore: Also, with all these other crypto-currencies now on the market, what makes BitCoin so valuable?

Visa, MasterCard, or (lol) American Express.


Are you equating BitCoin with global electronic payment networks that have been around for decades, are incredibly expensive to maintain, have established processes for resolving disputes and protecting consumers and are strictly regulated?
 
2014-02-10 12:05:40 PM
Looks like it is getting some price support at around 600.
 
2014-02-10 12:10:56 PM

valkore: sendtodave: valkore: Also, with all these other crypto-currencies now on the market, what makes BitCoin so valuable?

Visa, MasterCard, or (lol) American Express.

Are you equating BitCoin with global electronic payment networks that have been around for decades, are incredibly expensive to maintain, have established processes for resolving disputes and protecting consumers and are strictly regulated?


Sure, why not.  That makes sense.

Or, more obviously, I'm saying that AmEx suffers, when compared to Visa or Mastercard, because places don't take AmEx.
 
2014-02-10 12:24:41 PM

valkore: Just wait until the transaction chain is in the terabytes and you need a 20 disk array and 1Gb/sec Internet connection to maintain up-to-date trading info.

Also, with all these other crypto-currencies now on the market, what makes BitCoin so valuable?  Can't I use any number of alternatives at this point, all of which don't trade at astronomical and ever fluctuating prices?  Remember, BitCoin is a currency, not a stock.  No pro-Bitcoin person has ever been able to answer this question.  Please enlighten me.


What makes BitCoin so valuable?
It's arbitrary. It all depends on how much someone else is willing to pay to purchase it. There is no real value behind all the bitcoins like you would have with the stock shares valued against the net worth of a corporation.

It's a lot like the Dutch Tulip bulb mania
 
2014-02-10 12:27:45 PM
Tomorrow:

Exxon SuperTanker Crashes Into San Francisco Bay
 
2014-02-10 12:32:51 PM
Quick question:  Has anyone check to see if people can make money by betting on Bitcoin (a unregulated currency) to fail in a "credit default swap" type scheme?
 
2014-02-10 12:38:28 PM
https://en.bitcoin.it/wiki/Myths

valkore: Can't I use any number of alternatives at this point,

No, because only bitcoin and to a lesser extent, litecoin, are accepted anywhere.
 
2014-02-10 12:45:51 PM
Oh sure, *now* it drops. If this happened a couple weeks ago, maybe I could have gotten a better deal on the 8GB of RAM I just ordered on Friday.
 
2014-02-10 12:53:25 PM
Actual currencies don't fluctuate in value this much. Also it's entirely unsurprising that gold bugs like this stuff as it behaves the exact same way
 
2014-02-10 12:57:15 PM

Alphakronik: Quick question:  Has anyone check to see if people can make money by betting on Bitcoin (a unregulated currency) to fail in a "credit default swap" type scheme?


It sounds like you're trying to either short sell Bitcoins or purchase put options on Bitcoins.

Here you go: http://finance.fortune.cnn.com/2013/12/05/betting-against-bitcoin-bub b le/
 
2014-02-10 01:05:23 PM
s18.postimg.org

Next Bitcoin, or last
 
2014-02-10 01:10:58 PM

BigJake: Actual currencies don't fluctuate in value this much. Also it's entirely unsurprising that gold bugs like this stuff as it behaves the exact same way


Bitcoin is just goldbuggery for the Slashdot crowd.

No, actual currencies don't fluctuate like this, because actual currencies have economies backing them and central banks regulating their supply.  Bitcoin is an asset.  The only difference between Bitcoin and wheat/copper/gold/stocks/bonds/whatever is that Bitcoin has no actual value beyond its ability to shield pedophiles and drug traffickers.
 
2014-02-10 01:20:36 PM

RickyWilliams'sBong: The only difference between Bitcoin and wheat/copper/gold/stocks/bonds/whatever is that Bitcoin has no actual value beyond its ability to shield pedophiles and drug traffickers.


Well that's a little harsh. I like the idea of not having every online purchase trackable to the nth degree even if I'm just buying PC parts. The problem with Bitcoin like you said is that its supply has virtually zero relationship with or ability to respond to demand and behaves like a particularly volatile equity which makes it practically useless as a currency.
 
2014-02-10 01:44:04 PM

sendtodave: Or, more obviously, I'm saying that AmEx suffers, when compared to Visa or Mastercard, because places don't take AmEx.


Considering that AmEx in of itself a profitable entity and doesn't treat its customers like shiat - I'm not getting how it suffers?

/Amex card holder
 
2014-02-10 01:44:27 PM

TheRealist: No, because only bitcoin and to a lesser extent, litecoin, are accepted anywhere.


i.imgur.com
 
2014-02-10 01:47:08 PM

BigJake: Actual currencies don't fluctuate in value this much. Also it's entirely unsurprising that gold bugs like this stuff as it behaves the exact same way


It really doesn't matter if you think the economy will be thriving in 10 years, or dying. In 10 year from now, would you rather have a bunch of gold or a bunch of bitcoins?
 
2014-02-10 01:48:34 PM

gingerjet: sendtodave: Or, more obviously, I'm saying that AmEx suffers, when compared to Visa or Mastercard, because places don't take AmEx.

Considering that AmEx in of itself a profitable entity and doesn't treat its customers like shiat - I'm not getting how it suffers?

/Amex card holder


Should I have used Fanta and Faygo as an example instead?

Juggalos may love Faygo, but it ain't Fanta.

And Dogecoin ain't Bitcoin.
 
2014-02-10 01:51:03 PM

Nemo's Brother: It really doesn't matter if you think the economy will be thriving in 10 years, or dying. In 10 year from now, would you rather have a bunch of gold or a bunch of bitcoins?


Gold, obviously, because people have been suckers for gold much longer, so my chances of offloading it at a good price are better.  In truth, I wouldn't want either.  I'd want a bunch of stuff that generates cash flow.
 
2014-02-10 01:52:55 PM

RickyWilliams'sBong: Nemo's Brother: It really doesn't matter if you think the economy will be thriving in 10 years, or dying. In 10 year from now, would you rather have a bunch of gold or a bunch of bitcoins?

Gold, obviously, because people have been suckers for gold much longer, so my chances of offloading it at a good price are better.  In truth, I wouldn't want either.  I'd want a bunch of stuff that generates cash flow.


You have a point, but I would have loved to have been old enough to buy gold in the 90s and offload it in the late 2000s.
 
2014-02-10 01:54:07 PM

RickyWilliams'sBong: BigJake: Actual currencies don't fluctuate in value this much. Also it's entirely unsurprising that gold bugs like this stuff as it behaves the exact same way

Bitcoin is just goldbuggery for the Slashdot crowd.


Half right - Bitcoin is just an alternative/experimental transaction medium for the Slashdot crowd.

Its goldbuggery for the speculators, scammers, and miners who thinks its some sort of magical get rich quick scheme.
 
2014-02-10 02:46:52 PM

RickyWilliams'sBong: Nemo's Brother: It really doesn't matter if you think the economy will be thriving in 10 years, or dying. In 10 year from now, would you rather have a bunch of gold or a bunch of bitcoins?

Gold, obviously, because people have been suckers for gold much longer, so my chances of offloading it at a good price are better.  In truth, I wouldn't want either.  I'd want a bunch of stuff that generates cash flow.


To be fair, gold has a tangible value within the last couple centuries due to its uses in circuitry. People can actually use gold to aid in the production of goods to meet the needs of survival: before modern times gold didn't have a significant inherent value because it was used solely for luxury goods. If you are imagine the world suddenly becoming medieval sure that might work, but if things truly went to crap the way goldbugs think it could at any moment you'd see that iron, cold iron, is master of them all.
 
2014-02-10 02:47:24 PM

Nemo's Brother: You have a point, but I would have loved to have been old enough to buy gold in the 90s and offload it in the late 2000s.


Better to have purchased and sold Dot-Com stocks, as it would have made you much richer, much quicker.  But just like gold, and now BitCoin, you would have to have known to buy before they were going to go up, and then sold before they went down.
 
2014-02-10 02:56:44 PM

TheRealist: https://en.bitcoin.it/wiki/Myths

valkore: Can't I use any number of alternatives at this point,

No, because only bitcoin and to a lesser extent, litecoin, are accepted anywhere.


Let's see what what the FAQ you referenced says about alternative crypto-currencies:

Q: Alternative Currencies are useless, Bitcoin is the only important cryptocurrency
A: Bitcoin is the biggest and most popular crypto currency, but other currencies like Litecoins shouldn't be neglected. Obviously, minor currencies with prices of $0.06 per coin aren't very interesting, but maybe worth an investment. Alternative cryptocurrencies will be especially important when the capacicty of all BTC has been reached.


Okay, so it says alternative currencies shouldn't be "neglected" and could still be a good "investment".  Not only does this support my argument, it also shows that the FAQ is written by somebody who sees Bitcoin as an investment and not as a currency.  Awesome.

Bitcoin isn't accepted everywhere.  It's mostly accepted as a form of transfer between hard currencies, meaning I convert my USD to Bitcoin at an exchange, immediately transfer the Bitcoin to another entity, who then immediately converts from Bitcoin to USD (or other currency) at an exchange.  Almost nobody is using Bitcoin as a true currency, and when they are, the value of the transaction is pinned to hard currencies and it's usually for grey market goods and services ala Silk Road.  And even then, the Bitcoin is likely to be dumped at an exchange by the seller if prices on the exchanges begin to fall.

I could do this with any of the alternatives out there today, so long as there is an exchange and a receiver with a digital wallet.
 
2014-02-10 03:20:02 PM

LeroyB: What makes BitCoin so valuable?
It's arbitrary. It all depends on how much someone else is willing to pay to purchase it. There is no real value behind all the bitcoins like you would have with the stock shares valued against the net worth of a corporation.


Replace "Bitcoin" above with "US Dollar" and it remains just as true.
 
2014-02-10 03:30:53 PM

valkore: the FAQ


That is pretty out of date.. the point remains, tho, that we only need one cryptocurrency to make it work, and 98% of the effort is going to bitcoin. Doge and LTC have (much)smaller network effects that give them lesser value.

When reading these MSM articles.. just remember that Bitcoin, most importantly, is a protocol that just works.
 
2014-02-10 03:34:37 PM
I've made over $300 the last two weeks by renting time on my bitcoin miner. Dozens of times what I'd have made if I used it to mine coins for myself. It's not the lottery, but it's not chump change either.
 
2014-02-10 03:36:39 PM

jigger: LeroyB: What makes BitCoin so valuable?
It's arbitrary. It all depends on how much someone else is willing to pay to purchase it. There is no real value behind all the bitcoins like you would have with the stock shares valued against the net worth of a corporation.

Replace "Bitcoin" above with "US Dollar" and it remains just as true.


Replace 'bitcoin' with gold and it remains just as true.

It also pretty much covers any commodity. It's only worth what someone will pay.

And now that the most simple of economic principles has been reiterated thousands of years later, you can look at what actually makes a currency valuable, stable, and useful over significant periods of time.

BitCoin by it's very nature has minimal backing to initiate a position as a standard form of currency.

It also lacks any form of systemic protection against wild swings of inflation or deflation.

The system itself encourages non-use and volatile swings in price by setting a cap, and no effective means of promoting the flow of currency that makes a currency actually valuable.

It's destined to fail.
 
2014-02-10 03:38:56 PM
The real innovation isn't the bitcoin itself but rather the blockchain ledger that it rides on.  The ability to have what amounts to enforceable...traceable transaction ledger means that fraud is *nearly* eliminated.  This allows users to cut out much of the high priced banking services.

Everything from EFT's and other derivatives can ride on the block chain ledger to any stock issued.  You could issue an IPO over the block chain.  This effectively 'democratizes' the financial market as there would be no need to have a well heeled third party do all of the arbitrage.  Additionally all of the shares ownership would be tracked openly so no fraud can be committed.

Rather than thinking about bitcoin think about the vehicle it rides on.  Consider it like this...bitcoin is to the blockchain as a passenger is to a jetliner.
 
2014-02-10 03:43:46 PM

jigger: LeroyB: What makes BitCoin so valuable?
It's arbitrary. It all depends on how much someone else is willing to pay to purchase it. There is no real value behind all the bitcoins like you would have with the stock shares valued against the net worth of a corporation.

Replace "Bitcoin" above with "US Dollar" and it remains just as true.


The US dollar is supported by things like banks, agriculture, factories, and nuclear weapons.

Bitcoin is supported by heroin, kiddie porn, and nerd-rage.
 
2014-02-10 03:46:45 PM

BigJake: I like the idea of not having every online purchase trackable to the nth degree


The transaction chain is publicly available and scrutinizable, no? That's what I've been reassured of by bitcoiners. It's what makes the system accountable for dispute resolution and such.

So instead of governments and financial institutions being able to track your transactions, with Bitcoin anyone with an Internet connection can...including governments and financial institutions.
 
2014-02-10 03:49:10 PM

Nemo's Brother: BigJake: Actual currencies don't fluctuate in value this much. Also it's entirely unsurprising that gold bugs like this stuff as it behaves the exact same way

It really doesn't matter if you think the economy will be thriving in 10 years, or dying. In 10 year from now, would you rather have a bunch of gold or a bunch of bitcoins?


Can I just take cash? I would prefer cash and I'm happy to take it in the worthless fiat currency form of USD.
 
2014-02-10 04:10:49 PM

Seequinn: Half right - Bitcoin is just an alternative/experimental transaction medium for the Slashdot crowd.

Its goldbuggery for the speculators, scammers, and miners who thinks its some sort of magical get rich quick scheme.


No, actually it's goldbuggery for the Slashdot crowd.  For the others, it actually provides a useful service -- cover from traceability and separation of fools and their money.

There's nothing interesting/experimental about it.
 
2014-02-10 04:13:16 PM

Grungehamster: To be fair, gold has a tangible value within the last couple centuries due to its uses in circuitry. People can actually use gold to aid in the production of goods to meet the needs of survival: before modern times gold didn't have a significant inherent value because it was used solely for luxury goods. If you are imagine the world suddenly becoming medieval sure that might work, but if things truly went to crap the way goldbugs think it could at any moment you'd see that iron, cold iron, is master of them all.


Gold's value in those applications is small, at best.  You can use other metals to achieve the same ends.  They won't be as durable, but they're sufficiently durable -- and at the difference in price, gold is almost useless.
 
2014-02-10 04:50:58 PM
madgonad:  wharlgarbl

The US dollar is not supported by any of those things. I'm not even gonna bother... no time for your BS. Enjoy your future, i know I'll enjoy mine.
 
2014-02-10 04:55:37 PM

Alphakronik: Quick question: Has anyone check to see if people can make money by betting on Bitcoin (a unregulated currency) to fail in a "credit default swap" type scheme?


In theory you could make a bundle with simple arbitrage between the various exchanges and other currencies eg litecoin, dogecoin etc. Only issue is actually getting your money. Which of course is the one stumbling block with bitcoin and what not, just how likely is it if you have, say, $100,000 in bitcoin, you can actually get that cash? With arbitrage you could be in the millions easy enough, but not sure you could ever actually get that money. Though making millions with old school arbitrage would I'm sure cause some epic whining among various coin supporters.
 
2014-02-10 04:58:58 PM

TheRealist: madgonad:  The US dollar is supported by things like banks, agriculture, factories, and nuclear weapons.
Bitcoin is supported by heroin, kiddie porn, and nerd-rage.

The US dollar is not supported by any of those things. I'm not even gonna bother... no time for your BS. Enjoy your future, i know I'll enjoy mine.


Yes Virgina, the USD is supported by those things. Glad you didn't take the time to bother.
 
2014-02-10 04:59:11 PM

TheRealist: The US dollar is not supported by any of those things


Well thanks for letting us know you have no idea how currencies work.
 
2014-02-10 05:05:37 PM

RickyWilliams'sBong: Grungehamster: To be fair, gold has a tangible value within the last couple centuries due to its uses in circuitry. People can actually use gold to aid in the production of goods to meet the needs of survival: before modern times gold didn't have a significant inherent value because it was used solely for luxury goods. If you are imagine the world suddenly becoming medieval sure that might work, but if things truly went to crap the way goldbugs think it could at any moment you'd see that iron, cold iron, is master of them all.

Gold's value in those applications is small, at best.  You can use other metals to achieve the same ends.  They won't be as durable, but they're sufficiently durable -- and at the difference in price, gold is almost useless.


Absolutely, I just am avoiding the easy "gold doesn't have inherent value because it's value ultimately is what another individual is willing to pay for it; if you can't find a buyer you don't have a use for your gold you can ultimately derive utility from beyond 'it's shiny.'" The stuff has commercial applications where it is worth the cost at current market values: it's not irreplaceable, but humanity would be screwed if we couldn't live with substitutes for most of the crap we value.
 
2014-02-10 05:17:06 PM

TheRealist: madgonad:  wharlgarbl

The US dollar is not supported by any of those things. I'm not even gonna bother... no time for your BS. Enjoy your future, i know I'll enjoy mine.


As long as there's a US government, I can pay my taxes in USD. Trillions of dollars in US debt, including treasury bonds and foreign debt, are also only payable in USD.

To the extent that you believe the US government will continue to exist, USD will always have value. The same cannot be said of BTC, as it's possible that in 5 years nobody will take BTC for anything.
 
2014-02-10 05:17:49 PM

WhyteRaven74: Alphakronik: Quick question: Has anyone check to see if people can make money by betting on Bitcoin (a unregulated currency) to fail in a "credit default swap" type scheme?

In theory you could make a bundle with simple arbitrage between the various exchanges and other currencies eg litecoin, dogecoin etc. Only issue is actually getting your money. Which of course is the one stumbling block with bitcoin and what not, just how likely is it if you have, say, $100,000 in bitcoin, you can actually get that cash? With arbitrage you could be in the millions easy enough, but not sure you could ever actually get that money. Though making millions with old school arbitrage would I'm sure cause some epic whining among various coin supporters.


https://coinex.pw/  I show you how deep the rabbit hole goes.
 
2014-02-10 05:19:31 PM

Fuggin Bizzy: BigJake: I like the idea of not having every online purchase trackable to the nth degree

The transaction chain is publicly available and scrutinizable, no? That's what I've been reassured of by bitcoiners. It's what makes the system accountable for dispute resolution and such.

So instead of governments and financial institutions being able to track your transactions, with Bitcoin anyone with an Internet connection can...including governments and financial institutions.


Yep. It's always funny to hear someone try to explain why Bitcoin isn't trackable. Every transaction ever made is fully visible in the blockchain. The protocol is only anonymous insofar as the owner of each wallet is anonymous.
 
Displayed 50 of 80 comments

First | « | 1 | 2 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is closed to new comments.

Continue Farking
Submit a Link »






Report