• Quick note - the problem with Youtube videos not embedding on the forum appears to have been fixed, thanks to ZiprHead. If you do still see problems let me know.

How To Use Bitcoin – The Most Important Creation In The History Of Man

Status
Not open for further replies.
psionl0 said:
Coin operated firearms? How does that work? Do you have to insert bitcoins in them before they will fire?
Click to expand...

Yeah, that's a bit silly.

A proper libertarian firearm would be designed to use special proprietary rounds that can only be purchased from the firearm's manufacturer for 5000% more than manufacturing costs. No coins needed.

:p
 
Brian-M said:
Yeah, that's a bit silly.

A proper libertarian firearm would be designed to use special proprietary rounds that can only be purchased from the firearm's manufacturer for 5000% more than manufacturing costs. No coins needed.

:p
Click to expand...
It beats waiting for three confirmations before you can shoot somebody. ;)
 
psionl0 said:
How do you know that there are "secret interchangeable rules" if "only a few privileged people know" about them?
Click to expand...

You think no one in and around Mt gox knew the trouble they were in before they vanished? Do you think these people acted in this information? I would say it's an obvious yes on both.

In the stock market there are rules and mechanisms to prevent insider trading. In the Bitcoin market, nothing.
 
eirik said:
You think no one in and around Mt gox knew the trouble they were in before they vanished? Do you think these people acted in this information? I would say it's an obvious yes on both.
Click to expand...
Ahh! So sheer guesswork. The most obvious explanation for MtGox (which you didn't mention before) was incompetence. How long they tried to trade after the loss of the bitcoins they were holding is anybody's guess so I won't speculate on that.

Of course, it's more exciting to say it's a conspiracy by MtGox staff to steal everything. Add a few meaningless expressions like "secret interchangeable rules" or "scammers wet dream" and you have the makings of a Pulitzer prize - NOT. :rolleyes:
 
Last edited:
I agree, incompetence is most likely. But that doesn't mean everyone with the information was incompetent.
 
I can say that we don't know that it was a deliberate scam from the start. My comments towards it have been speculative.

What would be the best way a bitcoin user who wanted the convenience of an online exchange could distinguish a scam from a non-scam?
 
But this is not a pump and dump because no one ever said BTC will grow at this rate for forever. At least that's what the Bitbugs say.
 
gnome said:
What would be the best way a bitcoin user who wanted the convenience of an online exchange could distinguish a scam from a non-scam?
Click to expand...
There is no certain method. There will always be the risk that an exchange that you deal with doesn't deliver.

You can mitigate the risks by researching the exchanges (bitcoin forums might be a good source for this) and dealing with more than one exchange at a time (not "putting all your eggs in one basket") but you can't eliminate risk altogether.
 
That's disingenuous. You can't even mitigate the risk to an acceptable level. Hell, you can't even get a handle on what all the risks are in using an exchange.
 
pantsorama said:
That's disingenuous. You can't even mitigate the risk to an acceptable level.
Click to expand...

Sure you can. Just don't store your bitcoins in any exchange, except for the brief moments when you want to exchange them for cash, or exchange cash for more bitcoins.

The chances of any long-running exchange failing to deliver in that brief timeframe are virtually nil.
 
OK. But that's disingenuous, because we were originally talking about the risks of exchanges.

Also it assumes you can move money through them at will, which did not happen at Mt Gox at least.
 
Status
Not open for further replies.

Back
Top Bottom