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BITCOIN turning out to be sketchy

Discussion in 'Central Banking & Fed Reserve' started by karl_gerbschmidt, Aug 2, 2016.



  1. karl_gerbschmidt

    karl_gerbschmidt Seeker

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  2. andial

    andial Sir Midas Member Site Supporter ++

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    Stuff seems like a hackers wet dream.
     
    gringott and mayhem like this.
  3. mayhem

    mayhem Другая перспектива Silver Miner Site Supporter

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    I got a couple hundred's worth when it was just below $200. Havent used any of them yet. Sure wouldn't part with my PM's for it.
     
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  4. andial

    andial Sir Midas Member Site Supporter ++

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    I have nothing against it have no loyalty to Federal reserve notes just think it needs more time 88.
     
  5. Mujahideen

    Mujahideen Black Member Midas Member

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    Bitcoin wasn't hacked, an exchange was.

    What's sketchy about Bitcoin? They tell you exactly how they operate.
     
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  6. solarion

    solarion Gold Member Gold Chaser

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    The fact that people blame the thing that has been stolen itself, bitcoin, for the robbery is clear evidence that they do not understand what they're talking about. If my home is broken into and someone makes off with my cherished Vinny Van Gogh color by number, do I blame the painter? The canvas? Paint? No...of course not. The thief is to blame. Blaming bitcoin(an algorithm) for a theft because people stupidly park their coins at exchanges and leave them there is like blaming gold for being stolen from an armored truck.
    People do not understand bitcoin. ...and rather than get informed they'll instead parrot the same tired false narrative we've heard time and time again when crypto currencies were stolen. "BITCOIN HACKED!!!". That is not what happened. That has never happened, but it won't matter because people cannot be bothered to read past a headline.
     
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  7. Mujahideen

    Mujahideen Black Member Midas Member

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    If someone hacks my bank account and then writes an article saying THE DOLLAR IS SKETCHY because my bank account was hacked I would have to discount their credibility.
     
  8. andial

    andial Sir Midas Member Site Supporter ++

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    I like that Bitcoin can be stolen provides a new avenue for non violent crime. Non violent criminals have to eat also.

    Note: am a donator to NVCLM
     
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  9. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    The sketchy part comes from the plunge in the value of a bitcoin when some are robbed. This is the second time it happened to my memory.
    If sombody robs a bank or steals FRNs online the FRN doesn't plunge in value.
     
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  10. Professur

    Professur Midas Member Midas Member Site Supporter ++

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    2008? The banks stole plenty and it dropped like a stone.
     
  11. solarion

    solarion Gold Member Gold Chaser

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    I beg to differ sir. FRNs are pilfered of value 24/7 and they drop in value continuously. Bitcoin on the other hand is a deflationary currency.

    You'd have to ask stupid people why they insist on parking their bitcoin on exchanges and leaving them there. I believe it's mostly laziness(don't have to create your own wallet), but I dunno for certain because my own cryptos remain in my own encrypted wallet as intended and they're never stolen.
     
  12. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    Here comes the mandatory Bitcoin database
    Simon Black

    August 3, 2016

    Spoleto, Italy
    It was only a matter of time.

    In the wake of multiple terror attacks, the European Commission is moving towards creating a mandatory, centralized database of Bitcoin ownership.

    Of course, their official reason is that Bitcoin is being used to finance terrorism.

    So for everyone’s safety and security they need even more authority to spy on people’s finances.

    But the reality is that these governments have hated Bitcoin since the beginning.

    They don’t like the idea of a decentralized currency that they can’t control.

    In the conventional financial system, governments have the power to regulate the banks and seize any account they want.

    They can use their gun-toting police agencies to confiscate citizen’s physical cash… and given the alarming rise of Civil Asset Forfeiture in the Land of the Free, it’s clear they’re not exactly shy about stealing people’s money.

    But they can’t do any of that with Bitcoin.

    Bitcoin is a decentralized, distributed system. It’s impossible for anyone, or any government, to control it.

    So the more people use Bitcoin, the more governments lose control.

    History shows us, for example, that bankrupt governments almost invariably resort to capital controls– heinous obstacles that trap people’s savings inside a decaying financial system.

    We’re already seeing this across the European continent.

    Many banks in Europe have restrictions on how much money you can withdraw from your own savings account.

    There’s also been rapid progress towards banning physical cash altogether.

    But Bitcoin is a way for people to escape these capital controls… which is why it’s such a nightmare for bankrupt governments.

    You’d think that intelligent governments would embrace Bitcoin.

    You’d think that, rather than fight an obvious technological trend, they would encourage the banks and monetary policymakers to integrate Bitcoin’s concepts into the financial system in order to become more competitive and innovative.

    But that’s not what happens.

    Bankrupt governments have a permanent scarcity mentality.

    Once they enter desperation mode, their only solution is more government, more regulation, more spying, and more control.

    It’s literally the exact opposite of what they should be doing.

    Now, in response to all of these terrorist attacks, the bureaucrats finally have an excuse to expand their control.

    So rather than getting on board with the technology and joining the 21st century, they’re going to expend resources creating a complicated regulatory framework in an attempt to neutralize the Bitcoin threat.

    Here’s the good news: they’re going to fail. The technology available to us is simply too powerful.

    Think about it: no matter what governments do, there’s almost always a way to defeat them thanks to modern technology.

    If they try to ban the sale of firearms, we now have the ability to 3D print them.

    If they engage in illegal surveillance of our emails (which they are), we have FREE, open-source encryption technology available to thwart their efforts.

    If they debase their currency into oblivion and impose capital controls (which they are), we can use Bitcoin and move money into the blockchain.

    And if they try to eliminate those tools, they’ll fail miserably.

    Remember that a government’s power is based exclusively on threats of violence, which exist solely in the physical world.

    But Bitcoin exists in the digital world where their threats of violence are useless.

    There is no centralized nexus of control for Bitcoin. No individual or organization controls it. Therefore governments have no one to threaten.

    That’s why they’ll fail. Our modern technology favors the individual. It favors freedom. It favors those who understand major trends and adapt to change.

    https://www.sovereignman.com/trends...8fa6ac15fe06fe09ea742811a837c024bdbd96ea925fb
     
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  13. Mujahideen

    Mujahideen Black Member Midas Member

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    That's just the law of supply and demand working. Negative press would mean less demand in the short run. What's wrong with that? That's exactly how it's supposed to work. Supply and demand, not manipulation.

    Frns can be easily manipulated higher or lower as they can print more and change interests rates. Bitcoin not so much.
     
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  14. solarion

    solarion Gold Member Gold Chaser

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    Joe King likes this.

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