BITCON... WHY its totally FLAWED

pro$pector said:
As stated above you can store hard copies of keys, or even use wallets stored on servers.

That "documentary" is nothing short of a load of mis-information, there is no "owner" of the system, and the creater has never been definintively identified.

I'd bet everything I have that guy was not a friend of a non-existant owner.

National Geographic documentaries should always be taken very, very lightly.
Click to expand...
If its mis information lose your key or wallet or whatever it is that you use & try to retrieve them or get to your bitcoins .Then let us know how you go . Im pretty sure they interviewed the creator of bitcoin just before they interviewed the guy who lost the 140K .

I cant remember the name of the doco it was about the fed & money supply not bitcoin . they just had bitcoin as an alternative for a few minutes .

Nat geo repeats things all the time if they show it again i'l get the name of it & post it here for you .Or you could go to nat geo website & find it if you were really interested .
 
National Geographic docos are famous for bending the truth.

The creator of Bitcoin disappeared from the scene years ago, and has never been identified in person. The protocol was finished by a group of people.

If this guy lost money he was stupid, no different to someone dropping a wad of cash from their pocket. Back your key up, simple.
 
pro$pector said:
National Geographic docos are famous for bending the truth.

The creator of Bitcoin disappeared from the scene years ago, and has never been identified in person. The protocol was finished by a group of people.

If this guy lost money he was stupid, no different to someone dropping a wad of cash from their pocket. Back your key up, simple.
Click to expand...

You can keep polishing a turd as much as you want
But I have asked multiple IT guru's & they don't believe in them
So I'll go with the IT guru's & yes I did think about mining them & such crap
I like my cash in my pocket not on some digital thinga-majig ;)
You can keep collecting them
And I'll run in the other direction
 
spannermonkey said:
pro$pector said:
National Geographic docos are famous for bending the truth.

The creator of Bitcoin disappeared from the scene years ago, and has never been identified in person. The protocol was finished by a group of people.

If this guy lost money he was stupid, no different to someone dropping a wad of cash from their pocket. Back your key up, simple.
Click to expand...

You can keep polishing a turd as much as you want
But I have asked multiple IT guru's & they don't believe in them
So I'll go with the IT guru's & yes I did think about mining them & such crap
I like my cash in my pocket not on some digital thinga-majig ;)
You can keep collecting them
And I'll run in the other direction
Click to expand...

Each to their own Spanner, some people like flogging tacky gold chains for their extra cash, others like doubling up on Bitcoins in a few months.

By the way, I work in IT (over 10 years now) and your "guru" friends seem to have differeing opinions from many, many others in the field.

At any rate, if someone spent $100 on BTC in early 2010, they would have somewhere between $200,000 - $500,000 today (yes you read that right) - if that is what you call a turd, then who am I to argue with SS'ers local keyboard warrior.

I'll stop now, I'll move to a BTC forum since I just placed feedback for the sale of my last bit of silver.
 
I dont see it as an all or nothing, i want to have some bitcoin and keep me knowledge up about cyrptocurrency.

I have only put a fraction of my wealth into bitcoin and consider more of an amerging idea and hobby.

I was dead against it at the start but now i am less absolute.. actually i like bitcoin, its just a new concept and people are afraid of it and dont understand it.. get into it with a grain or salt or short term as its been a winner so far so profit has been made.

For those who continue to deny its investment potential.. its better trading in bitcoin and silver then fiat and silver, nuff said!

As a currency its certainly better than AU$ for trading purposes

1for1
 
Bitcoin compares very favourably when compared to cash and gold. I think it combines the best elements of both without having either's drawbacks. The only question is, how is the populace at large going to ultimately respond to them.

I think ultimately utility will win the day and people will go for them. I only have a fraction of my wealth in them but tbh I wish I'd put in more.

The infrastructure needs to build up around it before it's ready for mainstream use but that opens up the perfect opportunity to get in when the price is still low. Kind of liking investing in PC's in the early 80's or the internet in the early 90's. Few could see where they were going but those who took the punt...
 
hawkeye said:
The infrastructure needs to build up around it before it's ready for mainstream use but that opens up the perfect opportunity to get in when the price is still low. Kind of liking investing in PC's in the early 80's or the internet in the early 90's. Few could see where they were going but those who took the punt...
Click to expand...

Last bit of input from me here.

I highly agree with your comments, and must mention the fact that we still see 1 BTC at $10 - $20 AUD as early days, considering a mere three years ago 1 BTC was only worth a fraction of a cent.

The mind boggles how high these could go, being divisible down to 8 decimal places means the sky really is the limit.
 
pro$pector said:
At any rate, if someone spent $100 on BTC in early 2010, they would have somewhere between $200,000 - $500,000 today (yes you read that right) - if that is what you call a turd, then who am I to argue with SS'ers local keyboard warrior.

I'll stop now, I'll move to a BTC forum since I just placed feedback for the sale of my last bit of silver.
Click to expand...

Bitcoins where selling for 6c you would have got 1600 ish for your $100 they are currently selling for $20 = $32000 so yeah you would have made substancial cash but not that sums you are saying
 
volrathy said:
Bitcoins where selling for 6c you would have got 1600 ish for your $100 they are currently selling for $20 = $32000 so yeah you would have made substancial cash but not that sums you are saying
Click to expand...

You're looking at MtGox prices, Mt Gox wasn't an exchange until July 2010 when prices were up to around 6-8c per coin

They were traded on a person to person in early 2010, and pre July were well under US 1c each.

Research the 10,000 BTC pizza story from 2010, at the time on that particular forum, 10,000 coins was equated with a $25 pizza (that puts them at 0.25c each).

See here;

https://en.bitcoin.it/wiki/History

They were around 0.8c per coin in May/June 2010 - those Mt Gox price charts from early 2010 are not accurate. Please note I stated early 2010 all along, the 10 fold increase to 8c didn't occur until July which is not early 2010, my figures are accurate.
 
spannermonkey said:
But I have asked multiple IT guru's & they don't believe in them
So I'll go with the IT guru's & yes I did think about mining them & such crap
Click to expand...

No offence, but I get annoyed with this kind of remark.

If you have a criticism let us all know. If it's valid, I want to know, and I'm sure everyone here does too.

If it's just an opinion not based on any facts, well....

Oh and I'm a more than 10 year IT veteran also, though I've never gone around calling myself a guru. :rolleyes:
 
something called BIT CON is totally flawed

wow shocking lol its in the name

is a little BIT of a CON for the one person that started it a sells them, is it really a surprise (thought people that used this site atless had half a brain, guess not)
 
chrisking123 said:
something called BIT CON is totally flawed

wow shocking lol its in the name

is a little BIT of a CON for the one person that started it a sells them, is it really a surprise (thought people that used this site atless had half a brain, guess not)
Click to expand...

Oh my god...

This is either a troll or the stupiditiy just defies belief.
 
To think I thought $15 was too expensive. 23 now on the way to 24. When is this run going to end?
 
Have read through all the post but not at once so i cant remember if this question has been asked. Is it possible that a bitcoin virus is introduced that wipes clean your account? Is there some form of physical proof or backup that you could use. Same goes for banks i suppose, i dont have bankbook anymore. Where do i stand if the bank says sorry but our records have been wiped?
 
hummm interesting, i stopped mining when it was no longer profitible.....but i never sold them.....should trade for silver
 
Opposition to bitcoin is a bit hysterical (and often nothing more than FUD).

Bank accounts are nothing more than an electronic ledger - same as bitcoin.

People can trade their 'balance' for cash - same as bitcoin.

I wouldn't trust either with my life savings, but both have advantages (and disadvantages) for facilitating the exchange of goods and services.
 
You must log in or register to reply here.
Back
Top