฿ - Official Bitcoin Thread - ฿

[ElscottHavoc]

I think part of the problem, as is shown in bluestangs post, is that supporters are torn between it being a finite commodity or a currency almost treating it as both. On one hand, they're touting it as the next best currency, but then hoarding it as a precious metal expected to rise. I think this fast, high demand for it has hurt it and pulled people away from the idea of wanting to make transactions with it. The idea of things in life being anonymous can be beneficial until it becomes a problem. The purpose of bit coin was to create a currency that wasn't so strictly monitored and filled with legislation and fees. Now, people are demanding a level of monitoring, accountability, and legislation that defeats the very purpose bit coins were started for.

The difference between the situation with Mt. Gox and Enron or WorldCom is that people lost their investment specifically from their investment in those companies - and had someone gone in and hacked their investment portfolio you can be sure someone could have tracked them down. You can't hold anyone accountable with Biycoin because its based around anonymity.

That, and in this case, people weren't invested in Mt. Gox, they were invested in Bitcoin. Mt. Gox is just a place to hold the funds, it'd be like a local bank getting robbed and saying "eh, there's nothing we can do" and there isn't because there's no insurance, no accountability. Lastly, treating this like a run on the banks isn't quite right either. Banks don't have to keep 100% of deposits liquidated, because they loan it out. Mt. Box wasn't loaning money.

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[bluestang41505]

Looks like a great price. Let us know if you get GPU mining of litecoin up and running.


:lol:

At this current date, I had been mining doge since day 5 of its release and had 400,000 coins before its bubblissh rise, however two days before the buble I sold them all, i lost out on an easy 1200 for a month of mining with the one 290x. Now im just doing multipool and leaf. Im really really hoping leaf takes off. I have over 3mil leafs. Im using cgwatcher and get 880khs with the 290x without underclock.

I think part of the problem, as is shown in bluestangs post, is that supporters are torn between it being a finite commodity or a currency almost treating it as both. On one hand, they're touting it as the next best currency, but then hoarding it as a precious metal expected to rise. I think this fast, high demand for it has hurt it and pulled people away from the idea of wanting to make transactions with it. The idea of things in life being anonymous can be beneficial until it becomes a problem. The purpose of bit coin was to create a currency that wasn't so strictly monitored and filled with legislation and fees. Now, people are demanding a level of monitoring, accountability, and legislation that defeats the very purpose bit coins were started for.

The difference between the situation with Mt. Gox and Enron or WorldCom is that people lost their investment specifically from their investment in those companies - and had someone gone in and hacked their investment portfolio you can be sure someone could have tracked them down. You can't hold anyone accountable with Biycoin because its based around anonymity.

That, and in this case, people weren't invested in Mt. Gox, they were invested in Bitcoin. Mt. Gox is just a place to hold the funds, it'd be like a local bank getting robbed and saying "eh, there's nothing we can do" and there isn't because there's no insurance, no accountability. Lastly, treating this like a run on the banks isn't quite right either. Banks don't have to keep 100% of deposits liquidated, because they loan it out. Mt. Box wasn't loaning money.

Posted via Topify on Android

You make a great point, at this time it is almost entirely seen as an investment and not a currency to do transactions. People sell for USD to use instead of using the coin itself. Id does not help the fact though that there is still very few businesses allowing it as a form of currency. If Amazon allowed it, you would see overnight change to the "value" of this system of currency.
Its true there is very little chance of finding out who steals coins, however, like I said before, the true security firms and bank style transactions including insurance and stuff will not happen until the .gov come out and say they are ok with crypto currency.
While the free market style of this coin is awesome it really can't go mainstream without some regulation. For instance, we spend $$ trying to keep counterfiters from making US mint by changing the face of dollars. This is a positive to alternate currency in that you don't have to change it at all, however, there are no regulators out there looking to stop people from scamming, and stealing coins and or looking for flaws in the security build of the coin which seems to have brought down Gox. .Gov has to get involved for mass and long term use of crypto or it will always be a wild wild west atmosphere. :beer: