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RIP Bitcoin. (Original Post) Tommy_Carcetti Feb 2014 OP
what happened? dionysus Feb 2014 #1
Here: Tommy_Carcetti Feb 2014 #6
A bug? KamaAina Feb 2014 #11
If so, it's a flaw in the protocol (nt) Recursion Feb 2014 #88
link nadinbrzezinski Feb 2014 #2
World's oldest bitcoin exchange? Orrex Feb 2014 #3
few years actually nadinbrzezinski Feb 2014 #4
Wait, Wait, Wait... On the Road Feb 2014 #57
It is not Feds nadinbrzezinski Feb 2014 #58
I Guess So, On the Road Feb 2014 #60
She did once explain it nadinbrzezinski Feb 2014 #64
A Precambrian Era bitcoin exchange from the Ediacaran Period FSogol Feb 2014 #15
@ $578/1 bitcoin, news of its death is perhaps premature? closeupready Feb 2014 #5
Wasn't it twice that amount a few days ago? Tommy_Carcetti Feb 2014 #8
Well, at the beginning of 2012, it was $12/bitcoin. closeupready Feb 2014 #32
Neither of which gives one any confindence BlueStreak Feb 2014 #54
For some people, it was never about its value as closeupready Feb 2014 #65
...annoying libertarian facebook friend will have to buy his weed with cash from now on NightWatcher Feb 2014 #7
Holy shit, you know Rob too? Tommy_Carcetti Feb 2014 #9
Tut tut. Buying weed. Those disgraceful amoral libertarians (nt) Nye Bevan Feb 2014 #24
I guess people will have to barter weed for copies of The Fountainhead. nt geek tragedy Feb 2014 #10
+1. nt bemildred Feb 2014 #14
good one! La Lioness Priyanka Feb 2014 #18
gt for the win! JustAnotherGen Feb 2014 #26
Well fuck. I was saving them up to buy a segway. arely staircase Feb 2014 #12
Every PC I ever came in contact with that had Bitcoin on it had two other things Rex Feb 2014 #13
Oh my. Bitcoin must be a wonderful playground for things like..... wandy Feb 2014 #29
Partial log of last PC I cleaned that had a bitcoin account on it. Rex Feb 2014 #31
Appears as if Conduit is sort of a gateway 'drug' .............. wandy Feb 2014 #36
Not related to Bitcoin Lancero Feb 2014 #63
He said he bought the OS with bitcoins. Rex Feb 2014 #69
I agree. I think the association is more with the fact that bitcoin users are more likely chrisa Feb 2014 #94
Not really... Lancero Feb 2014 #99
"...he got it off the Internet so thought it was legal..." Iggo Feb 2014 #76
Well you know they cannot put anything on the Internet that is not true! Rex Feb 2014 #84
that's so fucking funny, the only guy i know who is into bitcoin is a hardcore libertarian. dionysus Feb 2014 #16
I find it hilarious that Libertarians who totally despise the Federal Reserve system as being Ikonoklast Feb 2014 #41
I'm glad I am not the only one who thought that was a load of hooey...! MADem Feb 2014 #17
Just a FYI, Bitcoin is not to be confused with Bitstrips. Tommy_Carcetti Feb 2014 #19
If you never understood it, and still don't understand it, Nye Bevan Feb 2014 #20
Schrodinger's Bitcoin? nt Tommy_Carcetti Feb 2014 #21
You won the Internets. Or not. nt msanthrope Feb 2014 #50
The box is open and they're still not sure! randome Feb 2014 #96
Oh well. HappyMe Feb 2014 #22
Say someone in Russia or China wanted to donate money to a political party Nye Bevan Feb 2014 #25
So there was a run on a imaginary bank full of pretend money Blue Idaho Feb 2014 #23
You left out the part where the guy running the imaginary bank... tridim Feb 2014 #30
Ohhhhhh - that's a kicker! Blue Idaho Feb 2014 #43
That sounds like a modern-day variation of the "wildcat bank" fraud Art_from_Ark Feb 2014 #73
+1. In a nutshell BlueStreak Feb 2014 #56
k&r for exposure. n/t Laelth Feb 2014 #27
Well, think of it this way. Xyzse Feb 2014 #28
You think Bitcoin died because the price dropped or because of technical problems on an exchange? DesMoinesDem Feb 2014 #33
A better question: Tommy_Carcetti Feb 2014 #34
No, that is actually a pretty stupid question. DesMoinesDem Feb 2014 #42
Yes, but if something loses half its value in a week, wouldn't that be a tad alarming? Tommy_Carcetti Feb 2014 #44
After gaining 1000's of percent? No DesMoinesDem Feb 2014 #45
What does the $600 get you? Renew Deal Feb 2014 #66
Most people can buy quite a bit with $600. DesMoinesDem Feb 2014 #71
It's not $600 Renew Deal Feb 2014 #72
You can trade it for dollars or other currency if you want DesMoinesDem Feb 2014 #75
"In lieu of flowers, please send tulips." The_Commonist Feb 2014 #35
Good one! LittleBlue Feb 2014 #39
Bitcoin is not compatible with liberal or progressive ideologies. TheMathieu Feb 2014 #37
I don't understand why it's not compatible. I see lots of dislike for it from people here penultimate Feb 2014 #53
Last time I checked, the stoner potheads werent right wing.. TampaAnimusVortex Feb 2014 #85
And people who use the dark net - The Silk Road, etc. chrisa Feb 2014 #97
Oh man, I just sold all my Beanie Babies so I could buy bitcoins for my retirement central scrutinizer Feb 2014 #38
LOL. and I don't LOL. kwassa Feb 2014 #52
But, but, it was going to kick off a Libertarian Utopia. Courtesy Flush Feb 2014 #40
Whatever happens with bitcoin, it shows that woo me with science Feb 2014 #46
Except when the alternatives sound worse than the system it is seeking to replace. Tommy_Carcetti Feb 2014 #48
I don't think it shows any of that Renew Deal Feb 2014 #67
Of course you don't think so :) woo me with science Feb 2014 #80
how on fucking earth did you manage to work glenn fucking greewald into a bitcoin thread? arely staircase Feb 2014 #81
Because this is what libertarian paranoia is all about Renew Deal Feb 2014 #83
How stalkerish Renew Deal Feb 2014 #82
But my sister-in-law's aunt Aerows Feb 2014 #47
another one bitcoins the dust nt. NoGOPZone Feb 2014 #49
"You died before I even had a chance to understand what the hell you were about." anti partisan Feb 2014 #51
After reading a tecnical description of bitcoins... William Seger Feb 2014 #78
Its crypticism is its own undoing. Tommy_Carcetti Feb 2014 #79
I guess this guy can go home now. JeffHead Feb 2014 #55
Yep now the dead bitcoins are only worth $5 million. RIP (nt) anti partisan Feb 2014 #59
You are only worth what you can cash in on Aerows Feb 2014 #62
As he should when the exchanges go back up anti partisan Feb 2014 #77
$5 Million? Renew Deal Feb 2014 #68
Another ponzi scheme, but this one was elaborate Aerows Feb 2014 #61
Anyone ever play craps defacto7 Feb 2014 #70
bitcoin is being used to launder money Mosby Feb 2014 #74
Feel free to bet against it if your so certain... TampaAnimusVortex Feb 2014 #86
Yeah...... Tommy_Carcetti Feb 2014 #89
So, you can talk, but when it comes to your own money.... TampaAnimusVortex Feb 2014 #91
No, I will not bet bitcoins with you. Sorry. nt Tommy_Carcetti Feb 2014 #92
no, not bet with me... Short the market TampaAnimusVortex Feb 2014 #93
Knock yourself out. nt Tommy_Carcetti Feb 2014 #95
Your the one making the proclamations... knock yourself out! TampaAnimusVortex Feb 2014 #98
Netcraft confirms: bitcoin is dying (nt) Recursion Feb 2014 #87
Feel free to put your money where your mouth is then... TampaAnimusVortex Feb 2014 #90

Tommy_Carcetti

(43,198 posts)
6. Here:
Tue Feb 11, 2014, 04:32 PM
Feb 2014
http://cbs12.com/news/top-stories/stories/bitcoin-crash-prices-plunge-technical-problems-persist-13145.shtml

Bitcoin Crash: Prices plunge as technical problems persist
Story by Chris Isidore / CNN Money
Bitcoin prices plunged again Monday morning after Mt.Gox, the major exchange for the virtual currency, said technical problems require it to continue its temporary ban on many customer withdrawals.

Mt.Gox said it has discovered a bug that causes problems when customers try to use their account to make a transfer or payment of bitcoins to a third party. It said the problem is not with Mt.Gox software but affects all transfers of bitcoins to third parties. It is allowing transfers to Mt.Gox bitcoin addresses as well as currency withdrawals. Trading in bitcoins also continues.

But the exchange said it was suspending transfers and third-party payments until the problem is fixed. A bug is allowing a third party receiving a bitcoin transfer to make it look as if the transfer did not go through, which can lead to improper multiple transfers, Mt.Gox said.

______________________________________________________________________________________

But wait a minute....I thought the only websites to have technical issues were government health insurance exchanges, and that private industry did it better.

(Just as an aside, I had to laugh that my spellchecker has yet to recognize "Bitcoin" as an official word. )
 

nadinbrzezinski

(154,021 posts)
4. few years actually
Tue Feb 11, 2014, 04:30 PM
Feb 2014

close to a decade. What is funny is that my only direct contact with any user was a far right libertarian

Forgot to add, yup, gold standard, Ron Paul fan all the way. Which actually, makes sense, bless her heart.

On the Road

(20,783 posts)
57. Wait, Wait, Wait...
Tue Feb 11, 2014, 11:42 PM
Feb 2014

Bitcoin as a currency and the gold standard? How is it possible for one person to support both?

 

nadinbrzezinski

(154,021 posts)
58. It is not Feds
Tue Feb 11, 2014, 11:45 PM
Feb 2014

It is actually internally consistent.

These days I get my rice and quinoa, she has very high quality merch, and avoid the politics. Otherwise my head will hurt.

But pay her with US legal tender.

On the Road

(20,783 posts)
60. I Guess So,
Tue Feb 11, 2014, 11:54 PM
Feb 2014

but as a currency, which many people seem to think it is, it would seem to be the polar opposite of the gold standard.

 

nadinbrzezinski

(154,021 posts)
64. She did once explain it
Tue Feb 11, 2014, 11:59 PM
Feb 2014

She fears the Feds more than anything, and the control, illegal mind you, of the central bank. Pointing out that the central bank is a public private hybrid...

What is odd us they survive from state income, main bread winner works ( until he retires this year) at a public university. Don't get her started on unions and food control and chem trails and all that ...it is my personal look inside that world outside of the Ron Paul for President rally. (I covered it as media)

Sadly, my local food market has more than a few of these people, not just selling. So I have decided to just get my food and avoid conversation. Don't let the Birkenstock or the nuts fool you.

Tommy_Carcetti

(43,198 posts)
8. Wasn't it twice that amount a few days ago?
Tue Feb 11, 2014, 04:34 PM
Feb 2014

So in less than a week, it's lost half its value?

Imagine if the dollar lost half its value in a week's timespan. I think we'd be going into full Mad Max mode by that point.

 

closeupready

(29,503 posts)
32. Well, at the beginning of 2012, it was $12/bitcoin.
Tue Feb 11, 2014, 05:33 PM
Feb 2014

So, depending upon how you draw the chart, it's either down 50% from its high, or up approx. 5,000%, lol.

 

closeupready

(29,503 posts)
65. For some people, it was never about its value as
Wed Feb 12, 2014, 12:10 AM
Feb 2014

a currency, but instead, as others have pointed out, its liquidity. That is, you buy some bitcoins with local currency, use them to support your local elected official anonymously in communist China; they turn the bitcoins into their own local currency.

It was as valuable for that purpose at $12/bitcoin as it is at $574/bitcoin.

NightWatcher

(39,343 posts)
7. ...annoying libertarian facebook friend will have to buy his weed with cash from now on
Tue Feb 11, 2014, 04:33 PM
Feb 2014

Is your friend named Rob too? He's always with the tired rhetoric that appeals to 16 year olds.

 

Rex

(65,616 posts)
13. Every PC I ever came in contact with that had Bitcoin on it had two other things
Tue Feb 11, 2014, 04:36 PM
Feb 2014

malware and viruses. No surprise it Bit the dust.

wandy

(3,539 posts)
29. Oh my. Bitcoin must be a wonderful playground for things like.....
Tue Feb 11, 2014, 05:13 PM
Feb 2014

"Shop at Home", "Shop to Win", "Shop for Coupons" ,ConduitEngine, FreeCause and on and on into the night.

He says as he disinfects the laptop of someone who should have known better.

Oh well us old retired folk gotta pick up beer money somehow.

 

Rex

(65,616 posts)
31. Partial log of last PC I cleaned that had a bitcoin account on it.
Tue Feb 11, 2014, 05:33 PM
Feb 2014

Win32/HackTool.WinActivator.I
Win32/Packed.ScrambleWrapper.C
Win32/Vittalia.H
Win32/Packed.VMProtect.AAA trojan
Win32/Conduit.SearchProtect.C
Win32/Conduit.SearchProtect.B
Win32/Conduit.SearchProtect.E
Win32/Conduit.SearchProtect.C
Win32/Conduit.SearchProtect.E
MSIL/Soft32Downloader.A
Win32/Wajam.F Win32/DownloadAdmin.G

Conduit was all over this poor PC.

EDIT - I was kinda sad really, I had to tell this guy he had a fake copy of Windows7 on his PC. He told me he got it off the Internet so thought it was legal.

wandy

(3,539 posts)
36. Appears as if Conduit is sort of a gateway 'drug' ..............
Tue Feb 11, 2014, 06:42 PM
Feb 2014

Opening the way for other 'nasties'. "Shop for bla bla bla.........
On this guys poor beast their were key loggers.
You might want to tell yours to keep a close watch on his credit card and bank statements.
This thing was bad! I'm still not sure what was Addware/Bloteware/malware/Best Buy or who opened up the way for the rest of the mess.

You might want to look into this......
AdwCleaner
http://www.bleepingcomputer.com/download/adwcleaner/
It helped. Somewhat.

Best Buy was a real party. Had to regedit that bad boy out of there with my fingers.
And like I said. This guy should have known better.
He gonna get "whoppid supid"



Lancero

(3,015 posts)
63. Not related to Bitcoin
Tue Feb 11, 2014, 11:59 PM
Feb 2014

You've said it yourself - The copy of Win7 was fake.

Given that he thought software downloaded from the net was legal, he probably got some other peices of software from the net as well.

So, really - BC isn't to blame for these results. Pirating software is.

I've seen the all of these before when cleaning computers as well, and they were all directly related to pirated software.


 

Rex

(65,616 posts)
69. He said he bought the OS with bitcoins.
Wed Feb 12, 2014, 12:47 AM
Feb 2014

And it looked all official, though he wouldn't know anything about that.

chrisa

(4,524 posts)
94. I agree. I think the association is more with the fact that bitcoin users are more likely
Fri Feb 14, 2014, 10:22 AM
Feb 2014

to think that they're "Uber-elite PC users," giving them the confidence to do stupid things on the internet. Pirating software is a sure-fire way to get nasty viruses.

In fact, I wouldn't be shocked if the software companies, music producers, etc. purposefully those viruses out there.

Lancero

(3,015 posts)
99. Not really...
Fri Feb 14, 2014, 02:47 PM
Feb 2014

A lot of the times, the infections are false positives. It has to do a lot with how AV's detect viruses - A lot of the time they flag things that look suspicious as a virus, when it's not.

Thats not the say that virus's don't get spread around through pirating. They do, it's just hard to get a more precise number since people confuse a virus with a false positive. But most of the people who get hit with a virus tend to be new to pirating, and haven't had enough experience to know what downloads to avoid, and how to tell the difference between a false positive and a real virus.

 

Rex

(65,616 posts)
84. Well you know they cannot put anything on the Internet that is not true!
Wed Feb 12, 2014, 03:06 PM
Feb 2014

It is sad that there are some people that actually believe it!

dionysus

(26,467 posts)
16. that's so fucking funny, the only guy i know who is into bitcoin is a hardcore libertarian.
Tue Feb 11, 2014, 04:39 PM
Feb 2014

and yes, he posts about bitcoin on facebook.

Ikonoklast

(23,973 posts)
41. I find it hilarious that Libertarians who totally despise the Federal Reserve system as being
Tue Feb 11, 2014, 06:47 PM
Feb 2014

secretive and beholden to unknown foreign powers love them some Bitcoin...invented by person or persons whose reaL identities are unknown, whose motives are secret, and can manipulate the currency for their own financial gain as they hold a large fraction of it..


Pump and Dump scheme, suckers are left holding the bag.

MADem

(135,425 posts)
17. I'm glad I am not the only one who thought that was a load of hooey...!
Tue Feb 11, 2014, 04:39 PM
Feb 2014

It always came off as a Ponzi scheme to me...

Tommy_Carcetti

(43,198 posts)
19. Just a FYI, Bitcoin is not to be confused with Bitstrips.
Tue Feb 11, 2014, 04:40 PM
Feb 2014


Which are also an annoying fad, but which appear to have had a longer shelf life than Bitcoin.

Although Bitcoin and Bitstrips both appear to have a shorter lifespan than the Harlem Shake. Hey, remember that?
 

randome

(34,845 posts)
96. The box is open and they're still not sure!
Fri Feb 14, 2014, 10:30 AM
Feb 2014

[hr][font color="blue"][center]A 10% chance of rain means the same as a 90% chance:
It might rain and it might not.
[/center][/font][hr]

Nye Bevan

(25,406 posts)
25. Say someone in Russia or China wanted to donate money to a political party
Tue Feb 11, 2014, 04:53 PM
Feb 2014

without their government, or local law-enforcement, finding out. Bitcoin enables them to do this.

Too many people ridicule things just because they don't understand them.

Blue Idaho

(5,057 posts)
23. So there was a run on a imaginary bank full of pretend money
Tue Feb 11, 2014, 04:47 PM
Feb 2014

And the imaginary bank closed its imaginary doors to keep people from withdrawing their pretend money?

There's got to be an object lesson in here somewhere...

tridim

(45,358 posts)
30. You left out the part where the guy running the imaginary bank...
Tue Feb 11, 2014, 05:20 PM
Feb 2014

gets to keep all the REAL money when he closes his fake bank. The people who gave him the money in exchange for bitcoin get nothing, and they have no legal recourse to recover it.

BITCOIN. IS. A. PYRAMID. SCHEME.

The people that run the exchanges are at the top, everyone else is on the bottom.

Blue Idaho

(5,057 posts)
43. Ohhhhhh - that's a kicker!
Tue Feb 11, 2014, 06:53 PM
Feb 2014

Shame about that unregulated banking scheme - looks like another win for the 1%...

Art_from_Ark

(27,247 posts)
73. That sounds like a modern-day variation of the "wildcat bank" fraud
Wed Feb 12, 2014, 01:37 AM
Feb 2014

Back in the 1830s-1850s, basically anyone could set up a "bank" out in frontier areas "where the wildcats are". Many of those banks would require "hard money" (gold and silver) as deposits and in return, provide their own beautifully engraved, very official-looking banknotes to depositors to use as currency. Once the banksters got enough gold and silver (which could be used anywhere as money), they would suddenly close up shop, leaving depositors with paper that might be accepted at a huge discount in their own town, and which might not be accepted at all in neighboring towns.

 

BlueStreak

(8,377 posts)
56. +1. In a nutshell
Tue Feb 11, 2014, 11:41 PM
Feb 2014

Your post ought to be the definition of Bitcoin on Wikipedia, Urban dictionary and everywhere else.

Xyzse

(8,217 posts)
28. Well, think of it this way.
Tue Feb 11, 2014, 05:07 PM
Feb 2014

The first time I've heard about bit coin a few years back... woah, now that I think about it, it was just at the beginning of the Obama presidency.

It was only a few buck to the dollar. I don't mind it going back to those levels.

If it goes further down, I'll consider it an investment opportunity and buy a bit.

 

DesMoinesDem

(1,569 posts)
33. You think Bitcoin died because the price dropped or because of technical problems on an exchange?
Tue Feb 11, 2014, 06:10 PM
Feb 2014

Do you realize that it is currently over $600? On this date last year it was $25. That one annoying libertarian friend is doing very, very well.

 

DesMoinesDem

(1,569 posts)
42. No, that is actually a pretty stupid question.
Tue Feb 11, 2014, 06:51 PM
Feb 2014

Most people don't invest in anything for one week. Every investment has ups and downs. Bitcoins up is far, far, far greater than its current down. Your claim that Bitcoin is dead is just idiotic.

Tommy_Carcetti

(43,198 posts)
44. Yes, but if something loses half its value in a week, wouldn't that be a tad alarming?
Tue Feb 11, 2014, 06:55 PM
Feb 2014

If, for example, the US dollar lost half its value in a week, I'm thinking this would be what we would see:

 

DesMoinesDem

(1,569 posts)
45. After gaining 1000's of percent? No
Tue Feb 11, 2014, 07:12 PM
Feb 2014

You expect volatility when you get those gains. About two years ago it lost 70% of its value in a few days. It's up 1000% from then, and that's after this decline that you think killed it. Apple stock dropped from over 700 to less than 400 in 6 months. I don't think I need to tell even you that Apple is not dead.

Renew Deal

(81,872 posts)
66. What does the $600 get you?
Wed Feb 12, 2014, 12:40 AM
Feb 2014

What is the real value? It's worth less than the paper used to print cash. At least you can burn the paper for heat.

 

DesMoinesDem

(1,569 posts)
75. You can trade it for dollars or other currency if you want
Wed Feb 12, 2014, 01:40 AM
Feb 2014

or spend it at one of the hundreds of places that accepts it. Your argument is no diferent than saying dollars aren't worth anything because they're just paper with numbers printed on them. I don't really care if you don't believe dollars or bitcoins or copper or diamonds or Iphones aren't worth anything. It is a fact that they are. Your opinion has no effect on their actual value.

BTW, you asked what $600 gets you, and then said that $600 isn't actually $600. That makes no sense.

 

TheMathieu

(456 posts)
37. Bitcoin is not compatible with liberal or progressive ideologies.
Tue Feb 11, 2014, 06:44 PM
Feb 2014

Most of the advocacy for it comes from the far right and assorted shady groups with ties to criminal enterprises.

penultimate

(1,110 posts)
53. I don't understand why it's not compatible. I see lots of dislike for it from people here
Tue Feb 11, 2014, 11:33 PM
Feb 2014

based solely one political motivations, but I have yet to see anyone articulate exactly why... I mean, other than a couple people saying that they don't understand what it is, but that they dislike it because libertarians they know like it.

TampaAnimusVortex

(785 posts)
85. Last time I checked, the stoner potheads werent right wing..
Fri Feb 14, 2014, 01:34 AM
Feb 2014

and they certainly weren't hard core Christian conservatives...

Sounds like you have about 50 layers of preconceived notions piled on top of one another.

chrisa

(4,524 posts)
97. And people who use the dark net - The Silk Road, etc.
Fri Feb 14, 2014, 10:32 AM
Feb 2014

Bit Coins are less traceable than normal cash, so it makes buying a full-automatic AK-47 or crack that much easier. On the other hand, they're not totally safe - they can be hacked and stolen.

woo me with science

(32,139 posts)
46. Whatever happens with bitcoin, it shows that
Tue Feb 11, 2014, 07:16 PM
Feb 2014

as long as we have an economic system that is inherently corrupt and funnels money from the poor to the rich as part of its very structure, people will keep trying to develop alternatives.

Tommy_Carcetti

(43,198 posts)
48. Except when the alternatives sound worse than the system it is seeking to replace.
Tue Feb 11, 2014, 11:06 PM
Feb 2014

Newer is not always better.

Renew Deal

(81,872 posts)
67. I don't think it shows any of that
Wed Feb 12, 2014, 12:42 AM
Feb 2014

I think it shows that there are more suckers looking for fast cash than I thought.

woo me with science

(32,139 posts)
80. Of course you don't think so :)
Wed Feb 12, 2014, 10:48 AM
Feb 2014

It was clearly important to deny even the *suggestion* that experiments like Bitcoin arise in reaction to an inherently corrupt and predatory economic system.

In similar pro-corporate fashion, you also post reliably and prolifically to smear Greenwald or Snowden rather than focus on the criminal surveillance state, (e.g., http://www.democraticunderground.com/1014723670#post8), a tactic perfectly exposed and described in this superb OP:

Every single instance of a discussion instigated regarding Greenwald's character is an attempt to deflect attention from the NSA.
http://www.democraticunderground.com/10024473478


Similarly, rather than respond to specific posted and supported information about how the TPP will allow global corporations to supersede national regulations and destroy worker protections, you join other corporate posters in trying to smear by association those who have documented such dangers as right-wingers: http://www.democraticunderground.com/?com=view_post&forum=1002&pid=4376929

Based on your diligent pro-corporate activities here, I wouldn't expect you to respond to this post with anything other than denial of the predatory underpinnings of our current banking system and their obvious role in catalyzing experiments like Bitcoin.

arely staircase

(12,482 posts)
81. how on fucking earth did you manage to work glenn fucking greewald into a bitcoin thread?
Wed Feb 12, 2014, 11:12 AM
Feb 2014

There are no sharks left for you to jump.

Renew Deal

(81,872 posts)
83. Because this is what libertarian paranoia is all about
Wed Feb 12, 2014, 02:05 PM
Feb 2014

They think they can see evil one world government conspiracy that no one else can see.

Renew Deal

(81,872 posts)
82. How stalkerish
Wed Feb 12, 2014, 02:01 PM
Feb 2014

I stand by all of it, but I should clarify one thing. You misunderstood my point on that TPP thread. The title of that thread was "The Trans-Pacific Partnership looks like a giant step toward the end of sovereign nations." That's the same type of hysterics and paranoia used by right wing crazies to describe the "NAFTA Super Highway." But if you look at all three items you posted (Bitcoin, Snowden, and "the end of sovereign nations&quot , they are rooted in RW and libertarian paranoia about the government.

I don't think Bitcoin does ANYTHING to deal with "an inherently corrupt and predatory economic system." It's just another scheme to sucker libertarian morans (and sympathizers) out of their money. Same as the gold schemes that Glen Beck is involved with.

 

Aerows

(39,961 posts)
47. But my sister-in-law's aunt
Tue Feb 11, 2014, 07:19 PM
Feb 2014

made 83/hr by trading bitcoins. Go to my site www.pyramidripoff.com to see how she did it! She drives a yacht to work now! I went to her house for lunch and ate endangered species for lunch, got a pedicure next to a Kardashian, and when I dented her Porsche with my free Birkin bag she gave me, she just smiled, and said pay me later!!!!

anti partisan

(429 posts)
51. "You died before I even had a chance to understand what the hell you were about."
Tue Feb 11, 2014, 11:28 PM
Feb 2014

At least you admit you don't understand it. It's now holding steady at over $600 per coin, even with the exchanges undergoing technical difficulties and the ban by Russia.

This is how I want to die. Won't even need a funeral cause I'll still be breathing, walking and talking.

William Seger

(10,779 posts)
78. After reading a tecnical description of bitcoins...
Wed Feb 12, 2014, 06:42 AM
Feb 2014

... I think it's safe to say that not many people really understand it, including myself. One thing I've learned from 35 years in software development is that the field is full of people much smarter than myself, and one thing I've learned from 63 years of living is that wherever there is money, there will be people trying to get their hands on it by any means.

Good luck to you in your gambling adventures, but I won't be buying any bitcoins.

Tommy_Carcetti

(43,198 posts)
79. Its crypticism is its own undoing.
Wed Feb 12, 2014, 10:48 AM
Feb 2014

For example, how are we supposed to trust Bitcoin when we don't even know who or what is setting its value?

It's like people saw a problem, and instead of trying to improve on the situation, they did the opposite.

So after the Great Recession, there's an inherent mistrust in the banking industry. And the Bitcoin conversation could essentially be summed up like this:

"The problem is that the financial industry is subjected to regulations and oversight that are too lose."

"Yes, I agree! What we need is a financial industry that is subjected to no regulations or oversight whatsoever!"

"Wait, what?"

The thing is, I get gold. I'm inherently skeptical of gold too simply because I always hear it being hawked on AM talk radio and that alone gives me pause. But I understand that people would want something physical and tangible that they believe to have some inherent worth in the case of a currency crash or financial Armageddon.

But Bitcoin? It's just out there, in the electronic ether. And it's worth is calculated by who knows what. And worst of all, there's just no regulation to it whatsoever. No FDIC insurance, no guarantees.

You have to forgive me for just being incredibly skeptical about it. Even if I don't fully understand it, from what I do understand it sounds shady as hell.

 

Aerows

(39,961 posts)
62. You are only worth what you can cash in on
Tue Feb 11, 2014, 11:58 PM
Feb 2014

Which is the biggest complaint of bitcoin users, "fiat". Cash it in.

anti partisan

(429 posts)
77. As he should when the exchanges go back up
Wed Feb 12, 2014, 06:00 AM
Feb 2014

I like the idea of bitcoins, and don't look at them as a replacement for fiat. It just makes a lot of internet stuff a ton easier.

 

Aerows

(39,961 posts)
61. Another ponzi scheme, but this one was elaborate
Tue Feb 11, 2014, 11:57 PM
Feb 2014

it relied upon trading sites for drugs and guns.

That drove the price up.

Then opium got into play. And more guns.

Surprise! Fold.

defacto7

(13,485 posts)
70. Anyone ever play craps
Wed Feb 12, 2014, 01:14 AM
Feb 2014

in a casino that offered 100x odds on a $100 minimum bet?

It's about the same thing.

Mosby

(16,358 posts)
74. bitcoin is being used to launder money
Wed Feb 12, 2014, 01:38 AM
Feb 2014

So yeah, governments are going after it.

My prediction is that it survives.



TampaAnimusVortex

(785 posts)
86. Feel free to bet against it if your so certain...
Fri Feb 14, 2014, 01:38 AM
Feb 2014

There are places where you can put your money where your mouth is and short bitcoin... and if your right, you can make a lot of money.

Generally though, markets tend to run towards things right as they start to top out and away from things right as they start to start to turn around, so my guess is Bitcoin is due for a rally about now, so please do let me know how much money you intend to toss into a short bet and what the arrangements are.

Id love to check back on you in a month and giggle.

Tommy_Carcetti

(43,198 posts)
89. Yeah......
Fri Feb 14, 2014, 10:11 AM
Feb 2014

Go ahead and check in a month.

http://money.cnn.com/2014/02/12/technology/security/bitcoin-attack/

I'm sorry, but when someone says, "Unregulated, uninsured virtual currency", it just doesn't install a whole lot of confidence in me.

TampaAnimusVortex

(785 posts)
91. So, you can talk, but when it comes to your own money....
Fri Feb 14, 2014, 10:16 AM
Feb 2014

you obviously don't trust your own words enough to place the bet.

If your going to make financial predictions on a public forum, at least flip the coin a few times.

Oh - by the way, as of 8pm est... bitcoin has been trending up.

www.bitcoinwisdom.com

TampaAnimusVortex

(785 posts)
93. no, not bet with me... Short the market
Fri Feb 14, 2014, 10:20 AM
Feb 2014

You are familiar with shorting right?

It's a very common financial play where you are essentially betting the market goes down and you make money. You do this through valid market organizations... see here.

http://finance.fortune.cnn.com/2013/12/05/betting-against-bitcoin-bubble/

TampaAnimusVortex

(785 posts)
90. Feel free to put your money where your mouth is then...
Fri Feb 14, 2014, 10:13 AM
Feb 2014

There's lots of avenues to short bitcoin and make money... oh, and bitcoin just happens to be up since 8pm est last night, so good luck!

www.bitcoinwisdom.com

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