This is what I don't understand. We have this bitcoin "expert" talking about how bitcoin can't be hacked "as a whole", but Mt. Gox lost 7% of all bitcoins, which was around $500 million dollars. Also, Mt. Gox traded 70% of all bitcoins in February of this year, so it wasn't like a small exchange went down. GanjaRocket, how are you so sure about this crypto currency?
They lost the coins due to negligence not anything to do with the bitcoin protocol.. Like if a bank had a vault door but forgot to close it I'm 100% sure about blockchain technology as a key part of the future.. currency is just one application
Right, but anytime you have these exchanges, there will be possible fraud or hacking. I just didn't buy into the "system can't be hacked". While technically it may be true, anything that's done by humans will have some chance of error occurring. What will prevent other exchanges from being "negligent"? I mean, it already happened to the biggest exchange.
The technology is brand new and we don't have a good handle on security yet. What you are talking about is a custodial account, like you have at your bank. They hold your money for you and in fact loan that money out. You can do that with Bitcoin as well, and Mt. Gox held people's Bitcoin for them if they so desired. But you can also hold your own Bitcoin (like keeping your own money under your mattress). The danger of that is you are responsible for keeping your own private keys secure. We are already seeing hybrid systems emerge and they will only get better. Here is Andreas kicking ass in front of the Canadian Senate this week. Of course, being politicians, they are all obsessed with how they could regulate and control Bitcoin, but he sets them straight. <iframe width="420" height="315" src="//www.youtube.com/embed/xUNGFZDO8mM" frameborder="0" allowfullscreen></iframe>
Other businesses have long term reuputations that they would like to uphold.. you can be sure they aren't fradulent .. like coinbase and circle
https://nitrogensports.eu/ This is the online sportsbook I use. Its bitcoin only and probably one of the top online sportsbook out there (overall, not just bitcoin based). Its great because its pretty much anonymous as you don't even register anything besides a username which is optional. And payouts are pretty much instant. Like under a few minutes you will have your winnings in your account. They have good lines also and even an "exchange" where you can play bookie and set lines and take bets from other degenerate gamblers on the site. But I only recommend it if you are familiar with bitcoin. Since you are already gambling on sports, betting with bitcoin is like gambling on your currency as well. Since I do use bitcoin frequently, its perfect for me.
I just donated $10 to Sean's Outpost so I'll be getting an autographed copy of Andreas' book 'Mastering Bitcoin'
Whoever invested in the bigcoin ETF at the top is getting crushed. That's what I think. Sometimes diversifying is bad.
TheWinklevoss ETF or the Secondmarket ETF.. As far as I kno theyre not out yet. What are you talking about?
the first bitcoin exchange for Pakistan just launched UrduBit I think everyone who is skeptical is really underestimating how valuable cryptocurrency will be to 3rd world nations who experience currency devaluation on the regular.. USA/Fed/IMF is creating the whole scenario so it will shield itself from the fallout for as long as possible but not without obvious belt-tightening for the avg american/western person.. at which point he/she will also consider cryptocurrency
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Great video.. it shows the massive potential of blockchain tchnology. These days it's become politically correct to say blockchain is revolutionary.. without mentioning bitcoin. Well you can't have blockchain be revolutionary without the blockchain incentives (bitcoin valuation) The buzzword just freaks ppl out. Thanks mass media!
Call me dense, but I still just don't get it. I mean I guess paranoid people like it since there isn't really a person watching over your transactions. But that video said the bitcoin miners are responsible for maintaining the blockchain if I understood right. So what happens if people stop mining bitcoins?
People don't stop mining bitcoins bc it's always going to be profitable.. the last bitcoin won't be mined until 2140 After which miners will make money off of transaction fees The reason to like it isn't bc paranoia.. it's peer to peer and frictionless. You're really trying to go out on a limb to talk down the technology
Also, while paranoid people can use it to shuffle and mask funds.. The open nature of blockchain will make it equally as possible for enforcement agencies to keep complete track of transaction addresses and IDs in a fully transparent manner Blockchain tech could and probably will actually be used to prove your identity rather than mask it
You could apply the blockchain technology to stock trading for example, rendering the traditional exchanges useless.
