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What do people think about Bitcoin?

Discussion in 'BBS Hangout' started by Spooner, Jan 25, 2014.

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What is the fate of Bitcoin?

  1. Currency of the future

    35.0%
  2. Passing Fad

    65.0%
  1. Commodore

    Commodore Contributing Member

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  2. DonnyMost

    DonnyMost not wrong
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    Dave Ramsey is like baby's first financial advisor.

    He is only useful for idiots who are wildly irresponsible with their money.

    The moment you are on solid footing or looking to get ahead, his advice is basically anti-helpful.
     
    Commodore and Space Ghost like this.
  3. Space Ghost

    Space Ghost Contributing Member

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    Unfortunately the vast majority of the population need him.

    That said, graduating from DR 101 is more important than stacking sats. If a person can't manage debt and money, they wont be able to hold hard assets during tough times.
     
  4. tallanvor

    tallanvor Contributing Member

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  5. Surfguy

    Surfguy Contributing Member

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    I think we should rename Bitcoin to Bit-O-Honey-Coin. All in favor? (loud chorus of "aye"s).

    Motion passes.
     
  6. DonnyMost

    DonnyMost not wrong
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  7. rimrocker

    rimrocker Contributing Member

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    Here's an article on Blackrock asking the SEC to approve a Crypto fund. This is presented as the rationale:

    "At its core, a crypto ETF would make it easier for financial institutions (your pensions, mutual funds, hedge funds, and the like), and the average 401(k) holder, to easily trade and profit from the digital currencies without having to worry about encryption keys, or getting hacked, or anything like that."
    https://nymag.com/intelligencer/2023/11/bitcoin-ethereum-blackrock-gensler.html

    So the way for Crypto to successfully penetrate the mainstream is to do away with the Crypto-ness and make it just like any other fund because those other funds are presumed safer? Greta.

    I know jack about the computer side of things but I still contend that there is no benefit to Crypto unless you are a criminal or a rogue state. The last thing the world needs is some kind of opaque way of moving money around where the means and vulnerabilities and risk are beyond the understanding of most people--and anytime people start spouting that something financial is good for democracy and freedom, it usually ends badly. Yet here we are.
     
  8. dmoneybangbang

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    So it's speculative, which is why you are boasting?
     
  9. dmoneybangbang

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    The irony of boasting about it as a currency...

    NK isn't using BTC has a currency of peace.... but as a means to expand their nuclear weapons capability by avoiding sanctions.
     
  10. Major

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    Iran and Hamas agree.
     
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  11. RC Cola

    RC Cola Contributing Member

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    If you created a bitcoin wallet before 2016, your money may be at risk
    https://www.washingtonpost.com/technology/2023/11/14/bitcoin-wallet-passcode-flaw/

    Small excerpt
    There's a lot of caveats and whatnot to things, but just sharing this since it kinda touches on many of the things I discussed previously in the thread.
     
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  12. Commodore

    Commodore Contributing Member

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    if you read the Washington Post for bitcoin insight, you are highly regarded
     
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  13. RC Cola

    RC Cola Contributing Member

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    https://www.unciphered.com/blog/randstorm-you-cant-patch-a-house-of-cards
    You can read that if you want a more technical breakdown. I'm sure it changes everything, and I'm looking forward to more discourse regarding this complex topic.

    Probably should have just used that to begin with. It even has it's own xkcd reference:
    [​IMG]
     
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  14. Commodore

    Commodore Contributing Member

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    no one in their right mind thinks any software wallet is secure, this isn't some revelation

    hardware wallets and seed plates exist for a reason
     
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  15. RC Cola

    RC Cola Contributing Member

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    Given how many there are and how much is in those wallets, I guess it is a revelation to many. It turns out relying on people to do their own IT security of their money might not be a good idea for this future of money.

    Additionally, my point on sharing this has less to do with this specific exploit and more to do with exploits in general. I think this is the 3rd fairly notable exploit I've shared in a fairly short amount of time. Any single exploit isn't particularly a showstopper for Bitcoin overall, but it shows how easy it is to have these things happen (as none of this code was intended to have these kind of security holes, just like every piece of code).
     
    dmoneybangbang and Sajan like this.
  16. Xerobull

    Xerobull You son of a b!tch! I'm in!
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  17. DonnyMost

    DonnyMost not wrong
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  18. Commodore

    Commodore Contributing Member

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  19. dmoneybangbang

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    And why is that some magic bullet?

    As if rigidity in the face of any obstacle is always ideal.....
     
  20. Major

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    I would point out that gold and beanie babies both have a fixed supply also.
     

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