Anyway, what do people think this means for the future of Bitcoin?http://www.bbc.co.uk/news/technology-26420932Surely it's exactly what a lot of people were concerned could happen and with no safety net when they're gone, they're gone.....
Isn't it just another pyramid or ponzi scheme? For every person who gets rich from it, there's 2, 6, or 14 people (or however many people are holding up the pyramid, based on a progession) who miss out?
I find this all very interesting. I've gone from wishing I'd bought some when I first came across them to thinking I'm best off well out of it.
A good example of why regulation needs to be well structured and robust, the loss seems to be a lack of regulation of a trading platform rather than an issue with the 'currency'.
A friend of mine has a couple of machines set up to 'mine' for bitcoins... one in his house and one for his parents!Quite a tidy turnover from what he's told me.
There's a flipside to this currency though, like the recent cryptovirus only accepting payment via Bitcoin / Online currency to avoid being traceable.http://www.dailydot.com/crime/cryptolocker-virus-ransom-bitcoin/
Sentiment in the more paranoid parts of the cryptography community is that the NSA is a potential creator, as the protocol leaves a permanent trail of transactions that could be a very useful tool for law enforcement.Certainly, anonymity is one of the biggest myths about Bitcoin. In fact, there has never been a more easily traceable method of payment. Every single transaction is recorded and retained permanently in the public “blockchain”.
Quote from: slackline on March 05, 2014, 10:01:05 amIf you gamble on investments you run the risk of losing it. I'm risk averse and they always seemed risky to me.I feel I have to throw out a pedantic correction to this. Investing and gambling are both risky (ie a wide variance of outcomes) but the distinguishing factor is that, in aggregate, investing has a positive expected return whilst in aggregate with gambling the bookies/ house win and you lose.
If you gamble on investments you run the risk of losing it. I'm risk averse and they always seemed risky to me.
True and conversely every transaction IS traceable (although it may not be so easy to find out who has made it) so using it for nefarious purposes might not be the best idea either. As mentioned in this article.....http://www.telegraph.co.uk/technology/10673546/Who-is-the-reclusive-billionaire-creator-of-Bitcoin.htmlQuote Sentiment in the more paranoid parts of the cryptography community is that the NSA is a potential creator, as the protocol leaves a permanent trail of transactions that could be a very useful tool for law enforcement.Certainly, anonymity is one of the biggest myths about Bitcoin. In fact, there has never been a more easily traceable method of payment. Every single transaction is recorded and retained permanently in the public “blockchain”.
Don't really understand this stuff well but it seems logical to me that the cryptocoins that eventually achieve widespread use must also be the ones that have excessive volatility designed out of them ... which conversely means ones that no-one gets rich from holding!PPC a candidate on that criteria? chart vs US dollar