Bitcoin
Out of context: Reply #656
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- monolith0
@reanimate - that video
Just to clarify a couple of things he conveniently avoided saying.
1) Mt. Gox started as Magic the Gathering playcard exchange site. Now it is basically "a money" - bitcoin exchange ran by a single individual. In essence, that ONE person makes all the money from the transactions and if he gets hacked or decides to split with your bitcoins you are done. The reason almost all exchanges are done by individuals is because there's no regulation or oversight.
So whoever thinks this is great is an idiot.
2) Your bitcoins can be stolen very easily and for most people it's a moving target by hackers. If you think that it's "safe" you are again an idiot. If you need to keep your keys on paper in a bank safe then we might as well go back to the stone ages and stuff our mattresses with gold. Because that's what it really is.
3) With bitcoin you can kiss your "refunds" goodbye. That's it.. yeah, I see why merchants love it.. cause once you part with bitcoins it's gone. There is a reason why you pay fees and have central authority with currencies. It's because the government, the country's GDP and other factors guarantee you that your money is protected aka federally insured.
4) He explains wonderfully what mixers/tumblers do.. what he really doesn't tell you that it's plain and simple MONEY LAUNDERING aka criminal activity.
5) The amount of energy that will be exponentially used to mine bitcoins by his 2140 is going to literally destroy our planet as it exponentially grows with the harder block chain mining.
6) Fun fact: Did you know that almost half of all bitcoins is owned by 47 people that "mined" themselves bitcoins for nothing when it first started and now total of about 900 people in the whole world own majority of bitcoins? Pyramid scheme much?
7) Fun fact: Satoshi Nakamoto is an unknown person who coded and "invented" bitcoin on forums. He suddenly disappeared right after he launched it. Funny how that goes. I guess you deserve everything you get when you use and support with such verocity and conviction something invented by someone who has done very hard to keep his identity hidden and you have no idea. Not to mention implications of possible breach by the person who created it despite being "open source". He coded the encoding algorithms.
8) Bitcoins today are mostly LOVED by criminals, hackers, murderers and alikes because it really is something perfectly made for THEM, not the general population. For the most part, you as a regular individual have absolutely little gain from Bitcoin's "features".
9) He is very delusional if he thinks that an alternate crypto-currency will just pick up when/if Bitcoin fails. When Bitcoin fails every other crypto-currency will drop like a brick.
Fun fact graph (what happens when Bitcoin crashes):
Anyone who puts their money in this stuff really deserves everything they get when it inevitably falls apart.
- lolCableStudios
- that #6 fun fact is wrong, it's 28% not half, but it is fun to make stuff up I guess :/ZOOP
- Someone missed the boatanimatedgif