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So is there anything stopping people from selling a product for bitcoins and just never sending the product? Or will the would-be buyer then have to call the police and get laughed at for trying to get them to rescue their internet monopoly money? It seems like the only loss for the 'seller' would just be negative word-of-mouth for your business, but then what's stopping you from simply starting a fresh one? Is a crime even being committed when the money has no real value except among other idiots? Of course I wouldn't personally do something like that, but it seems like it's an apt criticism to say 'no-one can stop people from just taking your money.'
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| # ¿ Jun 14, 2011 16:26 |
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| # ¿ May 19, 2013 14:43 |
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In a real economy, we get over the fact that money sometimes really does just go missing by printing more money. What do you do when the supply of money is finite?
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| # ¿ Jun 14, 2011 17:05 |
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People who want to game the Bitcoin economy (I'm assuming absolutely everyone currently using Bitcoins) and are serious about it should just game real economies by being careful with the exchange rate. It's the same thing, in fact much better, because at no point does your money become a commodity only twelve people will let you use, it's a lot less likely the currency will catastrophically implode, and at no point will a system crash permanently wipe all your money forever. I always wanted to have some yen lying around anyway.
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| # ¿ Jun 14, 2011 18:08 |
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Even if you generate enough Bitcoins to offset your electricity bill, it's still a crappy system. Our current currency systems are flawed, sometimes in ways scarily similar to Bitcoin when you think about it, but it's impossible to call Bitcoin a currency when it's literally created from nothing - a digital currency is called into existence and we're supposed to pretend it has value even though it's introduced to random members of the system who did nothing to 'earn' it, and are only taking part to exchange it for real money. Or drugs. Most people getting involved didn't do so because they think it's going to be a new currency that revolutionises how money works. Most people are getting into it because they think it's free money. The users in this thread who've made money from it are the victors, yes, but the system is broken by design. That you made money by playing the Bitcoin market doesn't mean Bitcoin will ever become a functioning economy.
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| # ¿ Jun 15, 2011 14:57 |
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Mister Fister posted:Are there any competitors being developed for bitcoin? I feel kinda bad that i didn't get in early on the ground floor of this Goon dollars? Alternatively, we could just play the conversion rate market with actual currencies, ones that people accept as payment outside of spastic playpens for libertarian (man-)children who never read 1984 but think they know what it's about.
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| # ¿ Jun 15, 2011 16:21 |
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Good Citizen posted:I kind of want to buy up a bunch of bit coins, then buy some ad time on Glenn Beck pushing bitcoins. Ride that wave of idiots then immediately cash out. Didn't Glenn Beck already do that, but with gold?
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| # ¿ Jun 15, 2011 17:43 |
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So Bitcoins are decentralised, yet mtgox can freeze people's accounts and the creators of Bitcoin can decide how rare it is that people get them?
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| # ¿ Jun 19, 2011 15:22 |
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The site could be down due to hacking, but I prefer to think it's because hundreds of goons rushed in at once to buy cheap Bitcoins and they can't handle that many visitors.
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| # ¿ Jun 19, 2011 18:43 |
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How recent was this? Was this just the result of the hack, or is this a new event?
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| # ¿ Jun 20, 2011 00:33 |
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Kaboobi posted:It will die when the Magic the Gathering Online Exchange comes back up and is destroyed under the weight of 10000 hacked accounts simultaneously cashing out as fast as possible. They don't even need to have been hacked. Who'd be retarded enough to keep trusting this site- sorry, I forgot for a second these are the sort of people who use Bitcoins. Still, can't you only cash out if someone's willing to buy your coins from you? Who's going to buy them for anything over a cent now, if at all?
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| # ¿ Jun 22, 2011 16:11 |
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you rock posted:I check the post histories of the commentators when I think they're just joking/trolling. I only post the most Troll-Free, Libertarian Patriots This has probably already been said but how pretentious do you have to be to literally name yourself for your favourite Randian diatribe, and at that a Greek titan?
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| # ¿ Jul 2, 2011 21:11 |
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| # ¿ May 19, 2013 14:43 |
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This is absolutely wonderful. 'Okay, we hosed up, Bitcoins are a terrible idea so let's regulate it and have a single centralised authority.' Who managed to successfully convince Atlas of the flaws of Bitcoin? Or rather, who convinced him to start he own scam? He's just going to take the Bitcoins.
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| # ¿ Jul 3, 2011 10:04 |
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