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[ARS]“Bank” that claimed to solve Bitcoin’s security problem robbed, shuts down - Page 4

post #31 of 52
Never fear! Vagrant's NOT a Scam bank for all crypto currency is now open for business! Send me all your coins...Oh don't worry, the contact me only has gmail addresses until the site hosting has my email form set up...really...trust me.

Seriously though...any one willing to let some one keep their coin for them deserves to get ripped off...well, at least in this manner. I will temporarily have coin in wallets on Coinbase and/or BTCe...but only while I am looking to make an exchange and I want things ready to go. So I am talking like a couple days at most.
Edited by Vagrant Storm - 3/5/14 at 9:14am
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post #32 of 52
Quote:
Originally Posted by Syan48306 View Post

Most miners don't watch BTC prices that much. Even if BTC prices go down, alt coins will just trade for more BTC. To most miners, BTC is just the way to convert it to USD because it's an established system already in place. Miners will always get their 6$ Day per MH/s because of the varying exchange rates between BTC and Altcoins. Should an altcoin exchange rate drop below that, we'll just move on to the next coin to mine. And trust me, there's more than enough altcoins out there to move onto.

For the most part. wink.gif

how? i though BTC was the reason other coins even had a value, because you could trade for BTC , then USD. how do all these other coins sustain their value when their only route of exchange to "real" money is BTC?
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post #33 of 52
Quote:
Originally Posted by EniGma1987 View Post

[conspiracytime] Anyone else wonder about the sudden large increase in very bad propaganda about Bitcoin and how every major piece of news on it is trying to show how unsafe it is to use? [/conspiracytime]

It's only propaganda if it's not true.
post #34 of 52
Quote:
Originally Posted by TurboMach1 View Post

Quote:
Originally Posted by EniGma1987 View Post

[conspiracytime] Anyone else wonder about the sudden large increase in very bad propaganda about Bitcoin and how every major piece of news on it is trying to show how unsafe it is to use? [/conspiracytime]

It's not a sudden increase in propaganda it's a sudden increase of exploitation of how unsafe it actually is. The entire premise of bit coin is based on an honor system. Yay for unregulation

what the wat? can you explain how is bitcoin unsafe and based on an honor system ? confused.gif
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post #35 of 52
Quote:
Originally Posted by dealio View Post

what the wat? can you explain how is bitcoin unsafe and based on an honor system ? confused.gif

It's as safe as sending a stranger money through western union. There is no protection in place if someone takes your bit coins in exchange for something andthey don't deliver on their end. At least with credit cards, banks, and online systems like PayPal you have recourse. Goo luck tracking down that anonymous person you sent digital numbers to in exchange for something
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post #36 of 52
Inside Job....
post #37 of 52
Quote:
Originally Posted by TurboMach1 View Post

Quote:
Originally Posted by dealio View Post

what the wat? can you explain how is bitcoin unsafe and based on an honor system ? confused.gif

It's as safe as sending a stranger money through western union. There is no protection in place if someone takes your bit coins in exchange for something andthey don't deliver on their end. At least with credit cards, banks, and online systems like PayPal you have recourse. Goo luck tracking down that anonymous person you sent digital numbers to in exchange for something
that has nothing to do with the safety of the bitcoin protocol

as to your "problem" ... escrow is simple cheap solution. ever heard of bitpay?
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post #38 of 52
Quote:
Originally Posted by Deuce65 View Post

It's always someone else' fault because of course we can't dare question if maybe there is an underlying problem with having an anonymous, completely unregulated virtual "currency".

Someone else's fault? No. It's always the man that pulls the trigger who is committing murder, never the gun.

You've got things backwards. You are blaming the money, not the thief. This is a ludicrous position.

Bitcoin has never stolen anyone's money. Bitcoin's protocol has no flaws that have ever been exploited to this effect and no known flaws that make it remotely viable for this to happen, assuming a competent implimentation.
Quote:
Originally Posted by 98uk View Post

Real banks are insured... as are thefts from your bank.

People still lose money to fraud and theft this way.

In the US, FDIC insurance only covers up to 250k dollars. Losses past that are not insured by the government.
Quote:
Originally Posted by 98uk View Post

Financial markets are regulated and can be financed/bailed out by Government banks etc...

Bailouts cause far more harm than the collapse of insolvent companies.
Quote:
Originally Posted by 98uk View Post

Crypto banks are not regulated, not insured etc... so no one has any protection.

Most first world nations seem quite ready to apply existing regulations involving financial instruments and currency exchanges to those converting crypto to fiat. Of course there will be some lag as precedence is set.
Quote:
Originally Posted by Vagrant Storm View Post

Seriously though...any one willing to let some one keep their coin for them deserves to get ripped off...well, at least in this manner. I will temporarily have coin in wallets on Coinbase and/or BTCe...but only while I am looking to make an exchange and I want things ready to go. So I am talking like a couple days at most.

The problem is people not doing any sort of due diligence before entrusting their money to others. Some unknown start up run by Zeus-knows-who makes claims of security and people are surprised when they get burned?

If some major, reputable, financial institution, run by people with clean records and solid reputations at stake, expressed a clear and coherent plan to do something similar, and had the collateral to cover any remotely foreseeable losses, then I'd be fairly comfortable chancing some of my money with them.
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post #39 of 52
Quote:
Originally Posted by TurboMach1 View Post

Quote:
Originally Posted by dealio View Post

what the wat? can you explain how is bitcoin unsafe and based on an honor system ? confused.gif

It's as safe as sending a stranger money through western union. There is no protection in place if someone takes your bit coins in exchange for something andthey don't deliver on their end. At least with credit cards, banks, and online systems like PayPal you have recourse. Goo luck tracking down that anonymous person you sent digital numbers to in exchange for something

Yeah, if you are trading bitcoin to some one there is some trust involved...but it is doubly so for the exchanges and outfits like this "bank" that hold bitcoins for you...securely. You give the exchange or Bank a 1000 bitcoins and the only thing stopping them from selling them and running is their honor and desire to make Bitcoin work. Obviously...some places are better at that than others. To be honest...I don't really trust BTCe...can't really say why. Coinbase, however, I'll let them watch my bitcoins...if I had any...I have ten litecoins to my name now and that is it. I will buy once the market does the dive it is sure to do though.

And before some one says it, no, this isn't the same trust and honor system you have with banks and investment firms with real money. There you have government regulatory organizations that monitor money coming in and out and it all has to be accounted for. A bank just can't get away with a million dollars disappearing and investment firms would have to answer for their dumb investment decisions if they lost a bunch of money or at least explain what happened...and potentially do jail time and/or get sued.
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post #40 of 52
Quote:
Originally Posted by Vagrant Storm View Post

and potentially do jail time and/or get sued.

Most significant crypto exchange operators aren't anonymous (though a few are; pretty sure BTC-E is Russian mafia...which is probably why they work better than most, but that's another story) and they will suffer consequences for violating trust and agreements.

Karpeles, for example, is facing more than one major personal lawsuit at the moment, and may well see criminal charges, if he doesn't turn up dead first.
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