Yeah, kinda made up like you did with the yen comment...Seriously this is just to easy.
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Who Stole $400 Million From Mt. Gox?
- Thread starter HardOCP News
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Yeah, kinda made up like you did with the yen comment...Seriously this is just to easy.
From what I've read, he isnt smart enough to pull that off.
I love how people defend the dollar saying bitcoin doesn't require any work.
The federal reserve prints money out of thin air -> Loans it to corporate banks at .5% interest. -> Banks loan it to citizens and government at 4-8% interest.
If that isn't using the USD to make "free" money without any work I don't know what is.
If you were stupid enough to not see Mt Gox was a scam that's your fault. Most intelligent bitcoiners knew to stay far away from them. An exchange that constantly kept their sell price a 50-100 dollars above any other exchange and takes months to pay out isn't playing legit.
The federal reserve prints money out of thin air -> Loans it to corporate banks at .5% interest. -> Banks loan it to citizens and government at 4-8% interest.
If that isn't using the USD to make "free" money without any work I don't know what is.
If you were stupid enough to not see Mt Gox was a scam that's your fault. Most intelligent bitcoiners knew to stay far away from them. An exchange that constantly kept their sell price a 50-100 dollars above any other exchange and takes months to pay out isn't playing legit.
Phoenix333
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Has anyone ever actually believed that?
This guy does:
Bitcoin is here to stay and that train has already left the building.
Get on or get flattened.
Some old proverbs come to mind:
There's a sucker born every minute.
A fool and his money are soon parted.
Sure, a few people will get rich gambling with the bitcoin trend, but how many are just going to lose everything when this sort of thing happens? It's modern-day snake oil. Sooner or later something will happen to bring the whole system down and everyone will be left penniless except for the crooks.
wirerogue
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are you talking about the current world banking system?
sounds exactly the financial crisis of 2007 to me.
CreepyUncleGoogle
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This again?
The miners who are getting exploited have a right to know that they're victims.
Yeah, kinda made up like you did with the yen comment...Seriously this is just to easy.
I didn't make up anything about yen. Yen is accepted in Japan. Japan's population is just 127 million people, out of 7 billion worldwide. That means that 1.8% of the world's population accepts the yen as legal tender. So, to update, my substantiated number is that 98.2% of the world literally does not accept the yen as legal tender.
Now feel free to cite actual, provable Bitcoin statistics. Oh, that's right. There are none. So when you make a claim about Bitcoin usage numbers, you are pulling out a very stinky object that you think is a fact, but, in fact, is not.
kbrickley
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Aren't you mixing up two aspects of money (the Macro and the Micro)? At the Macro level governments do "create" money to manage their economies. If they do it properly then their economy grows and produces (and consumes) more goods and services. If they do it improperly then their economy contracts and produces less (or suffers from Hyper-inflation, like many developing economies do).
At the micro level no one can legally "create" money. You can work for a 3rd party who pays you to produce a good or service. Or, you can try and invent a new good or service and market that to collect income from people who wish to purchase that. Or you can attempt to invest in a variety of options that may or may not increase the value of an initial investment. Bit coins might be classified as a type of high risk investing perhaps but they are definitely NOT producing a good or service directly (and the value of a bit coin is only as good as the goods and services it can purchase and sustain)
Acer_Sheep
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That's why I never got into these cryptocurrencies, they are seen so much safer than banks, yet I don't know of a bank robbery where someone would stole 400 million just like that.
CreepyUncleGoogle
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LOL...the Yen is accepted outside of Japan as legal tender in other countries...you are making such stupid generalization percentages to back up your own statistics its actually quite pathetic. Please stop....
Every currency is traded in the world. That doesn't mean you can take 100 yen to the grocery store and get an apple. Try and keep up.
Take your yen down to 7-11 and pick up a Slurpee and a point that doesn't consist of fart noises. I'll await your return.
kbrickley
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No, but in most banks around the world you could take that 100 yen and convert it to a local currency in a matter of minutes to go buy that apple ... a cryptocurrency is a little tougher to convert into a non-cryptocurrency (both logistically and geographically)
CreepyUncleGoogle
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I don't think you understand that currency is a proxy for goods, services, or effort (in summary it has a loose representation as a unit of energy) and therefore, to trade it is to use it for its intended purpose or in effect, purchase something with it and that can be done from pretty much anywhere give its broadly exchanged status in the market which makes it kewl not only for getting anime, but also for kibbles at a store.
Ypu, and there is the type of comment I'd expect from a zealous "coin" defender...
Way to bring the conversation down to 5th grade level...or should I say crypto coin level.
wirerogue
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oh no, someone stole a bunch of bitcoins from an unregulated market, therefore they must be bad. approximate USD value $465,000,000
Bernard Madoff in a fully scrutinized highly regulated market $65,000,000,000 http://en.wikipedia.org/wiki/Bernard_Madoff
Bernard Madoff in a fully scrutinized highly regulated market $65,000,000,000 http://en.wikipedia.org/wiki/Bernard_Madoff
CreepyUncleGoogle
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Total popcorn thread! ^^
D
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No, but in most banks around the world you could take that 100 yen and convert it to a local currency in a matter of minutes to go buy that apple ... a cryptocurrency is a little tougher to convert into a non-cryptocurrency (both logistically and geographically)
But not really.
No, but in most banks around the world you could take that 100 yen and convert it to a local currency in a matter of minutes to go buy that apple ... a cryptocurrency is a little tougher to convert into a non-cryptocurrency (both logistically and geographically)
And those who attack Bitcoin say that the fact that you have to convert Bitcoin to dollars demonstrates that it's not a valid currency, because currency must be legal tender. If you have to do that with Yen, then Yen is not a valid currency.
I believe that it isn't seen as valid because it's a self-sustaining currency where validating (and whatever else mining does) creates the currency, therefore it doesn't represent real work for society. It's a closed system, per se.
kbrickley
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I can convert 100 yen (or 100 dollars) into local currency in most of the 196 countries in the world (and the 100+ currencies being used) in less than 30 minutes in all but the most remote areas ... I don't know much about crypto currency but I was under the impression that that conversion was not nearly so easily performed globally (but I am open to correction)
Dr. Righteous
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Exactly my though.
I can see if this "mining" was actually selling the accumulated processor time on some computational intensive task like Folding Home or something; But it wasn't . It was really doing NOTHING. There is NO VALUE in NOTHING.
So this has to be some kind of scam at it's root. Regardless if people "made money" on it.
People make money in a ponzi scheme at a certain point to.
kbrickley
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The conversion of Yen is only required if you are in a geographic location that doesn't accept Yen ... the Dollar (and possibly the Euro) are more global currencies and you might be able to find people in DRC (Democratic Republic of Congo) or other countries with unstable local currencies that might take dollars rather than their local currencies ... what is the going rate of exchange for bitcoins or other crypto currencies in DRC
...which is the vast majority of the world.
wirerogue
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in some parts of the world, i can buy a wife with 2 goats.
kbrickley
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Still, the value of a currency is ONLY its ability to purchase goods and services (otherwise currency serves no useful purpose whatsoever as it is neither a good nor a service) ... with $100 I can go to almost any country in the world and buy a good or a service ... if a crypto currency can do the same thing it is a currency ... if it cannot then it is not
Still, the value of a currency is ONLY its ability to purchase goods and services (otherwise currency serves no useful purpose whatsoever as it is neither a good nor a service) ... with $100 I can go to almost any country in the world and buy a good or a service ... if a crypto currency can do the same thing it is a currency ... if it cannot then it is not
I'd Forget it. Stilleto compares the actual Japanese Yen to a "fart in the wind", yet bitocins are absolutely the real deal. How do you argue with that twisted logic?
Still, the value of a currency is ONLY its ability to purchase goods and services (otherwise currency serves no useful purpose whatsoever as it is neither a good nor a service) ... with $100 I can go to almost any country in the world and buy a good or a service ... if a crypto currency can do the same thing it is a currency ... if it cannot then it is not
And the Yen has zero ability to purchase goods and services throughout the vast majority of the world. All you're arguing is that the dollar is a strong international currency, and I agree. However, the arguments attacking cryptocurrencies so far as having limited buying power could equally be applied to almost every currency in the world other than the dollar and euro.
Can't spell, can't read...what exactly can you do, apart from defecate on a keyboard and click "submit"?
Spazturtle
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Mining is solving mathematically problems, then you submit the solution to the problems to the network and in return get a private key that is the coin.
Go read up on it before you idiotically call it a scam.
If you want to see a real ponzi scheme then look at government bonds, which require 2 people to but bonds so that 1 person can cash out the bond.
Unicorns. The next big thing will be ground up unicorn horns pressed into the shape of mini horns to be used as currency.
Those mathematic problems are not valuable to anyone else except the bitcoin community though. Folding@home and other DC projects potentially are. That is why it is worth nothing to the majority of the world, because it provides nothing to the world except the community that uses bitcoins.
It's just fascinating watching so many people on a tech enthusiast board not only boast of their ignorance of a technical innovation, but to endlessly deride it on the basis of their lack of understanding. Never seen anything like it.