Bitcoin Exchange Vircurex Freezes Customer Accounts

pcjunkie said:
I tried having intelligent conversations at first but was just called ignorant, stupid or the ever popular "you just don't understand" with every logical rebuttal or common sense argument. Got sick of it so here we are. I make it a point to not go into the crypto-currency or mining sub forum and thread crap out of respect for people that are really interested in it. But front page news is fair game. Don't like I there is a little red x up in the corner.
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i remember trying to talk to you about on the last few post about gox but all you could say was that it was money for basement dwelling neckbeards. I dont really know how else we can explain to you how the protocol works. What is it that you dont get?
 
nvgrim said:
i remember trying to talk to you about on the last few post about gox but all you could say was that it was money for basement dwelling neckbeards. I dont really know how else we can explain to you how the protocol works. What is it that you dont get?
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Again, I know how the protocol works so no need for an explanation. It is an answer to a problem nobody has, except for the paranoid and crooks who don't want want it regulated by governments for some reason. The majority of miners don't give one shit about it other than to make a quick buch. ;) At this point its acting more like a stock than a currency. What is it that YOU don't get?
 
pcjunkie said:
Again, I know how the protocol works so no need for an explanation. It is an answer to a problem nobody has, except for the paranoid and crooks who don't want want it regulated by governments for some reason. The majority of miners don't give one shit about it other than to make a quick buch. ;) At this point its acting more like a stock than a currency. What is it that YOU don't get?
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actually i have used my dogecoins as currency a few times already. bought some amazon gift cards and other items with them. Same principle as bitcoin,it can be a currency and a commodity.
 
pcjunkie said:
Again, I know how the protocol works so no need for an explanation. It is an answer to a problem nobody has, except for the paranoid and crooks who don't want want it regulated by governments for some reason. The majority of miners don't give one shit about it other than to make a quick buch. ;) At this point its acting more like a stock than a currency. What is it that YOU don't get?
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Tell that to Cypress.
 
jmilcher said:
And now you get to sell them all for less than half if you are lucky, and will never re coup overall cost...

Nice argument.
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If he's recouped the cost, made profit and cashed out, he can literally throw the GPUs away and come out ahead.
 
pcjunkie said:
Good, I hope you eventually do.
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The day I learn why its NOT ok to use dollars as a rationing mechanism for electricity in a country that uses dollars, and that alternatives to said currency are evil because they continue to use the same rationing mechanism, is a day everyone is in serious trouble.

Heisenberg's rationing mechanism. Its good and evil at the same time.
 
Not sure if pcjunkie doesn't know, or is subtly making fun of your misspelling of Cyprus.

Anyway, how would BTC have helped Cyprus? The 40% levy was only on accounts with over €100,000; those with that amount of funds, in euros no less, would have been able to wire the funds if they had access to the money just as they could have purchased BTC with them. Again, the BTC themselves aren't valuable; how would a seller of BTC to a Cypriot have been paid in the euros from the bank in Cyprus if the funds are frozen? BTC doesn't solve that problem.
 
aardvark sandwich said:
The day I learn why its NOT ok to use dollars as a rationing mechanism for electricity in a country that uses dollars, and that alternatives to said currency are evil because they continue to use the same rationing mechanism, is a day everyone is in serious trouble.

Heisenberg's rationing mechanism. Its good and evil at the same time.
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Who thinks bitcoin's are evil? I think its a stupid and a waste, but not evil. BTW I was just continuing with your rant list if you want to throw that back at me.
 
TwistedAegis said:
Not sure if pcjunkie doesn't know, or is subtly making fun of your misspelling of Cyprus.

Anyway, how would BTC have helped Cyprus? The 40% levy was only on accounts with over €100,000; those with that amount of funds, in euros no less, would have been able to wire the funds if they had access to the money just as they could have purchased BTC with them. Again, the BTC themselves aren't valuable; how would a seller of BTC to a Cypriot have been paid in the euros from the bank in Cyprus if the funds are frozen? BTC doesn't solve that problem.
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This eliminates said bank. You are your own bank. The conversion would take place on the seller's end. Otherwise they wouldn't accept bitcoin.

I'm saying people who had their wealth confiscated have a new alternative, and that if they choose to use it, the need exists. :)
 
So you're assuming that people would just plunk down 100% of their savings, full time, into BTC, and ride out the fluctuations in the off-chance that sometime in the future there might be a bank issue?

Not to mention, the risk of 100% loss in the case of theft or destruction of the private key. I just don't see it.
 
pcjunkie said:
Who thinks bitcoin's are evil? I think its a stupid and a waste, but not evil. BTW I was just continuing with your rant list if you want to throw that back at me.
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It may have been unfair of me to use that categorization. But I have read many comments from others questioning the legitimacy of users, comparing them to pedophiles and drug dealers, or making the claim outright.

Anyway, I tried to explain how markets decide the value of electricity and its uses in another thread.
http://hardforum.com/showpost.php?p=1040664744&postcount=25
 
TwistedAegis said:
So you're assuming that people would just plunk down 100% of their savings, full time, into BTC, and ride out the fluctuations in the off-chance that sometime in the future there might be a bank issue?

Not to mention, the risk of 100% loss in the case of theft or destruction of the private key. I just don't see it.
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As you mentioned earlier, the confiscation was on accounts over a specific size. One would assume that criteria would enter into the equation.

You legitimately mention the potential loss of the private key. I legitimately mention the ACTUALIZED loss of their money :)
 
aardvark sandwich said:
fakemoney.jpg
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Wow, it's dropped by like almost 50% since it was at its peak only a few months ago! :eek: I didn't realize it was tanking that badly. It's no wonder people are trying to get it exchanged for a more stable form of currency. Thanks for sharing!
 
When bitcoin first burst upon the scene I remember many people I knew raving about it and how they'd strike it rich while I naturally saw it as a dangerous proposition while also being called a Luddite at best. A few years later and here we are, I wonder who turned out to be right in the end. :p
 
Ws60 said:
When bitcoin first burst upon the scene I remember many people I knew raving about it and how they'd strike it rich while I naturally saw it as a dangerous proposition while also being called a Luddite at best. A few years later and here we are, I wonder who turned out to be right in the end. :p
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them.
 
CreepyUncleGoogle said:
Yeah, those really big swings are pretty crazy. So how come you changed your mind about bitcoins? I thought you were arguing in favor of them. What changed?
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That's not something you want to see in any kind of currency. Stability is the the long term goal and it doesn't seem to be getting any stabler.
 
aardvark sandwich said:
As you mentioned earlier, the confiscation was on accounts over a specific size. One would assume that criteria would enter into the equation.

You legitimately mention the potential loss of the private key. I legitimately mention the ACTUALIZED loss of their money :)
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Both are potential, the 40% bank levy never happened.
 
OP20 said:
Definitely them. A few years ago Bitcoin wasn't worth anything... now its trading at 500+ per coin. Even in its "crashed" state Bitcoin is still worth 7+ billion dollars.
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exactly. I could have bought 10,000 BTC when they were pennies and hold them till now and be exponentially better off financially than i am now.
 
exactly. I could have bought 10,000 BTC when they were pennies and hold them till now and be exponentially better off financially than i am now.
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The question becomes would be able to liquidate that level of bitcoin into dollars.

Otherwise you would be left with a crap load of gift cards, which is really all you can buy of substance with bitcoin.
 
XvMMvX said:
The question becomes would be able to liquidate that level of bitcoin into dollars.

Otherwise you would be left with a crap load of gift cards, which is really all you can buy of substance with bitcoin.
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Yeah, that overstock.com place is full of crap.

Oh wait :rolleyes:
 
XvMMvX said:
The question becomes would be able to liquidate that level of bitcoin into dollars.

Otherwise you would be left with a crap load of gift cards, which is really all you can buy of substance with bitcoin.
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It isn't what you could buy with it; it's that because it's more of a commodity than a currency, as everyone attempted to unload it, no one would want to buy it. Or would only buy it at sharply lower values.
 
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