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Bitcoin - Part 2

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Oh dear, here we go, 3370, the worry should be how effortlessly bitcoin will halve itself.
 
Roger Ramjets said:
That would be fine if bitcoiners took responsibility for their slackness. Sadly however, as usual the taxpayers will end up paying for it.
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Sounds like a have-your-cake-and-eat-it-too scenario. If it works, the government doesn't get its paws in my money. If it doesn't, the government can pay for it.
 
Belz... said:
How, though? How do those BTC disappear from the blockchain? I thought those were pretty secure since they're stored on every PC.
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If you lose access to your wallet?

I'm not sure there's a "click here to reset your password" for that.
 
Belz... said:
How, though? How do those BTC disappear from the blockchain? I thought those were pretty secure since they're stored on every PC.
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The information that a particular entity (identified by a public key) owns bitcoins is preserved on the blockchain. If the owner loses the matching private key then those coins can never be transferred to a new owner.

The encryption keys are typically stored in "wallet" software that requires a password to access. If the wallet file or it's password are lost you are SOL.
 
jrhowell said:
The information that a particular entity (identified by a public key) owns bitcoins is preserved on the blockchain. If the owner loses the matching private key then those coins can never be transferred to a new owner.

The encryption keys are typically stored in "wallet" software that requires a password to access. If the wallet file or it's password are lost you are SOL.
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Wow, that's pretty stupid.
 
psionl0 said:
That's the level of security you need if you don't want hackers to steal your bitcoins.

It's been made very clear right from the beginning that the onus is on the owner to store their wallets securely and safely.
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That's all well and good, but in the real world, and I mean with real money, dying doesn't make your cash disappear. So I stand by what I said.
 
Belz... said:
That's all well and good, but in the real world, and I mean with real money, dying doesn't make your cash disappear. So I stand by what I said.
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If you bury it on secret place and you say nobody about it, dying will make your cash disappear. All you have to do, is to mention the keys in your last will.

And the fact that there is less and less bitcoins will only limit the supply, in other words, rise the price ! :D
 
Eddie Dane said:
Is there a good way to short BTC?
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You can do a "naked" short if you have a friend who is willing to bet.

He pays you the current price for however many bitcoins you want to bet on and at an agreed time in the future, you pay HIM whatever the price will be for the same number of bitcoins. (Note that you don't actually need any bitcoins to do this. That is why it is called a "naked" short).
 
fromdownunder said:
The point was actually that some things which have no wealth generating capacity and no intrinsic value in and of themselves can be worth obscene amounts of money to some people. Stamps are one of these things. Art is another. Bitcoin is yet another.


Norm
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Red herring. Subjective value can be as simple as “I want to have it for aesthetic or emotional reasons”. Everyone buys/sells lots of things like this all the time. The distinction is that these types of purchases are not investments and usually track more or less with inflation over the long term.

There are, or at least were, people who valued bitcoin for emotional reasons like “I don’t trust the government so I want currency that is independent of them” or “I don’t trust banks so I want currency that is independent of them” but as it becomes increasingly obvious that bitcoin isn’t a viable currency these reasons drop away.
 
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Eddie Dane said:
Is there a good way to short BTC?
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I’d be very cautions about shorting something so volatile and prone to manipulation as bitcon. Prior to the advent of the SEC many a fortune were made manipulating prices and catching short-sellers in Bear Traps.

Even with god regulation you should keep the old adage that “The market can remain irrational longer than you can remain solvent” in mind.
 
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