SilkRoad V2 "hacked" all bitcoin gone.

AndonHandon

Tiddlypeeps wrote: »

Not entirely sure how you came to that conclusion

That's like saying Euro is a scam because someone gets scammed on ebay

Bitcoin is a pyramid scheme.

Greenmachine

AndonHandon wrote: »

Bitcoin is a pyramid scheme.

Hardly. Nothing there insist on you recruiting new people to come to the site.

Tiddlypeeps

Swan Curry wrote: »

Bitcoin users have been scammed time and time again,but they're far too stupid to ever stop using it.

When has someone been scammed because of Bitcoin, as apposed where they choose to spend it?

AndonHandon

Greenmachine wrote: »

Hardly. Nothing there insist on you recruiting new people to come to the site.

https://en.bitcoin.it/wiki/Myths#It.27s_a_giant_ponzi_scheme From a Bitcoin promoting website explaining how it is not a Ponzi scheme;

In a Ponzi Scheme, the founders persuade investors that they’ll profit. Bitcoin does not make such a guarantee. There is no central entity, just individuals building an economy.
A ponzi scheme is a zero sum game. In a ponzi scheme, early adopters can only profit at the expense of late adopters, and the late adopters always lose. Bitcoin has an expected win-win outcome. Early and present adopters profit from the rise in value as Bitcoins become better understood and in turn demanded by the public at large. All adopters benefit from the usefulness of a reliable and widely-accepted decentralized peer-to-peer currency.

The two parts in bold appear to be the same sentence phrased differently as the early adopters of Bitcoin profit as more get involved in Bitcoin and demand it. There is no guarantee that Bitcoin demand will go up.

wendell borton

What is needed is a darknet adverts.ie.

KyussBishop

Bitcoin isn't a Ponzi-scheme, but it is similar to one - saying 'is', is very different to saying 'similar':

Wiki page for Ponzi Scheme wrote:

An economic bubble: A bubble is similar to a Ponzi scheme in that one participant gets paid by contributions from a subsequent participant (until inevitable collapse). A bubble involves ever-rising prices in an open market (for example stock, housing, or tulip bulbs) where prices rise because buyers bid more because prices are rising. Bubbles are often said to be based on the "greater fool" theory. As with the Ponzi scheme, the price exceeds the intrinsic value of the item, but unlike the Ponzi scheme, there is no single person misrepresenting the intrinsic value.

https://en.wikipedia.org/wiki/Ponzi_scheme#Similar_schemes

Bitcoin is only ever going to be dominated by speculators/fraudsters, the smarter/more-powerful ones will look to hyperinflate bubbles that they can profit from, and the lesser/more-petty criminals among them, will settle with simple conman tricks, like fooling idiots people into trusting them, to 'mind' their Bitcoin wallets.

Maybe Bitcoin could be something more than this, but the criminals/fraudsters are going to get it banned in most major economies, before the Bitcoin economy ever has the chance to evolve past this.

sawdoubters

how much do 2.7 million bitcoins weigh -zero


how much are 2.7 million bitcoins really worth -zero

B_Rabbit

sawdoubters wrote: »

how much do 2.7 million bitcoins weigh -zero


how much are 2.7 million bitcoins really worth -zero

How much is 2.7 million in cash really worth? -zero

Spunge

Hobbes wrote: »

Exchange rate is whatever people will take for them. Bitcoins collapsed to $100 a coin (vs $800) a few days ago, but only for an hour. Someone offloading a large amount and wanted the cash fast.

that $100 was coz some retard sold coins at the wrong price.

the actual price on most exchanges has been like 650 average in the lastweek.

THe media is posting that bitcoin hit $300 which is just wrong, they are only referring to 1 exchange that is completely iirelevant nowadays

B.A._Baracus

B_Rabbit wrote: »

How much is 2.7 million in cash really worth? -zero

I can buy a big mac with cash. I can't with bitcoin

B_Rabbit

B.A._Baracus wrote: »

I can buy a big mac with cash. I can't with bitcoin

You can.

Capt'n Midnight

AndonHandon wrote: »

Bitcoin is a pyramid scheme.

"First, let me assure you that this is not one of those shady pyramid schemes you've been hearing about. No sir. Our model is the trapezoid! "