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Comment: Re:"everyone from PayPal merchants to Rand Paul" (Score 1) 67

by Canth7 (#49455435) Attached to: MIT May Help Lead Bitcoin Standards Effort
Bitcoin is indeed a nice experiment - one that has withstood attacks for 6+ years now. As far as vigorous supporters being few, this is true - however it is a slowly increasing number. Despite the negative press covering thefts and a recent decline in price, Bitcoin transactions per day are at a record high.


One thing that Bitcoin detractors like to bring up is comparing BTC against USD with the 'you have to pay your taxes in USD' argument. I have no expectation that BTC replaces USD anytime within the next 20 or more years. However, it doesn't have to - BTC has value because it's more useful than the USD in a number of ways.

BTC is primarily used in manners that push the envelope of allowed activity. This includes illegal activity such as purchasing drugs, credit card data or other such flat out illegal transactions. However, it also includes legal transactions that are merely frowned upon by certain elements of society. As an example, BTC is more useful than the USD/Credit Cards/PayPal in most targeted industries listed here:


Investors may not like it, but this is what gives BTC most of the value it has today.

Comment: Re:Trust Us! (Score 1) 43

by Canth7 (#49343599) Attached to: UK Setting Itself Up To Be More Friendly To Bitcoin Startups
This isn't the banking sector - as you can well imagine, no banks are touching Bitcoin directly. The point here is that if regulations are introduced hastily, it'll kill off the innovation. Whether or not everyone thinks that the world has plenty of currencies and doesn't need another isn't really relevant - Bitcoin is a game changing invention that should get a chance to grow into a larger role before regulations crush the entrepreneurial efforts.

Comment: Re:This is a clear example of why Bitcoin won't wo (Score 2) 131

by Canth7 (#49059593) Attached to: Bank Hackers Steal Millions Via Malware
Bitcoin can and is being insured as well. After all, it's no harder to protect Bitcoin private keys than say Verisign's root certificates, which are insured against theft as well. And it's still an unfortunate thing that our banks are so susceptible to hacking and theft. After all, whether through increased costs of private insurance or FDIC, we all pay for the losses that a bank incurs.

Comment: Inaccurate reporting (Score 1) 148

by Canth7 (#49035301) Attached to: Alleged Bitcoin Scam Leaves Millions Missing
Instead of the ridiculous $387m in losses, it looks like closer to $8.1m in losses, of which Bitcoin is only a marketing tool to make the Ponzi scheme more marketable. http://www.coindesk.com/mycoin... As always, reporters are more than happy to run any title that gets hits, regardless of how likely the situation meshes with the facts.

Comment: This is NOT a Bitcoin Ponzi scheme (Score 4, Insightful) 53

by Canth7 (#49028561) Attached to: Another Bitcoin Exchange Fraud
It's just a regular Ponzi scheme with Bitcoin marketing. All of the investments came from wealthy investors who put up an average of 1M HKD looking for 2-3X return in only a few short months. Sure, the operators of the Ponzi scheme / "exchange" told them that they were going to get bitcoin in return but very few BTC actually flowed to investors. This is not really a Bitcoin story and the calls by HK regulators for banning Bitcoin is both unwarranted and won't stop the problem - there will always be suckers looking for a get rich quick scheme to draw them in, no matter what the medium of exchange may be.

Comment: Re:10% of all bitcoins (Score 3, Informative) 148

by Canth7 (#49020561) Attached to: Alleged Bitcoin Scam Leaves Millions Missing
It's 90% paper losses - certainly nothing like 10% of BTC just stolen. You deposit 100K HKD, they tell you that you now have 1M HKD in your account and then it turns out you invested in a ponzi scheme - did you lose 1M HKD? No, just the original 100K since the gains never happened. The press will always choose to not write a story accurately as long as it gets better headlines.

Comment: Re:so many problems with this idea (Score 1) 80

by Canth7 (#48899559) Attached to: Winklevoss Twins Plan Regulated Bitcoin Exchange

>a virtual currency that is in direct competition with its own pet, the Almighty Dollar.

This is what Bitcoin proponents would have you believe, but there is no competition at present, and the flaws inherent in the protocol mean there never will be.

Perhaps some other future crypto will be a competitor, but all Bitcoin does is spawn scams or payment gateways that evolve into PayPal equivalents (once they're big enough they cut Bitcoin out of the loop).

Bitcoin might be flawed or it might just be that it doesn't fit into a box and therefore most people, including Slashdotters reject it out of hand. What do you think about the $400m+ of venture capital invested in Bitcoin infrastructure in the last 18 months? Obviously not all investors share your convictions about the flaws.

Comment: Re:It's unconstitutional (Score 1) 80

by Canth7 (#48899535) Attached to: Winklevoss Twins Plan Regulated Bitcoin Exchange
Wow - just because it has "Coin" in the name hasn't stopped the CFTC from calling it a commodity. Somehow, I think their opinion matters more than yours does. And seriously, anyone that thinks that someone who deals in tokens produced by unauthorized entities should be jailed just doesn't understand math. Every self-signed certificate is an "unauthorized" item. Anyone that works with prime numbers creates "unauthorized" work. The same holds true for digital works of art. Troll harder, moron.

Comment: Re: So the twins want to open an exchange ... (Score 1) 80

by Canth7 (#48899503) Attached to: Winklevoss Twins Plan Regulated Bitcoin Exchange

Except you can clone it into an instant competitor and the ming speculators will follow you screams like gold prospectors

Sure, lots of me-too clones have cropped up - however, the vast majority of investors/users aren't fooled. Alt-coins make up less than 10% of the market, all combined. Clearly first mover has a ton of advantage in terms of adoption, investment and developer time.

Comment: Re:They cured my acme, the cancer patient said.... (Score 1) 422

by Canth7 (#48890619) Attached to: Disney Turned Down George Lucas's Star Wars Scripts
Indeed. There were plenty of redeeming qualities from both of the ST reboots. This brings the level of enjoyment to levels that are just impossible with Episode 1-3 - Jar Jar, annoying kids that accidentally blow up space stations, horrible love stories that no one believes, boring plots about trade embargoes and senate votes, etc, etc. And I assume that everyone agrees that ST V is worse than either of the reboots. The point is that while JJ Abrams may be flawed, we have reason to hope that the product will be far superior to the worst that Star Wars has offered us so far. George Lucas has passed the torch and I'm very happy to see him in the rear view mirror.

Comment: Re:Bitcoins - Good Enough for Government Work! (Score 2) 129

by Canth7 (#48816955) Attached to: US Government Lurked On Silk Road For Over a Year
Parts of the US government hold that Bitcoin is property, namely the IRS. However, the government certainly counts it as money with regard to money laundering - just ask Charlie Shrem. Agreed that the undercover purchases aren't really official business, however, this is definitely official business: http://www.usmarshals.gov/asse... I don't imagine that the US Marshals are going to sell Bitcoin one day and then on another day have a different branch of the US government say that Bitcoin isn't a valid means of transferring value, legal tender be damned.

"Say yur prayers, yuh flea-pickin' varmint!" -- Yosemite Sam