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Comment Re:What if? (Score 1) 631

What if you went to an Indian casino, exchanged your dollars for chips, and when you went to leave and cash out your remaining chips, they refused to exchange the chips for dollars, and instead decided to close shop. Would you still trust the dollar?

I think you've got your analogy backwards and upside-down. The correct question would be, "Would you still trust the casino chips?"

I dont think you understand this analogy. In this analogy the dollars represent bitcoins and the chips represent mt gox's internal units. They represent bitcoins much like the casino chips represent dollars, but as we learned were not backed with actual bitcoins.

I dont think you understand his question. In this question, the casino chips represent any casino chips (and indirectly, Bitcoins), not just the Indian casino's chips (or MtGox's "internal units"). If one casino would suddenly decide to close shop, would you trust other casino chips equally as before?


How Do You Move a City? 172

Zothecula writes "The town of Kiruna in Lapland, Sweden, is known for its Jukkasjårvi Ice Hotel and for hosting the recent Arctic Council summit. It also sits within the Arctic Circle, on one of the world's richest deposits of iron ore. Now in danger of collapse due to extensive deep mining, the city center is to be relocated."

Comment Re:Bitcoins (Score 1) 265

What about Litecoin? Peercoin? Sharecoin? Dogecoin? BBQcoin? Namecoin? Primecoin? Feathercoin? Devcoin? Megacoin? Tagcoin? Yacoin? Digitalcoin? Fastcoin? Anoncoin? Phoenixcoin? Mincoin? Bytecoin? Junkcoin? Infinitecoin? Liquicoin? Am I making my point clear or should I continue?

Comment Bitcoiners on reddit are completely delusional (Score 5, Insightful) 475

Bitcoiners on reddit are completely delusional. They constantly interpret any kind of news from China as "good news" and any price drop as a sign to "buy more Bitcoins at a cheaper price". Wake up people. This "currency" is never going to have anything close to wide adoption.

The inability to charge back is the #1 reason that prevents any consumer from perceiving it as a safe currency against vendor fraud. It serves no benefit to the consumer.

Its incredible volatility is the #1 reason that prevents any vendor from seriously adopting it. It's impossible to do business when you have no control of your prices. This is why every "Bitcoin accepted" vendor isn't actually adopting bitcoins, just merely accepting them at current exchange rate. Bitcoins will get "adopted" when vendors start listing their prices in fixed bitcoins, i.e never.

Posting this on reddit gets you instantly downrated because users there only upvote anything positive about Bitcoin, no matter how ridiculous it is. Whenever somebody with any form of economics, finance or political education reminds Bitcoiners of the realities of world foreign exchanges, people downvote it to hell and ignore it because those people have been "brainwashed by the system".

Bitcoiners have been warned, and ignored all sensible advice, only motivated by their greed. Now, after constantly bragging about their virtual billions earned and insulting their friends who are not convinced and reminded them to be careful, they are upvoting the National Suicide Hotline for the U.S. Too bad not many people will feel sorry for them after this whole fiasco.

Comment Re:Will they pay them with Bitcoin? (Score 2) 35

Let me assure you, my question was sarcastic. I was saying that unless they invested all their money at Bitcoin when it was worth $0.10 and are now "ZOMGS we have so much $$MONEYS$$$" like typical early bitcoin adopters, I don't see how they could possibly have secured enough financing for their project.

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