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By law, America banks were blocked from exchanging money with those internet poker sites. It buy controlled by no single party and is both decentralized and distributed. I haven't found anything malicious in that code or anything that would give somebody the upper hand. Saying that Bitcoin in itself is a scam is just ignorant. Find mtgox what your expected ETH and USD return is depending on your hash ratepower consumption and electricity cost. High activity from bitcoin Location: Lottery did he mined and kept 1 million coins?
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Don't buy if you don't. With Bitcoin, you can be your own bank. Become a Redditor and subscribe to one of thousands of communities. You can buy stuff directly in Bitcoin. Yes their are a certain amount of coins or tokens to trade in this version virtual currency.
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The websites you can find lottery blockchain on only mtgox a graphical representation of what the blockchain has stored in it. Nobody is able to block bitcoin freeze a transaction of any amount. Bitcoin uses peer-to-peer technology to operate with no lottery authority: WWIII, youll still have your bitcoin acceptable buy places. While some may find it profitable, others may have to work harder. Bitcoin a regular consumer, buy cryptocurrency can be a great way Sun, mtgox Jan
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It seems that anyone can make bitcoin if they are good with a computer and then sell that for real money. Once we all figure out there is an unlimited supply of bitcoin its value will fall like a ton of bricks Some will get rich and others just scammed.
I've been doing a lot of research and it seems that to get bit coins you must invest i good amount of money, so either buying at bit coin or buying a rig that mines them cost an considerable amount of cash, and the process of mining inst guaranteed income if yu rig isnt top of the line with the most expensive hardware your not making profit, not to mention the cost to constantly update to the latest hardware cost more than is made, in my opinion it seems like a way to make people spend real currency on either the coins or the rig to make a currency that's not back by anything.
Sure the first people who got into are making a profit but like any good scheme, thats what happens, you make it look good. Basically it is a simulation of gold, but without the all the baggage that gold comes with not seizable, heavy or counterfeitable. Bitcoin sets the bar very high as a currency and due to no middle men the transaction costs are very low. Ignore it at your peril. Bitcoin is open sourced.
All the details are in the paper and no one is out there to con you or anything. You can choose not to buy in to it but that's different from a scam. It's also designed to be used as a currency, not an investment. Right now it's at its infancy hence the value fluctuates a lot but it's not designed to help people make loads of money.
If you are getting in hoping to get really rich and didn't then it's really your own fault. Bitcoin also doesn't magically help money launderers and drug dealers either.
Guess what's better than bitcoin for that? Cash transactions are untraceable and private unlike bitcoin, so unless we want to ban cash not sure why bitcoin is blamed for that.
The hard part of money laundering is usually not in tracing the money anyway, but rather justifying your source of income. For example if you have no job and suddenly bought an expensive house with cash or bitcoin you better have a compelling story to tell IRS Is it risky to invest your money into? Does that make it a scam? With bitcoin people are actually in control on their own money.
It allows for less dependency on third parties and middlemen who always take a slice of the profit for themselves. If you're looking for the scam, you need only look at the fiat currencies used by countries. The reason people are buying bitcoin is because they realize it's utility as a currency. I'm surprised that so many people at the end of still seem to not understand what Bitcoin is.
Oh well, at least I see things changing. If Bitcoin is a scam, then the US dollar is a far greater scam. As long as there is internet access, bitcoin can do what gold does 10 times better. Bitcoin has the potential to displace or even completely replace Western Union. It has the potential to greatly displace gold and other precious metals as a store of value. It is controlled by no single party and is both decentralized and distributed.
Who is the scammer, if there is no one in charge of it? Bitcoin is a bubble, and so is every other form of money. A bubble is when people buy an asset, not to use it, but to trade it for some other asset at a later date. Like Las Vegas real estate in , or Amazon. Com stock in , or tulip bulbs in And also like US dollars and like gold. If an asset is held only to trade it away later, and it fails to become money, the bubble pops and it becomes worthless. If it becomes money Sceptics can read the source code, and evaluate it.
Everything in bitcoin is completely open, that's the beauty of it. If it is a scam, why can I buy actual things with it right now? There's going to be a bumpy road ahead, much like any new technology before it goes mainstream. Its a decentralized meaning nobody can scam you digital currency that floats like a real currency, except no one country backs it, the people who own bitcoins back it, and add value to it at the same time. They can exist completely without any one central authority.
Saying that Bitcoin in itself is a scam is just ignorant. Now saying that some people viewed as innovators of Bitcoin gone rogue are scammers is more appropriate.
People as mark kerpeles mt. They used Bitcoin as their scam. Much like people used cash as their scam or gold as their scam.
I haven't found anything malicious in that code or anything that would give somebody the upper hand. Now if you are thinking, "well somebody can edit the code to steal your coins or make fake coins" that is not how it works.
Yes they can make a "fork" of Bitcoin but it will be on a separate blockchain. Meaning you cannot transfer those "forked" coins to the original Bitcoin. Well what is the blockchain?
The blockchain stores all the wallet addresses, transactions, miner power and so on. It cannot be edited but only added onto with new wallets, transactions, miners etc. It is not a website, but stored inside of the application itself on each and every computer or miner with the application.
The websites you can find the blockchain on only show a graphical representation of what the blockchain has stored in it. This means the more people who use Bitcoin, the more secure the protocol is. Which, at this time, it is very secure and Bitcoin itself has proved unbackable. The only way people can "hack" Bitcoin is to hack the websites or wallets and use their data or stored coins for themselves.
This happens in everyday life everywhere and should be null. Now, onto the wallets. The wallets are NOT the Bitcoin protocol. They only use the Bitcoin protocol as a base of information. You could use command prompt for your wallet if you know how to code it. This is why you can find multiple wallet providers with different features and security.
They are not changing the protocol itself, but telling the protocol where to send the coins and storing that info in the blockchain. It is possible that a rogue wallet provider can program something malicious into the wallet itself to steal your wallet data to steal your coins but if you stick with well known wallets, you will not need to worry. Online wallets can be dangerous so it is best to keep your wallet on a physical computer or USB. If someone makes a fake wallet that doesn't actually store real Bitcoin in it, you would be able to tell just by viewing the blockchain on a website.
I have more to say, but not enough room on here. I will post about the human side of the ordeal I the comments. It isnt a scam, Its a very smart idea. No government back up, that means the government ends, youll still have your money.
Think of it this way, the confederate states created their very own currency in the little bit of time they were around, once the US won the civil war, that currency was worthless. WWIII, youll still have your bitcoin acceptable in places. Sign In Sign Up. Add a New Topic. Is Bitcoin a scam? New to Old Created: Old to New Likes: Most to Least Likes: Least to Most Replies: Most to Least Replies: No, scams always have a hidden aspect to them.
Related Opinions Will the Mt. Crazy thing - Bitcoin price did drop few days later Profiting is not only about being right about eventual price Blow away by all the feedback.
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Be aware that Twitter, etc. Related communities Sorted roughly by decreasing popularity. Welcome to Reddit, the front page of the internet. Become a Redditor and subscribe to one of thousands of communities. At that point jury was still out - I often like to quote Satoshi's genius observation: Which brings us to the main point: Bitcoin is genuine technological revolution, accompanied by tangible merits.
In a nutshell, Bitcoin is a scam in s as much as Internet was a scam in s. Bitcoin is a store of value. And much easier to turn into medium of exchange. Bitcoin is medium of exchange.
You can buy stuff directly in Bitcoin. Numerous websites and people around the globe now accept it. You can easily transfer it. Wherever you are in the world, you can instantly send Bitcoin to other people. This is not a big deal for people in first world countries as they have numerous options. But for majority of the world this is a HUGE deal. Bitcoin is unit of account. If you have Bitcoin you can exchange it for whatever currency you want.
If you are in Venezuela right now, would you rather hold Bolivar or Bitcoin? It's kinda no-brainer, right? Any question - fell free to hit me up.