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Why I went from Bits to Butts

About a year and a half ago I learned about Bitcoin just prior to The Great Run Up of April 2013. I was immediately captivated by the idea of making an insane ROI of +500% and let greed cloud my perception from the start. To be fair though, I diligently studied Bitcoin: how it worked from mining to transactions, the economic implications, and the freedom it offered from banks. After a few months of research I was sold. I began to pour the little money that I had saved into it, convinced that in a few months time, my investment of $3,000 would soon hit $10,000+. I was right for all the wrong reasons.
From the beginning, I thought I had stumbled upon the financial equivalent of the Internet in its infancy. This was going to be the greatest decision of my life. Bitcoin offered a system that allowed people to be their own individual bank while making money in the process. I was also convinced that the US Central Bank was devaluing the dollar through inflation and it was my duty to protect myself and my future. In reality, Bitcoin offers no advantages over the traditional banking system, which I will detail below:
Ever since the last run up in price during the month of December, I have become disillusioned by Bitcoin and the incessant promotion over in /Bitcoin. None of the above mentioned flaws are actually good for Bitcoin. Nor is Bitcoin a safe investment if you are looking to store your money. If you want Bitcoin to be a currency it has to be relatively stable during periods of high volume; which is the exact opposite of how it acts. I sold my initial position in Bitcoin and now am sitting on a decent amount because I know that the pyramid scheme will continue for the near future and will look to cash out during the next run up.
To be honest though, I think the technology is quite amazing (especially how it has overcome the double-spend problem) and would not be surprised if future financial instruments or other technologies are based off of the original concept. I do however think that Bitcoin is a pyramid scheme and I am grateful that I have come to this conclusion before it's too late.
submitted by JesusDied to Buttcoin [link] [comments]

Idea: how to solve Bitcoin theft by a tech entrepreneur

The problem: The last few weeks have seen over $500m of bitcoin theft as we all know. Highlights:
These are not isolated incidents. A quick wikipedia search will reveal a dozen other bitcoin exchanges that have been hacked and forced to shut down since 2010.
As a relatively new bitcoin user, I'm personally shit scared about my coins getting stolen or lost. It's my #1 concern. And for new people getting into BTC, this is the main thing that scares people. Exchanges going under, OR coins getting stolen somehow during storage or transfer. Never before has money been so easy to steal, with so few consequences.
If $450m were stolen in a bank robbery instead of MtGox, I'd bet several people would be in jail by now. But b/c of the pseudo-anonymous nature of BTC, there are less consequences for online criminals.
My background is that of a tech entrepreneur. I enjoy solving hard problems. When I look at this situation, I see security as the main short-term hurdle that will prevent people from saving large amounts of money in BTC.
My solution: create an insured FDIC-like cold storage service where people and companies can save their BTC, just like a savings account. I've worked with specialty insurance companies before such as Lloyds of London, and I believe someone would be willing to write a large insurance policy covering people's deposits. Each person's deposits could be insured upto say $100,000.
Provided we do a good enough job with security and cold storage (NO trading, just cold storage), and given the FDIC-like insurance protection, I believe this might assuage a lot of fears people have about losing their BTC to scams, malware or fraud.
What do you guys think? What would you call it? Do you think this would help drive BTC adoption as a whole by making the average mom-and-pop person feel safe about their deposits?
submitted by mojolabs1 to Bitcoin [link] [comments]

Tech Talk: Bitcoin Exchange MtGox Closes After $500m Cyber Theft Catching Crypto Criminals With Thomas Glucksmann Merkle Science Jay Nail - YouTube Mt. Gox - Reason behind Bitcoin Crash ??? , Twitter ban Crypto Ads Bitcoin heist: NiceHash hacked for $68 million in bitcoin - TomoNews

The previous record holder for largest crypto-heist was Mt. Gox, another exchange that saw $450 million in bitcoin stolen in 2014 leading to civil and criminal actions. Not if you enforce existing laws such as segregated accounts (the issue behind Mt Gox and many traditional financial services frauds) and securities laws. 2: Will citizens desert their national currency? Not if you avoid the temptation to inflate away your currency. If you do, your citizens will use gold, US$ or bitcoin. The issue is not bitcoin. Mt. Gox bitcoin exchanges' Karpeles appeals conviction ... 737 Max 8 jet's stall-prevention feature was triggered, investigators say ... Armed robbery suspect taken into custody after dramatic I ... These incidents were: the Mt. Gox Hack of 2013, Mt. Gox $473 million worth of Bitcoin robbery of 2014, The Ethereum DAO-hack of 2016, the Bitfinex hack of 2016 and the NiceHash Hack of 2017. The question can only be answered through the careful examination of the blockchain’s foundation, its security architecture. Until the middle of 2013, Mt. Gox handled over fifty percent of the worldwide Bitcoin trading volume. See id. (stating that as of 2011, Mt. Gox handled over 80% of Bitcoin trade, and 52% in 2013). (169.)

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Tech Talk: Bitcoin Exchange MtGox Closes After $500m Cyber Theft

This is the best Mark Karpeles Mt. Gox Bitcoin Documentary 2019! #mtgox #markkarpeles #goxxed #bitcoin #documentary ... The Best Crime Documentary Playlist - Playlist. Jay Nail. 1:07:16 In this interview, I speak with Nicholas Percoco, Chief Security Officer at Kraken. We discuss the secret world of hacking and how Kraken has become the most... Troubled bitcoin exchange MtGox was forced to close and file for bankruptcy protection this week, after bitcoins worth almost $500m were apparently stolen from its servers. Meanwhile, UK tax ... NCIX is having a Grand Opening for our Toronto Store this Saturday, March 1st! Show up early (or late) and you could win a bunch of prizes worth over $5,000! Details: https://www.facebook.com ... bitcoin mt gox, m etf bitcoin, m got bitcoin, m-pesa vs bitcoin, bitcoin news, ... bitcoin rich list bitcoin robbery bitcoin real time bitcoin raspberry pi mining bitcoin robot r bitcoin,

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