For people who think bitcoin aren't safe

[Travis]

I just wanted to make a thread as a friendly reminder to people who disagree with bitcoins and are freaking out over the recent happenings with Mt.Gox and Silk Road 2.

 

Sure, someone stole thousands of bitcoins from the Silk Road. Yeah, that is unfortunate. It is a rough stage that the currencies will go through until better methods are developed. I just want you guys criticizing the currencies to remember about how "unsafe" you think bitcoins are when you swipe your credit card at a store, or give your card to the waiter at a restaurant. In 2012, the worldwide cost of credit card fraud was estimated at over $11 billion. Yet, people use them several times a day. Doesn't sound very safe if you ask me.

[Darren]

Great post putting things into perspective. Totally agree, credit cards are without a doubt the most insecure way to have access to large amounts of money.

[madknight3]

Credit cards have a much better chance of you getting your money back though.

[xXxYOLOxSWAGxXx_420BlazeIt]

You are completely dumb if you cant see the difference between credit cards and Bitcoin.

 

Credit card companies are backed up by billions of dollars of insurance, and are regulated by law.

 

Bitcoin exchanges are not backed up by any insurance, and are not regulated.

 

Also, credit card fraud is not really a problem in Europe, and im sure other parts of the world.

[juretrn]

I just wanted to make a thread as a friendly reminder to people who disagree with bitcoins and are freaking out over the recent happenings with Mt.Gox and Silk Road 2.

 

Sure, someone stole thousands of bitcoins from the Silk Road. Yeah, that is unfortunate. It is a rough stage that the currencies will go through until better methods are developed. I just want you guys criticizing the currencies to remember about how "unsafe" you think bitcoins are when you swipe your credit card at a store, or give your card to the waiter at a restaurant. In 2012, the worldwide cost of credit card fraud was estimated at over $11 billion. Yet, people use them several times a day. Doesn't sound very safe if you ask me.

You do realize that there 1000x as many of credit card users as there are bitcoin users, right? And how much money is there on those accounts? Quite a bit more, than the market capitalization of all cryptocurrency combined. I think YOU are misleading. Bitcoin's image is much worse than that of credit cards, and with a good reason. 

[ANUPLUCIFERGAMER]

Even if it's safe, It's  not worth getting a rise in the electricity bill

[madknight3]

Even if it's safe, It's  not worth getting a rise in the electricity bill

Not everyone has to worry about that. Some people either don't pay for their electricity or pay a flat rate no matter what it is.

[juretrn]

Even if it's safe, It's  not worth getting a rise in the electricity bill

 

 

Not everyone has to worry about that. Some people either don't pay for their electricity or pay a flat rate no matter what it is.

And not everyone is mining, most just trade. 

[ANUPLUCIFERGAMER]

Not everyone has to worry about that. Some people either don't pay for their electricity or pay a flat rate no matter what it is.

I too don't pay for the electricity bill, but still I don't do it. You might think why i don't pay. My uncle is some engineer in Goa Electricity dept. So, we get free electricity.

[Antistatic12]

I just wanted to make a thread as a friendly reminder to people who disagree with bitcoins and are freaking out over the recent happenings with Mt.Gox and Silk Road 2.

 

Sure, someone stole thousands of bitcoins from the Silk Road. Yeah, that is unfortunate. It is a rough stage that the currencies will go through until better methods are developed. I just want you guys criticizing the currencies to remember about how "unsafe" you think bitcoins are when you swipe your credit card at a store, or give your card to the waiter at a restaurant. In 2012, the worldwide cost of credit card fraud was estimated at over $11 billion. Yet, people use them several times a day. Doesn't sound very safe if you ask me.

I appreciate your opinion and input on the matter.

[Assassin]

I don't care if its the safest thing on earth of it can't hold its value. 

[Darth Vader]

In terms of fraud and security, I believe Bitcoin is safer to use than credit cards. However, my only and huge problem with Bitcoin and all other crypto currencies is their wild fluctuations compared to standard currencies.

 

It might be stable in the future, but I can't trust it for now. That itself presents a cycle that's hard to break: A currency will not be relatively stable unless a big mass of population trusts it as a serious currency; a big mass of population will not use something as a serious currency unless it's relatively stable.

 

 

[DyGr00339]

Credit cards have a much better chance of you getting your money back though.

Nope..

[FreezeFlyte]

In my perspective I don't beleive that using a credit card is safe anyways. That's why cash i king in my book. And if cryptocurrencies were "safe" then i would not have a problem with them. But IMO they are very unsafe and promot illicit dealings. Its alot easier to hand someone a $10 usb stick with a virtual wallet with $1000 worth of untraceable crypto coins on it and buy illegal items than it is handing over the money in cash that can be traced. Over 3.6 million dollars worth of accounts were seized by the FBI in the Silk Road incident due to their involvment with illegal activities. If it was safer to carry a virtual wallet than a real one with cash then i would be all for it but in the end code is code and material is material. Which would you rather determine value, code or material? Just a thought.

[Jmjam]

I 'll just leave this here... http://i.imgur.com/8q72dwP.png

[Xsilent(X)]

I just wanted to make a thread as a friendly reminder to people who disagree with bitcoins and are freaking out over the recent happenings with Mt.Gox and Silk Road 2.

 

Sure, someone stole thousands of bitcoins from the Silk Road. Yeah, that is unfortunate. It is a rough stage that the currencies will go through until better methods are developed. I just want you guys criticizing the currencies to remember about how "unsafe" you think bitcoins are when you swipe your credit card at a store, or give your card to the waiter at a restaurant. In 2012, the worldwide cost of credit card fraud was estimated at over $11 billion. Yet, people use them several times a day. Doesn't sound very safe if you ask me.

 

bitcoins or other coins need to have encryption based keys. the owner of that key can make a deposit or widrawl or other...

[scaryjam823]

I just wanted to make a thread as a friendly reminder to people who disagree with bitcoins and are freaking out over the recent happenings with Mt.Gox and Silk Road 2.

 

Sure, someone stole thousands of bitcoins from the Silk Road. Yeah, that is unfortunate. It is a rough stage that the currencies will go through until better methods are developed. I just want you guys criticizing the currencies to remember about how "unsafe" you think bitcoins are when you swipe your credit card at a store, or give your card to the waiter at a restaurant. In 2012, the worldwide cost of credit card fraud was estimated at over $11 billion. Yet, people use them several times a day. Doesn't sound very safe if you ask me.

Or how about those scanners that can steal your credit info while it is in your pocket. Only way around it is to put tinfoil in your wallet to reflect the sensors.

[Darren]

Nope..

 

I'd disagree. You can call your credit card company "Hey card is stolen, any transactions today are unauthorized". Cancelled, money back, new card en route.

[DyGr00339]

Dont store your bitcoins online, and once they took your money and bought something with your credit card, you still have to pay for that thing

 

Woth a credit card you can owe more money than you have, with bitcoin and debit you can't

[AlwaysFSX]

Credit cards have a much better chance of you getting your money back though.

Credit cards are pointless, just pay with cash in the first place.

[Joshua Ondangan]

in my country coin mining is so bad. specially with the increase in price per kwph. but other country seems like a good deal .

 

powercolor r9 290x (before this was 372.45$) seems they removed the old one lol.

442.67$

https://www.facebook.com/photo.php?fbid=10152188019787597&set=a.362279842596.199411.362246537596&type=1&theater

[Fred Castellum]

I see coing mining as a opportunity to make money. The concept of a anonymous non standardized digital currency really has me intrigued.

Cash on hand is still king however, its more readily usable. If you don't mine but you trade then your in a sense doing FX Trading.

[CCap]

Not everyone has to worry about that. Some people either don't pay for their electricity or pay a flat rate no matter what it is.

Not everybody mines their own cryptocurrencies. Some people just purchase them off the bat with cash. i.e. Buying 10 bitcoins and sitting on them like you do with stocks, hoping that at the end of the year you can mark a large marginal increase in the money you put into it. To whomever did this at the launch of bitcoin, my hats are off to you. I'm sure if you invested a large amount then you are thanking yourself for it recently with the large increase from when it first started out.

 

Just some thoughts I thought could be contributed to the discussion. 

[FizzyFantom]

People who say Bitcoin is "unsafe" don't actually mean unsafe. The issue with Bitcoin is that it makes you mange your own digital currency, and for most people this is too much for them to deal with, so they prefer fiat currencies which they can pay a bank to take care of for them.

[dizmo]

I too don't pay for the electricity bill, but still I don't do it. You might think why i don't pay. My uncle is some engineer in Goa Electricity dept. So, we get free electricity.

That's a pretty sweet deal. I have friends that work for the hydro company here, and they don't get anything like that.

 

Nope..

Nothing to back that up with?

They're perfectly safe. A lot safer than cash.

 

Or how about those scanners that can steal your credit info while it is in your pocket. Only way around it is to put tinfoil in your wallet to reflect the sensors.

If you see charges you didn't make, call the credit card company and tell them. They get reversed, you get a new card.

 

Credit cards are pointless, just pay with cash in the first place.

They're not pointless at all if you can manage them properly. Most credit cards provide a % of cash back, or air miles. Because of this, the price you pay on every product in the store is raised accordingly to counter the money that they lose. It does affect the retailer, as they get charged for every credit card transaction. That's why some companies don't accept American Express. Their rates are too high.

In the end, if you don't use a credit card, you're actually paying more than you have to.