Talk:Bitcoin

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The DAO[edit]

Holy shit is this thing a clusterfuck. Regulatory, legal, the code itself ... it's Ethereum not Bitcoin, but has the same quality of people involved. Wonder which section to put it in - David Gerard (talk) 18:34, 29 May 2016 (UTC)

Pump and Dump?[edit]

According to the archives, way back in Jan 2015 I wrote:

"Looking at the history of the article I see that we have been calling this a Pump and dump scheme since the article's inception in June 2011. As it's now 2015 that seems rather a long time, as I was under the impression that "pump and dump" usually works on a shorter time-scale. Or are we suggesting that it's still being "pumped" and the "dump" is yet to come?"

It seems to me that the "Pump and Dump" idea (which the article still supports) belongs more in the realm of conspiracy theory than reality.--Coffee (talk) 20:17, 7 June 2016 (UTC)

The pump was quite early on. Additionally, smaller pump'n'dumps have continued to happen - David Gerard (talk) 06:29, 8 June 2016 (UTC)
And I said that in 2015 (Krugman concurred that it's big libertarians preying on smaller ones) and you went silent - David Gerard (talk) 14:45, 8 June 2016 (UTC)
Soo.. errr. Still waiting for the dump then? Since 2011.--Coffee (talk) 17:50, 1 September 2016 (UTC)
In the intervening years, we had the bubble, not sure if you noticed it - David Gerard (talk) 20:09, 1 September 2016 (UTC)

"Bitcoin is only for criminals" notion[edit]

I find it very odd that many RW editors fail to understand people's concerns about ~all mainstream electronic payment systems being controlled by US corporations. It seems that the self-proclaimed American "liberals" are not so far from the wingnuts who they oppose. --178.55.116.173 (talk) 21:41, 29 October 2016 (UTC)

"Bitcoin is only for criminals" That's like saying privacy tools are for criminals. If the article actually says that, please remove that immediately because it's a baseless and downright lie.—CheeseburgerFace (talk) 01:03, 30 October 2016 (UTC)
Insofar as Bitcoin is used to buy stuff, it is, however, substantially for illicit goods and services, and this has been the case since Silk Road opened. Nobody else uses it as money. Mind you, >95% of exchange and blockchain activity is speculation on Chinese exchanges, rather than buying things - David Gerard (talk) 17:09, 3 November 2016 (UTC)

What is RW's take — new bubble on the way?[edit]

Scanned this in passing (from 4 days ago):

So what’s causing it? No one knows for sure. Maybe it’s the usual hype that Bitcoin sees around Christmas time. Maybe it’s a delayed natural reaction from the halving – or maybe it’s just a sign that Bitcoin is doing better than people think it is.

Wild theories, anyone? Reverend Black Percy (talk) 17:10, 2 January 2017 (UTC)

Wild theory? How about some market manipulation?—CheeseburgerFace (talk) 17:44, 2 January 2017 (UTC)
*INCEPTION BWAAAAAM* Reverend Black Percy (talk) 17:47, 2 January 2017 (UTC)
That and the MMM Ponzi in Nigeria - David Gerard (talk) 17:11, 3 January 2017 (UTC)
"MMM"? ("Manipulated Market Malaise" is my best guess at this point) Reverend Black Percy (talk) 17:23, 3 January 2017 (UTC)
Prices go up and down and it's easy to infer patterns and then conspiracies from what might be random noise.
This is a bitocn value from 2010, this is gold from around the same period, this is oil this is iron ore. Obviously, many of these movements will have rational explanations, others will be the result of the market being moved by expectations or simple herd mentality.
But guessing any of them over the next six months would be quite difficult.--Bob"Life is short and (insert adjective)" 18:17, 3 January 2017 (UTC)
Nigerians, Everything you need to know about the MMM Bitcoin scam. MMM (Ponzi scheme company)Wikipedia's W.svg - David Gerard (talk) 00:18, 4 January 2017 (UTC)
Thanks, David! Nigerians, eh? Here's a VICE thing on computer scamming in Ghana from a while back. Nothing special, but it's elucidating to watch the footage captured on-location and so on. Reverend Black Percy (talk) 01:39, 4 January 2017 (UTC)
As of writing, the price has reinflated to around 1700 USD with no sign of stopping. While new crashes may be inevitable, the article currently sounds as though the Mt Gox crash was the end of Bitcoin, when in fact the story continues.
It could do with some updating. But explaining the current "price" is a tricky one. Mostly it's being dragged up by the fact that you can't get ActualMoney out of Bitfinex. I have detailed opinions and sources to explain all this, but I need to put it toward my book on the subject first ... - David Gerard (talk) 10:55, 9 May 2017 (UTC)

Is bitcoin unregulated ?[edit]

"libertarians slowly discover why financial regulations exist to begin with"

Why aren't there financial regulations on bitcoin ? Don't regulations that apply to other currencies apply to bitcoin ? Diacelium (talk) 00:31, 16 February 2017 (UTC)

Its hard to regulate. Bitcoin has no grounds in real life and no one really owns it. The US trys to regulate it but falls be because most users are anonymous.— Unsigned, by: 107.72.164.34 / talk / contribs
No, Bitcoin is the least anonymous currency to ever exist. This fact can be read on Bitcoin's website.—CheeseburgerFace (talk) 02:38, 16 February 2017 (UTC)
Yes that it is true, anyone can see were and when the bitcoin is moved about. Let me clarify, no one knows who is doing it if you don't put your name to anything. This way it is hard to regulate. — Unsigned, by: 107.72.164.34 / talk / contribs
There's a sort of patchwork of regulation springing up. But basically, governments of capitalist first world countries tend to do this with financial innovation: let people get on with doing new things, then remind them regulation does actually apply. - David Gerard (talk) 10:55, 9 May 2017 (UTC)
Might be a good idea to add a section on current regulations and attempted regulations. Things like BitLicense, the People's Bank of China's attempts to limit the market, things like that. Cpancake (talk) 21:18, 11 May 2017 (UTC)
There's a shitload of updating the article needs for 2017. e.g. an explanation of how being unable to withdraw ActualMoney sends the "price" up (which happened with Mt. Gox and is happening now) - David Gerard (talk) 11:34, 12 May 2017 (UTC)