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Bitcoins suck

 

Hmm.. the whole purpose of the currency is kinda defeated when people place massive amounts of trust into companies with something that is very unregulated :/

Bitcoins do have some issues.

 

"I let a stranger hold my money and he ran off with it, dollar bills really have some issues."

 

Wow, never expected that one from MtGox.

 

Not sure if you're considering banks "strangers" but they're essentially backed by the feds so that doesn't happen. Bitcoins aren't

 

yeah this was the point I was trying to make.

it's not like the people who lost money in this sent their coins to random people and then started crying when they got scammed, they found what looked to be a trustworthy establishment.

 

Right, and it still comes down to you giving your money to a person or group who isn't necessarily deserving of trust. That isn't a problem with bitcoin at all.

If these exchanges want to stay in business, and rise up in popularity they need to provide a better service to their customer. The entire amount they're holding should be insured by a second company. Or they should have numerous failsafes and security audits to make sure not even someone at the top of the company can get away with any significant amount of their money.

 

Right, they should - but they aren't. There lies the problem

 

Yeah but the whole point of bitcoin is to be decentralized and peer to peer , not some highly regulated and government audited corporation. If it's going to be that , you might as well just use fiat money.

 

completely agreed with you. Thats why I pref BTC over PP and some other major corps because hey are highly regulated

 

I fail to see how you reached the conclusion that exchanges offering a better service = lots of regulation and government cooperation.

 

Lol, I had a really bad feeling about BitCoins as soon as they were being primarily linked with the SilkRoad. I invested around $120 into them when they were around $10 a coin or something, back when they were just starting up. Ended up selling them at $15 a coin since I thought they would only go down from there. I'd say I regret it, since they're like $270/coin now, but then again I was using MtGox as my wallet so $60 is better than losing everything I guess.