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The other day I drew a comic featuring Dogbert creating a transactions network for criminals so he could steal their Bitcoins.

I can't show you the third panel untl publication date, 4-2-14.


Call me jaded, but it seems to me that when you combine a network of criminals with a magical form of money, you're asking for trouble. And sure enough, today we see this story about Silk Road getting hacked. 

This is why I think the stock market is fixed. It's because every time someone CAN steal your money without detection, it happens. 


 
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+3 Rank Up Rank Down
Feb 16, 2014
> "it seems to me that when you combine a network of criminals with a magical form of money, you're asking for trouble"

.. are you referring to the magical fiat $? Evidence suggests you are correct.
 
 
+1 Rank Up Rank Down
Feb 15, 2014
MTBob: Have I got a deal for you!
A classic example of information asymmetry. :-)

On the other hand, yes, the market is clearly manipulated - by your federal reserve, our ECB and, for instance the bank of japan.
Their interest rate movements are mostly causing share price movements in the opposite direction.

However, I doubt that is is what Scott had in mind.
 
 
+1 Rank Up Rank Down
Feb 15, 2014
[Some people may have access to better information than you, but that's about the extent you can rig a willing transaction between two parties. ]

Have I got a deal for you!
 
 
0 Rank Up Rank Down
Feb 15, 2014
Ok, I admit it:
I was surprised.
But, then again, know a bit about some of the older digital cash protocols (the ones detailed in this classic: http://www.amazon.com/dp/0471117099) and I did expect modern currency designers to do even better.
Generating the transaction id from unsigned fieds and then wondering that said ID may be modified - no comments on that one.
 
 
Feb 15, 2014
[You sound young. -- Scott]

Its amazing how much ridicule simple words can contain
 
 
Feb 14, 2014
I'm not young but i will stop trying to help you. You certainly don't personally need investment income, but if you still invest for whatever reason I hope you find a vehicle that suits you.
 
 
Feb 14, 2014
it's perfectly detectable in the stock market - SEC/DOJ just chooses to ignore it when committed on a big enough scale by companies big enough to pay off their bosses...
 
 
+1 Rank Up Rank Down
Feb 14, 2014
Brokerage houses spend millions on having their software make trades faster. (Shaving milliseconds, because it makes them more money.)
But when I transfer money in and out, it takes days for them to give me, or invest, my money.

You know they are waiting for the opportune time to make the transfer. The time that makes them the most money.

Most of them don't have to rig the game to steal my money, it's already rigged legally, for them to take the advantage.

I want a program that will automatically buy after the market drops 100 points and sell after it gains back the 100 points. Are there tools out there, that would run that from history, to see if it works?
 
 
Feb 14, 2014
It's unlikely that anybody lost more than they were spending on a single transaction. I've been robbed in face to face trades, and that is scarier.
 
 
+1 Rank Up Rank Down
Feb 14, 2014
This is why you don't store your bitcoin on the silk road. You put only the money that you need to ourch asset things with and store your bitcoin savings elsewhere.

 
 
+1 Rank Up Rank Down
Feb 14, 2014
You didn't ask, but that has never stopped me before.

I like the concept of Robots Reading the News. (But, since I don't get a newspaper, I don't read a comics page anymore to have reference of the current competition.) I like it.

The thought of a humorous look at the silliness and foibles of humans, what they do and what they think, from a third party point of view, is great.

I hope the interrupted blog issues didn't discourage you too much.
 
 
Feb 14, 2014
Why do we have to wait until April 2nd?
 
 
Feb 14, 2014
I didnt put too much time into studying bitcoin and was assured by someone who knows about it that there were countermeasures against this sort of thing. From what I DID know I concluded it would become worthless one day because

A) Theres nothing and noone backing it
B) governments would crack down on it sooner or later or
C) the success of bitcoin would lead to all sorts of competitors with the result that bitcoin would become worthless or nearly worthless

So you could say that I saw the end of bitcoin coming but not that I saw HOW it would end.
 
 
+2 Rank Up Rank Down
Feb 14, 2014
I think the 3rd panel should just be a bar code.

Worked for this kid...

http://www.businessinsider.com/someone-holding-bitcoin-sign-on-college-gameday-receives-over-22-bitcoins-2013-12
 
 
Feb 14, 2014
"every time someone CAN steal your money without detection, it happens."

Scott, can you please elaborate. Give some examples, maybe. What you have said can happen anywhere, anytime. Doesn't need the stock market and doesn't need it to be fixed.
 
 
Feb 14, 2014
Scott -- do you think Starbucks is rigged? You decide how much a cup of coffee is worth to you and they decide how much it's worth to them. If expectations intersect, there's a sale. Some people may have access to better information than you, but that's about the extent you can rig a willing transaction between two parties. Of course the efficient market theory says you can't consistently beat the market, so it's best to get into a low-load index fund. Do that and avoid the major crashes when valuations are way out of historical norms and you'll do ok. Warren Buffett seems to feel similar, as a number of years ago he made a $1 million dollar bet with an associate that his S&P 500 index stock would beat the other's choice of a managed hedge fund (managed by people who should have the best market info) over seven years. After several years, i believe he's in the lead.

[You sound young. -- Scott]
 
 
+12 Rank Up Rank Down
Feb 14, 2014
Wait until April 2nd?!? You remind me of my high school girlfriend.
 
 
Feb 14, 2014
Don't know how rigged the stock market is, but anecdotally when dealing the stock market I've found that if I act really paranoid (as if "they" are out to steal from me), my results are better. Just sayin.'
 
 
Feb 13, 2014
To be honest, I'd surprised if hackers haven't gotten into wall street and tweaked the markets in their favor. I mean every major retailer I can think of has been hit. The chinesse regularly try to break into the US government sites so they could have gotten in at least a few times.

So what makes wall street so special?

Nothing. Nothing at all.
 
 
Feb 13, 2014
The claim that this is a "newly discovered vulnerability" is a bit ... dodgy. The problem has been known since 2011.

More technical details here: https://freedom-to-tinker.com/blog/felten/understanding-bitcoins-transaction-malleability-problem/
 
 
 
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