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FIRST

When I was going to buy Bitcoins for $230 each I was driven by logic and enterprising instinct.  The logic was:

  • If I “finally” stumbled on Bitcoin so did others dumb asses and price will go up.
  • Trying to catch up on some info, I learn more from Max Kaiser, Glen Beck and other gurus, and of course it was just a bomb and I was in shock. (how did I missed that?)
  • “If” the financial gurus are right – great, and if not, then 10 Bitcoins I was going to buy instead keeping the money in the bank where I don’t make any interest anyway, wouldn’t matter. Either way I wasn’t taking too much of a chance – I had more to win then to lose.

Unfortunately it wasn’t to be. After researching I decided on the Chinese place to buy it from. It was very  late at night  and when I had the “little” issue on that site, I just send them email (below) and went to bed. Next day, I had other problems to worry about and forgot about Bitcoins and the rest is history.
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2013/11/5 George
Do you want more clients? SO kindly explain WHY is your site in Chinese when I click on English information under Bitcoin (top right)
As far I can see that is the most ignorant approach and fast way to discourage any potential new client.
Best,
George

Hi George,
We’re sorry to hear of your disappointment. We are aware of the incomplete translations on our website and we are working on complete translations. Thank you for your patience.
感谢您! | Thank you, 比特币中国 | BTC China
(it has been fixed since)
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Now, as I am trying to get more informed and catching up on all the information I can, I just have more question and getting confused.  Digging deeper it’s not helping. I see few issues that I have no answer for and did not worry before, but now they do concern me.

~

All transactions have to go via some sort of centers where they check the transactions. The centers take fee from processing and from mining Bitcoins. Right?

SOME QUESTIONS

  1. What happens to the processing centers when mining Bitcoins will be extremely hard to mine or stop all together in the future (only 21MM-BTC will be issued) – mining will stop?
  2. Who are the people behind these centers, safety and integrity? Who control them? Etc., etc..
  3. Some people will get into Bitcoin as merchants, but some as investors only (both for me). That may create interesting possibility. As the Bitcoin value increases, less people will use them for transaction and will keep them as investment. Again the Bitcoin processing centers will make less money and less incentive to provide service?
  4. Can the centers get hacked? I am sure that will be one of the biggest issues in the future.
  5. How about personal safety of Bitcoin millionaires?  Especially the well known one, that brag on the internet etc? Scenario:  get hold of personal info of some well know Bitcoin millionaire, track him down, get hold of him and his pc and/or mobile and “politely” ask him to disclose his key, make transaction to other account from his hardware and it’s done.  As the transactions are anonymous, crime is virtually untraceable by virtue of BTC . I am sure it’s not fantasy but rather reality. People are desperate and Bitcoins look like easier pray then robbing gas stations or banks. What happens when that happens? Will Bitcoin go up or down after that news?
  6. Hackers issue? Yes, Bitcoin has some very good protection, BUT hackers are hackers. They are some of the most incredible minds out there and I am sure they are thousands of them at this moment, trying to figure out how to brake in.
  7. How about DDoS attack?
  8. Governments and banks issue? I am sure they are all not that happy seeing increasing popularity and which way is the Bitcoin heading.  No income tax, no DHP taxes, bypassing bank fees for transfer and transactions fees, untraceable transactions etc, etc, etc. Are they just going to sit and take it? I don’t think so. The NWO (New World Oder) is the most powerful crime organization in the world! Nothing stopped them in the past and nothing will stop them in the future!
  9. Bitcoin is all via internet, what happens “if” someone pulls the switch? Can that happen?
  10. Where does one keep the Bitcoins, pc or wallet? Pc, laptop, mobile gets damaged, lost, stolen or worst yet, hacked into via Trojan and other shit. As I remember reading not that long ago, almost ALL the pc in the world are compromised by absolutely the most incredible virus that everybody knows about, but nothing can’t be done about. The virus is just sleeping and waiting to be activated by who knows when, and by whom.

Yes, Bitcoin is via Internet and hardware, and that is both convenient and vulnerable.

I am NOT trying to be against Bitcoin (I love to get involved), I am anarchist by birth and hate bank gangsters. I lost more in 2008, then you can even imagine (Castillo Flamingo). I like to get into Bitcoins, but I am getting cold feet. I am sitting on the fence and need answers to my concerns before I decide and take the plunge for good.

Oh yeah, I take Bitcoins for my domains that I am selling 🙂

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