

Bitcoinica sued for $460,000 by 'out-of-pocket' punters - jpswade
http://www.theregister.co.uk/2012/08/16/bitcoin_legal_action/

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aparadja
Reading the original "Show HN" thread about Bitcoinica is still haunting. So
many predictions that came true. <http://news.ycombinator.com/item?id=2973301>

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agpen
Bitcoins in general are really interesting as a sandboxed, time-accelerated
microcosm of capitalism. You get to watch the entirely predictable boom/bust
cycle, inevitable follies, manipulation and theft play out in years or even
months instead of decades.

Yet you still see people going "but this time the bubble's legit guys!"

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ulvund
That's just glib. People use lots of bitcoins on silk road every day with no
interest in speculation. Bitcoins are a real currency with value backed by the
interest in silk road products.

If you can only look at bitcoins from the viewpoint of turning a quick buck,
then you are not able to see a substantial part of the elephant.

~~~
illuminate
"People use lots of bitcoins on silk road every day with no interest in
speculation. Bitcoins are a real currency with value backed by the interest in
silk road products."

The existence of some people who use bitcoins as they are intended does not
change that goldbugs, speculators, and others are legitimately affecting the
currency as capitalism not only allows for, but ENCOURAGES. This is not glib.
This is reality.

~~~
LyndsySimon
I'm very interested in Bitcoin, and advocate for it as best I can.

I don't think you'll find anyone really who disagrees with you in the Bitcoin
community. Most of us see that as a feature, not a bug.

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illuminate
Sure, I just don't see how observing these patterns is "glib". It's not the
"point" of Bitcoin, but certainly common.

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tedunangst
Apparently punter is less offensive than I thought. I previously equated it
with something like asshole.

~~~
mmcnickle
It has a variety of meanings, but it is used here to mean speculator. In the
UK, it can have a meaning similar to the US's "John" in terms of someone
availing of the services of a brothel or prostitute.

~~~
JonnieCache
In the UK it means any customer taken from the general mass of the uninformed
public.

"Taking a punt" means taking a chance, as in gambling. Customers who try their
luck at fairground games of chance (find the lady, shooting mechanical ducks
etc) would be called punters. While not insulting, it is certainly
condescending and using it implies that you view your customers as
interchangeable and disposable. A related term is "mark" or "sucker" but that
implies specific malicious intent to defraud, rather than an assumption of
their inability to properly assess what they're buying.

You can see the link to bitcoinica.

~~~
powertower
Both in the UK and the US we have this term...

<http://www.urbandictionary.com/define.php?term=muppet>

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adrianwaj
One of those punters was the original developer of Mt Gox.

[http://spectrum.ieee.org/tech-
talk/computing/networks/first-...](http://spectrum.ieee.org/tech-
talk/computing/networks/first-bitcoin-lawsuit-filed-in-san-francisco)

