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Bitcoin community in panic as major exchange goes AWOL.

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H

hipbabboom

Huh? What did I say? Did I screw up again? :(
Can't we just get the RSA master key that EMC gave the NSA and mine the wayback machine?

56947d1327607272-troll-face-21hbn.gif
 
L

linsivvi

Member
http://en.wikipedia.org/wiki/Mt.Gox
On 17 February 2014, with all Mt. Gox withdrawals still halted and competing exchanges back in full operation, the company published another press release indicating the steps they claim they are taking to address security issues. In an email interview with the Wall Street Journal, CEO Mark Karpeles refused to comment on increasing concerns among customers about the financial status of the exchange, did not give a definite date on which withdrawals would be resumed, and wrote that the exchange would impose "new daily and monthly limits" on withdrawals if and when they were resumed. A poll of 3000 Mt. Gox customers by CoinDesk indicated that 68% of customers were still awaiting funds from Mt. Gox. The median waiting time was between one to three months. 21% of poll respondents had been waiting for three months or more.

On 23 February 2014, the CEO of Mt. Gox resigned from the board of the Bitcoin Foundation. Immediately following this, all posts on their Twitter account were removed.
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So they took the money and ran.

The Wolfs of Virtual Wall Street
 
E

Epsilon-delta

Banned
criesofthepast said:
There have been some huge sells the past few days on various exchanges anywhere from 1000 to 12,000 coins on one order. There was one yesterday that sold upwards of 12,000 coins at $580 per coin. Well over 6 million.

There is no doubt people had inside knowledge and shady back dealings were going on for someone to sell that much.
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Yea, just reading on that stuff now. On the reddit thread, there are quite a few people calling out Bitcoin_Charlie for pumping and dumping.

Then someone asked if it's true that Gox lost 700k worth of bitcoins.

What a meltdown indeed.
 
C

Chichikov

Member
criesofthepast said:
If you want to watch the live markets right now check this out. It is pretty fascinating. So much red! Bloody Monday.

http://bitcoinwisdom.com/markets/btce/btcusd
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bcWPSO4.png


thS8tUg.png


That shit be textbook.
And for real, just look at bitcoin market cap and daily volume, anybody in its right mind could tell it's a giant speculative bubble (and yeah, it still is).

And while there is definitely money to be made riding a bubble, there are less riskier ways than speculating on bitcoins.
 
I

ISOM

Member
thefit said:
They will regulate it themselves and correct it themselves.
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That's not how regulation works. Only government entities can correctly regulate markets and individuals since you can't count on people to self regulate. It's why this currency is so volatile in the first place.
 
S

smokeandmirrors

Banned
Cloudy said:
Guess not lol

http://online.wsj.com/news/articles...0001424052702304834704579402751676012112.html
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Mein Gott. That's some next level shit: "Currency not tied to the government man! We don't need no regulations"

"HELP US GET OUR STOLEN MONEY BACK"

Chichikov said:
bcWPSO4.png


thS8tUg.png


That shit be textbook.
And for real, just look at bitcoin market cap and daily volume, anybody in its right mind could tell it's a giant speculative bubble (and yeah, it still is).

And while there is definitely money to be made riding a bubble, there are less riskier ways than speculating on bitcoins.
Click to expand...

i said damn, then lol.
 
R

Reg

Banned
Jaladinozozo said:
How easy is it to have your bitcoins converted to USD? Lets say I buy today at 300 and sell tomorrow at 600, whats my time frame of of having the 300 USD minus any fees in my bank account? I am assuming this varies from exchange to exchange but is there an average/standard process.
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Curious about this myself.
 
C

Chichikov

Member
IGSaint said:
That's not how regulation works. Only government entities can correctly regulate markets and individuals since you can't count on people to self regulate. It's why this currency is so volatile in the first place.
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It's also volatile because it's designed to be deflationary, and deflationary currency cause speculative bubbles, and speculative bubbles create volatility.
 
C

criesofthepast

Member
hucast21 said:
Yea, just reading on that stuff now. On the reddit thread, there are quite a few people calling out Bitcoin_Charlie for pumping and dumping.

Then someone asked if it's true that Gox lost 700k worth of bitcoins.

What a meltdown indeed.
Click to expand...
Key thing to note is that's 700,000 coins, and not $700,000. If its true they lost 700,000 coins even at a $500 evaluation we are talking over $350,000,000. Bitcoin was once over $1000 per coin not very long ago. At that evaluation we are getting close to A BILLION DOLLARS WORTH OF COINS. lol

Not small change by any means here.
 
D

delirium

Member
What's fucking hilarious to me is that over on /r/Bitcoin, there are users that are upset that where were people ho had the bad news ahead of the general public. I love how they're now upset with insider trading.

Best quote I about the situation: "It's fun to watch Bitcoin invent financial regulation piece by piece, as they discover what each piece is for."
 
M

malfcn

Member
DrSlek said:
Being an anonymous cryptocurrency,, that would probably go against the original idea. Transactions are done through a cloud of sorts.
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I am not sure how to put it. If transactions are verified to prevent double-spending, aren't the coins somehow identifiable? Sounds quasi-regulated, but you're screwed if you lose the proof of ownership or ownership is stolen.

Congratulations, you're precious resource is even more scarce now that a chunk of it has been stolen. After the panic, another boom?
 
E

Epsilon-delta

Banned
criesofthepast said:
Key thing to note is that's 700,000 coins, and not $700,000. If its true they lost 700,000 coins even at a $500 evaluation we are talking over $350,000,000. Bitcoin was once over $1000 per coin not very long ago. At that evaluation we are getting close to A BILLION DOLLARS WORTH OF COINS. lol

Not small change by any means here.
Click to expand...
Yeah that was a typo on my part. There was a thread on reddit yesterday where Bitcoin_Charlie stated that the current management of Gox stepping down was good news for the bitcoin community, but then someone asks him about the whales having a massive selloff and even question if he's a part of it.

Then today happens with Gox going dark and scrubbing tweets, reeks of insider trading.
 
T

Trouble

Banned
Chichikov said:
bcWPSO4.png


thS8tUg.png


That shit be textbook.
And for real, just look at bitcoin market cap and daily volume, anybody in its right mind could tell it's a giant speculative bubble (and yeah, it still is).

And while there is definitely money to be made riding a bubble, there are less riskier ways than speculating on bitcoins.
Click to expand...

Amazing. Thanks for that.
 
G

gcubed

Member
hucast21 said:
Yeah that was a typo on my part. There was a thread on reddit yesterday where Bitcoin_Charlie stated that the current management of Gox stepping down was good news for the bitcoin community, but then someone asks him about the whales having a massive selloff and even question if he's a part of it.

Then today happens with Gox going dark and scrubbing tweets, reeks of insider trading.
Click to expand...

well its not insider trading on an unregulated market. Its getting rich and not giving a fuck
 
S

Stinkles

Clothed, sober, cooperative
I take no pleasure in "I told you so." Decent people got hosed here. And most of the gafers involved went in with eyes wide open. There probably aren't too many people who're actually surprised by this.I don't know if there's an upside or light at the end of the tunnel, but fingers crossed for those affected.
 
G

golem

Member
PG2G said:
So, do you guys expect that this will effectively kill bitcoin? The fact that someone can just walk away with your money is just... LOL
Click to expand...

When you give assets to a third party there is always a chance they will mismanage/steal it.

With US Dollars, the FDIC guarantees an account up to $250k, not so much with Bitcoin. Guess people should have thought a bit more about who they're entrusting their Bitcoins to.
 
C

Chichikov

Member
charlequin said:
Nope. (That choice really pissed off the knucklehead goldbugs, lol.)
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That article is amazing, those quotes man, those fucking quotes.
Fuck, everything about dogecoin is amazing, my mind is still full of fuck form the fact a joke cryptocurrency were used to sand a Jamaican bobsled team to the Olympics.

p.s.
70mil market cap.
wat.
 
Z

ZealousD

Makes world leading predictions like "The sun will rise tomorrow"
Chichikov said:
That article is amazing, those quotes man, those fucking quotes.
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"I'm strictly in it for the money. I bought in to massive amounts of Dogecoin when the price was cheap, expecting it to rise. So far it looks like the value of the currency is tanking. Nearly 10c per 1K over the past few hours. I still demand @ummjackson answer for what he's doing to ruin the Dogecoin currency."
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I can fap to this.
 
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