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Bitcoin community in panic as major exchange goes AWOL.
- Thread starter criesofthepast
- Start date
- Status
SteveWinwood
Member
Ahahaaa. Feel a bit bad for the ones that lost major dough in this, just a tiny bit.
hipbabboom
Huh? What did I say? Did I screw up again? :(
speakin of
I still can't believe people would dump enough money into this to go bankrupt... it doesn't seem sane.
PetriP-TNT
Member
We are witnessing the failure of a company the government would deem "too big to fail" (self.Bitcoin)
(252|67) submitted 3 hours ago by PotatoBadger
110 commentsshare[l=c]
This is a free market. These exchanges have been operating in the closest thing we've had to a financial free market in a long time.
There won't be a bail out for Mt. Gox. It will simply fail as a company.
Right now, their failure is taking a hit on the overall market. But you know what? Anyone who wasn't a customer of Mt. Gox still has their full amount of bitcoins. Nobody is being robbed to bail out an incompetent company. The only losers here are Mt. Gox and those who voluntarily chose to do business with them.
This is a free market speed bump. It sucks right now, but because the crappy companies (Gox) can go bankrupt while the good companies (Bitstamp, Coinbase, etc.) succeed, the entire Bitcoin ecosystem will grow stronger with time. Regulators think that a market should be patched together with bail outs rather than left alone to adapt and develop. Let's prove them wrong.
Cheers
5/5
(252|67) submitted 3 hours ago by PotatoBadger
110 commentsshare[l=c]
This is a free market. These exchanges have been operating in the closest thing we've had to a financial free market in a long time.
There won't be a bail out for Mt. Gox. It will simply fail as a company.
Right now, their failure is taking a hit on the overall market. But you know what? Anyone who wasn't a customer of Mt. Gox still has their full amount of bitcoins. Nobody is being robbed to bail out an incompetent company. The only losers here are Mt. Gox and those who voluntarily chose to do business with them.
This is a free market speed bump. It sucks right now, but because the crappy companies (Gox) can go bankrupt while the good companies (Bitstamp, Coinbase, etc.) succeed, the entire Bitcoin ecosystem will grow stronger with time. Regulators think that a market should be patched together with bail outs rather than left alone to adapt and develop. Let's prove them wrong.
Cheers
5/5
MarzipaNMOS
Member
thank you based doge
polyh3dron
Banned
How much money did the Winklevi lose?
Also, can I get AMD graphics cards for dirt cheap now?
Also, can I get AMD graphics cards for dirt cheap now?
where do the buttcoins come rom
CurlySaysX
Banned
I guess you could say. ATI card prices are about to go... down.
PetriP-TNT
Member
In the past, it's also doubled in value during a single day. I don't know what will be the bottom this time, but I've seen worse - been in Bitcoin since 2011. Despite all the crashes, it recovers to a higher base price each time. That's not really typical of a bubble.
Not sure.. keep an eye on the markets though. The MtGox drama has been going on for a while now, the market has dropped and bounced several times in the last few weeks at this point.
We are witnessing the failure of a company the government would deem "too big to fail" (self.Bitcoin)
(252|67) submitted 3 hours ago by PotatoBadger
110 commentsshare[l=c]
This is a free market. These exchanges have been operating in the closest thing we've had to a financial free market in a long time.
There won't be a bail out for Mt. Gox. It will simply fail as a company.
Right now, their failure is taking a hit on the overall market. But you know what? Anyone who wasn't a customer of Mt. Gox still has their full amount of bitcoins. Nobody is being robbed to bail out an incompetent company. The only losers here are Mt. Gox and those who voluntarily chose to do business with them.
This is a free market speed bump. It sucks right now, but because the crappy companies (Gox) can go bankrupt while the good companies (Bitstamp, Coinbase, etc.) succeed, the entire Bitcoin ecosystem will grow stronger with time. Regulators think that a market should be patched together with bail outs rather than left alone to adapt and develop. Let's prove them wrong.
Cheers
5/5
Man, I wish I could fail as spectacularly and as profitably as this.
This is speculation, not investment.
And while there can definitely money to be made riding a speculative bubble, I personally think there are safer avenues than bitcoin.
But if you if you dead set on getting on that market, please take one well known advice into heart - never try to catch a falling knife.
It's not worth it from a risk reward perspective.
PetriP-TNT
Member
Seriously, now is the best time to buy cheap 290X's. People will panic but the cards are new enough not to be burned out. Offer a hundred bucks for one
Orbis Tabula
Member
So, they're all sticking to their guns and going anti-regulation. Good on them. But Mt. Gox didn't "fail" per se, right? I mean, the guys who did it made out like bandits. So they can act like this is a "Speed bump" and "a lesson to be learned" but really, there's absolutely nothing stopping me or anyone else from making a new exchange and fleecing the community again, right? I mean, you need an exchange to use these things, if I understand correctly.
So I guess what I'm saying is, anyone in GAF wanna make a couple million dollars?
So I guess what I'm saying is, anyone in GAF wanna make a couple million dollars?
You don't want to do that. The invisible hand of the market will slap you.
Or something like that.
ElbowRocket
Member
Drugs, models and memes
iceDragon7
Banned
When the currency is used for all kinds of illicit activities how can it ever be trusted? Foundation of sand total.
I know right? How can we trust the US Dollar since it is the go to currency for a shitload of drug deals and other shady business?
Now that everyone realizes you can rob people legally there are going to be a ton of these things popping up. Invisible hand is coming to reach into everyone's bitcoin wallet
iceDragon7
Banned
Oh come on.
CreepingFear
Member
I have such Schadenfreude right now. It seemed too good to be true and a lazy get rich quick scheme. As a pc gamer, I don't like the effect it had on the GPU market. How about using those rigs that you made to make magical digital money to cure cancer now?
Yep, also another consequence of this is that insurance premiums will probably skyrocket because of this.
There's other exchanges that are far more reputable, MtGox was always shady. People were warning to stop using them over a year ago. The writing's been on the wall for some time. It's unfortunate that people may lose money over this but at the same time, I don't feel bad for them, they had plenty of chances to get out of Gox.
So yea, you can start up an exchange, but I won't use it. And you don't "need" an exchange to use Bitcoin, you can buy direct from a person, and the Bitcoins themselves are spendable on several online stores these days. So cashing out via an exchange isn't your only option.
They have a point though. The problem with bit coin has nothing to do with the kinds of activities it's used for. We need something that people can use for online purchasing that isn't a credit card or paypal. Crypto currency is the best bet.
There is a lot of FUD around bit coin, that it's this untraceable untaxable drug dealer money, when none of those things are true. Actually cash money is significantly less traceable and more difficult to tax.
polyh3dron
Banned
lol @ these listings on craigslist:
http://losangeles.craigslist.org/lgb/sys/4329337452.html
http://losangeles.craigslist.org/lac/sys/4348782957.html
the invisible hand is doing some fistfucking.
http://losangeles.craigslist.org/lgb/sys/4329337452.html
http://losangeles.craigslist.org/lac/sys/4348782957.html
the invisible hand is doing some fistfucking.
PetriP-TNT
Member
Magic The Gathering Online Exchange could come back tomorrow and say "sorry we lost all of your money but it was just a speed bump" and people would still rush to put their butts there.
iceDragon7
Banned
It's straight up pyramid scheme money laundering back alley digital hustle money.
This is fascinating to read about, especially how the exchange has been able to just take the money and run with no legal ramifications whatsoever as far as I can tell.
I feel bad though about a dude on reddit who said he'd lost a $16k investment (which was worth $40k in coins if he could've cashed out).
I feel bad though about a dude on reddit who said he'd lost a $16k investment (which was worth $40k in coins if he could've cashed out).
PetriP-TNT
Member
[]lowstrife 15 points 59 minutes ago (18|3)
This isn't the first time this has happened. Look at April 2013. People and the media were calling Bitcoin dead and the exchanges useless after that bubble burst yet look where we are today.
[]thesacred 5 points 1 hour ago (6|1)
Are you absolutely sure that Gox is dead? You seem sure.
[]waxwing 9 points 1 hour ago (18|9)
You're right, and yet still you don't get the real point.
The real point is not that the current system exists for a good reason (which is true), it's that public key cryptography fundamentally changes the way that power can operate in the world.
In other words, the rules of the game have changed, and slowly but surely the players are taking notice.
[]scottansan 8 points 1 hour ago (12|4)
Disagree... The lesson is that we need to require more transparency from those that we trust.
"Privacy for the weak, transparency for the powerful"
etc etc etc
This isn't the first time this has happened. Look at April 2013. People and the media were calling Bitcoin dead and the exchanges useless after that bubble burst yet look where we are today.
[]thesacred 5 points 1 hour ago (6|1)
Are you absolutely sure that Gox is dead? You seem sure.
[]waxwing 9 points 1 hour ago (18|9)
You're right, and yet still you don't get the real point.
The real point is not that the current system exists for a good reason (which is true), it's that public key cryptography fundamentally changes the way that power can operate in the world.
In other words, the rules of the game have changed, and slowly but surely the players are taking notice.
[]scottansan 8 points 1 hour ago (12|4)
Disagree... The lesson is that we need to require more transparency from those that we trust.
"Privacy for the weak, transparency for the powerful"
etc etc etc
polyh3dron
Banned
That I can agree with.
Bitcoin (bitcoin, not necessarily other cryptos) has three fundamental problems:
1: Way too much was mined by the early adopters
2: Way too many coins are just lost (2b and we don't know how many)
3: It's technologically immature
I don't think that's the case.At the very minimum, they still own the users for the money and BCs in their accounts. They can "just take the money and run". Not being regulated as heavily as a bank doesn't mean you can do whatever you want without legal consequences.
Nikodemos
Member
4. It's inherently deflationary, which encourages hoarding and gold craze behaviour (and makes it unsuitable as an actual currency).
criesofthepast
Member
I dunno. I always saw bitcoin as a way to make money short term off speculation. And I have. That money is back safely in glorious fiat sitting in my bank account.
I never gave a fuck about it eventually failing as long as it failed after I was on my yacht bought by bitcoin. If it fails today I won't get that yacht but I already paid off a nice two month vacation in April. #Yolo
I'm plying with house money now I just bought in at $420 and sold at $460 for shits and giggles. I'm not cashing out these remaining profit yet. I'm going down with the ship!!!
I never gave a fuck about it eventually failing as long as it failed after I was on my yacht bought by bitcoin. If it fails today I won't get that yacht but I already paid off a nice two month vacation in April. #Yolo
I'm plying with house money now I just bought in at $420 and sold at $460 for shits and giggles. I'm not cashing out these remaining profit yet. I'm going down with the ship!!!
Well if you sent them fiat money not bitcoins than maybe?
Fenderputty
Banned
If you keep telling yourself that you only lost fiat money, does it make the pain hurt any less?
Like Dorothy kicking her shoes together.
Like Dorothy kicking her shoes together.
I have no idea. I was referring to this article posted by cloudy:
http://online.wsj.com/news/articles...0001424052702304834704579402751676012112.html
OpinionatedCyborg
Member
If you want to read real craziness/idiocy, browse the silk road reddit:
http://www.reddit.com/r/silkroad
People continued using Silk Road and insisting it was a safe way to purchase drugs online after the first owner was arrested... then after his staff were arrested... then after whoever the current owner is stole millions of dollars of bitcoins held in escrew... and after multiple vendors were revealed to have been working with the government... and so on. You can't argue with stupid.
http://www.reddit.com/r/silkroad
People continued using Silk Road and insisting it was a safe way to purchase drugs online after the first owner was arrested... then after his staff were arrested... then after whoever the current owner is stole millions of dollars of bitcoins held in escrew... and after multiple vendors were revealed to have been working with the government... and so on. You can't argue with stupid.
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