?! Why not just speculate on the stock market instead? At least there you're supposedly protected from insider trading and other shenanigans
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Bitcoin community in panic as major exchange goes AWOL.
- Thread starter criesofthepast
- Start date
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?! Why not just speculate on the stock market instead? At least there you're supposedly protected from insider trading and other shenanigans
Interesting stuff. Its seems China is loving the collapse. Tracking transactions they are buying tons and tons of BTC. Odd considering the Chinese anti btc reaction started the collapse before the gox stuff
http://fiatleak.com/
http://fiatleak.com/
OpinionatedCyborg
Member
at least they're honest about their gambling
criesofthepast
Member
I may one day. Bitcoin was an easier buy-in with less fees and more volatility for profit. Bitcoin just clicked for me whereas I wouldnt know where to get started with stocks. Way riskier but sometimes it pays off. I deal with a well trusted Canadian exchange for most of my trades and I'm Canadian. I'm not dealing with some exchange off in Japan. May be false sense of security but there are many exchanges that are more transparent in their dealings than others and gox has been a bunch of filtyh liars forever. People should have known better than to stick around with them.
Very interesting. Watch China lead a rally up to $600 tomorrow, lol. Never a dull moment in Bitcoin, price can go up as quickly as it fell. Call me crazy, but I just hold my coins and enjoy the ride. Stock market is nowhere near as entertaining.
SpectreFire
Member
Oh fake currency.
Keep doing what you do.
Keep doing what you do.
charlequin
Banned
OpinionatedCyborg
Member
China sources are buying roughly 20,000 Bitcoin an hour right now. People might have to start shifting their gaze at China and wonder if they didn't play a role in this whole thing with the hacking etc.
This is after Chinese source all but abandoned BTC in Jan due to government stuff.
This is after Chinese source all but abandoned BTC in Jan due to government stuff.
That's the killer for me. Why would I ever buy bitcoins for an online transaction when I have a credit card? Unless I was making the transaction right then, it is an insane level of risk just to make a purchase.
Lé Blade Runner
Member
I have no personal stake in Bitcoin, but it's just fascinating to read about. All the ups and downs...
AstroNut325
Member
davepoobond
you can't put a price on sparks
PetriP-TNT
Member
I'm sorry if you lost money, but I'm happy that Gox is dead. Amateur hour is over, get ready for 2014 people, it's gonna be exciting in my opinion. (self.Bitcoin)
(101|29) submitted 1 hour ago by CalvinHouse
33 commentsshare[l=c]
With that said, I'm going to bed.
BOTFD (Buy On The Fucking Dip)
(101|29) submitted 1 hour ago by CalvinHouse
33 commentsshare[l=c]
With that said, I'm going to bed.
BOTFD (Buy On The Fucking Dip)
Wow, my choice to stay invested in worthless fiat currency (in the form of US dollars) sure seems stupid now, doesn't it?
Oh, wait....
An exchange of an anonymous, unregulated currency espoused by people who more or less believe in the 'every man for himself; caveat emptor' tenets of libertarianism, has up and run off with the money? I'm SO shocked. Not to mention that the owner of Mt. Gox is now the second person to be pulled off the Bitcoin Foundation board of directors (the first one is the guy that ran Bitinstant and was facilitating trades for the Silk Road). Makes you wonder - is there actually a single honest person on the board there? Another incident or two like this and cryptocurrencies as 'legitimate' currency (ha!) will be dead before they ever got off the ground.
Oh, wait....
An exchange of an anonymous, unregulated currency espoused by people who more or less believe in the 'every man for himself; caveat emptor' tenets of libertarianism, has up and run off with the money? I'm SO shocked. Not to mention that the owner of Mt. Gox is now the second person to be pulled off the Bitcoin Foundation board of directors (the first one is the guy that ran Bitinstant and was facilitating trades for the Silk Road). Makes you wonder - is there actually a single honest person on the board there? Another incident or two like this and cryptocurrencies as 'legitimate' currency (ha!) will be dead before they ever got off the ground.
My car is not regulated as a currency, but it would still be illegal for the mechanic to drive off to Mexico with it when I take it into the shop for repairs.
If MtGOX took everything and ran, they broke the law whether Bitcoin is a currency or not.
What did they take? Serious question, I don't know what they took other than data on their servers.
Which is why the reports of MtGOX paying out right now to people in Japan who had withdraw requests in makes sense. Japan hasn't said they wont step in they have simply said they have no position right now.
Pay off all the Japanese investors and it is far more likely Japan wont get involved. MtGox still had like 25 million dollars in cash. They simply owe like 50 million which is the huge issue since that 25-30 million dollar deficit was "stolen"
Those are just transactions, not necessarily people cashing out. A lot of bigger exchanges have to constantly move funds from cold storage to their hot wallet when volume is high like this.
There are services that allow you to short bitcoins, and while I'm guessing you're not actually serious about it, I feel obliged to say it -
Shorting something as volatile as bitcoin is a terrible terrible idea.
Listen, I don't believe in bitcoin, at all (you can check my post history) the issue is that with short selling is you can lose more than your initial investment (in fact, the potential losses are infinite), this is a risk you really don't want to take on something as temperamental as bitcoin.
NuclearSpy
Member
This is my favourite quote about bitcoins ever.
theprodigy
Member
That should be sufficient. The data has value, and they were obligated to give it up upon request in a reasonable period of time. I'm not a lawyer, but I'm pretty sure a willful breach on contract on that magnitude is likely to run afoul of serious fraud or other similar charges.
Well if they get acquired, that could be a good thing? Someone willing to clean up the mess.
The source code on their site reads this...
looking more and more like this might in fact be real
http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
This is probably the most sense I've seen come out of anything bitcoin related. Seems fucked up if this is the gist of it, but I don't really sympathize in risk takers taking risks.
Except there was no reason to leave the community hanging for hours other than to let the price crash and buy cheap coins.
There's no way I would ever buy a videocard that's been used for mining. Running a video cared full speed 24/7 can't be good for it.
Hopefully the miners will just stop buying new cards so I can finally get a R9 290 for a decent price.
I'm really hoping the bitcoin bubble will burst soon but I have my doubts it will be this early.
ElbowRocket
Member
We're too late bro, even dogecoin is going crazy
Trust me, you don't want any GPU that's been used for mining. It's been run to within a inch of it's life, 24/7.
Your loss. They're probably the only GPUs running in open air, undervolted with the fans near max
Here's a summary of what happened.
Dogecoin is stable BTW.
Your loss. They're probably the only GPUs running in open air, undervolted with the fans near max
Here's a summary of what happened.
Dogecoin is stable BTW.
Okay, have fun with that card. I'm sure it will last you a loooooong time.
I know I would LOVE a card treated like this!
Nikodemos
Member
It's because they finally understood how to use it in their advantage and were waiting for a crash to hoard them.
Okay, have fun with that card. I'm sure it will last you a loooooong time.
I know I would LOVE a card treated like this!
That card is probably in better condition than in someone's case with little to no airflow. Oh and it's not like GPUs weren't used for 24/7 tasks before Bitcoin. Lots of people fold for cancer research on their GPUs.
Sounds like what you're saying is, people should just avoid buying used GPUs entirely. As long as I'm buying one with a warranty, I don't really care what it was used for.
Excactly. They're often undervolted to reduce heat output and high volts are very dangerous for other reasons. They're also running at very low temps, often under 70C. GPUs aren't like mechanical objects like cars, they don't wear down the same way because there aren't any moving parts.
LumpOfCole
Member
I have no problem with used cards, But most GPUs are not used 24/7 for months on end. But hey, it's your money.
Okay, have fun with that card. I'm sure it will last you a loooooong time.
I know I would LOVE a card treated like this!
What's wrong with it? You mean because they're not in a case? That's doesn't automatically cause any problems. And as mentioned they usually make sure to undervolt them and make sure the fans are running at max 80% speed so as to not overload the fan motors. And who said you'd be paying anything close to full price for them?
Edit: And GPUs are rated for 100+ degrees celcius in most cases, and these miners usually make sure they stay at around 80 or under. So I don't think it harms them at all.
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