Superior cryptocurrency is superior.
and hot damn that site is fantastic, much price, such convert, very dogedex, so patented.
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Bitcoin community in panic as major exchange goes AWOL.
- Thread starter criesofthepast
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Haha. No way. You would think techno-libertarians would know better.
ElbowRocket
Member
What the actual fuck does China think they are doing???
PetriP-TNT
Member
Busy washing the butts stolen from Magic The Gathering
BocoDragon
or, How I Learned to Stop Worrying and Realize This Assgrab is Delicious
This is delicious... I have my popcorn.gif and watching this go down. Talk about some crazy 2014-era moneymaking shenanigans. I mean, what are you gonna do when a theft like this goes down... call the police? Call the regulators? Who? 
This is delicious... I have my popcorn.gif and watching this go down. Talk about some crazy 2014-era moneymaking shenanigans. I mean, what are you gonna do when a theft like this goes down... call the police? Call the regulators? Who?
Which is why MtGox will be bailed out from within the market to the best of its ability because if there is a true implosion you will see governments get involved.
China is suddenly on one hell of a buy spree which has halted the drop and begun a small uptick in value. Chinese sources have bought over 100k coins in the last few hours
BocoDragon
or, How I Learned to Stop Worrying and Realize This Assgrab is Delicious
Holy crap we live in amazing times if what you speculate is true. This little "fake" currency might have just gotten itself into a position where various governmental bedfellows might have exploited/scammed/need to save it.
I think some people don't realize just how big this stuff is. In the past 24 hours over 100 million dollars worth of bitcoins have been traded.
I wouldn't put it past certain groups of being behind the theft in the first place to cause a crash in which they could then turn around and buy it up cheap just to then drive the price up again.
750,000 bitcoins were stolen. Even at its low price now that's 375 million dollars.
BocoDragon
or, How I Learned to Stop Worrying and Realize This Assgrab is Delicious
Amazing. It's like the 2008 financial crash with all the public awareness of an EVE Online skirmish.
This is delicious... I have my popcorn.gif and watching this go down. Talk about some crazy 2014-era moneymaking shenanigans. I mean, what are you gonna do when a theft like this goes down... call the police? Call the regulators? Who?
The police sounds like a fair bet. Theft is pretty heavily regulated in most societies.
freenudemacusers
Member
hi i'm new to investing in bitcoins but a friend of mine convinced me to invest my savings into 6 month call options for the currency. I've only been doing this for a couple of weeks; will this mess me up?
People made mad money from bitcoin, no doubt, but that giant volume only shows that it's still mostly a speculative bubble.
No way is there anything close to 100mil of legitimate economically useful transactions in bitcoin in a day.
p.s.
I got a dogecoin online casino ad.
The internet is collapsing on itself.
This definitely doesn't help you, what were the terms?
And for real, buying bitcoins options is risky as hell, I hope this is money you can afford to lose.
fastford58
Member
What could possibly go wrong?
SquiddyCracker
Banned
runningjoke
Member
Do not invest money you aren't willing to lose. Ever. Especially in Bitcoins right now
criesofthepast
Member
Ugh just crash hard already so I can buy and go to bed. Haven't slept. Luckily have the day off.
Couldn't this just be people cashing in and covering their short positions?
PastorOfMuppets
Banned
Yes.
Options have a rate of decay associated with them so you're doubly fucked depending on the strike price of the call.
The price of your option will go down at a faster rate as you approach the expiration date as well.
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.
That's pretty cool. Where did that second graph originate?
This is what I could find: https://people.hofstra.edu/geotrans/eng/ch7en/conc7en/stages_in_a_bubble.html
bequietdrive
Member
Great buying opportunities at the moment for speculators. I'm sure MT Gox will be back up and running soon.
Haha, joke coin (Doge coin) is more legit than the so called real thing (Bitcoin).
Hooray for practical economics.
I agree with you that it's a speculative commodity, but let's not let fiat off the hook just yet. It's not like we haven't seen capital controls in an EU member nation, debasement of currency when capital controls are lifted in other nations, and black markets for "hard" fiat currency above the official exchange rates.
Let's also not forget that the USD isn't beyond being threatened. Take BoA in 2011, for example. They shuffled around investment and deposit accounts (with the tacit approval of the Federal Reserve), effectively putting a gun to the head of the FDIC in order to gain assurances from the government that we'd backstop their garbage (again).
I'm no fan of Bitcoin, and I don't own any gold or silver, but let's not act as if fiat and "full faith and credit" aren't without their problems. I keep a one hundred trillion Zim dollar note at my desk as a reminder of that.
I had some money in Gox. Started with $20 and turned it into $47 over a week. That weeks trading was a proof of concept for me, can trading bitcoin be viable as a means of income? Let's just say I've been encouraged by my success.
I lost that little bit of money but I'm am hardly deterred. Will be purchasing $500 of bitcoin soon to trade on another exchange. Will probably hold off buying however while I let things calm down a bit.
What many of you will never understand is that rich people become rich by taking risks. They take a risk and fail. They take a risk and fail. They take a risk and fail. They take a risk and HIT. And when they hit they hit big.
If I invest $500 and make a steady 2% roi daily for a couple of years I become a millionaire. Simple as that. If I lose $500 I lose $500. A risk worth taking when the potential for great reward is so great. Of course I could could invest nothing and do 9-5 boring as shit drudgery in a job I hate with the $500 saved to later be spend on some worthless materialistic junk in vogue at the time.
I lost that little bit of money but I'm am hardly deterred. Will be purchasing $500 of bitcoin soon to trade on another exchange. Will probably hold off buying however while I let things calm down a bit.
What many of you will never understand is that rich people become rich by taking risks. They take a risk and fail. They take a risk and fail. They take a risk and fail. They take a risk and HIT. And when they hit they hit big.
If I invest $500 and make a steady 2% roi daily for a couple of years I become a millionaire. Simple as that. If I lose $500 I lose $500. A risk worth taking when the potential for great reward is so great. Of course I could could invest nothing and do 9-5 boring as shit drudgery in a job I hate with the $500 saved to later be spend on some worthless materialistic junk in vogue at the time.
PetriP-TNT
Member
ElbowRocket
Member
I see it the exact same way, high risk high rewards
freenudemacusers
Member
and I thought I was telling some good jokes...
Google's got nothing, I'm worried.
HAH, even my bitcoin-envangelizing friend has no words for this. I'm not even surprised something like this has happened, and I've no doubt it will happen again
wut
wut
freenudemacusers
Member
well if you multiply 2% by 365 days it's pretty good numbers
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.
Came to see this. Well done.
I admit that I was looking to get in before the massive fall, then realized it was waaaaay too late. LTC is probably the next bubble
Fury Sense
Member
this crash will let a lot of new investors get in on the action
coinbase blog has posted a joint statement from some of the top exchanges to try to reassure us
i've checked out a site coinsetter.com and it seems nice. quick to verify identity, easy interface, american. they are still working out site features afaik. minimum transaction is 0.01 for now but they told me they'd update it.
coinbase blog has posted a joint statement from some of the top exchanges to try to reassure us
i guess these sites will become some kind of inner circle of self-regulation
i've checked out a site coinsetter.com and it seems nice. quick to verify identity, easy interface, american. they are still working out site features afaik. minimum transaction is 0.01 for now but they told me they'd update it.
wow. That says they need to inject fresh coins into the system to clear the books. I didn't think that was possible.
shakin_haitian
Banned
I appreciate the laugh. It's been a long time since anything on the internet made me literally LOL.
Most rich people are rich because of inheritance or because of what they produce (NOT because they played the lotto and won). If you want to take a risk, spend the $500 to advance your entrepreneurial dream if you have one.
Napoleonthechimp
Member
Wait a second... I thought one of the benefits of bitcoin was that your currency could be stored locally.
shakin_haitian
Banned
2% daily? This is clearly sustainable for more than like a month.
MisterFalcon
Member
It's always puzzled me why so many people involved in Bitcoin both want to paint themselves as being an alternative to Big Business and at the same time want to be like Big Business. Everyone in this proudly bears the title CEO of their company with at most two dozen employees.
Which exchange do you use?
onadesertedisland
Member
It's hard to feel bad for speculators and manipulators.
There is no logical reason for a bitcoin to be worth $500 or more in dollars. The hard limit to bitcoins is something I see as a fundamental flaw akin to that of a ponzi scheme. Early miners hoard masses until the resource is rare and then cash in. The greed motive appears to outweigh reason in some.
There is no logical reason for a bitcoin to be worth $500 or more in dollars. The hard limit to bitcoins is something I see as a fundamental flaw akin to that of a ponzi scheme. Early miners hoard masses until the resource is rare and then cash in. The greed motive appears to outweigh reason in some.
MrGreencastle
Member
A website that used to trade magic cards started selling and buying bitcoin from people. Called an exchange website. Some people would store their coins in the site to trade faster. Transactions take time.
Dude just buy some scratchers instead.
onadesertedisland
Member
I had no idea MTGox started as a card trading website. That is hilarious. Those tournaments are serious bidness. Gots me a holofoil limited edition charizard.
And_Gignac
Member
I hope the price goes back down to $50 for a moment so i can buy a bunch of them.
Oh my god. I thought people were just making fun of the acronym.Wowwwww.
On a related note, I know a guy who dabbled in Yugioh card speculation. He has also considered speculating on Wii U tablets.
criesofthepast
Member
CaVirtex & Vault of Satoshi. Vault of Satoshi is really pro and they have an office you can go buy on site face to face if you are in the Toronto area, and the owner is always on reddit answering questions. He personally answers the phone many times if you call them. I trust them more than I do any other exchange but obviously anything can happen I guess. Volume is low though since they're newer.
BTC-e I have used before but they are the opposite of transparent. I fear they may walk away one day as well as no one knows who is behind the site. Just some dudes from bulgaria or russia. lol.
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