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Bitcoin community in panic as major exchange goes AWOL.
- Thread starter criesofthepast
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I got 1000 doge for a explainlikeama post. Felt good. That's the only legal thing cryptocurrencies are good for.
I think the problem is that if you want to be a day trader you need to leave your coins in an exchange to a certain extent, because if it takes an hour to have the transfer from your wallet to the exchange show up in the blockchain, then you may miss out on some or all of your profit opportunity.
Let us know how that works out for you, if you can afford internet afterwards that is.
He'll be fine if he sticks to his first $500, and doesn't keep chasing the tulips with good money after bad.
Bitcoin is not going anywhere. There are billions of dollars invested into the currency.
Chinese Investors have driven the coins value up over 100 dollars overnight and stopped its falling.
Im not saying invest your life funds into it or anything but it is not a guarantee bankruptcy path like some people like to pretend. At the same time you can protect your investment by not storing it in someone else's wallet. Every person who lost money with Gox lost it because they kept it in Gox vault so to speak and trusted Gox to be reliable.
The fact that the market cap of bitcoin is 7 billion dollars only shows that it's a speculative bubble.
There were over 100 mil in volume the last 24 hours, how much of it do you think was used to buy goods?
Now don't get me wrong, there is money to be made on speculative bubbles (although it's mostly a zero sum game, so for every winner there is a loser), but even if you like such volatility, there are safer bubbles to get your freak on than bitcoin, where you are afforded practically no protection. Shit, it's not clear that the police will even do anything about straight up theft.
The person DarkFlow is responding to wants to daytrade his way to being a millionaire. He's not talking about buying and holding bitcoins. He is going to lose his money.
I was kidding, slightly. From reading his other posts, it kinda seems like he'll ride this ship to the bitter end, throwing more and more money at it so he can "Look good as fuck!".
SquiddyCracker
Banned
I got about 15k worth of dogecoins, so hopefully China will start buying up the doges now that the buttcoins have failed.
Want to make out at least 100k dollars, I'm not greedy.
Want to make out at least 100k dollars, I'm not greedy.
Not everybody is in the same exact boat here.
but thanks for the concern about my money
Yeah, buttcoins have failed, then where's my sub-$200 coins
Price is back up over $560, all the doomsayers disappoint me.
"This is the NEW economy."
well, i tried to redact, but you were too fast
the point is that if someone's gonna call it scam, using terms like "bubble" and "ponzi scheme" don't really support the argument. attack something in the cryptographic system, the code, the exchanges, the leaps of faith people are taking-- feel free to go after all that stuff. but if your best argument is the bubble cycle chart, that's a problem...may as well start protesting real money too on your next pay check.
TheVampire
Banned
Huh.... I kinda thought with all this thats been happening with gox it would be a lot lower
"DOW 36,000!"
"Buy now or be locked out forever!"
We've all heard these things at one point or another. Most of us learn the first time. The Bitcoin believers will eventually learn too.
Virtually none now that Silk Road is effectively gone. Before then, Bitcoins were only used for three things anyway:
- Silk Road
- SatoshiDice
- High-risk speculation
Nobody wants to do anything with Bitcoin except for trade them for dollars. Guess those supposedly 'worthless fiat' dollars are far more useful, aren't they?
Well, to be fair, not all of us remember the 90's.
hipbabboom
Huh? What did I say? Did I screw up again? :(
Gox was an isolated case. This will never happen gain so a person would have to be a fool to not buy in. Note that fools who don't invest are different from "fools" who kept their wallets in gox. Those "fools" were suckers gave their investment into a trading card company instead of sound business entities.
you should try to level up your October 2013 bitcoin knowledge a little bit. Maybe try reading about the places that are now taking it. If you feel like it, or you can just keep providing comic relief and anxious condescension.
empty vessel
Member
well, i tried to redact, but you were too fast
the point is that if someone's gonna call it scam, using terms like "bubble" and "ponzi scheme" don't really support the argument. attack something in the cryptographic system, the code, the exchanges, the leaps of faith people are taking-- feel free to go after all that stuff. but if your best argument is the bubble cycle chart, that's a problem...may as well start protesting real money too on your next pay check.
I'm not sure you really understand. That one can conceivably make real money (read: fiat) does not render the enterprise not a pyramid scheme. It basically fundamentally is, and at the end of the day there will be a lot of losers (they are already beginning to pile up). In every pyramid scheme, some people make money from it. It's just that some other people are left holding the bag when it has run its course. Because bitcoins have no meaningful utility as bitcoins in the real world, there is no real product here that is being traded as a commodity. People are buying into nothing. There is no telling how long it will last. Could be many more years. But how it ends is already known. I feel like the lack of transparency in the system will prolong its existence, ironically so given its intended purpose as a stateless currency.
As far as I can tell, there is no way to know how many bitcoins per year are lost forever to the ether, never to be replaced. The ignorance about the current state of the system actually works to propagate the scheme forward over time, because people will not be able to understand what is happening. Prices may rise as supply dwindles. This will look like bitcoins are prospering and continue to induce their purchase, but eventually the supply will dwindle so much that enough people will realize the futility of the entire enterprise and the whole thing will crash.
I have read reports about Mt.GOX "losing" 750,000 coins. I don't know what "lost" means in this context, as I have read conflicting things. Does it mean they were lost to the ether or stolen by hackers? If the former, that's apparently 6% of all outstanding bitcoins vanished forever, just like that. Which, again ironically, should be thought of as a good thing for people who think scarcity creates value. Of course, we are talking about the scarcity of a digital "good" that has no meaningful utility. Eventually, enough people are going to see the writing on the wall. No telling how long that will be, though, because of the lack of transparency.
Data Elemental
Member
They were either stolen by hackers or by Gox running off with the money.
Edit: Regarding your point on lost coins: Once there are only a few hundred nanobitcoins left, the network might be willing to switch to a 64bit field, allowing for smaller subdivisions than currently possible, instead of leaving to let the whole thing crash and burn. Maybe.
empty vessel
Member
So I guess we don't know. Do we know for sure that they weren't "lost," because that is the terminology I keep hearing over and over again. Not that I am necessarily expecting precision in news reporting, given its track record. But, indeed, the fact that we don't know, and may never know, is basically my point.
that's a lot of interesting conjecture
*yawn* i'm tired
i'm gonna go play video games
i spend lots of my time reading about bitcoin, but not to inform people like yourself, go do your own research.
Does it even matter if coins are lost...? They are divisible, and the default unit could be changed to mBTC so people don't have to deal in fractions all the time.
It's hard to know unless MtGox comes forward with more details, certainly there's no record of 750K coins being transferred out on the blockchain recently, so this must have happened over a long period of time.
isn't bitcoin trading the best video game of all time
SapientWolf
Trucker Sexologist
I thought MtGox thing would be the end of mainstream bitcoin trading but it looks like it's too big to fail at this point.
smokeandmirrors
Banned
Meh. I'd rather have let them stew in their own mess since regulations are the devil or something.
empty vessel
Member
Isn't it based in Japan?
SteveWinwood
Member
truly the discussion of a discussion board
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!
Wait, all that nonsense just to get some #endthefed currency?
wtf, I thought you just downloaded some program and played a mini game to dig up some bitcoin.
Yes. Not sure what jurisdiction if any they have, although Gox used to store some of its funds in US banks, back when it used Dwolla as a payment processor.
Build a pool that is in the shape of a Yacht.
smokeandmirrors
Banned
Build the pool in the shape of a dollar sign on top of a yacht,
D
Deleted member 13876
Unconfirmed Member
It used to be tied to how many stars you got in a 4 player Mario Party match.
Macmanus
Member
I'm really torn, guys.
I love me some solid Keynes, but I'm still really excited at the prospect of crytop currencies - even with a best case scenario being a highly speculative commodity.
I'm also really loving all the libertarian jokes, but since I'm rooting for btc they're sort of bittersweet.
I love me some solid Keynes, but I'm still really excited at the prospect of crytop currencies - even with a best case scenario being a highly speculative commodity.
I'm also really loving all the libertarian jokes, but since I'm rooting for btc they're sort of bittersweet.
blame space
Banned
this is some Sarah McLachlan ASPCA shitOkay, 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!
First of all, a crypto currency can work as the technological underpinning of sovereign fiat currency, in fact, I think it's high time that countries start thinking about providing secure virtual money transactions, the private sector is not doing a great job on that front.
But more importantly, I can't understand why anyone would be excited about any sort of speculative commodity.
Speculators are parasites, at best they extract money from the economy without contributing to it and at worst they do it while distorting the markets and reducing the economical efficiency.
well, i tried to redact, but you were too fast
the point is that if someone's gonna call it scam, using terms like "bubble" and "ponzi scheme" don't really support the argument. attack something in the cryptographic system, the code, the exchanges, the leaps of faith people are taking-- feel free to go after all that stuff. but if your best argument is the bubble cycle chart, that's a problem...may as well start protesting real money too on your next pay check.
If you're referring to my post (and you may not be), I was talking about MtGox being an ACTUAL Ponzi scheme, hence the ongoing delays in delivery and now stoppage. Bit coin itself is a fine virtual commodity. You might think of it as a derivative on paranoia. Of course it can never be a currency because it's not backed by taxation and violence.
Can somebody explain to me why the exchanges even exist? I thought the big feature of cryptocurrency was direct transactions without the need of a trusted third party. Maybe they can speed up independent transaction time in the future? They are truly worthless if exchange sites are required. Just use a damn credit card (and included benefits such as basic fraud protection =] ).
The Technomancer
card-carrying scientician
Right, like Chich says the problem is not intrinsically that its a cryptocurrency, its that none of these coins have anything really substantial backing them and BitCoin in particular was designed to be deflationary which encourages exactly the kind of behavior that's led to market fluctuations so far
Data Elemental
Member
Exchanges exist as an easy interface between people who want to trade cryptocurrency for conventional currency and vice-versa. They are not strictly required, but they make things easier than walking through town with a sign saying "WTB BTC, WTS USD" and hoping to find somebody to take you up on the offer. If you already have somebody you want to transact with, you don't need an exchange... or a sign.
Is Bitcoin what Wall Street would be like if there were absolutely no regulations?
freenudemacusers
Member
lmao
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