Major Bitcoin exchange in apparent collapse
CaptHenway
Posts: 32,112 ✭✭✭✭✭
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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Knowledge is the enemy of fear
<< <i>I just never had any faith in this entire endeavor.... Cheers, RickO >>
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I knew it would happen.
<< <i>
<< <i>I just never had any faith in this entire endeavor.... Cheers, RickO >>
Me three.
Too many positive BST transactions with too many members to list.
SlowlyIturned
AIEEEEEE!
If you step back and take a close look, the credit card industry and the banking industry also run on electrons.
I knew it would happen.
The coding with BICOIN in electrons has garnered the attention BRIC governments. at least 2… If their mathematicians say it's suspect well it's not a trading platform, at the volatile levels it is seeing and has seen, for me.
<< <i>jmski… that is true about plastic. But the banks have a pretty good handle on "accounting".
The coding with BICOIN in electrons has garnered the attention BRIC governments. at least 2… If their mathematicians say it's suspect well it's not a trading platform, at the volatile levels it is seeing and has seen, for me. >>
Yeah, the banks have a "good handle" on accounting for their $1.1 QUAD in otc derivatives......just as long as marked to market accounting does not apply to them.
Bear Stearns, Lehman, AIG, Washington Mutual, Countrywide, and a bunch of other notables all had "good" handles on their derivatives before they went belly up. I have every confidence that our big banks are doing it right.
Those derivatives are all recorded as electrons and valued in digi-dollars.
Over the years they have faced a magnitude of problems including a hack early on that resulted in a market crash, exposed their users private information, and had Bitcoins lost.
MtGox caught the attention of the United States Federal Government for not being a licensed Money Transmitter and stopped USD withdrawals and more recently XBT withdraws.
Now it's pretty much game over for them now, and this is the market responding, the writing has been on the wall for some time now as you can see.
BTC-e, the next in line of shady Russian exchanges, where webster actually coined the phrase Trollbox would be the next in line to go, especially after these antics... Already we have seen them rob people with De-listing scams. Again, the writing on the wall...
This needs to happen and everyone knows it. There were several other reputable exchanges that weren't affected in the same capacity in this ordeal. After these two Exchanges die, maybe others can step up to where these guys went wrong
It's all about what the people want...
<< <i>
<< <i>jmski… that is true about plastic. But the banks have a pretty good handle on "accounting".
The coding with BICOIN in electrons has garnered the attention BRIC governments. at least 2… If their mathematicians say it's suspect well it's not a trading platform, at the volatile levels it is seeing and has seen, for me. >>
Yeah, the banks have a "good handle" on accounting for their $1.1 QUAD in otc derivatives......just as long as marked to market accounting does not apply to them.
Bear Stearns, Lehman, AIG, Washington Mutual, Countrywide, and a bunch of other notables all had "good" handles on their derivatives before they went belly up. I have every confidence that our big banks are doing it right.
Those derivatives are all recorded as electrons and valued in digi-dollars. >>
I need to get a shovel ... I just stepped in a pile of bovine doo - doo
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
Isn't there ways to say, buy at $230 on MtGox and sell it for $600 on Bitstamp? This is a screwy marketplace.
Markets
SilkRoad
Those of you who have bit coins... have you dumped them in time? Or... do you look at this as a buying opportunity?
http://www.foxnews.com/tech/2014/02/25/major-bitcoin-exchange-website-goes-offline/?intcmp=features
<< <i>Aaaaaaaaand, it's gone!
http://www.foxnews.com/tech/2014/02/25/major-bitcoin-exchange-website-goes-offline/?intcmp=features >>
Linked
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I'm glad this happened before it got 1000 times worse. People can only trust Gold and Silver in their possession.
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"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>The whole Bitcoin phenomena never had any credibility with me. If you want to invest in something other than the dollar put it into real estate, equities, PM's or a case of whiskey.
Attaboy!
Liberty: Parent of Science & Industry
<< <i>The whole Bitcoin phenomena never had any credibility with me. If you want to invest in something other than the dollar put it into real estate, equities, PM's or a case of whiskey.
Make mine bourbon!
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
CNN article
Really make you want to trust this clown car!
linky
Edited per correction below.
<< <i>Yeah, they found 200,000,000 bitcoins in "old wallets!"
Really make you want to trust this clown car!
linky >>
The article indicates: 200,000 bitcoins
<< <i>
<< <i>Yeah, they found 200,000,000 bitcoins in "old wallets!"
Really make you want to trust this clown car!
linky >>
The article indicates: 200,000 bitcoins
Oops! I was originally going to type $120,000,000, and then I changed it to bitcoins and forgot to drop the extra zeroes. My bad.
Still a lot of money to be lying around in "old wallets." I found a $20 bill in an old pair of work pants once, and thought that was a lot of money!
It's also almost double the amount of their bankruptcy, does that mean they aren't bankrupt even though their customers are still missing 650,000 coins?
<< <i>Probably hacked by JPM
Liberty: Parent of Science & Industry
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey