Bitcoins are such a good currency

[Orruar]

Originally Posted by r00t [You must be logged in to view images. Log in or Register.]

Anybody with even a crude understanding of finance could see this coming -- the BTC value on Mt Gox compared to the other exchanges alone smacks of ponzi. Only the public ledger can ultimately tell us where the BTC went. Gox had a problem, they knew about it, they tried to game the market price of BTC for as long as they could and when that became unsustainable they halted withdrawls, then halted trading. They inflated their BTC price to draw in coins, they then lowered it to play the other side of the arbitrage coin again creating an influx of coins and it all evaporated.

They list their Bitcoin assets as "2,000" and the Bitcoin liabilities as "744,408" all of which they count as "theft" that took place over a 5 year period. That means that over a period of 5 years, they lost 99.7% of their Bitcoins and didn't notice it until recently. Only 2,000 coins left in the wallet and no cold storage?

The CEO of Mt Gox is a criminal. They will move to Singapore to avoid criminal prosecution. People should distance themselves from Gox, the CEO and any attempt to rebrand this atrocity. I feel this was an inside job, an epic heist from within the people running Mt Gox. A full criminal investigation is needed.

You think you would have stopped forming strong opinions about a subject shortly after you called to sell BTC at under $100 and the price shot up to $800 and is now still settling around $500-$600. But instead of realizing that you were perhaps not fully informed on the subject, you continue coming up with wild theories to justify your preconceived notions. Sounds like a solid strategy to rational thinking to me.

[Recycled Children]

Originally Posted by susvain0362 [You must be logged in to view images. Log in or Register.]

Listening to recycled children talk about politics and bestow trying to chime in = nails on a chalkboard

Oh susvain, you're still around. It's alright dawg, I'm sure it's tough listening to concepts that go right over your head. Keep the dope economy strong with the pawn sales of your mom's jewelry.

[Recycled Children]

Originally Posted by Orruar [You must be logged in to view images. Log in or Register.]

You think you would have stopped forming strong opinions about a subject shortly after you called to sell BTC at under $100 and the price shot up to $800 and is now still settling around $500-$600. But instead of realizing that you were perhaps not fully informed on the subject, you continue coming up with wild theories to justify your preconceived notions. Sounds like a solid strategy to rational thinking to me.

This guy gets it.

r00t is good peoples but I just feel you're misinformed as are most of the Bitcoin naysayers.

[r00t]

I just elaborated how MtGox fixed the prices of bitcoin. They were the ones who artificially shot them up to $1000, and now claim to have had 99.7% of their stock stolen. If you can name any other legitimate reason why they shot from $50 to $1000 overnight I'd love to hear it. It's cool if you also profited from the massive fraud that has occurred.

[r00t]

Another eyebrow in the artificial price rise is it came like a day after the only thing you can buy bitcoins with, drugs off silk road, was shut down by the feds.

[Recycled Children]

Originally Posted by r00t [You must be logged in to view images. Log in or Register.]

I just elaborated how MtGox fixed the prices of bitcoin. They were the ones who artificially shot them up to $1000, and now claim to have had 99.7% of their stock stolen. If you can name any other legitimate reason why they shot from $50 to $1000 overnight I'd love to hear it. It's cool if you also profited from the massive fraud that has occurred.

If you watch the video I posted you'll understand the M(agic)t(he)G(athering)o(nline)(e)x(change) scenario.

[Orruar]

Originally Posted by r00t [You must be logged in to view images. Log in or Register.]

I just elaborated how MtGox fixed the prices of bitcoin. They were the ones who artificially shot them up to $1000, and now claim to have had 99.7% of their stock stolen. If you can name any other legitimate reason why they shot from $50 to $1000 overnight I'd love to hear it. It's cool if you also profited from the massive fraud that has occurred.

So before you even Google to find out the real answer, you form some wild theory, post it on internet forums as fact, and then whine like a little bitch when your idiocy is revealed? Since I know how to use Google, I'll give you some help. Here is literally the first link if you Google "why did bitcoin spike".

http://moneymorning.com/2013/11/18/w...ll-keep-going/

TL;DR version: Chinese demand suddenly spiked when the Google of China said it would start accepting bitcoin as payment for its services and the Chinese government actively encouraged its citizens to invest in bitcoin. This seems like a much more likely reason than "ponzi scheme, market manipulation!"

Also, you don't seem to understand why the price was so much lower on Mt. Gox vs the other exchanges, and you seem to think that points to some kind of manipulation. The reason it was so much cheaper on Mt. Gox was that they froze the ability to withdraw bitcoins, leading many to speculate that they were all stolen and thus would never be able to be withdrawn (speculation that turned out to be true). Thus people who still had bitcoins there were willing to sell for much less than the actual price (as determined via the other exchanges). They could still withdraw cash, and so they were willing to take a haircut on the price for the assurance of actually getting something out of it.

[Orruar]

Originally Posted by r00t [You must be logged in to view images. Log in or Register.]

Another eyebrow in the artificial price rise is it came like a day after the only thing you can buy bitcoins with, drugs off silk road, was shut down by the feds.

The fact you think this is true only shows the depths of your ignorance. The fact you continue to hold such strong beliefs on the subject is baffling. Serious question: Are you a Christian or member of another major religion?

[r00t]

the supply and demand for china never dictated a 2000% increase. it was artificial, hence why we saw a 30% dip almost instantly. http://www.zerohedge.com/news/2013-1...tly-thereafter

Playing the Chinese to trump the price up was part of the Mt Gox fraud. By holding a monopoly of their investors coins (which they totally just stole btw, the largest most trusted exchange stole everything lol).

[r00t]

"There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble" -CEO of Mt Gox in Japanese court today

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