Bitcoins are such a good currency

[r00t]

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

Why do you lie about the size of the increase? Show me any data that supports your claim that bitcoin increased 2000% in a short period of time. It makes one much more suspicious of all other claims you make.

https://www.google.com/search?q=50+x+2000%25

[Orruar]

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

https://www.google.com/search?q=50+x+2000%25

When was the last time BTC was $50?

[Orruar]

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

When was the last time BTC was $50?

Still waiting for the answer on this one. Or is your silence a defacto admission that you were pulling numbers out of air to support your argument?

[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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[r00t]

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[BigHurb]

partial story from slashdot again

"The beleaguered MtGox bitcoin exchange has officially filed for bankruptcy protection in Tokyo. According to the Wall Street Journal, Bitcoin held an impromptu press conference that addressed recent rumors. They state that they have over $60m in liabilities against just $30m in assets, and confirm the loss of over $500m worth of Bitcoins, split between customers' balances (750,000 BTC) and company assets (100,000 BTC). Owner Mark Karpeles said, 'There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble.'"

[Recycled Children]

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

partial story from slashdot again

"The beleaguered MtGox bitcoin exchange has officially filed for bankruptcy protection in Tokyo. According to the Wall Street Journal, Bitcoin held an impromptu press conference that addressed recent rumors. They state that they have over $60m in liabilities against just $30m in assets, and confirm the loss of over $500m worth of Bitcoins, split between customers' balances (750,000 BTC) and company assets (100,000 BTC). Owner Mark Karpeles said, 'There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble.'"

So how does this pertain to bitcoin being a bad currency? This only shows that Mt.Gox was a bad service.

[Orruar]

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

So how does this pertain to bitcoin being a bad currency? This only shows that Mt.Gox was a bad service.

Exactly. Why people held their bitcoin in an exchange is beyond me. One major point of the currency is that you don't need to hold it somewhere external. Encrypt your wallet, make a backup, and keep that shit yourself.

[r00t]

Things can change rapidly when it comes to financial investments. That's why people look for more sound and stable investments, something Bitcoin does not attract whatsoever, makes Bear Stearns look reasonable. But more to the point, yea at the time I said dump, following the news it was actually the smart move to do as it did dip until computer programs (another thing you don't want when dealing with investments is a bunch of microtrading) overcorrected and stabilized the price. Then later the China thing, following the news maybe you coulda jumped in and profited alongside Mt. Gox, but now you sound bitter you didn't. It's okay though, I don't follow the insider trading Bitcoin news either.

As it stands now, nothing..... nothing at all....... is preventing any other exchange from pulling the same crap as Mt. Gox is.

tl;dr bitcoins are more fraught with fraud than derivatives

[Orruar]

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

Things can change rapidly when it comes to financial investments. That's why people look for more sound and stable investments, something Bitcoin does not attract whatsoever, makes Bear Stearns look reasonable. But more to the point, yea at the time I said dump, following the news it was actually the smart move to do as it did dip until computer programs (another thing you don't want when dealing with investments is a bunch of microtrading) overcorrected and stabilized the price. Then later the China thing, following the news maybe you coulda jumped in and profited alongside Mt. Gox, but now you sound bitter you didn't. It's okay though, I don't follow the insider trading Bitcoin news either.

As it stands now, nothing..... nothing at all....... is preventing any other exchange from pulling the same crap as Mt. Gox is.

tl;dr bitcoins are more fraught with fraud than derivatives

The fact you think bitcoin is an investment is hilarious. Is the US Dollar an investment too, in your eyes? You have some very basic flaws in your understanding of economics. I'd suggest you let your girlfriend handle the checkbook, even though she's shown a penchant for overspending on little pieces of plastic.