Bitcoins are such a good currency

[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.

[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

[Thulack]

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

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).

Lol you forgot to put the rest of the title of that post in your thread:

"Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds"

[Orruar]

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

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).

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.

[r00t]

crashed to 600 and rebounded to 8 big woop, nothing I said was untrue

[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 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]

Exchanges have caps on the amount you can withdraw at once. Still, these exchanges are basically completely unregulated stock markets that have operated on an honour system for this long. More will follow in Mt. Gox's footsteps now that the taboo has been broken.