MTGOX is finally dead

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  • edgeprod
    Permanently Gone
    • Mar 2004
    • 10019
    #51
    Originally posted by NEW XTC
    Will be interesting to see where that goes - keep us informed, good luck with that play. I hope the dice roll your way.
    Was only $5k, that's just a couple of days worth of mined Dogecoins, hehe .. but the upside was high (as was the risk), so it was an interesting gamble.

    Tonight, I'm brewing coffee, and will be placing orders all the way down: $450, $425, $400, and below, just a few coins each order (but more coins per floor it crashes through). The lower it crashes, the more BTC I'll end up with. Exciting times, money to be made!

      Comment

      • edgeprod
        Permanently Gone
        • Mar 2004
        • 10019
        #52
        Interesting joint statement from the other industry players:

        http://blog.coinbase.com/post/777668...egarding-mtgox

          Comment

          • NEW XTC
            Confirmed User
            • Jun 2010
            • 738
            #53
            Yea looks like they've been planning this move to gox.com for a while but probably didn't anticipate this joint statement by other industry heavies and being booted off the board. Looks like a coordinated preemptive strike to stop them from reforming under a new CEO. Their cred is fucked now regardless if people get payed.

            Been hoping for this day to come for a long time - seemed like a dream when we hovered over 900 for a month...might see 250 or lower from this dip...who knows might be the last time.

            Gox seemed like the last weak link so it could be all uphill from here.
            Those who can make you believe absurdities can make you commit atrocities.

            -Voltaire

              Comment

              • edgeprod
                Permanently Gone
                • Mar 2004
                • 10019
                #54
                If it hits $250, I'll be liquidating silver (up to $22!) and securities to go even heavier. I don't expect $250, but the $300's aren't out of the question, IMO.

                  Comment

                  • slapass
                    Too lazy to set a custom title
                    • Nov 2002
                    • 14625
                    #55
                    I think it is worth going back in with some of the money I made selling at 859 or so.

                      Comment

                      • - Jesus Christ -
                        Confirmed User
                        • Mar 2003
                        • 7197
                        #56
                        My schadenfreude is kicking in... was getting bored.


                        Amen

                          Comment

                          • 420
                            cuck
                            • Mar 2003
                            • 11571
                            #57
                            it held 400 for now
                            <!--BEGIN SIMUTRONICS PLAY BUTTON CODE -->
                            <p align="center">

                            <a href="http://buddy.play.net/dr?TMOREAU1">

                            <img src="drplay.gif" width="128" height="64" alt="Play DragonRealms!"></a></p>

                            <!--END SIMUTRONICS PLAY BUTTON CODE -->

                              Comment

                              • TisMe
                                Confirmed User
                                • Aug 2008
                                • 1719
                                #58
                                http://arstechnica.com/business/2014...ge-shuts-down/

                                "As of late Monday evening, the embattled Bitcoin site Mt. Gox appears to have pulled the plug entirely in the wake of sustained DDOS attacks and the “transaction malleability” problem that has plagued other websites. The site is gone and the company’s Twitter account appears to have been erased entirely."

                                Interesting reading.
                                Last edited by TisMe; 02-24-2014, 10:12 PM.

                                  Comment

                                  • 420
                                    cuck
                                    • Mar 2003
                                    • 11571
                                    #59
                                    You guys think this is real?

                                    At this point 744,408 BTC are missing due to malleability-related theft which went unnoticed for several years.
                                    <!--BEGIN SIMUTRONICS PLAY BUTTON CODE -->
                                    <p align="center">

                                    <a href="http://buddy.play.net/dr?TMOREAU1">

                                    <img src="drplay.gif" width="128" height="64" alt="Play DragonRealms!"></a></p>

                                    <!--END SIMUTRONICS PLAY BUTTON CODE -->

                                      Comment

                                      • baggg
                                        So Fucking Banned
                                        • Mar 2012
                                        • 1432
                                        #60
                                        its happening http://boards.4chan.org/pol/res/26937049

                                          Comment

                                          • TampaToker
                                            Confirmed User
                                            • May 2006
                                            • 5828
                                            #61
                                            Originally posted by 420
                                            You guys think this is real?
                                            Pure bullshit
                                            Icq 247-742-205

                                              Comment

                                              • baggg
                                                So Fucking Banned
                                                • Mar 2012
                                                • 1432
                                                #62
                                                Guy lost 4700 btc

                                                http://www.reddit.com/r/Bitcoin/comm..._did_you_lose/

                                                  Comment

                                                  • Sin_Vraal
                                                    Confirmed User
                                                    • Feb 2002
                                                    • 465
                                                    #63
                                                    Boom 350m heist
                                                    http://www.wired.com/wiredenterprise...-gox-implodes/
                                                    "Youjizz: Henry, Thanks to you 1 in 150 people online at any given time are jerking off on my websites"

                                                    Swift Communications -- UU net / Sprint / level 3 / savvis / Gblx

                                                    Quad Core SaS HDD 1000mbits dedicated bandwidth $2500

                                                    AmySpears! Amy getting fucked in the ass and getting choked on a chain! -- Devil Bucks!

                                                    skype: henry.goss
                                                    ICQ: 5.6.4.8.0.9.8.6

                                                      Comment

                                                      • adultmobile
                                                        No, I am not banned
                                                        • Nov 2003
                                                        • 5345
                                                        #64
                                                        Originally posted by Sin_Vraal
                                                        Boom 350m heist
                                                        http://www.wired.com/wiredenterprise...-gox-implodes/
                                                        I am sure the gox guy can pay back 350 million dollar to users, right?

                                                        TubeCamGirl.com

                                                          Comment

                                                          • Wellness Cash
                                                            Confirmed User
                                                            • Nov 2013
                                                            • 343
                                                            #65
                                                            Originally posted by adultmobile
                                                            I am sure the gox guy can pay back 350 million dollar to users, right?
                                                            He doesn't have GOX isn't dead, the bitcoins are in motion.
                                                            Wellness Cash - Launching 2014

                                                              Comment

                                                              • L-Pink
                                                                working on my tan
                                                                • Mar 2005
                                                                • 39151
                                                                #66
                                                                "Bitcoin exchange Mt. Gox disappears in blow to virtual currency"


                                                                http://news.yahoo.com/bitcoin-exchan...1--sector.html


                                                                .

                                                                  Comment

                                                                  • Wellness Cash
                                                                    Confirmed User
                                                                    • Nov 2013
                                                                    • 343
                                                                    #67
                                                                    So New XTC... Did you lose all of your life savings or did you migrate away from GOX yesterday like you were told to?
                                                                    Wellness Cash - Launching 2014

                                                                      Comment

                                                                      • ruff
                                                                        I have a plan B
                                                                        • Aug 2004
                                                                        • 5507
                                                                        #68
                                                                        In like Flynn.
                                                                        Keep your eye on BTC price here.
                                                                        Winklevoss Index
                                                                        Last edited by ruff; 02-25-2014, 05:13 AM.
                                                                        CryptoFeeds

                                                                          Comment

                                                                          • Paul&John
                                                                            Confirmed User
                                                                            • Aug 2005
                                                                            • 8643
                                                                            #69
                                                                            Originally posted by ruff
                                                                            In like Flynn.
                                                                            Keep your eye on BTC price here.
                                                                            Winklevoss Index
                                                                            neat site, was using this bitcoinity.org/markets but that winkdex looks nicer
                                                                            Use coupon 'pauljohn' for a $1 discount at already super cheap NameSilo!
                                                                            Anal Webcams | Kinky Trans Cams Live | Hotwife XXX Tube | Get your Proxies here

                                                                              Comment

                                                                              • Wellness Cash
                                                                                Confirmed User
                                                                                • Nov 2013
                                                                                • 343
                                                                                #70
                                                                                Originally posted by ruff
                                                                                In like Flynn.
                                                                                Keep your eye on BTC price here.
                                                                                Winklevoss Index
                                                                                That's actually a pretty shrewd business tool for the Winklevi twins, lets them establish themselves in the market as an actual legitimate source of pricing so that later on they can raise the price of the BTC they own based on the figures they use on their own index.
                                                                                Wellness Cash - Launching 2014

                                                                                  Comment

                                                                                  • NEW XTC
                                                                                    Confirmed User
                                                                                    • Jun 2010
                                                                                    • 738
                                                                                    #71
                                                                                    Originally posted by Wellness Cash
                                                                                    So New XTC... Did you lose all of your life savings or did you migrate away from GOX yesterday like you were told to?
                                                                                    lose money? I didnt lose one red cent - Ive been the most vocal about wanting to see this happen all along. I've been rooting for the demise of Gox for a long time and just been looking for ways to capitalize on it. Once again you show you know nothing of the situation with your "migrate" comment - few people have even been able to get large buys on BTCbuilder for the last few days. Why don't you study up and post more when you know more.

                                                                                    This is a great day for me and my partners...unlike you I don't claim to be able to predict the future and I don't jump the gun with rash false statements...even still you are claiming all the people with holdings in Gox have "lost" their money. Gox still has 10's of millions of dollars and thousands of coins left...we will see if it all evaporates or how many people get payed, but claiming to know what will happen, well I leave that to the soothsayers and dumbfucks.
                                                                                    Those who can make you believe absurdities can make you commit atrocities.

                                                                                    -Voltaire

                                                                                      Comment

                                                                                      • DWB
                                                                                        Registered User
                                                                                        • Jul 2003
                                                                                        • 31779
                                                                                        #72
                                                                                        Many holders are dropping them like crazy right now. Our BTC sales are going through the roof the past few days. Seems a lot of people want to get rid of them.

                                                                                          Comment

                                                                                          • Sunny Day
                                                                                            Confirmed User
                                                                                            • Dec 2010
                                                                                            • 1406
                                                                                            #73
                                                                                            Don't Say I Didn't Warn You

                                                                                            You can't sell an item at $1 when you pay $1000 for it.

                                                                                            My Posts

                                                                                            4/12/2013
                                                                                            Surprised no one has figured out Bitcoins yet

                                                                                            Banks take in deposits in dollars, say $100 they only have to pay out $100 USD when the customer wants his money back. Banks are required to keep 10% of the deposits. The rest they lend out in loans. If they need more than 10% on any given day, the Federal Reserve gives them a short-term loan. So banks never run out of money. It has happened a few times, but with FDIC insurance the depositors get all their money back.

                                                                                            MTGOX claims to trade 80% of all bit coin trades. The problem is when they sell Bitcoins they need to keep 100% of the sales as reserves. They do charge fees, but the fees alone probably don't cover their overhead and salaries. So even it Bitcoins remained at a stable price they probably couldn't refund customers at 100%.

                                                                                            Since Bitcoins fluctuate in price, that's what going to jam MTGOX up. They started out selling Bitcoins at just a few pennies. Lately Bitcoins have been over $100. It's difficult to sell a product for a few dollars and buy it back for hundreds. That's impossible. Only way they can stay afloat is to constantly bring in new customers paying ever increasing prices.
                                                                                            Normally that business model is called a Ponzi scheme.
                                                                                            The only other thing that could save the day is Bitcoin buyers actually buy goods and services from other customers but it looks like that's a small percentage of Bitcoins.


                                                                                            1/2/2014
                                                                                            BitCoin = Fail

                                                                                            Study
                                                                                            Gresham's Law
                                                                                            However, the greatest threat to BitCoins is it's own success. The more valuable it becomes, the more hackers will come after it. It's been hacked, it will be again.


                                                                                            2/8/2014

                                                                                            Who has the hot potato last

                                                                                            There's the optimistic view

                                                                                            http://www.newscientist.com/article/...l#.UvcT61OScjV

                                                                                            Then there is the technical issues

                                                                                            http://www.newscientist.com/article/...l#.UvcT_VOScjW

                                                                                            But the $250 drop this week. As I said before, MTGOX has to keep market stability. They can, if buyers outpace sellers. However, if sellers overwhelm buyers, MTGOX has to draw against their dollar balances. Since Bitcoin has skyrocketed, MTGOX has too little cash to cover Bitcoins purchased at $.10 to $600 and have to redeem at $700-1100.
                                                                                            Same thing happened to the US Treasury in the 60-70's when they couldn't redeem dollars for gold fast enough. This is Bitcoin's problem.
                                                                                            In a stable market, all works well. In an extremely volatile market great fortunes and and poverty can be the result.
                                                                                            Market imbalance is one of the major causes the cash of '29.

                                                                                              Comment

                                                                                              • CaptainHowdy
                                                                                                Too lazy to set a custom title
                                                                                                • Dec 2004
                                                                                                • 94735
                                                                                                #74
                                                                                                And the hoax goes on ...

                                                                                                  Comment

                                                                                                  • Wellness Cash
                                                                                                    Confirmed User
                                                                                                    • Nov 2013
                                                                                                    • 343
                                                                                                    #75
                                                                                                    Originally posted by Sunny Day
                                                                                                    In a stable market, all works well. In an extremely volatile market great fortunes and and poverty can be the result.
                                                                                                    Market imbalance is one of the major causes the cash of '29.
                                                                                                    Which is why its good to be rid of MTGOX they have been the single cause of the instability in BTC, now they are gone, the prices will slowly start to rise again and stabilize.
                                                                                                    Wellness Cash - Launching 2014

                                                                                                      Comment

                                                                                                      • mOrrI
                                                                                                        It's over there...
                                                                                                        • Nov 2004
                                                                                                        • 4212
                                                                                                        #76
                                                                                                        Interesting news

                                                                                                          Comment

                                                                                                          • ruff
                                                                                                            I have a plan B
                                                                                                            • Aug 2004
                                                                                                            • 5507
                                                                                                            #77
                                                                                                            It is interesting to read the opinions of people about Bitcoin. About 3 or 4 words in you immediately realize they have no idea of what they are talking about. I guess if people are not interested in investing in cryptocurrency, they have no interest in educating themselves about it, but that does not stop them from giving their opinions regardless of fact. There are those that will make money on this and those that won't. If you are not interested in making money with Bitcoin, what is your opinion worth? Do you actually think it is going to go away?
                                                                                                            CryptoFeeds

                                                                                                              Comment

                                                                                                              • seeandsee
                                                                                                                Check SIG!
                                                                                                                • Mar 2006
                                                                                                                • 50945
                                                                                                                #78
                                                                                                                lol redit is such fun:

                                                                                                                :I lost about 19.1 BTC But it gets better.... Just minutes before mtgox froze transactions I spoke with a woman I had slept with and she told me that she might have Chlamydia and I should go get tested.

                                                                                                                100% truth. I created an account on reddit just to share my story, seeing as it's almost so funny that I have to laugh!

                                                                                                                The BTC was pretty much all of my long term savings. I still have enough money to survive and pay for my Chlamydia treatment! Ha!
                                                                                                                "
                                                                                                                BUY MY SIG - 50$/Year

                                                                                                                Contact here

                                                                                                                  Comment

                                                                                                                  • dyna mo
                                                                                                                    just a fucking jerk
                                                                                                                    • Dec 2008
                                                                                                                    • 68184
                                                                                                                    #79
                                                                                                                    Originally posted by Sunny Day
                                                                                                                    You can't sell an item at $1 when you pay $1000 for it.

                                                                                                                    My Posts

                                                                                                                    4/12/2013
                                                                                                                    Surprised no one has figured out Bitcoins yet

                                                                                                                    Banks take in deposits in dollars, say $100 they only have to pay out $100 USD when the customer wants his money back. Banks are required to keep 10% of the deposits. The rest they lend out in loans. If they need more than 10% on any given day, the Federal Reserve gives them a short-term loan. So banks never run out of money. It has happened a few times, but with FDIC insurance the depositors get all their money back.

                                                                                                                    MTGOX claims to trade 80% of all bit coin trades. The problem is when they sell Bitcoins they need to keep 100% of the sales as reserves. They do charge fees, but the fees alone probably don't cover their overhead and salaries. So even it Bitcoins remained at a stable price they probably couldn't refund customers at 100%.

                                                                                                                    Since Bitcoins fluctuate in price, that's what going to jam MTGOX up. They started out selling Bitcoins at just a few pennies. Lately Bitcoins have been over $100. It's difficult to sell a product for a few dollars and buy it back for hundreds. That's impossible. Only way they can stay afloat is to constantly bring in new customers paying ever increasing prices.
                                                                                                                    Normally that business model is called a Ponzi scheme.
                                                                                                                    The only other thing that could save the day is Bitcoin buyers actually buy goods and services from other customers but it looks like that's a small percentage of Bitcoins.


                                                                                                                    1/2/2014
                                                                                                                    BitCoin = Fail

                                                                                                                    Study
                                                                                                                    Gresham's Law
                                                                                                                    However, the greatest threat to BitCoins is it's own success. The more valuable it becomes, the more hackers will come after it. It's been hacked, it will be again.


                                                                                                                    2/8/2014

                                                                                                                    Who has the hot potato last

                                                                                                                    There's the optimistic view

                                                                                                                    http://www.newscientist.com/article/...l#.UvcT61OScjV

                                                                                                                    Then there is the technical issues

                                                                                                                    http://www.newscientist.com/article/...l#.UvcT_VOScjW

                                                                                                                    But the $250 drop this week. As I said before, MTGOX has to keep market stability. They can, if buyers outpace sellers. However, if sellers overwhelm buyers, MTGOX has to draw against their dollar balances. Since Bitcoin has skyrocketed, MTGOX has too little cash to cover Bitcoins purchased at $.10 to $600 and have to redeem at $700-1100.
                                                                                                                    Same thing happened to the US Treasury in the 60-70's when they couldn't redeem dollars for gold fast enough. This is Bitcoin's problem.
                                                                                                                    In a stable market, all works well. In an extremely volatile market great fortunes and and poverty can be the result.
                                                                                                                    Market imbalance is one of the major causes the cash of '29.


                                                                                                                    Thanks for the lolz, funniest post of the morning.

                                                                                                                      Comment

                                                                                                                      • NEW XTC
                                                                                                                        Confirmed User
                                                                                                                        • Jun 2010
                                                                                                                        • 738
                                                                                                                        #80
                                                                                                                        "Since Bitcoins fluctuate in price, that's what going to jam MTGOX up. They started out selling Bitcoins at just a few pennies. Lately Bitcoins have been over $100. It's difficult to sell a product for a few dollars and buy it back for hundreds. That's impossible. Only way they can stay afloat is to constantly bring in new customers paying ever increasing prices.
                                                                                                                        Normally that business model is called a Ponzi scheme."

                                                                                                                        wow you are one uninformed motherfucker Sunny Day - its an exchange - other customers buy and sell to each other...jesus christ...do you wear a helmet when you walk in the park?
                                                                                                                        Those who can make you believe absurdities can make you commit atrocities.

                                                                                                                        -Voltaire

                                                                                                                          Comment

                                                                                                                          • ruff
                                                                                                                            I have a plan B
                                                                                                                            • Aug 2004
                                                                                                                            • 5507
                                                                                                                            #81
                                                                                                                            New York Times Article

                                                                                                                            Doesn't look like the big boys are too worried about Bitcoin does it? Opportunity begets opportunity. There will always be the sidelines for rest of you.
                                                                                                                            CryptoFeeds

                                                                                                                              Comment

                                                                                                                              • BlackCrayon
                                                                                                                                Too lazy to set a custom title
                                                                                                                                • Jun 2003
                                                                                                                                • 19634
                                                                                                                                #82
                                                                                                                                they just spend a wack load of money buying gox.com..they won't be going anywhere. however i think they should of completely rebranded. mtgox or gox is completely meaningless in regards to bitcoin.
                                                                                                                                you don't know you're wearing a leash if you sit by the peg all day..

                                                                                                                                  Comment

                                                                                                                                  • pornmasta
                                                                                                                                    Too lazy to set a custom title
                                                                                                                                    • Jun 2006
                                                                                                                                    • 20017
                                                                                                                                    #83
                                                                                                                                    http://bitcoincharts.com/markets/currency/USD.html

                                                                                                                                    mtgox dead ?

                                                                                                                                      Comment

                                                                                                                                      • Wellness Cash
                                                                                                                                        Confirmed User
                                                                                                                                        • Nov 2013
                                                                                                                                        • 343
                                                                                                                                        #84
                                                                                                                                        Dear MtGox Customers,

                                                                                                                                        In the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.

                                                                                                                                        Best regards,
                                                                                                                                        MtGox Team
                                                                                                                                        Wave bye-bye...
                                                                                                                                        Wellness Cash - Launching 2014

                                                                                                                                          Comment

                                                                                                                                          • edgeprod
                                                                                                                                            Permanently Gone
                                                                                                                                            • Mar 2004
                                                                                                                                            • 10019
                                                                                                                                            #85
                                                                                                                                            Originally posted by NEW XTC
                                                                                                                                            "Since Bitcoins fluctuate in price, that's what going to jam MTGOX up. They started out selling Bitcoins at just a few pennies. Lately Bitcoins have been over $100. It's difficult to sell a product for a few dollars and buy it back for hundreds. That's impossible. Only way they can stay afloat is to constantly bring in new customers paying ever increasing prices.
                                                                                                                                            Normally that business model is called a Ponzi scheme."

                                                                                                                                            wow you are one uninformed motherfucker Sunny Day - its an exchange - other customers buy and sell to each other...jesus christ...do you wear a helmet when you walk in the park?
                                                                                                                                            Holy shit, this rocket scientist just found a flaw in the stock market! Take your money out before it's too late!

                                                                                                                                              Comment

                                                                                                                                              • pussyeater
                                                                                                                                                Registered User
                                                                                                                                                • Feb 2014
                                                                                                                                                • 26
                                                                                                                                                #86
                                                                                                                                                Makes me hateful....

                                                                                                                                                  Comment

                                                                                                                                                  • lucas131
                                                                                                                                                    ¯\_(ツ)_/¯
                                                                                                                                                    • Aug 2004
                                                                                                                                                    • 11475
                                                                                                                                                    #87
                                                                                                                                                    anyone said byecoin? sorry to all for their loss ...

                                                                                                                                                      Comment

                                                                                                                                                      • edgeprod
                                                                                                                                                        Permanently Gone
                                                                                                                                                        • Mar 2004
                                                                                                                                                        • 10019
                                                                                                                                                        #88
                                                                                                                                                        Originally posted by lucas131
                                                                                                                                                        anyone said byecoin? sorry to all for their loss ...
                                                                                                                                                        Not sure why Mtgox would affect the coin itself, any more than a bank going under due to mismanagement would affect the dollar on the whole.

                                                                                                                                                          Comment

                                                                                                                                                          • - Jesus Christ -
                                                                                                                                                            Confirmed User
                                                                                                                                                            • Mar 2003
                                                                                                                                                            • 7197
                                                                                                                                                            #89
                                                                                                                                                            Meanwhile... a physical bitcoin bank opened in Cyprus and the security price doubled last night.

                                                                                                                                                            https://www.havelockinvestments.com/...?symbol=NEOBEE

                                                                                                                                                            In a free market EVERYTHING is an opportunity.

                                                                                                                                                            Amen

                                                                                                                                                              Comment

                                                                                                                                                              • NEW XTC
                                                                                                                                                                Confirmed User
                                                                                                                                                                • Jun 2010
                                                                                                                                                                • 738
                                                                                                                                                                #90
                                                                                                                                                                Originally posted by Sunny Day
                                                                                                                                                                You can't sell an item at $1 when you pay $1000 for it.

                                                                                                                                                                My Posts

                                                                                                                                                                4/12/2013
                                                                                                                                                                Surprised no one has figured out Bitcoins yet

                                                                                                                                                                Banks take in deposits in dollars, say $100 they only have to pay out $100 USD when the customer wants his money back. Banks are required to keep 10% of the deposits. The rest they lend out in loans. If they need more than 10% on any given day, the Federal Reserve gives them a short-term loan. So banks never run out of money. It has happened a few times, but with FDIC insurance the depositors get all their money back.

                                                                                                                                                                MTGOX claims to trade 80% of all bit coin trades. The problem is when they sell Bitcoins they need to keep 100% of the sales as reserves. They do charge fees, but the fees alone probably don't cover their overhead and salaries. So even it Bitcoins remained at a stable price they probably couldn't refund customers at 100%.

                                                                                                                                                                Since Bitcoins fluctuate in price, that's what going to jam MTGOX up. They started out selling Bitcoins at just a few pennies. Lately Bitcoins have been over $100. It's difficult to sell a product for a few dollars and buy it back for hundreds. That's impossible. Only way they can stay afloat is to constantly bring in new customers paying ever increasing prices.
                                                                                                                                                                Normally that business model is called a Ponzi scheme.
                                                                                                                                                                The only other thing that could save the day is Bitcoin buyers actually buy goods and services from other customers but it looks like that's a small percentage of Bitcoins.


                                                                                                                                                                1/2/2014
                                                                                                                                                                BitCoin = Fail

                                                                                                                                                                Study
                                                                                                                                                                Gresham's Law
                                                                                                                                                                However, the greatest threat to BitCoins is it's own success. The more valuable it becomes, the more hackers will come after it. It's been hacked, it will be again.


                                                                                                                                                                2/8/2014

                                                                                                                                                                Who has the hot potato last

                                                                                                                                                                There's the optimistic view

                                                                                                                                                                http://www.newscientist.com/article/...l#.UvcT61OScjV

                                                                                                                                                                Then there is the technical issues

                                                                                                                                                                http://www.newscientist.com/article/...l#.UvcT_VOScjW

                                                                                                                                                                But the $250 drop this week. As I said before, MTGOX has to keep market stability. They can, if buyers outpace sellers. However, if sellers overwhelm buyers, MTGOX has to draw against their dollar balances. Since Bitcoin has skyrocketed, MTGOX has too little cash to cover Bitcoins purchased at $.10 to $600 and have to redeem at $700-1100.
                                                                                                                                                                Same thing happened to the US Treasury in the 60-70's when they couldn't redeem dollars for gold fast enough. This is Bitcoin's problem.
                                                                                                                                                                In a stable market, all works well. In an extremely volatile market great fortunes and and poverty can be the result.
                                                                                                                                                                Market imbalance is one of the major causes the cash of '29.
                                                                                                                                                                BRO KEEP THIS COOL... hahaha
                                                                                                                                                                sorry but I just had to read this again - the dumbfuckedness of this post is so massive, so colossal, it's actually entertaining.

                                                                                                                                                                A lot of know-nothings have opined many things on here about Bitcoin but this by FAR takes the cake. I had to read it 3 times before I realized that it's not a parody - the dude is serious...

                                                                                                                                                                There is only one course of action for you genius - delete any potentially incriminating files, format your hard drive, wipe your computer down for prints, take it out back to the dumpster...throw it in...then eat a sandwich, take a nice bath, and forget they ever invented a machine called a computer.
                                                                                                                                                                Those who can make you believe absurdities can make you commit atrocities.

                                                                                                                                                                -Voltaire

                                                                                                                                                                  Comment

                                                                                                                                                                  • Joshua G
                                                                                                                                                                    dumb libs love censorship
                                                                                                                                                                    • Jul 2008
                                                                                                                                                                    • 8198
                                                                                                                                                                    #91
                                                                                                                                                                    nevermind.
                                                                                                                                                                    Last edited by Joshua G; 02-25-2014, 10:00 AM.

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                                                                                                                                                                      • NEW XTC
                                                                                                                                                                        Confirmed User
                                                                                                                                                                        • Jun 2010
                                                                                                                                                                        • 738
                                                                                                                                                                        #92
                                                                                                                                                                        Originally posted by JoshGirls Josh
                                                                                                                                                                        he's actually describing what exchanges do...as other customers do not buy & sell from each other. on any given day there are more buyers then sellers, & vice versa. So customers buy coins off gox & put them in their wallet, or sell coins to gox & cash out. As such gox needs an inventory of cash & coins to cover all transactions, & the volatility of the coin's price does effect whether gox can stay liquid. This is financial economics 101.

                                                                                                                                                                        wow you are one uninformed motherfucker. do you wear a helmet when you walk in the park?

                                                                                                                                                                        um nope...they put cash on account ahead of any buy...ooops you dun fucked up
                                                                                                                                                                        Those who can make you believe absurdities can make you commit atrocities.

                                                                                                                                                                        -Voltaire

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                                                                                                                                                                          • Paul
                                                                                                                                                                            Confirmed User
                                                                                                                                                                            • Nov 2002
                                                                                                                                                                            • 2637
                                                                                                                                                                            #93
                                                                                                                                                                            Originally posted by NEW XTC
                                                                                                                                                                            BRO KEEP THIS COOL... hahaha
                                                                                                                                                                            sorry but I just had to read this again - the dumbfuckedness of this post is so massive, so colossal, it's actually entertaining.

                                                                                                                                                                            A lot of know-nothings have opined many things on here about Bitcoin but this by FAR takes the cake. I had to read it 3 times before I realized that it's not a parody - the dude is serious...

                                                                                                                                                                            There is only one course of action for you genius - delete any potentially incriminating files, format your hard drive, wipe your computer down for prints, take it out back to the dumpster...throw it in...then eat a sandwich, take a nice bath, and forget they ever invented a machine called a computer.
                                                                                                                                                                            Calm down Franck

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                                                                                                                                                                              • Paul
                                                                                                                                                                                Confirmed User
                                                                                                                                                                                • Nov 2002
                                                                                                                                                                                • 2637
                                                                                                                                                                                #94
                                                                                                                                                                                Originally posted by JoshGirls Josh
                                                                                                                                                                                nevermind.
                                                                                                                                                                                Never argue with an idiot. They will only bring you down to their level and beat you with experience

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                                                                                                                                                                                  • dyna mo
                                                                                                                                                                                    just a fucking jerk
                                                                                                                                                                                    • Dec 2008
                                                                                                                                                                                    • 68184
                                                                                                                                                                                    #95
                                                                                                                                                                                    Originally posted by Paul
                                                                                                                                                                                    Never argue with an idiot. They will only bring you down to their level and beat you with experience
                                                                                                                                                                                    I don't always agree with NEW XTC's opinions on everything but he is certainly aware of the facts re: bitcoins and how mtgox operated.

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                                                                                                                                                                                      • NEW XTC
                                                                                                                                                                                        Confirmed User
                                                                                                                                                                                        • Jun 2010
                                                                                                                                                                                        • 738
                                                                                                                                                                                        #96
                                                                                                                                                                                        I wasn't around for a while so I missed Franck - but who was he? I've been called that a few times (by the same dude) - but alas I am not he...sorry to disappoint.


                                                                                                                                                                                        Nice save Joshgirls..or attempted save that is.
                                                                                                                                                                                        Those who can make you believe absurdities can make you commit atrocities.

                                                                                                                                                                                        -Voltaire

                                                                                                                                                                                          Comment

                                                                                                                                                                                          • Joshua G
                                                                                                                                                                                            dumb libs love censorship
                                                                                                                                                                                            • Jul 2008
                                                                                                                                                                                            • 8198
                                                                                                                                                                                            #97
                                                                                                                                                                                            Originally posted by NEW XTC
                                                                                                                                                                                            Nice save Joshgirls..or attempted save that is.
                                                                                                                                                                                            im done commenting on bitcoin. My site needs TLC. GL on your trades.

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                                                                                                                                                                                              • 420
                                                                                                                                                                                                cuck
                                                                                                                                                                                                • Mar 2003
                                                                                                                                                                                                • 11571
                                                                                                                                                                                                #98
                                                                                                                                                                                                Frank invented bitcoin, his pseudonym is satoshi. Ask anyone on gfy and they'll tell you the same.

                                                                                                                                                                                                Also, teencat, you must mean buycoin?
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                                                                                                                                                                                                  • pornmasta
                                                                                                                                                                                                    Too lazy to set a custom title
                                                                                                                                                                                                    • Jun 2006
                                                                                                                                                                                                    • 20017
                                                                                                                                                                                                    #99
                                                                                                                                                                                                    Originally posted by 420
                                                                                                                                                                                                    Frank invented bitcoin, his pseudonym is satoshi. Ask anyone on gfy and they'll tell you the same.

                                                                                                                                                                                                    Also, teencat, you must mean buycoin?
                                                                                                                                                                                                    no, currently sober is the creator of shitcoin, he couldn't afford stuff so he created money

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                                                                                                                                                                                                      • CAHEK
                                                                                                                                                                                                        C.C.C.P.
                                                                                                                                                                                                        • Aug 2003
                                                                                                                                                                                                        • 7414
                                                                                                                                                                                                        #100
                                                                                                                                                                                                        Pharma from True-Meds. High converting shop in Europe and USA, fast payouts via BTC !!!

                                                                                                                                                                                                        Make Europe Poor Again (MEPA)

                                                                                                                                                                                                          Comment

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