Is it the beginning of the end for Bitcoin? Virtual currency in turmoil as rumoured $375m theft - GoFuckYourself.com

DVTimes · 02-25-2014, 10:19 AM

The credibility of Bitcoin has been dealt a serious blow after a suspected theft of $375m of the virtual currency closed one of the major exchanges through which it is traded.

The website of Tokyo-based Mt.Gox - which allows Bitcoin to be traded for US dollars - was shut down today after it had already halted cash withdrawals in the wake of rumours that hackers had managed to steal 745,000 Bitcoin.

The crisis at Mt.Gox will raise questions over the future of Bitcoin, which had surged in value last year and attracted the global attention of mainstream businesses and investors.

http://www.dailymail.co.uk/money/new...-exchange.html

Clark · 02-25-2014, 10:29 AM

I doubt it. There's too much VC and investment in related services now, too many interested parties. It definitely doesn't help the race to get it into more lay people hands though which is the critical step for bitcoin.

It will probably just temper expectation and news coverage until the next run up in price then everyone will get all excited again.

DWB · 02-25-2014, 10:29 AM

I'll ask WeHatePorn and report back to you.

dyna mo · 02-25-2014, 10:35 AM

That's like saying the Brinks gold theft was the beginning of the end of gold.

brassmonkey · 02-25-2014, 10:43 AM

Quote:

Originally Posted by dyna mo

That's like saying the Brinks gold theft was the beginning of the end of gold.

people hated on paypal when they first came out

DamianJ · 02-25-2014, 10:45 AM

Does that look like a man who understands crypto currencies?

edgeprod · 02-25-2014, 11:00 AM

Hahaha, this is almost as funny as it is stupid. "Major" exchange, bah hahaha.

PR_Glen · 02-25-2014, 11:17 AM

Quote:

Originally Posted by dyna mo

That's like saying the Brinks gold theft was the beginning of the end of gold.

I'll agree with you that its probably not going anywhere any time soon but lets not go comparing it to gold now, that is just ridiculous.

- Jesus Christ - · 02-25-2014, 11:25 AM

Quote:

Originally Posted by PR_Glen

I'll agree with you that its probably not going anywhere any time soon but lets not go comparing it to gold now, that is just ridiculous.

Agreed.

Cryptocurrencies are far better than gold and the comparison is quite ridiculous.

dyna mo · 02-25-2014, 11:33 AM

Quote:

Originally Posted by PR_Glen

I'll agree with you that its probably not going anywhere any time soon but lets not go comparing it to gold now, that is just ridiculous.

I didn't compare it to gold. I compared the event of what happened to gox to the event of what happened to brinks.

JFK · 02-25-2014, 12:21 PM

Quote:

Originally Posted by - Jesus Christ -

Agreed.

Cryptocurrencies are far better than gold and the comparison is quite ridiculous.

yeah , right, ok

NEW XTC · 02-25-2014, 12:34 PM

I understand why the naysayers who missed out on the crypto paradigm are so gleeful when there is a glitch (gox isn't actually a real glitch) so many post were flying about "imaginary currency" "Bitcoin Ponzi" etc...I feel your pain guys, it's sucks to be so so SO wrong about something so important..especially when you are supposedly in the Internet Biz.

But just as I suspected - Gox going down looks to be barely a speed bump - not even the big crash (buy opp) I was hoping for. Damn.

02-25-2014, 10:19 AM	#1
DVTimes xxx Industry Role: Join Date: Jun 2003 Location: UK Posts: 31,544	Is it the beginning of the end for Bitcoin? Virtual currency in turmoil as rumoured $375m theft The credibility of Bitcoin has been dealt a serious blow after a suspected theft of $375m of the virtual currency closed one of the major exchanges through which it is traded. The website of Tokyo-based Mt.Gox - which allows Bitcoin to be traded for US dollars - was shut down today after it had already halted cash withdrawals in the wake of rumours that hackers had managed to steal 745,000 Bitcoin. The crisis at Mt.Gox will raise questions over the future of Bitcoin, which had surged in value last year and attracted the global attention of mainstream businesses and investors. http://www.dailymail.co.uk/money/new...-exchange.html __________________ The Affiliate Program

02-25-2014, 10:29 AM	#2
Clark Confirmed User Industry Role: Join Date: Feb 2003 Location: L.A. Posts: 334	I doubt it. There's too much VC and investment in related services now, too many interested parties. It definitely doesn't help the race to get it into more lay people hands though which is the critical step for bitcoin. It will probably just temper expectation and news coverage until the next run up in price then everyone will get all excited again. __________________ The 2 rules for success: 1. Never reveal everything you know 2.

02-25-2014, 12:34 PM	#12
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	I understand why the naysayers who missed out on the crypto paradigm are so gleeful when there is a glitch (gox isn't actually a real glitch) so many post were flying about "imaginary currency" "Bitcoin Ponzi" etc...I feel your pain guys, it's sucks to be so so SO wrong about something so important..especially when you are supposedly in the Internet Biz. But just as I suspected - Gox going down looks to be barely a speed bump - not even the big crash (buy opp) I was hoping for. Damn. __________________ Those who can make you believe absurdities can make you commit atrocities. -Voltaire

02-25-2014, 10:29 AM	#3
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	I'll ask WeHatePorn and report back to you.

02-25-2014, 10:35 AM	#4
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 65,015	That's like saying the Brinks gold theft was the beginning of the end of gold.

02-25-2014, 10:45 AM	#6
DamianJ Too lazy to set a custom title Industry Role: Join Date: Jul 2006 Location: A magical land Posts: 15,808	Does that look like a man who understands crypto currencies?

02-25-2014, 11:00 AM	#7
edgeprod Permanently Gone Industry Role: Join Date: Mar 2004 Posts: 10,019	Hahaha, this is almost as funny as it is stupid. "Major" exchange, bah hahaha.