MTGOX is finally dead - Page 3 - GoFuckYourself.com

NEW XTC · 02-25-2014, 12:40 PM

this reeks of all out fraud

http://www.scribd.com/doc/209050732/...Strategy-Draft

if its real (actually drafted by Gox) it could be a pure fiction, cleverly designed to create the appearance that they will rise from the ashes.

Expert opinions?

420 · 02-25-2014, 12:43 PM

Quote:

Originally Posted by pornmasta

no, currently sober is the creator of shitcoin, he couldn't afford stuff so he created money

cs = vlad? lol

I actually have a few billion sht that I mined in the first few hours of release. bitcointalk.org/index.php?topic=307419.0

Paul · 02-25-2014, 12:45 PM

Quote:

Originally Posted by dyna mo

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.

The only people who really know how Mt Gox operated are Mt Gox, it's all open to speculation on whether it was incompetence or fraud. We'll probably never know

It's staggering the sheer scale of the damage this has done to the image of Bitcoin and the effect it'll have on traders trusting other exchanges.

I don't understand how anyone could have the viewpoint below and think it's a positive thing for Bitcoin.

Quote:

Originally Posted by NEW XTC

I've been rooting for the demise of Gox for a long time

I think this point stands out from the leaked Mt Gox Crisis Strategy Draft

Quote:

The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company. However, with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly. At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public

I think most of what is quoted is total bullshit but how governments react to the Mt Gox fiasco could well be significant and I'm sure we'll find out in the next few months.

Mt Gox demise is bad news for everyone involved in Bitcoin

420 · 02-25-2014, 12:54 PM

Quote:

Originally Posted by NEW XTC

this reeks of all out fraud

http://www.scribd.com/doc/209050732/...Strategy-Draft

if its real (actually drafted by Gox) it could be a pure fiction, cleverly designed to create the appearance that they will rise from the ashes.

Expert opinions?

Could be real and full of lies I guess. It says they have 2k btc in the hot wallet (entire cold storage allegedly stolen) but they owe customers 625k btc. Then it goes on to say they need approximately 200k bitcoins to clear the books.

dyna mo · 02-25-2014, 12:54 PM

Quote:

Originally Posted by Paul

The only people who really know how Mt Gox operated are Mt Gox, it's all open to speculation on whether it was incompetence or fraud. We'll probably never know

I was referring to his/her comments re: how the exchange is funded and works from a customer's standpoint.

Wellness Cash · 02-25-2014, 12:59 PM

Sorry it seems I was wrong... MTG isn't dead...

AsianDivaGirlsWebDude · 02-25-2014, 01:09 PM

Quote:

FINANCE PROFESSOR: Bitcoin Will Crash To $10 By Mid-2014

At the start of December, Bitcoin topped out at over $1,200 as e-currency evangelists trumpeted the endless possibilities to be unleashed, comparing it to the breakthroughs not achieved since the start of the internet revolution.

Bitcoiners claimed market disruption would bring credit card companies and payment platforms such as Western Union to their knees. Some even claimed that Bitcoin would supplant the U.S. dollar as the new global reserve currency.

Adding more helium to the story, the Winklevoss twins of Facebook fame, not being shy about talking up their own book, predicted prices would rise to a staggering $40,000 per coin.

And from January to December 2013, markets obeyed with prices rising over 8,000 percent. In the mist of this hype, it appeared that the Bitcoin Revolution was on its way to transforming the economy, putting central bankers out of work and minting new e-currency millionaires daily. Bitcoin was priced for perfection.

This past week, however, the market didn?t stick to the script. Instead it began to challenge the rhetoric, knocking prices down as low as $535, a drop of about 55 percent from recent highs. The market has finally realized that hype alone cannot support lofty prices. Bitcoin is not a legitimate currency but simply a risky virtual commodity bet.

Flawed DNA

Since inception, Bitcoin has had a flawed DNA. It was dreamed up in a virtual world -- by computer geeks -- but was to be applied in the real world. Bitcoin is steep in Libertarian and anti-Fed dogma but weak in understanding of how global economics, central banking policies and financial markets function.

The lifeblood of the global capital markets is money ? greenbacks -- transactional currency that facilitates commerce. Virtual currency can create value and efficiency but it needs to be linked to fiscal and monetary policy. To assume currency can be computer generated, run in a decentralized manner and outside of the central banking system and controls is farcical and economically dangerous.

For currency to be adopted as a medium of exchange there has to be trust in the ability to honor the underlying obligation and the ability for central banking policy to control inflation. Historically the Fed has done a remarkable job maintain an average inflation rate of no greater than 2.5 percent. Given that two-thirds of U.S. GDP is driven by consumption, price stability in currency is essential. Without it, GDP growth is retarded and standard of living shrinks.

Even from a basic operational standpoint there are major flaws in Bitcoin structure. For example, it is assumed that miners will behave in a responsible way and not game the system for greater financial reward. Ignored is the human element and need for controls to keep pace as increases in market prices increase incentives to cheat. Fraud is also on the rise. Recently reported was that $220 million in Bitcoins were stolen and not recovered (Business Insider, 12/4/13).

Meantime, the inherent secrecy of coin ownership decreases the ability to prevent and potentially solve crimes. There is also little legal protection for investors and significant financial risk if an owner?s hard drive gets corrupted, the computer is stolen or lost, rendering Bitcoin Wallets permanently lost.

Should transfer instructions be incorrect and payments credited to a wrong account, Bitcoin transfers are not easily reversible. Moreover, the Bitcoin authenticity process also takes time which is not conducive to high volume retail sales where customers want to get in, pay for their goods and get out with no delay. In contrast, storeowners will be hesitant to have customers walk out the door with product, especially if authenticity process is not completed.

Unfit as a Currency

Bitcoin lacks the essential attributes that are needed to support a widely recognized transactional currency. If Bitcoin was allowed to proliferate as a currency it would produce greater economic uncertainty, reduced trade and lower individual standard of living.

Bitcoin has not taken off as a transactional currency and is further undermined by the fact that the majority of Bitcoin owners hoard e-coins. The more hoarded the less available to buy goods and services and spur economic growth.

In Bitcoin World it is not uncommon for prices to change by 20 or 30 percent in a given day, making Bitcoin toxic to economic growth. Price swings produce conflicting behavior. Retailers work on tight margins, sometimes as low as 10 percent. Such daily price fluctuations would eliminate all profit and inflict needless losses.

Unless retailers want to be in the commodity trading business, they would not be interested in taking Bitcoin risk. At restaurants, Bitcoiners expecting coin values to drop might rush to pay for dinner even before the first entree arrives while restaurateurs would be motivated to delay payment until the drop occurred. If Bitcoin owners believe value would increase, they would hoard more coins and velocity of money would decline, harming economic growth.

In this Bitcoin World of currency uncertainty, guessing and risk, commerce would decline and bartering would increase. Naturally, as Bitcoin price swings increased, the number of businesses willing to accept e-currency risk would decline. This is why in recent weeks, as large price movements have occurred, we have seen more credible retailers saying ?No? to Bitcoin.

High-Risk Commodity

Bitcoin has been trading like an out-of-control rollercoaster with price movements in 2013 climbing from $13 to $1,200 and then in only a week, careening down to a low of $535.

This high-test virtual commodity has 8 times the volatility of the S&P 500 and presents significant liquidity risk. There are now over 12 million Bitcoins outstanding. This volume of ownership has not been bear-market tested and if enough sellers try to run for the door it is not clear that existing infrastructure is capable of executing trade orders without significant time delays and price risk.

The buying and selling of Bitcoin is also controlled by only a handful of exchanges in places like China, Slovenia and Bulgaria. These exchanges are based on a peer-to-peer model and regulation is light with price disparities between exchanges commonplace. Exchange bankruptcies are not uncommon.

In November, GBL, a Hong Kong based Bitcoin exchange closed it?s doors, costing investors over $4 million. As a virtual commodity, it is a high-risk bet in a wild-west atmosphere, requiring speculators to stay cautiously alert.

China Pricked the Bubble

Every asset bubble has three stages; growth, maturity and pop. Growth started in 2011, followed by the maturity stage in 2013 and now the pop stage. The pin that burst the Bitcoin hyper bubble was China.

Ironically, China, the second largest economy in the world, helped push Bitcoin prices to the clouds and now is pulling prices back to earth. In the last week, China has delivered three knockdown punches.

First the central bank forbade its banks from accepting Bitcoin as currency. Then, Baidu, China?s Google equivalent, announced it would no longer process Bitcoins. Finally, China banned third-party payment companies from transacting with Bitcoin exchanges.

This last announcement significantly weakens market liquidity for BTC China, the largest Bitcoin exchange. By voting ?No? on Bitcoin, China fueled greater market skepticism. Markets have already responded by lopping off, at the low, $6 billion in Bitcoin investment value.

Other wealthy and powerful countries have taken a similar position, warning against the risks of this wannabe currency. Moves by European Banking Authority representing the largest economy in the world, France, the fifth largest economy and Norway, the wealthiest in Scandinavia all point to a growing number of roadblocks.

Last month, Fed Chairman Ben Bernanke indicated e-currency ?may have long-term promise? but his statement was not a ringing endorsement for Bitcoin adoption. To the contrary, as large price swings continue, U.S. and other G20 countries will raise concerns, restrictions and begin clamping down on virtual currencies.

Bitcoin has seen an end to its hyper price run-up and can no longer support being priced for perfection. Unlike gold which has tangible value, Bitcoin is backed by hopes/dreams and only worth what people are willing to pay.

As it becomes increasingly evident that Bitcoin will not be the global currency standard, but simply a novel idea that will be improved upon by more nimble competitors such as Litecoin, restrictions and new regulations will be imposed and prices will plummet.

I predict that Bitcoin will trade for under $10 a share by the first half of 2014, single digit pricing reflecting its option value as a pure commodity play. Miners/speculators will be best served to acknowledge the meltdown has begun, act quickly and take fleeting profit off the table.

(Williams, a former commodities trading floor senior executive and Federal Reserve bank examiner, teaches finance at Boston University School of Management.)

Read more: http://www.businessinsider.com/willi...#ixzz2uMmV1CLq

Sorry if anyone's BitCoin bubble has burst...

ADG

itx · 02-25-2014, 01:13 PM

I don't own Bitcoins but the value of this currency is determined by an exchange service? is like if the value of the US dollar was affected by the shutdown of a service like ePassporte.

420 · 02-25-2014, 01:18 PM

ADG, I stopped reading at "FINANCE PROFESSOR".

Actually, I read up until this part.

Quote:

There is also little legal protection for investors and significant financial risk if an owner?s hard drive gets corrupted, the computer is stolen or lost, rendering Bitcoin Wallets permanently lost.

ruff · 02-25-2014, 01:30 PM

I'm buying all that I can. The more I buy at today's price the cheaper it is for the price I paid weeks ago.

NEW XTC · 02-25-2014, 01:57 PM

Quote: 420: I don't understand how anyone could have the viewpoint below and think it's a positive thing for Bitcoin.

Quote:
Originally Posted by NEW XTC View Post
I've been rooting for the demise of Gox for a long time

Really - that clusterfuck of a piece of shit of an exchange has been a huge thorn in the side of Bitcoin for a long time - do I have to go into all the reasons?

I certainly didn't know the extent of the "theft" (staffers?) I sure dont want all those people to lose their money. All I care about is where BTC will be in 5 years when I plan to retire young.

I see Gox going down as big positive for BTC long term - we need real finance professionals running exchanges, not gamer kooks like Karpeles - if you disagree please enlighten us: Just exactly how is Gox going south a bad thing for BTC long term?

PS.
Of all the know-absolutely-nothing naysayers rooting for Bitcoins demise (no doubt due to the embarrassment of being left behind) ADG - you are the most annoying.

CoinBet · 02-25-2014, 02:11 PM

Bitcoin are in motion.

nexcom28 · 02-25-2014, 02:48 PM

My

I agree that MTGox shutting down would be good for Bitcoin long term however I am pretty sure the media and governments will have a field day and it's bound to shake confidence in the market.

MTG have dragged bitcoin through the dirt for ages. Shitty exchange that doesn't deserve to stay in business.

For me, it beggars belief that so many got stung keeping bitcoin or usd on the exchange. Personally, every transaction I would ensure my account was cleared. Were you people not taught to keep your btc online.

Bottom line, MTG going belly up doesn't change anything for bitcoins long term future. It's still an amazing piece of technology with many advantages despite what ADG and his ilk will spout.

NEW XTC · 02-25-2014, 03:08 PM

Quote:

Originally Posted by nexcom28

My

I agree that MTGox shutting down would be good for Bitcoin long term however I am pretty sure the media and governments will have a field day and it's bound to shake confidence in the market.

MTG have dragged bitcoin through the dirt for ages. Shitty exchange that doesn't deserve to stay in business.

For me, it beggars belief that so many got stung keeping bitcoin or usd on the exchange. Personally, every transaction I would ensure my account was cleared. Were you people not taught to keep your btc online.

Bottom line, MTG going belly up doesn't change anything for bitcoins long term future. It's still an amazing piece of technology with many advantages despite what ADG and his ilk will spout.

Well said.

Adam_M · 02-25-2014, 03:16 PM

It's DEAD now!

adultmobile · 02-25-2014, 03:27 PM

It says $525 this ticker now, not so bad still

nexcom28 · 02-25-2014, 03:35 PM

Quote:

Originally Posted by adultmobile

It says $525 this ticker now, not so bad still

That's because you are viewing the rate on an exchange that doesn't suck. Bitstamp for example.
If you were to view the mtgox ticker it would show around $100

AsianDivaGirlsWebDude · 02-25-2014, 04:09 PM

No one can say later that there was not plenty of warning...

ADG

nexcom28 · 02-25-2014, 04:21 PM

ADG. The fall of MTG is probably one of the biggest hurdles bitcoin will have to overcome this year (and we are still only in February).

With that said I will bet you the equivalent of 1btc ($526 at today's value) that the price of bitcoin will be higher than the current value in 3 months time.

If you want to take this bet send me a PM.

NEW XTC · 02-25-2014, 04:38 PM

Quote:

Originally Posted by nexcom28

ADG. The fall of MTG is probably one of the biggest hurdles bitcoin will have to overcome this year (and we are still only in February).

With that said I will bet you the equivalent of 1btc ($526 at today's value) that the price of bitcoin will be higher than the current value in 3 months time.

If you want to take this bet send me a PM.

ADG is just a hit and run thread bomber - absolutely zero knowledge of anything she talks about - just spends her entire day searching for fun graphics to impress people...

If she takes your bet I will double her payoff if she wins.

(btw if you're a dude ADG..you sure dont seem like one)

Sunny Day · 02-25-2014, 05:03 PM

Quote:

Originally Posted by NEW XTC

um nope...they put cash on account ahead of any buy...ooops you dun fucked up

Since I'm so dumb, I'll have to explain it in simple terms. Hopefully your smart brain can follow.

I buy 1BC from MtGox for $100 + fees. MtGox then holds my BC. In the mean time, on other exchanges BC has risen to $150., but MtGox hasn't sold any more BCs, so they only have $100 in reserve. I decide to sell my 1BC for $150. MtGox can't cover the sale.

Simplistic view, but when you multiply that by a fast rising commodity and lots of sellers wanting to cash out, that what happens.

420 · 02-25-2014, 05:08 PM

Quote:

Originally Posted by Sunny Day

Since I'm so dumb, I'll have to explain it in simple terms. Hopefully your smart brain can follow.

I buy 1BC from MtGox for $100 + fees. MtGox then holds my BC. In the mean time, on other exchanges BC has risen to $150., but MtGox hasn't sold any more BCs, so they only have $100 in reserve. I decide to sell my 1BC for $150. MtGox can't cover the sale.

Simplistic view, but when you multiply that by a fast rising commodity and lots of sellers wanting to cash out, that what happens.

I think you're missing the point. Gox isn't a retail store that has to buy inventory to sell. They're just the middle man between 2 people buying and selling bitcoins. Gox makes about 50 cents for every $100 spent regardless of the price of bitcoin.

ruff · 02-25-2014, 05:44 PM

Knowledge is power.

jscott · 02-25-2014, 06:00 PM

Sorry ADG, I know u seem like a smart guy and all, generally speaking, but your last post in this thread seriously was a "thread bomb", troll-like, ridiculously low class post.

AsianDivaGirlsWebDude · 02-25-2014, 07:59 PM

Quote:

Originally Posted by jscott

Sorry ADG, I know u seem like a smart guy and all, generally speaking, but your last post in this thread seriously was a "thread bomb", troll-like, ridiculously low class post.

We've had thread after thread on GFY by bitcoin apostles who defend bitcoin regardless of how much bad news comes out about it. I consider my last post a small counter-balance.

Let's break down the images I posted...

There has been case-after-case of people/companies high-up in the bitcoin food chain who have been arrested on serious criminal/civil charges, and shady bitcoin organizations closing down operations overnight, which threaten to undermine confidence in the entire bitcoin system - but don't take my word for it, do your own research:

Bitcoin Savings and Trust:

Quote:

SEC Confirms That Bitcoin Savings & Trust Was A Ponzi Scheme; Files Lawsuit

GBL Bitcoin exchange:

Quote:

The GBL Bitcoin exchange held as much as $4.1 million USD worth of the digital currency for its customers. But on October 26, 2013, it was taken offline.

Silk Road:

Silk Road was the de facto symbol of the legions of bitcoin devotees who view bitcoin as a thumb in the eye of the established banking systems.

Quote:

Federal officials announced a grand jury indictment Tuesday of 29-year-old Ross Ulbricht, the man accused of creating online drug marketplace Silk Road.
Ulbricht, who remains in custody after being arrested back in October, could be behind bars for the rest of his life. He is charged with engaging in a continuing criminal enterprise, computer hacking, money laundering, and operating a narcotics conspiracy.

BitInstant:

Quote:

On January 26, 2014, Shrem was arrested at New York's JFK Airport on money laundering charges. Prosecutors allege that Shrem and another defendant, Robert Faiella, conspired to supply bitcoins to users of the original Silk Road marketplace.

Charlie Shrem is a founding member of the Bitcoin Foundation and was Vice Chairman until late January 2014 (when he was arrested).

The Mt Gox meltdown:

Quote:

The survival of Bitcoin-trading exchange Mt.Gox was in doubt Monday after its CEO left the digital currency's top advocacy group and the exchange's website went offline.

Mt.Gox chief executive Mark Karpeles resigned from the Bitcoin Foundation's board of directors on Sunday. Former colleagues said he left the organization to focus his attention on Mt. Gox's copious issues.

While some may brush aside and poo-poo Mt Gox as a rouge outfit (after they went under), the fact is Mt Gox was the largest bitcoin exchange on the internet, and some hundreds of millions is unaccounted for and may be lost.

Until being unceremoniously tossed under the bus, Mt Gox was one of the major players at the Bitcoin Foundation.

Silk Road 2:

Quote:

Silk Road 2 moderator Defcon reported in a forum post that hackers have used a transaction malleability exploit to hack the marketplace. The hackers stole 4474.26 bitcoins worth $2,747,000, emptying the site?s escrow account.

BTC China:

Quote:

The exchange, BTC China, made the announcement in a post on its verified account on Weibo, China?s Twitter-like messaging service.

The development comes less than two weeks after China?s central bank and four other government agencies that regulate finance and technology issued a joint announcement banning Chinese financial institutions from dealing in the virtual currency.

It's not just in the US that bitcoin is being met with increased scrutiny and measures to reign it in, or ban it altogether:

Russia:

Quote:

(Reuters) - Russian authorities have issued warnings against using Bitcoin, saying the virtual currency could be used for money laundering or financing terrorism and that treating it as a parallel currency is illegal.

"Systems for anonymous payments and cyber currencies that have gained considerable circulation - including the most well-known, Bitcoin - are money substitutes and cannot be used by individuals or legal entities," the Russian Prosecutor General's Office said on February 6th.

It added that Russian law stipulates that the rouble is the sole official currency and that introducing any other monetary units or substitutes was illegal.

Russia's central bank also said on January 27th, that Bitcoin trade was highly speculative and that the unit carried a big risk of losing value.

"Citizens and legal entities risk being drawn - even unintentionally - into illegal activity, including laundering of money obtained through crime, as well as financing terrorism," it warned.

The Prosecutor's General Office said it was working with the central bank and other law enforcement agencies to tighten regulations and prevent legal offences committed with the use of pseudo-currencies.

More governments turning against Bitcoin:

Quote:

Russia is only the latest country to release a statement detailing its position on Bitcoin. In early December, China barred financial institutions from using Bitcoin, though it didn't ban the currency outright.

In late January, Canada released a statement that said Bitcoin is not legal tender in the country. Countries like these have expressed skepticism in Bitcoin not only because of its links to money laundering, but also for its overall volatility.

Most recently, on February 7th, a string of thefts hit Bitcoin's most reputable wallet service Coinbase, while leading Bitcoin exchange Mt. Gox suspended withdrawals, causing prices to plummet.

Many bitcoin proponents are in serious denial if they think the examples I cited above (and there are plenty more) are not indicative of some rather serious and potentially fatal problems/flaws with bitcoin.

Just because someone posts an opposing viewpoint does not mean they are trolling.

ADG

jscott · 02-25-2014, 08:08 PM

How about try looking at it this way... bitcoins as poker chips? Sure is "fake money" to those haters, so lets look at it as fake money then.

Let us gamblers play, enjoy or wins, and accept our losses. No need to hate on the chips, nor the casinos right? Why so many people seem to feel so threatened from bitcoins?

And that mtgox thing could have been avoided. The EXCHANGE fucked everyone, not the bitcoins! Each and every single bitcoin could be stored on peoples "cold storage" on paper or usb drives.

jscott · 02-25-2014, 08:11 PM

Btw, when i say trolling i mean blind 1-sidedness

like:
personA: bitcoin can do this.....
troll: i dont care! it's the devil
personA: bitcoin is capable of this....
troll: im not listening, la la la la la
personA: mtgox went down bcos....
troll: mtgox is bitcoin... it's devil la la la

(take it with a dash of humor pls)

ruff · 02-25-2014, 08:28 PM

Bitcoin has a lot of the attributes of porn including the bad. Just saying...
The price of Bitcoin seems to be edging up. I wonder if that is a trend.

AsianDivaGirlsWebDude · 02-25-2014, 08:54 PM

Quote:

Originally Posted by jscott

Btw, when i say trolling i mean blind 1-sidedness

like:
personA: bitcoin can do this.....
troll: i dont care! it's the devil
personA: bitcoin is capable of this....
troll: im not listening, la la la la la
personA: mtgox went down bcos....
troll: mtgox is bitcoin... it's devil la la la

(take it with a dash of humor pls)

I read GFY, so I know a lot about the many sides (not only two) to bitcoin.

When I cut and paste an article, that is usually a sign that I have read it (and generally several other publications/viewpoints on the issue/subject while I was at it), because that's how this so-called troll rolls...

Different sides of the bitcoin debate:

http://www.debate.org/debates/Bitcoi...tally-sound/1/

Have luck!

ADG

pornmasta · 02-25-2014, 10:28 PM

Quote:

Originally Posted by Sunny Day

Since I'm so dumb, I'll have to explain it in simple terms. Hopefully your smart brain can follow.

I buy 1BC from MtGox for $100 + fees. MtGox then holds my BC. In the mean time, on other exchanges BC has risen to $150., but MtGox hasn't sold any more BCs, so they only have $100 in reserve. I decide to sell my 1BC for $150. MtGox can't cover the sale.

Simplistic view, but when you multiply that by a fast rising commodity and lots of sellers wanting to cash out, that what happens.

no there is an error: if people are selling then the price will drop

pornmasta · 02-25-2014, 11:16 PM

Quote:

Originally Posted by jscott

Btw, when i say trolling i mean blind 1-sidedness

like:
personA: bitcoin can do this.....
troll: i dont care! it's the devil
personA: bitcoin is capable of this....
troll: im not listening, la la la la la
personA: mtgox went down bcos....
troll: mtgox is bitcoin... it's devil la la la

(take it with a dash of humor pls)

troll: someone i disagree with

pornmasta · 02-25-2014, 11:29 PM

Mtgox.. the good old time:
https://web.archive.org/web/20090812...www.mtgox.com/

DWB · 02-26-2014, 07:44 AM

Another large btc sales day for us. No doubt some guys are nervous and dumping them, and I'll happily take them.

NEW XTC · 02-26-2014, 07:45 AM

Quote:

Originally Posted by AsianDivaGirlsWebDude

Sorry if anyone's BitCoin bubble has burst...

ADG

It boggles the mind why anyone (ADG) would want to come in here and copy giant text walls - http://www.businessinsider.com/willi...#ixzz2uMmV1CLq of just totally bogus misinformation. A lot of people have done that about Obamacare - this business insider editorial is exactly like a Fox news editorial about Obamacare - it's just riddled with non-facts and patently bogus predictions that have basically zero chance of becoming reality as well as wild conjecture about how traditional models MUST work, and that something new that doesn't follow tradition can't possibly work

"The lifeblood of the global capital markets is money – greenbacks -- transactional currency that facilitates commerce. Virtual currency can create value and efficiency but it needs to be linked to fiscal and monetary policy. To assume currency can be computer generated, run in a decentralized manner and outside of the central banking system and controls is farcical and economically dangerous." FARCICAL? oh reeeally?

"Bitcoin lacks the essential attributes that are needed to support a widely recognized transactional currency. If Bitcoin was allowed to proliferate as a currency it would produce greater economic uncertainty, reduced trade and lower individual standard of living." Lower the standard of living huh bro? Now you are just makin shit up.

"Last month, Fed Chairman Ben Bernanke indicated e-currency “may have long-term promise” but his statement was not a ringing endorsement for Bitcoin adoption. To the contrary, as large price swings continue, U.S. and other G20 countries will raise concerns, restrictions and begin clamping down on virtual currencies." First of all the internet is global - who gives a flying fuck what the Fed says, nothing they do can touch it - and regulation? Regulation can only help to legitimize and strengthen BTC, not the reverse.

"I predict that Bitcoin will trade for under $10 a share by the first half of 2014, single digit pricing reflecting its option value as a pure commodity play. Miners/speculators will be best served to acknowledge the meltdown has begun, act quickly and take fleeting profit off the table."
Guess what genius - it's almost March, BTC is over $500 and it aint going down anytime soon.

ADG you say you read various viewpoints and paste the ones you align yourself with - well what the fuck are you doing aligning yourself with an an obviously ALREADY PROVEN WRONG article...then you post a whole bunch of graphics to bolster your proven-wrong opinion. You are making an absolute fool of yourself here - you took a stand early ridiculing BTC with all your fun memes and images and now you jump at every chance to say "Look everyone I was right!" weeee - you're like a 10 year old who hates to be wrong and will grasp at anything that makes you look smart... no matter how full of shit it is.

Markul · 02-26-2014, 07:53 AM

Pretty amusing to see both sides argue so zealously for their cause. It's not like it will make any difference trying to talk it up or down.

I hope people didn't loose to much on this venture, but like everything, never invest if you aren't prepared to loose it all. Nothing is for sure... that's for sure.

ruff · 02-26-2014, 08:11 AM

Quote:

Originally Posted by Markul

Pretty amusing to see both sides argue so zealously for their cause. It's not like it will make any difference trying to talk it up or down.

I hope people didn't loose to much on this venture, but like everything, never invest if you aren't prepared to loose it all. Nothing is for sure... that's for sure.

Doesn't much matter is correct. Investing is always risky. Those that are willing to risk losing so they can win are the ones that make the profits. Those that are unwilling to risk anything do not get anything. So if people that are not into Bitcoin think their opinions mean shit to those who invest, they are kidding themselves. That is the nature of this board and of people in general. You come here and ask if you can do something and you will get mostly answers that you cannot. If you listen, you get nothing. So don't listen.

Markul · 02-26-2014, 08:13 AM

Quote:

Originally Posted by ruff

Doesn't much matter is correct. Investing is always risky. Those that are willing to risk losing so they can win are the ones that make the profits. Those that are unwilling to risk anything do not get anything. So if people that are not into Bitcoin think their opinions mean shit to those who invest, they are kidding themselves. That is the nature of this board and of people in general. You come here and ask if you can do something and you will get mostly answers that you cannot. If you listen, you get nothing. So don't listen.

Yup. There is no money in porn ;)

NEW XTC · 02-26-2014, 08:36 AM

I don't claim to know that Bitcoin will shoot to the moon and prevail - but it's hard to even discuss it without bombastic "opinions" barging in with negativity. I like a good debate and I'm always open and flexible - but it's tiresome to hear from people who don't do any research...only regurgitation.

ruff · 02-26-2014, 09:16 AM

Quote:

Originally Posted by NEW XTC

I don't claim to know that Bitcoin will shoot to the moon and prevail - but it's hard to even discuss it without bombastic "opinions" barging in with negativity. I like a good debate and I'm always open and flexible - but it's tiresome to hear from people who don't do any research...only regurgitation.

In spite of the BTC price, (remember Google's initial share price?) Bitcoin is relatively unknown to most of the world population. It is getting noticed now by governments and big business. There is a momentum being generated now. There will be some regulation, but that will only legitimize Bitcoin even more. Education will let people know that they don't have to purchase an entire coin, that they can purchase micro chunks and participate as much as they care too. There have been attempts to do this with stocks although it has only happened as various types of money market funds. The ability to do so at such a low cost with little or no cost transaction fees makes this extremely attractive as not only an investment, but as a useable currency. We are at the ground floor now. Does anyone really believe that Bitcoin will not grow in value? Especially with a finite amount of coin completed by 2032? There will be other coins like Litecoin for instance, but Bitcoin will be the gold standard. People purchase things because they perceive a value. That is across the board. It is worth educating yourself about BTC. This is an opportunity that comes once in a lifetime. Take it or leave it.

DWB · 02-26-2014, 09:20 AM

Quote:

Originally Posted by Markul

Pretty amusing to see both sides argue so zealously for their cause. It's not like it will make any difference trying to talk it up or down.

Yea, but, it's going to be $100,000 by Cinco de Mayo.

Wellness Cash · 02-26-2014, 09:39 AM

Quote:

Originally Posted by DWB

Yea, but, it's going to be $100,000 by Cinco de Mayo.

That would be amazing if it got that high but its not very likely lol

It'd certainly make me happy. I've been holding onto a couple of hundred BTC for the best part of a year

Wellness Cash · 02-26-2014, 09:42 AM

Quote:

Originally Posted by ruff

In spite of the BTC price, (remember Google's initial share price?) Bitcoin is relatively unknown to most of the world population. It is getting noticed now by governments and big business. There is a momentum being generated now. There will be some regulation, but that will only legitimize Bitcoin even more. Education will let people know that they don't have to purchase an entire coin, that they can purchase micro chunks and participate as much as they care too. There have been attempts to do this with stocks although it has only happened as various types of money market funds. The ability to do so at such a low cost with little or no cost transaction fees makes this extremely attractive as not only an investment, but as a useable currency. We are at the ground floor now. Does anyone really believe that Bitcoin will not grow in value? Especially with a finite amount of coin completed by 2032? There will be other coins like Litecoin for instance, but Bitcoin will be the gold standard. People purchase things because they perceive a value. That is across the board. It is worth educating yourself about BTC. This is an opportunity that comes once in a lifetime. Take it or leave it.

Very well stated.

I think of all the cryptocurrencies currently in 'circulation' we're going to see the best momentum with BTC, LTC and DOGE as those 3 seem (presently) to be the ones that are steadily growing in both popularity and price, despite a few fluctuations here and there through no fault of their own.

AsianDivaGirlsWebDude · 02-26-2014, 10:16 AM

Quote:

Originally Posted by NEW XTC

I don't claim to know that Bitcoin will shoot to the moon and prevail - but it's hard to even discuss it without bombastic "opinions" barging in with negativity. I like a good debate and I'm always open and flexible - but it's tiresome to hear from people who don't do any research...only regurgitation.

2 of the 5 members of the Bitcoin Foundation have had to resign within the past two months because they are in serious trouble for alleged illegal activities (the Vice-Chairmen was arrested on a number of criminal charges, including money laundering), and massive breaches of trust, leading to lawsuits, and the collapse of a major bitcoin institution (Mt Gox, once the largest place for exchanging bitcoins, is alleged to have lost as much as hundreds of millions of dollars before having to shut down a few days ago):

Charles Shrem (Resigned 28 January, 2014)
Mark Karpeles (Resigned 24 February, 2014)

There is something wrong, almost psychopathic, when bitcoin devotees simply shrug their shoulders as criminal issues arise at the top of the industry that they claim to be so pure, and above moral/ethical reproach.

It doesn't help that so many proponents of btc sound like snake oil con artists trying to dupe people with a miracle cure.

I would argue it is far more bombastic to shout a battle cry to charge full speed ahead and invest in the highly speculative and volatile bitcoin crypto-currency, even as it is suffering massive losses, the infrastructure is cracking, and governments turn on it.

Quote:

BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind?to damage states ability to collect tax and monitor their citizens financial transactions.

Which is fine if you're a Libertarian, but I tend to take the stance that Libertarianism is like Leninism: a fascinating, internally consistent political theory with some good underlying points that, regrettably, makes prescriptions about how to run human society that can only work if we replace real messy human beings with frictionless spherical humanoids of uniform density (because it relies on simplifying assumptions about human behaviour which are unfortunately wrong).

When bitcoin defenders only retort is to personally attack and try to scorn anyone that offers up legitimate criticisms of their beloved science fiction/libertarian pipe dream, they have already lost the argument.

ADG

ruff · 02-26-2014, 10:26 AM

Quote:

Originally Posted by AsianDivaGirlsWebDude

2 of the 5 members of the Bitcoin Foundation have had to resign within the past two months because they are in serious trouble for alleged illegal activities (the Vice-Chairmen was arrested on a number of criminal charges, including money laundering), and massive breaches of trust, leading to lawsuits, and the collapse of a major bitcoin institution (Mt Gox, once the largest place for exchanging bitcoins, is alleged to have lost as much as hundreds of millions of dollars before having to shut down a few days ago):

Charles Shrem (Resigned 28 January, 2014)
Mark Karpeles (Resigned 24 February, 2014)

There is something wrong, almost psychopathic, when bitcoin devotees simply shrug their shoulders as criminal issues arise at the top of the industry that they claim to be so pure, and above moral/ethical reproach.

It doesn't help that so many proponents of btc sound like snake oil con artists trying to dupe people with a miracle cure.

I would argue it is far more bombastic to shout a battle cry to charge full speed ahead and invest in the highly speculative and volatile bitcoin crypto-currency, even as it is suffering massive losses, the infrastructure is cracking, and governments turn on it.

When bitcoin defenders only retort is to personally attack and try to scorn anyone that offers up legitimate criticisms of their beloved science fiction/libertarian pipe dream, they have already lost the argument.

ADG

Did you not notice all the banks that ripped everyone off the last few years? How about the hedgefunds? These were legitimate businesses insufficiently regulated by the governments. They were allowed to rip off thousands of homeowners and setup a real estate bubble that ruined thousands of people and enriched just a few. Now how many of these executives went to prison? So Bitcoin has a couple of bad apples, the real trouble is Wall Street. Clean up there before crying about Bitcoin.

CAHEK · 02-26-2014, 11:03 AM

The office of Manhattan U.S. Attorney Preet Bharara and the Federal Bureau of Investigation are probing possible criminal violations tied to the shutdown of Tokyo-based Mt. Gox.

ruff · 02-26-2014, 11:34 AM

Quote:

Originally Posted by CAHEK

The office of Manhattan U.S. Attorney Preet Bharara and the Federal Bureau of Investigation are probing possible criminal violations tied to the shutdown of Tokyo-based Mt. Gox.

I bet Mt. Gox people are shaking in their getas.

edgeprod · 02-26-2014, 11:59 AM

Quote:

Originally Posted by Markul

Pretty amusing to see both sides argue so zealously for their cause. It's not like it will make any difference trying to talk it up or down.

I think people get angry when halfwits run their mouth about shit they have no understanding of. That's how other halfwits learn half-truths and parrot them around. This leads to other people having the same idiotic opinions that those in the know have to hear every day. It's almost cathartic to point out someone being stupid on GFY, because it's like shooting fish in a barrel. That'd be my guess, anyway.

My usual response to crypto-currency criticism by sideline players is:

Joshua G · 02-26-2014, 04:30 PM

Quote:

Originally Posted by NEW XTC

Let's see...hmm right at this moment there is a dude on bitcoinbuilder looking to trade 100BTC (approx $53,000 USD) into Gox coin - you think that this pro trader might know something you may not? All those people trading real coin for gox are just throwing their $ into a sewer hole? I doubt it.

Millions are being thrown at gox coin daily by very smart and very savvy players - yes they are taking on risk but yes I would have to stand by my statement that there is a VERY good chance they know what they are doing and Gox will either survive or at least release funds and coin held.

hey look...another of your retard comments that crashed & burned within 24 hours. Still think Gox BTC is a good buy?

Clown. Stop calling others stupid when you are shitting stupidity out your mouth.

NEW XTC · 02-26-2014, 04:33 PM

Quote:

Originally Posted by JoshGirls Josh

hey look...another of your retard comments that crashed & burned within 24 hours. Still think Gox BTC is a good buy?

Clown. Stop calling others stupid when you are shitting stupidity out your mouth.

Oh yea Mr Vintage - guess what - Gox started paying people today

opps you dun fucked up again

Wellness Cash · 02-26-2014, 05:34 PM

Quote:

Originally Posted by NEW XTC

Oh yea Mr Vintage - guess what - Gox started paying people today

Because everything you read or hear via the internet is true

02-25-2014, 12:40 PM	#101
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	this reeks of all out fraud http://www.scribd.com/doc/209050732/...Strategy-Draft if its real (actually drafted by Gox) it could be a pure fiction, cleverly designed to create the appearance that they will rise from the ashes. Expert opinions? __________________ Those who can make you believe absurdities can make you commit atrocities. -Voltaire

02-25-2014, 12:59 PM	#106
Wellness Cash Confirmed User Industry Role: Join Date: Nov 2013 Location: Murica Posts: 343	Sorry it seems I was wrong... MTG isn't dead... __________________ Wellness Cash - Launching 2014

02-25-2014, 01:30 PM	#110
ruff I have a plan B Industry Role: Join Date: Aug 2004 Location: Seattle - Miami - St Kitts Posts: 5,501	I'm buying all that I can. The more I buy at today's price the cheaper it is for the price I paid weeks ago. __________________ CryptoFeeds

02-25-2014, 01:57 PM	#111
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	Quote: 420: I don't understand how anyone could have the viewpoint below and think it's a positive thing for Bitcoin. Quote: Originally Posted by NEW XTC View Post I've been rooting for the demise of Gox for a long time Really - that clusterfuck of a piece of shit of an exchange has been a huge thorn in the side of Bitcoin for a long time - do I have to go into all the reasons? I certainly didn't know the extent of the "theft" (staffers?) I sure dont want all those people to lose their money. All I care about is where BTC will be in 5 years when I plan to retire young. I see Gox going down as big positive for BTC long term - we need real finance professionals running exchanges, not gamer kooks like Karpeles - if you disagree please enlighten us: Just exactly how is Gox going south a bad thing for BTC long term? PS. Of all the know-absolutely-nothing naysayers rooting for Bitcoins demise (no doubt due to the embarrassment of being left behind) ADG - you are the most annoying. __________________ Those who can make you believe absurdities can make you commit atrocities. -Voltaire Last edited by NEW XTC; 02-25-2014 at 02:06 PM..

02-25-2014, 02:11 PM	#112
CoinBet Registered User Industry Role: Join Date: Feb 2014 Location: Teh Internets Posts: 12	Bitcoin are in motion. __________________ CoinBet.cc - Casino and Sportsbook Accepting Bitcoin, Visa, MC, and others - 30% Rev Share Affiliate Program

02-25-2014, 01:13 PM	#108
itx Confirmed User Join Date: Aug 2007 Posts: 969	I don't own Bitcoins but the value of this currency is determined by an exchange service? is like if the value of the US dollar was affected by the shutdown of a service like ePassporte.

02-25-2014, 02:48 PM	#113
nexcom28 So Fucking Banned Join Date: Jan 2005 Posts: 3,716	My I agree that MTGox shutting down would be good for Bitcoin long term however I am pretty sure the media and governments will have a field day and it's bound to shake confidence in the market. MTG have dragged bitcoin through the dirt for ages. Shitty exchange that doesn't deserve to stay in business. For me, it beggars belief that so many got stung keeping bitcoin or usd on the exchange. Personally, every transaction I would ensure my account was cleared. Were you people not taught to keep your btc online. Bottom line, MTG going belly up doesn't change anything for bitcoins long term future. It's still an amazing piece of technology with many advantages despite what ADG and his ilk will spout.

02-25-2014, 03:16 PM	#115
Adam_M Confirmed User Industry Role: Join Date: Mar 2006 Location: Australia Posts: 3,796	It's DEAD now! __________________ DiscountedPorn.Com ReviewedPorn.com

02-25-2014, 03:27 PM	#116
adultmobile No, I am not banned Industry Role: Join Date: Nov 2003 Location: ChatGF.com Posts: 5,345	It says $525 this ticker now, not so bad still __________________ TubeCamGirl.com

02-25-2014, 04:09 PM	#118
AsianDivaGirlsWebDude Purveyor, Fine Asian Porn Industry Role: Join Date: Jul 2004 Location: San Francisco Bay Area Posts: 38,323	No one can say later that there was not plenty of warning... ADG __________________ Asian Diva Girls - Exclusive Photos and Videos Asian Diva Girls Affiliate Program (50% ccBill Revshare)

02-25-2014, 04:21 PM	#119
nexcom28 So Fucking Banned Join Date: Jan 2005 Posts: 3,716	ADG. The fall of MTG is probably one of the biggest hurdles bitcoin will have to overcome this year (and we are still only in February). With that said I will bet you the equivalent of 1btc ($526 at today's value) that the price of bitcoin will be higher than the current value in 3 months time. If you want to take this bet send me a PM.

02-25-2014, 05:44 PM	#123
ruff I have a plan B Industry Role: Join Date: Aug 2004 Location: Seattle - Miami - St Kitts Posts: 5,501	Knowledge is power. __________________ CryptoFeeds

02-25-2014, 06:00 PM	#124
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	Sorry ADG, I know u seem like a smart guy and all, generally speaking, but your last post in this thread seriously was a "thread bomb", troll-like, ridiculously low class post.

02-25-2014, 08:08 PM	#126
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	How about try looking at it this way... bitcoins as poker chips? Sure is "fake money" to those haters, so lets look at it as fake money then. Let us gamblers play, enjoy or wins, and accept our losses. No need to hate on the chips, nor the casinos right? Why so many people seem to feel so threatened from bitcoins? And that mtgox thing could have been avoided. The EXCHANGE fucked everyone, not the bitcoins! Each and every single bitcoin could be stored on peoples "cold storage" on paper or usb drives.

02-25-2014, 08:11 PM	#127
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	Btw, when i say trolling i mean blind 1-sidedness like: personA: bitcoin can do this..... troll: i dont care! it's the devil personA: bitcoin is capable of this.... troll: im not listening, la la la la la personA: mtgox went down bcos.... troll: mtgox is bitcoin... it's devil la la la (take it with a dash of humor pls)

02-25-2014, 08:28 PM	#128
ruff I have a plan B Industry Role: Join Date: Aug 2004 Location: Seattle - Miami - St Kitts Posts: 5,501	Bitcoin has a lot of the attributes of porn including the bad. Just saying... The price of Bitcoin seems to be edging up. I wonder if that is a trend. __________________ CryptoFeeds

02-25-2014, 11:29 PM	#132
pornmasta Too lazy to set a custom title Join Date: Jun 2006 Posts: 18,959	Mtgox.. the good old time: https://web.archive.org/web/20090812...www.mtgox.com/

02-26-2014, 07:44 AM	#133
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	Another large btc sales day for us. No doubt some guys are nervous and dumping them, and I'll happily take them.

02-26-2014, 07:53 AM	#135
Markul Likes Pie Industry Role: Join Date: Dec 2007 Location: The land that liberated porn Posts: 12,402	Pretty amusing to see both sides argue so zealously for their cause. It's not like it will make any difference trying to talk it up or down. I hope people didn't loose to much on this venture, but like everything, never invest if you aren't prepared to loose it all. Nothing is for sure... that's for sure.

02-26-2014, 08:36 AM	#138
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	I don't claim to know that Bitcoin will shoot to the moon and prevail - but it's hard to even discuss it without bombastic "opinions" barging in with negativity. I like a good debate and I'm always open and flexible - but it's tiresome to hear from people who don't do any research...only regurgitation. __________________ Those who can make you believe absurdities can make you commit atrocities. -Voltaire

02-26-2014, 11:03 AM	#145
CAHEK C.C.C.P. Industry Role: Join Date: Aug 2003 Location: Novorossiya Posts: 6,734	The office of Manhattan U.S. Attorney Preet Bharara and the Federal Bureau of Investigation are probing possible criminal violations tied to the shutdown of Tokyo-based Mt. Gox. __________________ Pharma from True-Meds. High converting shop in Europe and USA, fast payouts via BTC !!!