MTGOX is finally dead - Page 2 - GoFuckYourself.com

edgeprod · 02-24-2014, 10:19 PM

Quote:

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!

edgeprod · 02-24-2014, 10:36 PM

Interesting joint statement from the other industry players:

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

NEW XTC · 02-24-2014, 10:47 PM

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.

edgeprod · 02-24-2014, 10:59 PM

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.

slapass · 02-24-2014, 11:02 PM

I think it is worth going back in with some of the money I made selling at 859 or so.

- Jesus Christ - · 02-24-2014, 11:07 PM

My schadenfreude is kicking in... was getting bored.

420 · 02-24-2014, 11:31 PM

it held 400 for now

TisMe · 02-25-2014, 12:10 AM

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.

420 · 02-25-2014, 12:26 AM

You guys think this is real?

Quote:

At this point 744,408 BTC are missing due to malleability-related theft which went unnoticed for several years.

baggg · 02-25-2014, 12:35 AM

its happening http://boards.4chan.org/pol/res/26937049

TampaToker · 02-25-2014, 12:53 AM

Quote:

Originally Posted by 420

You guys think this is real?

Pure bullshit

baggg · 02-25-2014, 01:04 AM

Guy lost 4700 btc

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

Sin_Vraal · 02-25-2014, 01:25 AM

Boom 350m heist
http://www.wired.com/wiredenterprise...-gox-implodes/

adultmobile · 02-25-2014, 05:43 AM

Quote:

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?

Wellness Cash · 02-25-2014, 06:31 AM

Quote:

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.

L-Pink · 02-25-2014, 06:37 AM

"Bitcoin exchange Mt. Gox disappears in blow to virtual currency"

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

.

Wellness Cash · 02-25-2014, 06:40 AM

So New XTC... Did you lose all of your life savings or did you migrate away from GOX yesterday like you were told to?

ruff · 02-25-2014, 07:08 AM

In like Flynn.
Keep your eye on BTC price here.
Winklevoss Index

Paul&John · 02-25-2014, 07:19 AM

Quote:

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

Wellness Cash · 02-25-2014, 07:24 AM

Quote:

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.

NEW XTC · 02-25-2014, 07:29 AM

Quote:

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.

DWB · 02-25-2014, 07:54 AM

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.

Sunny Day · 02-25-2014, 08:22 AM

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.

CaptainHowdy · 02-25-2014, 08:22 AM

And the hoax goes on ...

Wellness Cash · 02-25-2014, 08:25 AM

Quote:

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.

mOrrI · 02-25-2014, 08:29 AM

Interesting news

ruff · 02-25-2014, 08:41 AM

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?

seeandsee · 02-25-2014, 08:45 AM

lol redit is such fun:

Quote:

: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!
"

dyna mo · 02-25-2014, 08:46 AM

Quote:

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.

NEW XTC · 02-25-2014, 08:52 AM

"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?

ruff · 02-25-2014, 08:52 AM

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.

BlackCrayon · 02-25-2014, 08:53 AM

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.

pornmasta · 02-25-2014, 08:57 AM

http://bitcoincharts.com/markets/currency/USD.html

mtgox dead ?

Wellness Cash · 02-25-2014, 08:57 AM

Quote:

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...

edgeprod · 02-25-2014, 08:59 AM

Quote:

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!

pussyeater · 02-25-2014, 10:05 AM

Makes me hateful....

lucas131 · 02-25-2014, 11:11 AM

anyone said byecoin?

sorry to all for their loss ...

edgeprod · 02-25-2014, 11:37 AM

Quote:

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.

- Jesus Christ - · 02-25-2014, 11:43 AM

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.

NEW XTC · 02-25-2014, 11:58 AM

Quote:

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.

Joshua G · 02-25-2014, 11:58 AM

nevermind.

NEW XTC · 02-25-2014, 12:00 PM

Quote:

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

Paul · 02-25-2014, 12:02 PM

Quote:

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

Paul · 02-25-2014, 12:05 PM

Quote:

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

dyna mo · 02-25-2014, 12:07 PM

Quote:

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.

NEW XTC · 02-25-2014, 12:13 PM

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.

Joshua G · 02-25-2014, 12:31 PM

Quote:

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.

420 · 02-25-2014, 12:34 PM

Frank invented bitcoin, his pseudonym is satoshi. Ask anyone on gfy and they'll tell you the same.

Also, teencat, you must mean buycoin?

pornmasta · 02-25-2014, 12:36 PM

Quote:

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

CAHEK · 02-25-2014, 12:39 PM

02-24-2014, 10:47 PM	#53
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	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

02-24-2014, 11:07 PM	#56
- Jesus Christ - Confirmed User Industry Role: Join Date: Mar 2003 Location: ::::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: ::::::\|\|\|\|\|\|\|\|\|\|\|\|:::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::::::::::::::: Posts: 7,197	My schadenfreude is kicking in... was getting bored. __________________ Amen

02-24-2014, 11:31 PM	#57
420 cuck Industry Role: Join Date: Mar 2003 Posts: 11,571	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 -->

02-25-2014, 12:10 AM	#58
TisMe Confirmed User Join Date: Aug 2008 Posts: 1,719	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; 02-25-2014 at 12:12 AM..

02-25-2014, 01:25 AM	#63
Sin_Vraal Confirmed User Join Date: Mar 2002 Location: Seattle Posts: 465	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

02-24-2014, 10:36 PM	#52
edgeprod Permanently Gone Industry Role: Join Date: Mar 2004 Posts: 10,019	Interesting joint statement from the other industry players: http://blog.coinbase.com/post/777668...egarding-mtgox

02-24-2014, 10:59 PM	#54
edgeprod Permanently Gone Industry Role: Join Date: Mar 2004 Posts: 10,019	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.

02-24-2014, 11:02 PM	#55
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,627	I think it is worth going back in with some of the money I made selling at 859 or so.

02-25-2014, 12:35 AM	#60
baggg So Fucking Banned Industry Role: Join Date: Mar 2012 Location: EEA Posts: 1,432	its happening http://boards.4chan.org/pol/res/26937049

02-25-2014, 01:04 AM	#62
baggg So Fucking Banned Industry Role: Join Date: Mar 2012 Location: EEA Posts: 1,432	Guy lost 4700 btc http://www.reddit.com/r/Bitcoin/comm..._did_you_lose/

02-25-2014, 06:37 AM	#66
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,152	"Bitcoin exchange Mt. Gox disappears in blow to virtual currency" http://news.yahoo.com/bitcoin-exchan...1--sector.html .

02-25-2014, 06:40 AM	#67
Wellness Cash Confirmed User Industry Role: Join Date: Nov 2013 Location: Murica Posts: 343	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

02-25-2014, 07:08 AM	#68
ruff I have a plan B Industry Role: Join Date: Aug 2004 Location: Seattle - Miami - St Kitts Posts: 5,501	In like Flynn. Keep your eye on BTC price here. Winklevoss Index __________________ CryptoFeeds Last edited by ruff; 02-25-2014 at 07:13 AM..

02-25-2014, 07:54 AM	#72
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	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.

02-25-2014, 08:22 AM	#73
Sunny Day Confirmed User Industry Role: Join Date: Dec 2010 Posts: 1,406	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.

02-25-2014, 08:22 AM	#74
CaptainHowdy Too lazy to set a custom title Industry Role: Join Date: Dec 2004 Location: Happy in the dark. Posts: 93,019	And the hoax goes on ... __________________ FLASH SALE INSANITY! deal with a 100% Trusted Seller Buy Traffic Spots on a High-Quality Network 1 Year or Lifetime — That’s Right, Until the Internet Explodes!

02-25-2014, 08:29 AM	#76
mOrrI It's over there... Industry Role: Join Date: Nov 2004 Location: Portugal Posts: 4,212	Interesting news __________________ Get Your Binance Account

02-25-2014, 08:41 AM	#77
ruff I have a plan B Industry Role: Join Date: Aug 2004 Location: Seattle - Miami - St Kitts Posts: 5,501	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

02-25-2014, 08:52 AM	#80
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	"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

02-25-2014, 08:53 AM	#82
BlackCrayon Too lazy to set a custom title Join Date: Jun 2003 Location: Ottawa Posts: 19,631	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..

02-25-2014, 08:57 AM	#83
pornmasta Too lazy to set a custom title Join Date: Jun 2006 Posts: 18,959	http://bitcoincharts.com/markets/currency/USD.html mtgox dead ?

02-25-2014, 10:05 AM	#86
pussyeater Registered User Industry Role: Join Date: Feb 2014 Posts: 26	Makes me hateful....

02-25-2014, 11:11 AM	#87
lucas131 ¯\_(ツ)_/¯ Industry Role: Join Date: Aug 2004 Posts: 11,475	anyone said byecoin? sorry to all for their loss ...

02-25-2014, 11:43 AM	#89
- Jesus Christ - Confirmed User Industry Role: Join Date: Mar 2003 Location: ::::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: ::::::\|\|\|\|\|\|\|\|\|\|\|\|:::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::::::::::::::: Posts: 7,197	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

02-25-2014, 11:58 AM	#91
Joshua G dumb libs love censorship Industry Role: Join Date: Jul 2008 Posts: 8,198	nevermind. Last edited by Joshua G; 02-25-2014 at 12:00 PM..

02-25-2014, 12:13 PM	#96
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	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

02-25-2014, 12:34 PM	#98
420 cuck Industry Role: Join Date: Mar 2003 Posts: 11,571	Frank invented bitcoin, his pseudonym is satoshi. Ask anyone on gfy and they'll tell you the same. Also, teencat, you must mean buycoin? __________________ <!--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 -->

02-25-2014, 12:39 PM	#100
CAHEK C.C.C.P. Industry Role: Join Date: Aug 2003 Location: Novorossiya Posts: 6,735	__________________ Pharma from True-Meds. High converting shop in Europe and USA, fast payouts via BTC !!!