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?

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

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.

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

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

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.

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

Sorry it seems I was wrong... MTG isn't dead... :1orglaugh:1orglaugh:1orglaugh

http://images.dailytech.com/nimage/MtGox_Wide.png

http://www.zerohedge.com/sites/defau...224_mtgox1.png

http://i1.ytimg.com/vi/cq7JzvpyPq8/0.jpg

http://pandodaily.files.wordpress.co...in_bubble1.jpg

Sorry if anyone's BitCoin bubble has burst... :Oh crap

:stoned

ADG

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.

ADG, I stopped reading at "FINANCE PROFESSOR". :1orglaugh

Actually, I read up until this part.

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.

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.

Bitcoin are in motion.

My :2 cents:

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.

It's DEAD now!

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

http://bitcoinity.org/markets/image?span=7d&size=medium

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

https://lh6.googleusercontent.com/pr...xQ=w426-h240-n

http://i.ytimg.com/vi/7fvSYT7vhQY/0.jpg

http://www.bloomberg.com/image/i4fymh2SxYL8.jpg

http://peopleslab.mslgroup.com/peopl...me-600x281.png

http://img.gawkerassets.com/img/192k.../ku-xlarge.png

http://calvinayre.com/wp-content/upl...-shut-down.jpg

http://gigaom2.files.wordpress.com/2...7-am.png?w=708

http://i1.ytimg.com/vi/kdyW7BFQgu8/0.jpg

http://i1.ytimg.com/vi/K5VC58gjnjY/hqdefault.jpg

http://bitcoinexaminer.org/wp-conten...10116ce5_z.jpg

No one can say later that there was not plenty of warning... :2 cents:

:stoned

ADG

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)

You can only fund so much
 

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.

Knowledge is power.

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.

:2 cents:

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:

GBL Bitcoin exchange:

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.

BitInstant:

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:

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:

BTC China:

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:

More governments turning against Bitcoin:

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. :2 cents: :)

:stoned

ADG

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.

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) :)

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.

http://bitcoinnontech.files.wordpres...itcoinmeme.jpg

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

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... :winkwink:

Different sides of the bitcoin debate:

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

Have luck! :)

:stoned

ADG

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

troll: someone i disagree with :2 cents:

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

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

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.

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.

Yup. There is no money in porn ;)

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.

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 :winkwink:

It'd certainly make me happy. I've been holding onto a couple of hundred BTC for the best part of a year :1orglaugh

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.

http://m.memegen.com/j49zxr.jpg

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. :2 cents:

:stoned

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.

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.

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:

http://gifrific.com/wp-content/uploa...ears-Money.gif

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 :1orglaugh:1orglaugh:1orglaugh

Because everything you read or hear via the internet is true :1orglaugh