Mt.Gox Meltdown
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I don't even see myself doing that anymore to be honest... How can anyone possibly think of this country as anything but Socialist? I mean look at obamacare... Hello?
But your point is well taken. I'd serve bitcoin adoption better if I remember that my audience isn't 100% anarchist here already, like the other places I frequent.
Yawn.
Didn't I just say above that I don't really measure this crap by the price?
This is just a good day to buy cheap coins. Tomorrow won't be. I'll be worse off tomorrow.
Is that right. Hmm. Mind if I quote you on that?
Haven't I destroyed enough people on this forum on the silly topic of intrinsic value?
I'll let other people do the job for me this time; I'm not repeating myself for you:
[ame=http://www.youtube.com/watch?v=_4QFErOdTag]Bitcoin 101 - Bitcoin Vs. Gold - How Bitcoin Could Take Over a Trillion $ Market - YouTube[/ame]
Lukep, i get the feeling that you want misunderstood things - you can't be so ... limited.
As the 102 order was send, the order book *was* complete oversold - not a glitch, nothing. Yes, after that new buy orders was created and the price was a going up, it was not the end of the world, but i never said that. And i never said 102 is now the bottom or whatever. And most did not want sell now for that price.
I told you we will see 500 range except we will have good news from gox today. Well, it was bad news and its going down. And it will go down even more, now we will see 600-500 can stay. Thats the nature of trading not bitcoins.
And what you did not want to understood is, that the money which was floating into bitcoins is not there because people believe in bitcoins or give any shit about your ideas. Its because coins make dollars. As long bitcoins make me dollar, my dollar are in bitcoins. That is 95% what gives bitcoins its "worth" in... well... dollars, right?
As the 102 order was send, the order book *was* complete oversold - not a glitch, nothing. Yes, after that new buy orders was created and the price was a going up, it was not the end of the world, but i never said that. And i never said 102 is now the bottom or whatever. And most did not want sell now for that price.
I told you we will see 500 range except we will have good news from gox today. Well, it was bad news and its going down. And it will go down even more, now we will see 600-500 can stay. Thats the nature of trading not bitcoins.
And what you did not want to understood is, that the money which was floating into bitcoins is not there because people believe in bitcoins or give any shit about your ideas. Its because coins make dollars. As long bitcoins make me dollar, my dollar are in bitcoins. That is 95% what gives bitcoins its "worth" in... well... dollars, right?
Problem is in their exchange system software
Lukep correct me if I am wrong: Mt. Gox implemented a custom exchange system that uses TXIDs to identify transactions which exposes them to an attack because the TXID is malleable. The secure way to identify transactions is to use the full data set for each transaction so that a duplicate transaction with a different TXID won't be accepted into a block. It appears Mt. Gox implemented a broken exchange system and are blaming it on a flaw in the bitcoin protocol.
Lukep correct me if I am wrong: Mt. Gox implemented a custom exchange system that uses TXIDs to identify transactions which exposes them to an attack because the TXID is malleable. The secure way to identify transactions is to use the full data set for each transaction so that a duplicate transaction with a different TXID won't be accepted into a block. It appears Mt. Gox implemented a broken exchange system and are blaming it on a flaw in the bitcoin protocol.
Are you fucking kidding me?
"Whoops, sorry guys and looks like we fucked up the currency. Sorry about that one!"
Fuck it, I've had enough. I'm shaving my head & eyebrows, moving into the temple down the street, and becoming a monk. Enough of this shit.
You must read both links to get the whole joy...
https://www.mtgox.com/press_release_20140210.html
Mt. Gox Blames Bitcoin - Core Developer Greg Maxwell Responds » Cryptocurrency and Bitcoin News, BTC Trading Analysis and Chat
Simple lesson: If you did something wrong and you can't move back any further, do a step forward and attack.
BTW, if you like to read some real good chart analysis about btc & ltc, look here (and read the old analysis to see how good they are).
http://bitscan.com/analysis/2014-02-10
Perhaps you should have chosen your words more carefully then?
True enough, but it's all just a sideshow as the underlying upwards pressure is getting stronger and stronger. It can't keep down the price forever, and on some good news like a strong gox replacement opening or something it could be another x10 pop to the price like we see every year.
Not 95%, no.
Many venture capitalists, fund managers, and CEOs like Overstock's Patrick Byrne, all with huge investments in bitcoin personally, are believers in bitcoin's potential to destroy central banking, and have said as much publically.
I can't say what percentage it is of course; but it's not black & white either... The biggest group of investors in bitcoin, the Chinese, are a shade of grey inbetween because all Chinese are born with the need to fight capital controls already.
That's what I got out of this too.
My theory of the moment is that Gox was bankrupt, knew it was sinking fast, and decided to pull this trick intentionally to make some fast cash. Perhaps they're not bankrupt anymore... But they won't have any friends left in the bitcoin community now.
Sounds like they're about to close up shop and disappear into the night. Good riddance.
Their behavior has been suspect for some time. Maybe this attack has been underway for a while and they finally had to throw in the towel.
@lukep: well, perhaps our positions are not that different - i just prefer a more distant and critical view.
Anyway, the chart analysis link i posted sums it up pretty well, i think.
If i say "it goes down" then i mean the trend/chart/price in the current trade phase.
Its not a future prediction over month or even weeks. There are to much uncontrolled
elements in the game. Who thought for example that gox will play the "its a bug" card?
Anyway, the chart analysis link i posted sums it up pretty well, i think.
If i say "it goes down" then i mean the trend/chart/price in the current trade phase.
Its not a future prediction over month or even weeks. There are to much uncontrolled
elements in the game. Who thought for example that gox will play the "its a bug" card?
You bet. This is 2014 we're talking about, so who the hell uses USD anymore?
Oh right, everybody.
So? The NSA isn't capable of launching an open source project, or something? To be honest, it makes more sense for this to be a NSA funded project, versus being from Satoshi Nakamoto, some guy sitting in a studio apartment in Japan somewhere, who has mysteriously disappeared off the face of the earth, and can no longer be contacted.
True that, just check Overstock CEO: 'I don't own bitcoin, but I'm a fan' - The Term Sheet: Fortune's deals blogTerm Sheet
couple of quotes taken from the interview of Byrne:
Fortune: Do you own any bitcoins?
Patrick Byrne: No. I own gold.
I'm not investing in bitcoin. I'm just saying we'll accept it. I don't have any opinions on its value, and I don't even know how one would go about finding that out beyond just looking it up everyday and what it's trading at.
We're not going to be holding any bitcoin. It's just a medium of exchange. We're just going to be taking bitcoins as payment and converting them into U.S. dollars, at least initially.
A big problem of bitcoin / shitcoin / gaycoin / whateveryounameit-coin IS in fact the regulation. Without regulation, I can't feel convinced to use unregulated exchanges which, in worst case, just do a hit-and-run.
I understand some of your points, but your statements are somehow illusional in my opinion. BTC is effectively bound to USD / other currencies. If it wasn't, a price in a shop would be in BTC and not calculated from $ to BTC.
Without a 'real' currency, how would you rate the value of a BTC? Sure an apple can cost 0.xxx BTC, but as long as there's fiat money, it's just not going to happen.
Also about your quote of CEOs / Hedge fonds managers supporting BTC: what do you think of these statements being just a way to 'hype' BTC more and be able to make a quick - yes - dollar?
That's from December 24th.
This is from 7 Days ago: Overstock CEO Owns Millions in Bitcoin; Company Plans to Pay Employees, Suppliers and Vendors with it
"Now, Overstock Chairman and CEO Patrick Byrne is back at it. He’s putting his money where his mouth is once again, this time by revealing his own investments in Bitcoin and expanding his company’s use of it.
According to CoinDesk, Byrne told investors on the company’s fourth-quarter earnings call that he now owns “several million dollars” worth of Bitcoin. Also, as noted in the report, he said the company is “no longer bound” by restrictions on using it. These echoed statements by Executive Vice President Jonathan Johnson at the New York Department of Financial Services hearings last week in which he claimed the company intends to allow employees, suppliers and vendors to be partially paid in Bitcoin."
Didn't saw this, thanks for pointing it out Gambit.
Again there's the first step asking for trouble though... people getting paid in bitcoins... how to control whose account got funded? how to control money laundering? how to control if taxes got paid properly?
For me, it's just a matter of time until government(s) take a call on Bitcoins. To think they can't would be ignorant. Everything that's 'possibly' able to crush the 'system' won't survive.
Having governments along with banks as enemies isn't likely to end good for BC...
Again there's the first step asking for trouble though... people getting paid in bitcoins... how to control whose account got funded? how to control money laundering? how to control if taxes got paid properly?
For me, it's just a matter of time until government(s) take a call on Bitcoins. To think they can't would be ignorant. Everything that's 'possibly' able to crush the 'system' won't survive.
Having governments along with banks as enemies isn't likely to end good for BC...
