Do Make Say Think
& Yet & Yet
- Jun 26, 2007
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Cryptocurrencies (Bitcoin, Ethereum, Ripple, etc)
- Thread starter beowulf
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La Cosa Nostra
Caporegime
- Jun 25, 2009
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Mt. Gox, one of the biggest bit coins exchanges virtually disappears
http://news.yahoo.com/bitcoin-exchange-mt-gox-39-website-down-053727771--sector.html
Kept on saying bit coin was unstable and a stupid flash in the pan fad. It had one purpose and that was to buy narcotics off Silk Road. I kept on shaking my head every time I read a story on BC, like a 3rd rate Vegas Casino starting to accept BC there for dining etc, or the Winklevoss twins investing multi millions in BC or certain online retailers starting to take it as payment.
It's a terrible investment and all these people who had money through mt gox lost it all and almost certainly will never see it back. How could anyone see this happening to a make believe, unregulated currency?
Mt gox BC fell from $828.99 on feb 7 to $135... 83% drop. 6 people were protesting outside the office, including one guy from London, a so called "crypto-currency trader" who lost $300,000 through Gox. That really is stupid, keeping over a quarter million dollars on a make believe currency with nothing backing it up. He should have spread it around by also investing it into the Everquest economy, World of Warcraft Gold, Monopoly money and Pokerstars play chips (seriously though, people actually sell poker stars play chips and there's a market for it.)
http://news.yahoo.com/bitcoin-exchange-mt-gox-39-website-down-053727771--sector.html
Kept on saying bit coin was unstable and a stupid flash in the pan fad. It had one purpose and that was to buy narcotics off Silk Road. I kept on shaking my head every time I read a story on BC, like a 3rd rate Vegas Casino starting to accept BC there for dining etc, or the Winklevoss twins investing multi millions in BC or certain online retailers starting to take it as payment.
It's a terrible investment and all these people who had money through mt gox lost it all and almost certainly will never see it back. How could anyone see this happening to a make believe, unregulated currency?
Mt gox BC fell from $828.99 on feb 7 to $135... 83% drop. 6 people were protesting outside the office, including one guy from London, a so called "crypto-currency trader" who lost $300,000 through Gox. That really is stupid, keeping over a quarter million dollars on a make believe currency with nothing backing it up. He should have spread it around by also investing it into the Everquest economy, World of Warcraft Gold, Monopoly money and Pokerstars play chips
(seriously though, people actually sell poker stars play chips and there's a market for it.)
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Fuzzy Bunny
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- Mar 5, 2007
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Pretty sad but not a shock. How people that placed BC in mt gox now expect some form of justice baffles me. No matter your intention this is a drug currency with no regulation, you take the full risk of having your minifortune disappear into thin air now live with the reality.
BC was a get rich scheme for those that got in early and dumped it off on rubes.
BC was a get rich scheme for those that got in early and dumped it off on rubes.
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Fixed to Ruin
Come wit it now!
Could definitely see the World bank behind this wanting to kill the BTC movement.
World bank: Ok you guys have carte blanche to steal everything, might wanna sell ahead, cash in and vanish, we'll make sure nothing ever happens to you guys.
Mtgox bosses:
... Then proceed to slowly dump most coins while halting trading and poooof gone.
World bank: Ok you guys have carte blanche to steal everything, might wanna sell ahead, cash in and vanish, we'll make sure nothing ever happens to you guys.
Mtgox bosses:
... Then proceed to slowly dump most coins while halting trading and poooof gone.
V13
Fire Sell Tank
jimmythescot
Registered User
Mt. Gox, one of the biggest bit coins exchanges virtually disappears
http://news.yahoo.com/bitcoin-exchange-mt-gox-39-website-down-053727771--sector.html
Kept on saying bit coin was unstable and a stupid flash in the pan fad. It had one purpose and that was to buy narcotics off Silk Road. I kept on shaking my head every time I read a story on BC, like a 3rd rate Vegas Casino starting to accept BC there for dining etc, or the Winklevoss twins investing multi millions in BC or certain online retailers starting to take it as payment.
It's a terrible investment and all these people who had money through mt gox lost it all and almost certainly will never see it back. How could anyone see this happening to a make believe, unregulated currency?
Mt gox BC fell from $828.99 on feb 7 to $135... 83% drop. 6 people were protesting outside the office, including one guy from London, a so called "crypto-currency trader" who lost $300,000 through Gox. That really is stupid, keeping over a quarter million dollars on a make believe currency with nothing backing it up. He should have spread it around by also investing it into the Everquest economy, World of Warcraft Gold, Monopoly money and Pokerstars play chips
Some guy a few months back on Russia Today was suggesting that Scotland use Bitcoin for our national currency if we return a yes vote in September. Utterly insane.
Russia Today is essentially owned by the KGB (In other words it's a Russian-owned propaganda machine) so they'll put anyone on TV who has the opposite view of the mainstream Western voices.
I mean there's public broadcasting like the CBC which is generally pretty fair in its coverage and then there's something like Russia Today or that Chinese network where it's all "look how great our government is, look how bad these other governments and countries are".
Kinda sad that people are losing a ton of money right now but at the same time this is an example of why you shouldn't put too many eggs in one basket.
Lost Horizons
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Do Make Say Think
& Yet & Yet
- Jun 26, 2007
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KesselBuiltMyHotrod
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leova
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- Feb 28, 2008
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as somebody who PLAYED MTG online, this is an absolute mind-boggle-****. (little) offense meant, but people running MTG sites are hardly the cream of the ethically-strong crop, ya know?
I guarantee if people truly knew that was what MtGox came from, it wouldn't have been nearly as big as it is now.
hilariously sad
I guarantee if people truly knew that was what MtGox came from, it wouldn't have been nearly as big as it is now.
hilariously sad
Bitcoin's core principle is that people are dumb. You may as well be buying imaginary real estate claims on the moon. Like anything speculative, you can make money, but most of the money has already been made (by design). When people who do not understand how the currency works at all get involved in the speculation, it's a bubble. It will pop eventually.
leova
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- Feb 28, 2008
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I realized BC was junk back when it first came out, when people were "mining for Bitcoins" - apparently you could, like, CREATE Bitcoins on your own PC by having your PC run constantly doing weird junk(like the SETI@Home thing)
If you can CREATE currency on a freaking Dell PC, it ain't a real currency.
I can't wait till all these idiots go broke with this crap... oh wait!
If you can CREATE currency on a freaking Dell PC, it ain't a real currency.
I can't wait till all these idiots go broke with this crap... oh wait!
I realized BC was junk back when it first came out, when people were "mining for Bitcoins" - apparently you could, like, CREATE Bitcoins on your own PC by having your PC run constantly doing weird junk(like the SETI@Home thing)
If you can CREATE currency on a freaking Dell PC, it ain't a real currency.
I can't wait till all these idiots go broke with this crap... oh wait!
How is creating btc any different than printing more paper money?
It's not. But actual currencies are regulated and watched closely. $500m was just stolen/siphoned off of bitcoin with the MtGox crap. Silk Road 2 closed and they ran with the money too. A decentralized currency is a good idea, but it doesn't really work in practice.
It's also a ponzi scheme by design. Bitcoins get progressively harder to mine, so if you were there in the start, you got a disproportionate amount of BTC for your effort.
Regarding the Mtgox thing, assuming it was incompetence on their part rather than them using transaction malleability as a coverup for stealing btc, I think the lack of regulation is a good thing. I'd rather the company die from their mistakes than see them get a government bailout or something and continue to be idiots. And I don't feel bad for people who tried to buy there. Problems with the exchange have been well documented for a while now and there are a bunch of more reputable places to buy or sell btc at.
Wouldn't this make oil or precious metals ponzi schemes too? I don't see it. If anything's a ponzi scheme it's the new PoW/PoS coins like Mintcoin or Blackcoin, or IPO coins.
KesselBuiltMyHotrod
Registered User
Personally I'm glad that if Bank of America turns out to be a scam the government has my money covered.
It'll be interesting to see how the lawsuits against Gox turn out.
Regardless, I'm 99% certain this isn't a "scam". It's incompetence on Gox's part, and stupidity on the part of people leaving thousands of dollars of btc in an online wallet of an exchange with a reputation for poor security. I'd almost say those people deserved to lose their money if they're being that careless.
Fixed to Ruin
Come wit it now!
No. Because Oil and precious metals are actual things. Much of their prices along with supply and demand is the cost to mine the commodity itself. Bitcoins have no intrinsic value. Its value is solely based on whatever someone else is willing to pay for it.
Still not seeing how it's a ponzi scheme. Nobody's promising any kind of returns, in fact most people were warning new investors that a correction was due and if they bought at $800+ they'd probably lose money short term. It's a highly speculative investment but I wouldn't call it a ponzi scheme.
Fixed to Ruin
Come wit it now!
It's already been explained a few times already in this thread why Bitcoin is perceived as a Ponzi scheme. I'll go a different route to explain things.
A digital unregulated currency isn't necessarily a bad idea in thoery. However, just because Bitcoin is the first attempt at this idea doesn't mean that its the best or that it will last. Nobody uses AOL to connect to the internet and nodoby uses Myspace for social media, nobody uses Blockbuster for movies anymore. The point is just because you are first doesn't mean that you are the best.
I believe that Bitcoin is a Ponzi scheme. Only because it doesn't offer anything of value. It requires another sucker to come and buy your Bitcoin at a profit to make money.
The thing about bubbles and Ponzi schemes is when everyone is talking about it that's when its time to get out because that's a clear sign that you're running out of suckers that will buy whatever hot garbage your trying to sell them. Everyone in the 90s was buying .com stocks on speculation. Everyone in the 2000s was buying real estate. It seems now Bitcoin is the latest bubble waiting to implode on its investors.
A digital unregulated currency isn't necessarily a bad idea in thoery. However, just because Bitcoin is the first attempt at this idea doesn't mean that its the best or that it will last. Nobody uses AOL to connect to the internet and nodoby uses Myspace for social media, nobody uses Blockbuster for movies anymore. The point is just because you are first doesn't mean that you are the best.
I believe that Bitcoin is a Ponzi scheme. Only because it doesn't offer anything of value. It requires another sucker to come and buy your Bitcoin at a profit to make money.
The thing about bubbles and Ponzi schemes is when everyone is talking about it that's when its time to get out because that's a clear sign that you're running out of suckers that will buy whatever hot garbage your trying to sell them. Everyone in the 90s was buying .com stocks on speculation. Everyone in the 2000s was buying real estate. It seems now Bitcoin is the latest bubble waiting to implode on its investors.
The whole basis of a ponzi scheme is that someone is tricking you into investing in something useless, right? The difference here, if you truly believe btc is useless (it isn't, but that's beside the point), is that people are mostly tricking themselves, not being tricked by a salesperson. People who don't know anything about markets go "wow, the price has gone up 1000% in a couple months, I better get in on that now before it goes up more!", buy at $1000 and then freak out when a correction happens.
I agree that btc isn't the best crypto from a design standpoint, but unlike AOL or Myspace or Blockbuster, btc is a currency, and currencies only have value if people are willing to trade goods or services for them. Right now btc is #1 by far in terms of acceptance as a form of payment, so as far as usefulness as a currency goes, it is the best. Other cryptos are making headway but btc will be leading the way for the foreseeable future.
Led Zappa
Tomorrow Today
Lots of people trade currency to make money, but the point of a "bitcoin" is not to make money. It is used to make a monetary transfer for goods and/or services. It's a new type of currency and it will work eventually even if it's not Bitcoin as someone else pointed out above.
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