Bitcoin discussion and news
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Idris2002
canadian girlfriend
What a gamble. It's hard to believe the price hasn't dropped more.
The guy on the right, Kolin Burgess from London seems to have lost $320,000 but is quoted a saying. "I may have lost all of my money. It hasn't shaken my trust in Bitcoin, but it has shaken my trust in Bitcoin exchanges."
Prrreccciousss. . .
The thing is that even despite of this calamity bitcoin isn't going to disappear. As long as there are people like him there it will retain some level of value, and to them it's a matter of ideological faith, they'll never lose that faith no matter how clearly corrupt and unstable the thing is, so it will keep a level of risidual value as a mixture of gullible dupes and fraudsters stay with it.
Idris2002
canadian girlfriend
And the lols keep rolling in. Prrreccciousss. . .
camouflage
gaslit at scale.
What are you talking about, peoples faith in a company called Mt Gox or peoples faith in a bitcoin being provably an actual bitcoin... regardless of what use the truth of a bitoin being a bitoin is put to?
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what exactly is someone supposed to do when their magic internet supermoney goes missing?
camouflage
gaslit at scale.
What happens when your magic normal money goes missing?
Sunray
Its sunny somewhere.
I was getting more and more concerned at mtgox in early Jan when they appeared to be blocking all attempts at me withdrawing 500 quid I had on there. Over six months of trying to withdraw. Error after error. I gave up and bought coin instead. Literally 20 min after I cleaned my account out, I got and email saying it was it was all ok to withdraw. 
Very glad I did now.
Very glad I did now.
camouflage
gaslit at scale.
What's gullible, keeping btc at Mt Gox?
joustmaster
offcumdun
I guess having faith in something whose name is an abbreviation of "Magic The Gathering: Online Exchange" seems a bit shortsighted, in hindsight.
sleaterkinney
Well-Known Member
Welcome to the Free Market!
camouflage
gaslit at scale.
Interesting in a way to see what it looks like when 'Too Big to Fail' is.... allowed to fail. A lot of people get stung is what happens, should have seen it coming months ago is obviously no comfort to them, maybe a lot of the people who lost ou5 were simply adventurers who took a punt against the markets 65% odds that Mt Gox will fail (the cheapness of coins on that exchange relative to the others before they stopped trading).
Then again btc is a totally different money-system to fiat, not credit based where theoretically endless amounts of money can be created and assigned to a given entity, a system which works as long as said entity pays back the debts and doesn't get additional credit writen onto the publics head instead to bail it out using its super ninja powers of state capture or whatever. Instead we have an equally valid system where due to fixed supply of money, if nobody's willing to stump up the cash (as opposed to write it on to books) then that's it, there simply is no cash. Insolvent is insolvent.
My belief is that all money systems can be valid ('sound' money, fiat money, conch-shells and gold etc...) what matters is the underlying politics. Who has the power, who writes the cheques, who controls the mines and the strong-rooms and how is the money (whatever it's made of) distributed etc.
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Sunray
Its sunny somewhere.
The exiting CEO of MtGox has essentially confirmed this document is true to fox news.
http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
This is a totally mind boggling loss. Even more so, given the general clientèle of bitcoin are major drug dealers I'd not want to be him. Some people are already offering cash to find him.
Unless of course he has all those coins stored on his usb stick, I'd do that breaking bad thing and GTFO.
http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
This is a totally mind boggling loss. Even more so, given the general clientèle of bitcoin are major drug dealers I'd not want to be him. Some people are already offering cash to find him.
Unless of course he has all those coins stored on his usb stick, I'd do that breaking bad thing and GTFO.
maaan
fredfelt
Mostly unknown member
In April last year John Gray did a piece about Bitcoin on Radio 4's excellent series Point of View series - like thought for the day but without the religious bullshit . Anyway, this is not related to current events but if anyone else if fascinated by the economics, and indeed the philosophy behind Bitcoin you should spend around 10, perhaps 15 minutes listening to this. The economics had been endlessly debated but the the wider issue he raised about searching for the immutable truth of what can be trusted I found fascinating.
http://www.bbc.co.uk/programmes/b01s0ssj
http://www.bbc.co.uk/programmes/b01s0ssj
not-bono-ever
meh
Doge is the way forward it seems
http://edition.cnn.com/2014/02/26/tech/innovation/dogecoin-cryptocurrency-tech-irpt/
http://edition.cnn.com/2014/02/26/tech/innovation/dogecoin-cryptocurrency-tech-irpt/
Sunray
Its sunny somewhere.
That implies there is something wrong with bitcoin, which of course there isn't.
camouflage
gaslit at scale.
Bitcoin's not perfect, but works well enough. Everyone has their favourite pet altcoin these days which is definitely the next level etc.
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ExtraRefined
Better than you at everything you love
Apparently if you use bitcoin you're an awful sexist bastard
http://www.huffingtonpost.com/2014/...ics-libertarian-men_n_4874727.html?ref=topbar
http://www.huffingtonpost.com/2014/...ics-libertarian-men_n_4874727.html?ref=topbar
camouflage
gaslit at scale.
I don't usually like to mention altcoins although there's a few that have caught my attention. One I do want to talk about here though is Auaroracoin.
The coin is 50% premined and the entire population of Iceland will be given a share, over thirty AUR in a 'airdrop' on the 22nd. This strikes me as an interesting comment on the concept of cryptocoins... it's almost- dare I say, socialistic. Or anarchosocialy-democratic... or something. Not shy to say I bought some Auroracoin because it feels like a good idea, I don't mind helping the Icelanders out, it's about goodwill, it's about political values, not just money or even tech. This concept is the closest I've seen to a genuine 'peoples coin', a nation-wide gift of wealth that Icelanders won't be prevented from employing directly because the banking-system has no ability to prevent them from using it.
Very interested to see how this idea goes in practice. If other countries, perhaps even 3rd world countries could do the same thing could that work too? Ghanacoin, difficult where fewer people have access to the internet and many people don't have national insurance numbers or whatever for verification but if there was a way around that, could a Ghanacoin work? Could Madagascacoin work? As it stands 1 AUR is worth about a hundred dollars last I saw, that means on the 22nd every person in Iceland will get (by todays prices) over 3000 dollars worth of AUR, not from the government, not from the IMF, just from an open-source project. By the 22nd the price will probably have climbed higher. After the 22nd it might drop some when Icelanders who've been paying attention but don't value crypto quickly sell out but then what? Who knows what will happen.
The coin is 50% premined and the entire population of Iceland will be given a share, over thirty AUR in a 'airdrop' on the 22nd. This strikes me as an interesting comment on the concept of cryptocoins... it's almost- dare I say, socialistic. Or anarchosocialy-democratic... or something. Not shy to say I bought some Auroracoin because it feels like a good idea, I don't mind helping the Icelanders out, it's about goodwill, it's about political values, not just money or even tech. This concept is the closest I've seen to a genuine 'peoples coin', a nation-wide gift of wealth that Icelanders won't be prevented from employing directly because the banking-system has no ability to prevent them from using it.
Very interested to see how this idea goes in practice. If other countries, perhaps even 3rd world countries could do the same thing could that work too? Ghanacoin, difficult where fewer people have access to the internet and many people don't have national insurance numbers or whatever for verification but if there was a way around that, could a Ghanacoin work? Could Madagascacoin work? As it stands 1 AUR is worth about a hundred dollars last I saw, that means on the 22nd every person in Iceland will get (by todays prices) over 3000 dollars worth of AUR, not from the government, not from the IMF, just from an open-source project. By the 22nd the price will probably have climbed higher. After the 22nd it might drop some when Icelanders who've been paying attention but don't value crypto quickly sell out but then what? Who knows what will happen.
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savoloysam
Pigman's pigman's ha ha charade you are..
Bloody ell this coin, that coin? I haven't even got my head around bitcoin! Must be a scammers dream out there at the moment 
ExtraRefined
Better than you at everything you love
Smells to me, though I can't quite put my finger on why.
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