Mt Gox not closing due to insolvency but due to robbery

[sebolavarria]

http://mattvukas.com/2014/02/24/breaking-mt-gox-dead-long-live-mt-gox/

 

 

 

so glad I didnt get on this bandwagon.. 

[DoubleY]

Good. Hopefully BTC prices can go back up now.

 

Mtgox is now gone from http://bitcoinwisdom.com/

[qwertywarrior]

easy dont store all ur bitcoins in one basket save them in a safe offline place and when u sell them do it in one go just dont let them hanging

[hawaiims]

http://mattvukas.com/2014/02/24/breaking-mt-gox-dead-long-live-mt-gox/

 

 

 

so glad I didnt get on this bandwagon.. 

honestly I may sound like a huge asshole for saying this, but I'm glad this happened.

 

Bitcoin was an OBVIOUS huge bubble (more than 11 billion dollar valuation for a currency that was seldom used and wasn't tied to any real material value such as gold???) waiting to burst. Anybody that thought bitcoin would ever reach well over a 1000$ was being stupid to begin with. This kind of stuff shows how murky virtual cryptos still are, and I'm glad I haven't done any more than just GPU mine a couple niche useless coins lol. 

 

Bitcoin will very likely stay and stabilize at this couple hundred dollar value eventually, or heck it could disintegrate with another cryptocurrency taking the crown.

[xXxYOLOxSWAGxXx_420BlazeIt]

easy dont store all ur bitcoins in one basket save them in a safe offline place and when u sell them do it in one go just dont let them hanging

lol.

[DyGr00339]

honestly I may sound like a huge asshole for saying this, but I'm glad this happened.

 

Bitcoin was an OBVIOUS huge bubble (more than 11 billion dollar valuation for a currency that was seldom used and wasn't tied to any real material value such as gold???) waiting to burst. Anybody that thought bitcoin would ever reach well over a 1000$ was being stupid to begin with. This kind of stuff shows how murky virtual cryptos still are, and I'm glad I haven't done any more than just GPU mine a couple niche useless coins lol. 

 

Bitcoin will very likely stay and stabilize at this couple hundred dollar value eventually, or heck it could disintegrate with another cryptocurrency taking the crown.

It capped over $ 1000, You don't get to have an opinion unless you have done it

[qwertywarrior]

lol.

in one go i meant not all of them i meant lets say u wanna sell 0.5 bitcoins

u transfer 0.5 bitcoins but sell half and let the other one just sit there

[qwertywarrior]

honestly I may sound like a huge asshole for saying this, but I'm glad this happened.

 

Bitcoin was an OBVIOUS huge bubble (more than 11 billion dollar valuation for a currency that was seldom used and wasn't tied to any real material value such as gold???) waiting to burst. Anybody that thought bitcoin would ever reach well over a 1000$ was being stupid to begin with. This kind of stuff shows how murky virtual cryptos still are, and I'm glad I haven't done any more than just GPU mine a couple niche useless coins lol. 

 

Bitcoin will very likely stay and stabilize at this couple hundred dollar value eventually, or heck it could disintegrate with another cryptocurrency taking the crown.

but isnt currency used today not tied to gold either ?

https://en.wikipedia.org/wiki/Nixon_Shock

[Fred Castellum]

but isnt currency used today not tied to gold either ?

https://en.wikipedia.org/wiki/Nixon_Shock

Lol our god damned federal reserve.... *shrugs*

[hawaiims]

It capped over $ 1000, You don't get to have an opinion unless you have done it

what? I know it capped over 1000$. I am saying that it will never stabilize at that type of price, that is all.The whole thing is a bubble, and smart economists all over the goddamn world were saying it and ringing the bell before this type of crap happened. It will probably stay in the 500$ ballpark for a while, if not go lower

Just like fiat currency, bitcoin doesn't have any intrinsic value either, and considering that 99% of the people owning it were just using it as a pump and dump scheme because they were hoping to get rich instead of using the damn thing, it's no wonder all sorts of crap happens.

 

And I don't get an opinion unless I have ever owned any BTC (sounds like a douche thing to say)? jWhat kind of BS is that? I have done quite a bit of research on cryptos and as stated previously, I've dabbled in mining myself. 

[hawaiims]

but isnt currency used today not tied to gold either ?

https://en.wikipedia.org/wiki/Nixon_Shock

yes exactly. I don't know of any countries who still tie their currency to materials with an intrinsic value such as gold or silver. Bitcoin doesn't have any value in itself, just like dollars or euros, people agree that it has a certain value even though it's actually just worthless paper. Same thing with bitcoin. 

[qwertywarrior]

yes exactly. I don't know of any countries who still tie their currency to materials with an intrinsic value such as gold or silver. Bitcoin doesn't have any value in itself, just like dollars or euros, people agree that it has a certain value even though it's actually just worthless paper. Same thing with bitcoin. 

do u think the issue with bitcoin or cryptocurrency in general is the lack of exchangers

a lot of people concentrate only on mtgox if there were hundreds

one shutting down would cause such a huge hit

[hawaiims]

do u think the issue with bitcoin or cryptocurrency in general is the lack of exchangers

a lot of people concentrate only on mtgox if there were hundreds

one shutting down would cause such a huge hit

it's more the legitimacy of those exchanges more than anything. If it is indeed true that the mt gox exchange got robbed of 700000 bitcoins years ago and kept it a secret for all these years, it's criminal and the people responsible for the company should be jailed.

There were other exchange that shut down because the owners were helping with money laundering knowingly and all that.

 

For bitcoin to really become legitimate, we would need someone like citibank or some other big bank to come up and make a good trusted online exchange. Bitcoin would gain a huge amount of respect from others by doing that and it would definitely make people more at ease. 

[ZetZet]

Good people, steal all the bitcoins so I can buy AMD cards.

[DyGr00339]

it's more the legitimacy of those exchanges more than anything. If it is indeed true that the mt gox exchange got robbed of 700000 bitcoins years ago and kept it a secret for all these years, it's criminal and the people responsible for the company should be jailed.

There were other exchange that shut down because the owners were helping with money laundering knowingly and all that.

 

For bitcoin to really become legitimate, we would need someone like citibank or some other big bank to come up and make a good trusted online exchange. Bitcoin would gain a huge amount of respect from others by doing that and it would definitely make people more at ease. 

They were trusted for many years.

 

and the whole fuckin point of bitcoin is to not use people like citibank

[hawaiims]

Good people, steal all the bitcoins so I can buy AMD cards.

it's happening already, I posted a deal recently of a 7970 with an asus direct CU II cooler for 310$. That's extremely low compared to the old prices. 

 

[hawaiims]

They were trusted for many years.

 

and the whole fuckin point of bitcoin is to not use people like citibank

why would it matter if a company like citibank made an exchange? All it would do is boost the legitimacy and value of bitcoin significantly because it's a trusted financial institution.

 

Would you rather use some shady ass website owned by god knows who that could close anytime or lose all your money all of a sudden from going bankrupt?

 

It's not like a company like citibank would all of a sudden control the whole bitcoin market, all they would have to do is make their own exchange.

 

I thought the whole point of bitcoin was that it was a currency outside the control of any government or other large scale control. I fail to see your point here. What bitcoin needs now is not a bunch of speculators who artificially raise the price but real users, and having a trusted exchange from any trusted financial institution is the only way to boost public confidence and boost circulation of bitcoin (buying crap and selling crap with bitcoin). And it would also go a long way towards actually fulfilling the promise of having bitcoin be secure (which it evidently isn't with all the recent insane scandals)

[DyGr00339]

why would it matter if a company like citibank made an exchange? All it would do is boost the legitimacy and value of bitcoin significantly because it's a trusted financial institution.

 

Would you rather use some shady ass website owned by god knows who that could close anytime or lose all your money all of a sudden from going bankrupt?

 

It's not like a company like citibank would all of a sudden control the whole bitcoin market, all they would have to do is make their own exchange.

 

I thought the whole point of bitcoin was that it was a currency outside the control of any government or other large scale control. I fail to see your point here. What bitcoin needs now is not a bunch of speculators who artificially raise the price but real users, and having a trusted exchange from any trusted financial institution is the only way to boost public confidence and boost circulation of bitcoin (buying crap and selling crap with bitcoin). And it would also go a long way towards actually fulfilling the promise of having bitcoin be secure (which it evidently isn't with all the recent insane scandals)

What bitcoin needs is people who don't support it to shut up. My personal favorite exchange is allcoin.com Not crypsy or the others, why? Beacuse the little guy is usually the one that wants to be good, a company like mt.gox get big and then goes to shit. The banks around the world are shady as fuck and I don't trust any.

 

People like tigerdirect are doing it right, I feel it shouldn't be exchanged for cash, but it's own curryncy and buy stuff with bitcoin 

[hawaiims]

What bitcoin needs is people who don't support it to shut up. My personal favorite exchange is allcoin.com Not crypsy or the others, why? Beacuse the little guy is usually the one that wants to be good, a company like mt.gox get big and then goes to shit. The banks around the world are shady as fuck and I don't trust any.

 

People like tigerdirect are doing it right, I feel it shouldn't be exchanged for cash, but it's own curryncy and buy stuff with bitcoin 

Wow you're being a little bit of an agressive dick. I never said I didn't support bitcoin at all, I simply said that bitcoin still needs to gain the trust of more people for it to become truly mainstream, and that an exchange from a trusted financial company would help in that regard. And while many big banks around the world may be doing some unethical stuff, they are usually publicly traded companes and as such they can't just hide bullshit like robberies from people. And Mt. gox is nowhere near what I would call a large company. Just because they deal with large sums doesn't mean they are a large company unless they have large amounts of revenue. 

 

And that little guy might one day decides that he wants to cash in and scam people by taking in all their buy orders and never giving them bitcoins, and he would never be found because he built the whole website making sure he stayed anonymous. Just because it's small doesn't mean it's trustworthy at all.

 

A lot of stuff dealing with bitcoin is still shady AF, and bitcoin keeps being banned in more and more countries. Without any regulatory control (which is unfortunate but probably unavoidable) it will eventually become an illegal currency worldwide. It's only a matter of time before it gets banned here in the US if they don't add in more consumer protection, information about source of funds etc.. that normal banks have to provide in the US. 

 

You're probably just sour because you invested in btc and I understand that, however that doesn't mean that you should just start lashing out on others and telling them to shut up. 

[catbutts]

Bitcoin was an OBVIOUS huge bubble (more than 11 billion dollar valuation for a currency that was seldom used and wasn't tied to any real material value such as gold???) waiting to burst. Anybody that thought bitcoin would ever reach well over a 1000$ was being stupid to begin with.

 

I don't know of any countries who still tie their currency to materials with an intrinsic value such as gold or silver. Bitcoin doesn't have any value in itself, just like dollars or euros, people agree that it has a certain value even though it's actually just worthless paper. Same thing with bitcoin. 

idk where your argument went or what you're trying to claim.

 

I do agree there are plenty of get rich quick schemers out there, but there is also a growing community of people who want bitcoin to succeed--which is why every other exchange has stayed above $500.

[TopWargamer]

They're not closing down? Phew, good. Hopefully the price of BTC will go up now.

[hawaiims]

I do agree there are plenty of get rich quick schemers out there, but there is also a growing community of people who want bitcoin to succeed--which is why every other exchange has stayed above $500.

if those people supposedly wanted the currency to succeed they wouldn't be speculating and buying bitcoins and just letting them rot. 

 

How many people do you know that actually own bitcoins and use them? A huge majority are just speculators that are ruining cryptos everywhere. 

 

I am getting quite pissy about this issue because it's ruining these cryptos by making them not only have artificially high demand, but it also means it's subject to gigantic surges or drops in prices. I just want people to use these damn currencies. 

[Guest]

Good. Hopefully BTC prices can go back up now.

 

Mtgox is now gone from http://bitcoinwisdom.com/

I hope they hit 5$ and mining dies.. but thats just me

[DoubleY]

I hope they hit 5$ and mining dies.. but thats just me

Why would you want mining to die?

[Bonsai99]

Mt Gox not closing due to insolvency but due to robbery

It's insolvency that was caused by robbery, but in the end it's still insolvency no matter what way you spin it.

Just like if you shot someone in the face or disemboweled them with a wooden cooking spoon, sure you might have killed them differently but it really doesn't matter because in the end they are still dead.