Bitcoin Blows Up

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Joe Shlabotnik
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Bitcoin Blows Up

Post by Joe Shlabotnik »

A buddy of mine was into this. I told him to be careful. Hope he didn't have too much invested.
AWvsCBsteeeerike3
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Re: Bitcoin Blows Up

Post by AWvsCBsteeeerike3 »

I don't think that's correct. Mt. Gox, something I know little about but is apparently a competitor or rival or something similar to Bitcoin, blew up. Bitcoin is down about 5-10% as a result, but is still here, and your buddy is likely still well in the black depending on when he bought in. There is a rumor 6% of bitcoin's currency had been stolen, which is something to watch.

Anyway, back to the point, Bitcoin is mostly fine. Bitcoin:Mt. Gox::BP:Enron Or something like that.
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Joe Shlabotnik
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Re: Bitcoin Blows Up

Post by Joe Shlabotnik »

AWvsCBsteeeerike3 wrote:I don't think that's correct. Mt. Gox, something I know little about but is apparently a competitor or rival or something similar to Bitcoin, blew up. Bitcoin is down about 5-10% as a result, but is still here, and your buddy is likely still well in the black depending on when he bought in. There is a rumor 6% of bitcoin's currency had been stolen, which is something to watch.

Anyway, back to the point, Bitcoin is mostly fine. Bitcoin:Mt. Gox::BP:Enron Or something like that.
The server is down and the admin nowhere to be found. This can happen at any time to any server connected to the Bitcoin ponzi. Yes the FED can print any time it wants and your dollars in savings are just bits in a computer. But those bits are backed by the biggest military and most efficient and productive economy on the planet. Bitcoin is backed by, well, nothing.
AWvsCBsteeeerike3
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Re: Bitcoin Blows Up

Post by AWvsCBsteeeerike3 »

I think you're talking about Mt. Gox being down. http://www.forbes.com/sites/cameronkeng ... ax-losses/
Mt. Gox’s recent troubles are circulating like wildfire. Its repercussions are being felt throughout the world. Mt. Gox was the most public and well-known brand that represented Bitcoin’s exchange market. The company’s shutdown is rumored to be caused by a “hack” or “security breach” that resulted in a loss up to 744,000 BTC or $409,200,000 Dollars. (Based on the approximate value just hours ago from Coindesk.com) This is truly an unfortunate event that has caused the international community to shake its trust in Bitcoin as evidenced by the massive price drop. This is par for the course, when a pillar in the community falls in such a funeral pyre. The best parallel would be the Bear Stearns’ failure during the 2008 global financial crisis. Hopefully, Bitcoin won’t follow in the financial system’s footsteps post-Bear Stearns.
But, Bitcoin is still up. https://bitcoin.org/en/getting-started

And, is still worth quite a bit of money. http://preev.com/
AWvsCBsteeeerike3
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Re: Bitcoin Blows Up

Post by AWvsCBsteeeerike3 »

This is not an endorsement of bitcoin. I don't know much about it, and it's value can be wiped away in a heartbeat, seemingly. But it is still around for now.
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Re: Bitcoin Blows Up

Post by Michael »

I've put my entire networth in to Dogecoin.

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sighyoung
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Re: Bitcoin Blows Up

Post by sighyoung »

I don't know anything about bitcoin (I really should sit down and read about it when I have time). But can there be a currency run, so to speak? Investor hysteria would be something to worry about.
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ghostrunner
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Re: Bitcoin Blows Up

Post by ghostrunner »

Seems like it should be okay as long as people are willing to use and accept it. Granted, that could stop anytime and I'm certainly not buying any.
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Re: Bitcoin Blows Up

Post by heyzeus »

I was just thinking, I want to put my savings into a wildly volatile currency not backed by any federal reserve that can't be used for any of the commerce I do and that can disappear in the blink of an eye with no regulatory oversight or recourse.
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Re: Bitcoin Blows Up

Post by Transmogrified Tiger »

Mt. Gox is/was an exchange for Bitcoin, where you could also store Bitcoin in an online wallet. It was not the only exchange by any stretch, but it was the biggest. This has been something that's been brewing for several weeks, Mt. Gox Bitcoin in the last couple days was trading around $100-$150 while the market value was and remains at least $500(it was closer to $800-$1000 before this ordeal), so the risk of Mt. Gox going belly up has been priced in for a while. Definitely an object lesson in some of the pitfalls of Bitcoin, but as best I can tell, I don't think there's going to be a seismic shift because of last night's events. While the worst case scenario, people have been prepping themselves for that worst-case scenario for a little while now.
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