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Bitcoin: Brace! Brace!
Speculation involving the possible bankruptcy of Mt. Gox are building momentum and becoming a viable option today. The virtual currency Bitcoin slumped Tuesday morning by 20% and it looks as if the Japanese-based exchange will issue a statement amid growing fears that have been mounting for a number of months now.
The Mt. Gox internet site is no longer working and the chief executive of the company Mark Karpelesresigned on Sunday from the Bitcoin Foundation Board of Directors. The resignation took immediate effect.
Bitcoin is a digital currency that is not backed by any form of government, central bank or even a company in the event of financial difficulty or loss in value. There has been a whole list of problems that have occurred over the past year including the resignation of Charles Shrem, a board member of the Bitcoin Foundation, who was arrested in connection with drug-trafficking allegations involving a Bitcoin currency exchange. Mt. Gox only a few weeks ago decided to halt the exchange of Bitcoins via its servers due to what they classed as ‘unusual activity’. In early February the Bitcoin Foundation stated that “the issues that Mt. Gox has been experiencing are due to an unfortunate interaction between Mt. Gox's implementation of their highly customized wallet software, their customer support procedures, and their unpreparedness for transaction malleability, a technical detail that allows changes to the way transactions are identified”.
Has there been widespread theft via Mt. Gox or is the internet site going bankrupt? Bitcoin may consider that Mt. Gox is no longer a trusted partner. One previous statement from Bitcoin stated the following: “This tragic violation of the trust of users of Mt.Gox was the result of one company’s abhorrent actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today”. However, earlier versions (that were subsequently changed by Bitcoin) stated that Mt. Gox was ‘insolvent’. The wording was changed and the statement reissued.
Some are skeptical as to whether Mt. Gox has gone bankrupt today but believe that the problem stems from the system used by the company which enabled theft of bitcoins and subsequent tricking of the system into believing that the transaction had not occurred, thus allowing them to get paid a second time. The question remains however if the judges in the insolvency courts will be able to face the issue of someone who has gone bankrupt ad who owes someone else bitcoins. Dealing in dollars is easy as the value of that dollar is known. How will they solve the bitcoin issue of insolvency?
The fall in the price of Bitcoins this morning means that investors are worried that the problem is larger than being announced and they bankruptcy may not be far off. At least, if it doesn’t happen because of a real problem, then it may well happen because of the investors off-loading bitcoins. In September 2013 bitcoins cost $150. By December they had risen to $1, 000. Today they stand at $491.82. Yesterday the price of bitcoins stood at $550 for most of the trading day. It fell as low as $546 towards the end of the day.
Originally posted: Bitcoin: Brace! Brace!
Also of interest: The Great Social Media Stock Bubble
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Grasp at straws much?
was 21 million, not 42, care to explain when this changed?
My mistake! You are right, the maximum that ever will be is 21 million and not 42 million.
SO:
If you give me a few cyber-currency coins, I suppose that I need to get you in the mood, by saying that YOU are the BEST.
Here it comes:
Oh, you ignorant SLUT!
http://www.youtube.com/watch?v=ttqgwlCsXZM
"When you are on your backs the meters are running!" Too much! ;)
Bet none of the con men in the bitcoin racket get paid in bitcoin, and if they do its instantly converted to something that isn't a turd.
I'll take that bet.
Of course you would, fool.
Here's a news flash: you can't get your gas, groceries & pay your bills like utilities & rent / mortgage using bitcoin, using gyft, using overstock.com
Welcome to reality. You phucking phail.
You are right of course, I would have to pay those bills with gold or silver, who would ever want those digital USD credits anyway, you know the ones that are infinitely expandable by tribal conmen. Another mental giant exposing his lack of understaning. Calm down and learn something, the future is coming to you, whether you educate yourself or not.
The future is coming: bitcoin isn't in it. bitcoin is a backward step adding risk & not adding value.
Patience, grasshopper. Picked up airline tickets from Tokyo to Denver using Bitcoin, though. CheapAir.com. They. Don't. Take. Gold.
20,000 merchants accept Bitcoin listed on this business directory. Anything similar for bullion?
not similar: for escape routes, guns & good land, that's where you can swap bullion, and not bitcoin.
"similar" = not important
What's important is that bitcoin can only get you baubles & nonsense for the most part whereas bullion gets you precious things because it is also precious.
CYBER.
An interesting subject, this contraction. I have seen several references in regards to the 'internet', using the presumed understanding of the percurser 'CYBER...'. CYBERcurrencies are but one of many.
A so-called 'CYBER' is, it seems, a CHIMERA (in the strictest usage of Latin). A 'CHIMERA' is generally considered to be an 'AVATAR' (or, a 'GHOST' or a 'false-front'). THIS word (or series of words) describes an element or series of elements which present a false representation of that which is being copied (or is being presented as an exact replacement to that which has been lost, in full value). It is PURPOSED as a 'duplicate', or 'taken by general consensus as having the same value of {the thing which is being replaced}.
It's like the 1965 'model year' Chevrolet El Camino replacing the ORIGINAL 1964 model year (with a minor change being the location of the reverse tail-lights migrating into the taillight assemblies, instead of the rear crash bumper). It's the SAME, but somewhat less expensive to make. Not QUITE as good, but it looks the same. It RESEMBLES the ORIGINAL, but not QUITE as valuable. A CYBER-copy. ALMOST identical (if you can't tell the difference, and understand that it saved the G.M. Corporation about 500,000 dollars to make the plastic taillight assemblies with the white reverse lenses; as opposed to cutting holes in the steel bumbers and cotracting two seperate light assemblies for these per vehicle).
Think of 'CYBER' copies as an attempted 'cost-cutting' measure, in this case (and EVERY OTHER).
Try THIS definition:
CYBERNETICS.
'The study and comparison of the way in which animals and machines control their movements and internal functions.'...'Cybernetics has HELPED both in understanding the nervous system and in improving automation devices.' WAIT: Is this CYBERNETICS, or DIANETICS (by L. Ron Hubbard)?
"The term 'cybernetics' was first used in the 1940's by Norbert Weiner, a professor of mathematics at Massachussets Institute of Technology."
I AM A CYBER-ZOMBIE. BIT-COIN is my life. I SUCK THE BLOOD OF THOSE WHO ARE WILLING TO INVEST. I AM MT. COX, AND MY CITY IS THE CITY, AND NEW YORK CITY.
FUCK! REALLY? No shit, Tylers.
Can somebody explain Bitcoin in a way that a simple person can understand?
Bit coin has been in headlines since last October.
There are, literally, hundreds of web sites dedicated to explaining it.
If you have made even a modest effort to research it and you still ask that question, you are too stupid to have money. Go to the nearest bank and hand over all of your money to their investment guy. They will take care of you.
BTC is not money, not by a long shot son.
I got this one.
You work real hours and cost real energy to do so, such as food energy.
Then you get paid real legal currency which is problematic long-term but day to day is very stable.
Then you plow it all into something less reliable than a pennystock on the pink sheets called bitcoin.
Your neighbor's kid told you while he was playing Minecraft against n00bs he became a berzillionaire and bought himself a brand new computer and bitcoin went from $5 to $1200.
Since you're very clever and take advice from 8 year olds playing Minecraft all day you went all in.
Ta-da.
Now you're broke.
Simple as can be.
I did skip a step, the part where you cry very hard and you don't get to move out of momma's basement and it's back to foodstamps yet again but by this point that should be obvious.
Good, goooood. Let the Bitcoin hate flow through you.
"Why won't Bitcoin fucking DIE!?"
hmm, much butthurt I sense in you!
The gloom and doom patrol are at it again. It went down a helluva lot lower than $491. It went to $400. And it's back near $570 now.
Bitcoin might be down, but it's far from out. In the end digital peer to peer currencies will be a player. It may or may not be Bitcoin.
But, anyone playing in the market needs to prepare to have their balls pulled out through their throat. It is not for the weak kneed or ignorant.
So that keeps most ZH zealots out of the running. They will hide behind the gold that Glen Beck shills for.
it went to 106. Not 400. ONE OH SIX.
A currency is not "playing in the market" and if you're "playing in the market" bitcoin is a garbage pump 'n' dump, not a currency.
Yeah, it went to 106 on a closed exchange.
In the rest of the world it went to 400.
How stupid are you?
all exchanges are equally invalid - equally risky - equally controlled by the banks - how stupid are you?
Would you care to restate your comments, or simply ride the new paradigm down to its' demise?
WAIT: LET ME GUESS!
YOU are one of the traders that uses algorythims that supercede time, and thusly allow for insider trading to take place without the F.E.C.'s knowledge!
GLEN BECK? I thought YOU would be schilling for McPalin, you ASS! WHICH party are you WITH?
It doesn't matter, I suppose.
http://www.youtube.com/watch?v=zhYbwhKOrLc
I am not shilling for anyone.
I just cannot stand the ignorance of the posters here. This used to be a place to get an alternative view on things.
Now it's just a place for people with no imagination and no ability to see any changes in the future.
Gold, gold, gold.....
That one trick pony. Is going end up putting most of you out on the street.
Ah I concur with you Oldballplayer. You are almost as wise as me, the Great Kim Jong Un. We should share some dog meat and opium in the not too distant future. I have sincere respect for your mental acumen.
well... who am I to question the Democratic Peoples Coin of Bits.
I'm gonna piss some people off..
FUK YEH, UN!
You WONG, FUCKSTAIN (not intended to be deliterious to posting by regarded ZH posters in reply to CommieSymPlants).
http://www.youtube.com/watch?v=tX5ZRE26YWM
Did you get the F-35 blueprints yet?
Bitcoin is a revolutionary change and will thrive. Unlike state-sponsored currency, this is a true free-market currency. It's just in it's infancy and we will see some amazing things coming on this platform. It has so many advantages over the paper rectangles that corrupt nations rely upon, they are too numerous to list, but rest assured, it will thrive. For the first time, people are not beholden to the evil banker-government cabal. Go Bitcoin Go!!
"Bitcoin is a revolutionary change and will thrive."
You mean just like North Korea?
So why is there a Bitcoin Foundation Board of Directors? Seems a bit strange for a 'decentralized' currency, not to mention that these jokers expect to be paid no doubt (there I did mention it) like all bankers do.
So where is their profit to come from and in what currecy are they paid? I bet it ain't Bitcoin.
The foundation doesn't control the issuance of the currency. As to why the foundation exists at all, you can check it in their own words
https://bitcoinfoundation.org/about/why
They aceept donations and get paid exclusively in Bitcoins.
https://bitcoinfoundation.org/donate
Yeah, and everything you read on the interweb is a fact.
Jesus Fucking Christ, use google, man. BitcoinFoundation.org
I'm not sure if the board members are even compensated, I know their administrative staff are paid in Bitcoins.
Don't let those who are slow rattle you hound you are taking the Lords name in vain. Jesus would have been patient with them until they learned to find their way to the Father. Unless of course they are incurable mammon, power, and bling worshiping hypocrites and the Father don't want them. (evil internet trolls who are knowingly and purposefully trying to lead men to their downfall, or bankers, or NSA workers, etc.)
Why do you believe them? Words are cheap, especially cyber words.
They could be compensated with rice and beans for all I care. They are just a mouthpiece for the media to contact. They don't control the network, nobody does.
Cisco does. Verizon does. Comcast does.
KIM, is that YOU?
Yes, it is I, the great Kim John un. Hello fair peasant.
Damn, you good looking man!
Your round face velly attlactive!
(No, I'm kidding! Yoo won fugly man!)
The video I tried to link to you had over 16 MILLION views, but the copyright fucking laweyrs seemed to have blocked it. I found an alternate link to this song (but it has 'only' about 2 and a half million views: 2,484.914, to be exact).
http://www.youtube.com/watch?v=3IGvErXXEK0
HERE is the ORIGINAL (which I had sent out in the past several years, but is now blocked): 16,350,878 views!
http://www.youtube.com/watch?v=wXcdYBh3hgg
Corporate VEVO seems to have over 90 million views, with the video talking about suicide, or some shit:
http://www.youtube.com/watch?v=3YxaaGgTQYM
TRANSCEND!
I AM
Montgomery Scott
Hello my good peasant,
I thank you for the musical selection, if that is what you call that noise. I prefer to smoke a fine cigar made in Cuba while I listen to dogs rip the flesh from the bones of my enemies. Your efforts to please your great leader will not go unrecognized, however. I shall grant you five - yes FIVE - paper rectangles with pictures of dead guys drawn upon them. Spend them wisely young man.
Regards,
"Un"
If it happened to the customers of Mt. Gox, it can happen with anyone, anywhere, anytime. There are no guarantees.
CALLING FONESTAR...
Fonestar?
Well, I suppose he didn't get the memo. There seems to be an issue regarding 'BITECOIN', and our star, FONESTAR, here on the Zero hedge blogs seems to be recalcitrant in the issuance of statements.
I am patient, however, and able to wait for a response. I have all the time in the world (along with some precious metals that are listed on the usual exchanges, and certain others that are NOT, including CU, ZnCu, and Pb).
Hell, it happened on 3/11/11, in Fukushima, so why wouldn't it happen in Mt. Gox (also in Japan)?
I suppose it's an emotional thing; akin to believing in fairy dust that operates on the same principle as the FED RES (but one step removed from the 'family' of debt instrument currencies). PRINT, or CREATE from NOTHING (or, print from nothing, or take a 'cyber-nothing' and cyber-print NOTHING that only exists in the binary form of mathematics which are a derivative of a fantasy-form of ones and zeroes).
FONESTAR?
I suppose he can't hear me now. His toilet paper is worth less than the toilet paper he 'got in' with; only good for burial in the shitpile of OTHER fiat currencies. Even now, I would wager that he will defend it).
The last time I got a piece of ass was when the toilet paper ripped when I was wiping. FONESTAR got one like this, I understand (probably his only and single piece of ass, most likely and statistically speaking).
FONESTAR? Can you HEAR ME?
Good thing I got this handful of magic beans instead.
You laugh but at least I can hold them.
Well I did call him/it out yesterday when it said it is a PAL persona, so maybe it got the message.
fonestar and his PAL are tireless.
Hey fonestar, what happened to your investment in Reggie's ultracoin scheme? That layer of trust on top of a layer of crime in progress doesn't seem to be going so well. Since he has had only 5 donors contribute an embarassing $155, what was your contribution? A buck fitty? And where is your buddy Reggie? He has been awful invisible here lately.
http://ultra-coin.com/index.php/fund/discover/21-software-developement/1...
LOL!!!
No, fonestar and his PAL are getting to be boring.
In current working memory, PAL has come to mean "Physical Access Layer" for this engineer. That means you are truly virtual!