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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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it's a hint, he's giving away his real locale! NTSC for North America, PAL for EUSSR.
you said its name 3 times so it apeared from the attic. Fool!
Another fucking wanker...
UH GOT MUH SHINEE METALS AND UM LEAD N' SHIT. I'M TOUGH AND SHIT SO DON'T MESS WIT ME.
Fonestar aint no phony,
Shilling bitch-coinz for da cronies,
PAL likes third perspective,
Pussy-free and Lonely with invective,
Maybe quit spanking wee bony.
you name your nic after your moms dvd player?
https://www.google.ca/search?q=fonestar&source=lnms&tbm=isch&sa=X&ei=9IA...
please dont buy any dangerous dvds (they may not wiat the 5 seconds after the message).
Fonestar does have the shiney.
I wonder if fonestar remembers writing this:
"I am just starting to mine Bitcoins. I will never sell my physical silver though, unless it was an absoloute emergency.
I don't care what any tech neophytes have to say (I'm a Cisco guy myself), virtual currencies will NEVER replace the exchange of physical medium. The reasons for this should be quite apparent to all. Your 3G network can be overwhelmed and shut down. Your satellite can be shot down. Your SSB-AM radio signal can be jammed. Your Blackberry can be dropped in a puddle. Your Visa and Mastercard can be seized. Your website can be censored by Google and Yahoo. Your domain can be seized.
How are you going to stop me from passing a coin to someone? It really is that simple."
bitcointalk.org/index.php?PHPSESSID=ndt2can8vpng1u6gf3fbnpoqf2&action=profile;u=17926;sa=showPosts
Stack On
Thanks pal. The confirmation of his cuntiness is much appreciated.
That explains a lot.
Except when Fonestar is with his oft-mentioned "Pal" --- then he is more of a Crisco guy.
fonestar has all of his shiney still (minus some 35%, 40% and 50% junk silver he sold). What is different about fonestar is he doesn't have a closed mind to anything that is not gold and silver.
Yet another droll "fonestar on fonestar" revelation?
Have you seen his blue pill ads?
I admit I have a closed mind about bitcoin, for good reason. Those two dudes with the bitcoin signs shown on ZH earlier are a good example why. Bitcoin was made to steal your wealth fonestar. It is time for you to wake up.
Wakey, Wakey, Rise and Shine fonestar.
Gold is money
Stack On
Oh! FONESTAR!
Here's a video for you, my long-lost lover!
This one's called 'Surfing With The Alien', and I suggest you turn it up.
http://www.youtube.com/watch?v=uoERl34Ld00
That butt-hurt you feel is the BUTT-HURT that you KNOW is the REALITY...
hey...where can I get some bitcoin? If I buy it today...it will be worthless tomorrow like all of my investments
Brace! Brace! for $600 Bitcoins. Strong rebound, up 50% in 24hrs.
you mean down 25% for the month
I hear that PIERS MORGAN is soon departing to The City, in order to try to call in all the CNN investments. They seem to be heavily invested in stocks that have to do with TEPCO. The junior investors in Mt. Gox seem to be bullish on this new form of transnational cybercurrency.
Nerdpackers who invent fake love dolls and fantasize about the size of their units can't be ALL wrong, now, can they? After all, they are containing the reactor meltdowns quite well, thanks to ABE!
Interestingly composed article. http://glcbitcoin.com/2014/02/25/mtgox-bitcoins-first-fractional-reserve...
Those rumormongers at Financial Times spreading the meme that $400m in real money went (or is in the process of going) bye-bye, to stickier fingers. What's in your wallet? Nothing ...
http://www.ft.com/intl/cms/s/0/7cbe756c-9e46-11e3-b429-00144feab7de.html#axzz2uOORjcPD
ps - at least they listed it under, "currencies".
A fixed link to the FT article
Bitcoin exchange fears $400m theft
http://webcache.googleusercontent.com/search?q=cache:http://www.ft.com/i...
http://www.youtube.com/watch?v=uoERl34Ld00
The exchange seems to have simply 'disappeared' overnight - but it was always going to be so. Do we really think the people with the real power are going to let someone else start f*cking with their currencies and money creation?
This is what happens when you f*ck with the powerful:
http://www.youtube.com/watch?v=39X4sXc0Ubc&list=UU-Y8tHCwNCHYzGL8iw5IOXA&feature=c4-overview
Clitcoin!
EmptyGox - what do you expect?