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Does Mt. Gox Mark The Beginning of the End for Bitcoin?
On or about February 23rd, 2014, Mt. Gox (on of the larger bitcoin exchanges) collapsed. The MSM (mainstream media) had a field day...



I warned everybody that the fall of Mt. Gox was simply a poorly managed small business getting its just dues. To correlate the fortunes of Mt. Gox with the fortunes of the Bitcoin ecosystem is akin correlating the fortune of the World Wide Web with that of Pets.com or Alta Vista in the 1990s. Sounds silly doesn't it? Well, fast forward 3 weeks from the Gox'd experience and this is what we find...
The week after the media frenzy regarding Mt. Gox started to fade, the price of BTC (bitcoins) started a dramatic phase of price stabilization. This apparent price stabilization was verified by the very dramatic drop in standard deviation.
If we drill down to the weeks in question, we find... 
This price stabilization has occurred even before the wide scale adoption of UltraCoin.
As always, I'm looking for:
- financial capital
- intellectual capital
- developers, management and sales/marketing expertise.
If you have any of this in abundance, hit me at reggie@ultra-coin.com.
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Fortress-Linked Pantera Said to Invest in Top Bitcoin Exchange
Seriously, how many wallets do you have to keep. Having one wallet with say 10 BtC at USD 10 each was OK. if it got lifted you lost a 100 bucks. Now at fiat 600 the same wallet with 10 coins will be 6,000 so you get muppeted one wallet and boom big loss even for clandestine transfers.
So to manage you have to keep one coin or even less in one wallet and also keep all of them 'off line' and have their keys memoed to prevent being 'vaporized'....
I prefer burying the shiny stuff and create a fun treasure map..........
''Reggie Middleton was finally proven wrong!''
wtf? This clown was proven wrong as often as I take a dump, since years
This page looks like feeding-time at the troll zoo.
You've got to admit though that the plastic gold-painted bitcoins do look sort of pathetic and smack of desperate marketing hyper-bullshit nozzles.
20 inventors of the ANAL-BITCOIN go missing on MH-370
In one of the strangest twists to date on the MH-370 flight it turns out that when the plane was hijacked and flown to KazakHastan, that on board were the Texas - based 20 Freescale Semiconductor employees on that flight, FreeScale is a US defense RFID this a complete CPU almost invisible to the human eye, that can be digested or anally inserted.
The so called back-door for NSA/CIA in this chip has been a major conflict between the agency's and the contractor, now the primary team that invented the technology are missing in Kazahkstan.
Called the 'Anal Bitcoin' because it can store and manage (BUY/SELL) bitcoin block-chains from the anus.
1,000 Bitcoin bet BTC beats Berkshire.
Even bitbitch phonefuck did not want to burn her hands on this one.
Haha loser. Want me to sell you a better avatar?
It sure took you a while. So are you and Reggie bathhouse buddies now or is this just a one time thing?
For any anyone that might be intrigued, this is the best bitcoin video I've seen by far http://www.youtube.com/watch?v=c2CsJ2HMA2I
Once you understand the technology, you can truly understand bitcoin
For any anyone that might be intrigued, this is the best bitcoin video I've seen by far
https://www.youtube.com/watch?v=PfeA94BedQI
Once you understand the FLAWS in the technology, then you can truly understand the reasons why you may want to avoid Bitcoin...
FIFY
That's the thing about gold. All a person has to do is hold it to understand it's value.
Same with tuplip bulbs and Bitcoins.
Bitcoin is like investing in ZZZZ Best--Some make money, the rest...
Now I am off to check the stacks and "plant" a little more in the garden.
Mt. Gox has nothing to do with bitcoin. Fonestar can you please educate these morons.
And the Comex has nothing to do with Gold...Yeah...Right. And the NYSE has nothing to do with GE Stock. Yeah...Right...
/sarc
Mt. Gox was a large clearinghouse. The failure of Mt. Gox diminished CONFIDENCE.
Confidence is the key when considering the value of Currencies, Precious Metals, Stocks, Bonds, Real Estate, or Bitcon.
There is currently, and clearly, a lack of Confidence in this Forum.
It maybe more proftable if you go and peddle it elsewhere.
"Mt Gox diminished confidence" you say, but BTC spiked 30 percent in price, volatility halved, and two largest payment processors are still setting weekly and monthly records for both BTC processed and merchant sign ups.
Compare the state of the federal Reserve note after Lehman collapsed. Did prices spike 30 percent? Did volatility halve? Did merchant and consumer activity set multiple new record highs?
You see, you ignore the paper fallacy currency as it Collapses around you yet ignorantly (and I mean that in the purist sense) deride a vastly superior solution to several problems. Can you recite the major benefits and weaknesses of the Bitcoin protocol or are just typing blindly without a clue as to what you are typing about?
Methinks you are talking from a state of mass media induced ignorance and not fact. It's amazing how easily the ZH crowd now follows what they read in the mainstream rags and on TV. Back in the day, this was a much wiser crowd.
Yup, I blame the low-grade of some contributors, standards have really slipped.
"You see, you ignore the paper fallacy currency as it Collapses around you yet ignorantly (and I mean that in the purist sense) deride a vastly superior solution to several problems."
There is no evidence of the "death of the dollar" hypothesis. It is true that the dollar regime has its problems, most importantly that it is unfair to the average person and favors the politically and financially well-connected insiders, but there is no evidence it is collapsing in the immediate future. Maybe in 50 or 100 years, but not any time soon. To believe this is wishful thinking of certain political groups.
There is nothing "vastly superior" about Bitcoin. It may have value for certain niche applications, such as selling illegal drugs or international arms smuggling, but it doesn't help the average person who needs to buy groceries and gasoline, and pay the electric bill. The existing system works fine for these everyday activities.
"Methinks you are talking from a state of mass media induced ignorance and not fact. It's amazing how easily the ZH crowd now follows what they read in the mainstream rags and on TV. Back in the day, this was a much wiser crowd."
Again and again we observe Bitcoin pumpers engaging in the same set of ad hominem attacks: idiot, moron, loser, don't understand the technology, luddite, old, etc. This is a clear indication of intentional fraud.
I have not observed ZH Bitcoin opponents quoting "mainstream rags and on TV." Most opponents are simply stating their own views, or have done their own personal research on the internet by reading the basic Bitcoin documents (which are my personal sources). In fact, I think Reggie has made this charge up out of thin air; I would like to see even one quote from a ZH poster using the television as a source.
"Most opponents are simply stating their own views, or have done their own personal research on the internet by reading the basic Bitcoin documents (which are my personal sources)."
If you read the basic bitcoin documents, then you couldn't say "There is nothing "vastly superior" about Bitcoin."
Bitcoin is programmable, fiat is not.
Bitcoin has its own inherent transmission system, fiat doesn't.
Bitcoin's programmability allows for an intrinsic, inherent, self regulating escrow system, fiat can't.
I can go on for awhile, alas I have things to get done today.
Quote:
Back in the day, this was a much wiser crowd.
Ain't that the truth.
You play with the electronic snake, you get bit by the electronic snake.
The evil deeds to kill any competition to the banksters plan for a world-wide digital money-god system will continue. They will steal and hack until all the investments are gone. Then, after the wars and satanic/luciferic takeover of the USA, they will come forth with the new and improved globalist world-wide digital track, trace, and HIGHLY TAXED money-god system. It is all pretty simple, really. Third grade material.
http://www.nowfoundation.org/issues/communications/tv/mediacontrol.html
If bitcoin leading the world into the cryptocurrency paradigm is an illuminati trap i guess they are fielding over 80 other imitators of the concept to make the trap bigger. Those illuminati guy are really smart and they have all the exits covered. I'll just buy a few more btc anyway.
I warned everybody that the fall of Mt. Gox was simply a poorly managed small business getting its just dues.
Sounds like what Hillary said back in 1994 about her healthcare proposal, "I can't be worried about every undercapitalized small business in the country." At this point, what difference does it make? Just press the Bitcoin Reset button, right?
"small business" he says. 550,000 people invested in, 500 million dollars in BITCOINS, gox eats them. reggie has hit a new low.
Dead Bit Bounce
Deer in the headlights
The Flat Earth Society said it was the end when Silk Road was shut down , they said it was dead when the Chinese stopped their banks from using it directly as currency , they said it was dead in 2009 , 2010 , 2011 , 2012 , 2013 , these fools will keep saying this until they end up selling their gold holdings for a fraction of 1 bitcoin.
Bitcoin , Bit-chez .........
I'd rather own something physically than have to rely on others (electricity, internet) to access my "savings."
Why not own both ?
/\/\/\/\ This
you just said one will be worth a fraction of another........run with it.
Why do the bitcoinsters continually use an image of a gold-like coin in the pictures that go with every bitcoin article? Why all the subliminal messaging that bitcoin is like gold? Why not just show a bunch of 0 and 1s or random character strings? Why hide from what it really is?
"Why not just show a bunch of 0 and 1s or random character strings?"
Why not use a picture of Karpeles's fat smirking face as he absconds with the goods? Probably the best symbol for Bitcoin, and what will happen to your "investment."
It really is NOTHING
Cause we like gold as well. Bitcoin and gold are both real peer to peer currencies, only the bitcoin idea is newer, more modern and a little better than gold. But there is really nothing at all wrong with gold bullion you store safe from third party risk, just like you wouldn't want to do with your bitcoin. If somebody else has it under their lock and key, you can lose it. If you have it under your lock and key and nobody knows you have it or a lockup for it hidden somewhere then counterparty risk goes away and theft risk becomes smaller.
The question answers itself. If cryptocurrency has a challenge, the challenge is separating itself from the Bitcoin ponzi mentality. But then it would not be sexy would it?
Frankly, the putz who ran Mt Gox really does not fit the model of a Ponzi villain. I think he was a nerd (not smart enought to be a real geek) who got caught up in the whirlpool and was too feeble to paddle out. He was just the first to get sucked into the crypto ponzi vortex.
And as I have said many times, any good idea can be ponzied by an expert.
Ok, everyone knows I'm not easily given over to conspiracies but...one of my concerns/fears (whatever) is a one world electronic currency instead of many physical currencies in competition with one another.
Now why is that nmewn?
Well glad you asked but the short answer is, the ease with which any authority or hacker can cut you off from the use of YOUR funds.
A hypothetical: Say Banzai (or me) are being chased/hounded for something "criminal" or harrased by an insane business partner. Our guilt or innocence is not the question here (its irrelevant) its our access to what is ours, our saved currency. Do we really want a "payment system" that cuts off one of our options of fight or flight?
What I'm saying here is, last night I went to the local shit & get for some beer. Entering the parking lot, this guy goes strolling across my path from the gas pumps fumbling around in his wallet. I almost hit him as he was not payig any attention to anything but (as I later found out) his own frustrations.
I go to the cooler and walk up behind him at the counter. His gas card isn't working, doesn't have a cell phone and is asking to use the stores. The clerk gives him a cordless and asks him to step aside and looks at me. Smugly I say "Do ya'll still take cash around here?"
We know what the answer was.
I pay and "gas card man" is blocking my direct exit to the door, I say excuse me (he's still jerking around with the phone)...he steps aside and I leave.
Here we have a situation where electronics failed. I don't care if he was a thief that had been cutoff by "the law"or being targeted by someone malaciously or it was just a transaction he had to sort out.
I was gone, he was stranded.
Just so no one claims later the whocouldanode dog-ate-my-home-work routine:
http://www.gwu.edu/~nsarchiv/news/20010430/northwoods.pdf
Well, personally, I don't think its even necessary to chase those rabbits into their holes (who is "Satoshi", was it born in a NSA/Navy lab etc.) its enough for me to know its not money. Even as "a currency" you have the problem of its instability.
There can be no doubt now that people accepted BitCoins for a $1,000 a pop and are sitting on huge losses enumerated in fiat. Thats a pretty high price to pay for anonymity when cash works just as well...lol.
I think that all the purist BitSters are after is a way to transact on-line (unseen) which I sympathize with. The pumpers (like fonestar) I could do without.
Try purchase anything from a major retailer when the power is down or their systems are down using cash. You will just get blank stares from the cashier and a "no can do" followed by some lame excuses.
When the power died in San Diego on September 6, 2011, the were many stores open for business. The Power Outage was forecast to last two days. (It lasted only Six Hours in the wealthy communities. The power there was restored first.)
A Home Depot had one Power Generator left. The ticket price was close to $700 USD. But there was a bidding war for that last generator. The closing price was $1500 out the door...CASH.
Bottled Water was selling like hotcakes for $2 per bottle rather than $1. Target in Rancho San Diego was loaded with people buying up everything that they could...WITH CASH. They, along with most other Target Stores in the County, were running an Back up Electric Generator.
It was almost impossible to get Gasoline. But some stations remained open. Cash was King.
BULL...SHIT!!!
Agreed. Directly after Katrina my credit union was open and using handwritten receipts and ledgers. Sure they had limits on cash withdrawls but it was impressive how well they were able to revert back to cash and pen and paper banking.
Bitcoin trades as physical cash as well so what's your point t?
hmm, eftpos was down at my local market the other day, they had signs saying "CASH ONLY".
cool william. glad your out in the open. mrs ed and max pump this like crazy.
This has been my position all along if you look at my posts on the subject. I like the idea but hate the froth.
People who parade after all of Max's antics don't recognize that he is an entertainer as much as he is media pundit.
And you will notice that he and Stacy have no problem when I poke fun.
fonestar bathes in Bitcoin bubble froth.
bitcoin a bigger scam than.................................
just about anything.
Proof, look at all the drooling, gold pinky fingered scum that are pumping it.
If he was still pimping, the Wolf of Wall St would be cold calling dentists , selling them Bitcons