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BitCoin Exchange BitFloor Shuts Down

Tyler Durden's picture




 

In an amusing development, one of the key alternative BitCoin exchanges, BitFloor, has just announced it is forced to shut down immediately. It is amusing, because one of the primary reasons attributed by the BTC pundits for the recent crash from $260 to $50 was errors and faults in the primary bitcoin exchange MtGox. Well, with alternative exchanges forced to shut down, this may mean the only "faulty" marketplace will sees it monopoly power increase further. It is also ironic because as BitFloor disclosed it "can no longer provide the same level of USD deposits and withdrawals as we have in the past." Whatever happened to decentralized, and unencumbered by legacy fiat currencies?

The Verge has some more:

Bitcoin exchange BitFloor is closing its doors, halting trading and announcing that it will return everyone’s funds. In an announcement on its main site, the company’s founder, Roman Shtylman, says that "due to circumstances outside [BitFloor’s] control" it "must cease all trading operations indefinitely." More specifically, BitFloor says that because its US bank account is closing it won’t be able to provide the same level of dollar deposits and withdrawals that it has been up to this point. The news comes after weeks of DDoS attacks and technical problems at leading exchange Mt. Gox and a roller coaster ride of price fluctuations that saw Bitcoin tank from a high of over $200 back down to a low below $70. The news was reported by The Next Web.

 

Back in September, BitFloor was hit with a $250,000 theft after an attacker got access to an unencrypted backup set of keys for the exchange’s wallet — the software through which people (and organizations) access and transfer their coins. The exchange managed to get back online within a few weeks, with Shtylman announcing his intention to repay the stolen funds.

 

Overall, BitFloor is tiny compared to Mt. Gox — it does less than four percent of that exchange’s trading volume — but it represented an important alternative in the highly concentrated market. At this point it’s still unclear what exactly happened with BitFloor’s US bank account that required such a speedy exit, but a Reddit user points out that the exchange is registered with FinCEN — the US Treasury Department’s Financial Crimes Enforcement Network — indicating that everything was seemingly above board with the US government. We’ve reached out to Bitfloor for comment on what precipitated the closure, and will update if and when we hear back.

In other news, and from the main, and apparently only remaining BitCoin exchange we get:

  • Dear Mt. Gox customers. We are currently experiencing a downtime and will update ASAP. Apologies for the delay.

With the electronic market in limbo, at least demand for physical BitCoins appears to be solid to quite solid... Oh wait.

 

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Thu, 04/18/2013 - 08:57 | 3465831 Capitalist
Capitalist's picture

There is an OTC market, just not as liquid as exchanges. There's also a few exchanges in developement to compete with Mt Gox.

Thu, 04/18/2013 - 08:59 | 3465841 achmachat
achmachat's picture

but it seems to be extremely easy for .gov to shut these things down! Just shut down the exchange's bank account, because they control all bank accounts!

O the irony!! the outside the system currency doesn't work because it needs the system...

Thu, 04/18/2013 - 09:01 | 3465851 Capitalist
Capitalist's picture

Mt Gox is based in Japan. As long as the server and bank accounts used lie outside US jurisdiction then the FINCEN regulations mean nothing.

Thu, 04/18/2013 - 09:02 | 3465865 Gief Gold Plox
Gief Gold Plox's picture

"lie outside US jurisdiction"

Just like lets say Suisse bank account holder's names. Oh wait.

Thu, 04/18/2013 - 09:04 | 3465873 idea_hamster
idea_hamster's picture

"announcing that it will return everyone’s funds"

What a bunch of retarded amateurs!

Thu, 04/18/2013 - 09:07 | 3465890 toys for tits
toys for tits's picture

BitFloor bit the dust.

 

#BitTheDustCoin

 

Thu, 04/18/2013 - 09:13 | 3465924 HoofHearted
HoofHearted's picture

In other news, BeanieBabyFloor will also be closing its doors...because nobody gives a shit! 

Thu, 04/18/2013 - 10:28 | 3466254 malikai
malikai's picture

Comparing BTC to beanie babies.

LOL

Thu, 04/18/2013 - 11:11 | 3466523 Old_Dog
Old_Dog's picture

At least I can give my daughter a Beanie Baby

 

"Here, darling, in my (empty) hand is a Bitcoin.  You can take it and spend it nowhere".

Thu, 04/18/2013 - 13:28 | 3467135 malikai
malikai's picture

Apples, Oranges.

At any rate, what appears to have happened to BFL is their Bank decided to stop doing business with them. They will be closing their accounts and refunding money. This is less suck than previous closures some of which resulted in seizures.

It is a risk. And it will continue to happen. If you're stupid enough to put all your money on an exchange, that's your mistake. The same applies to MFG/PFG/etc.

Thu, 04/18/2013 - 14:16 | 3467326 Harlequin001
Harlequin001's picture

They're going to return everyone's funds... at what price, $260?

Thu, 04/18/2013 - 15:38 | 3467697 malikai
malikai's picture

If you are trading, you'll probably have some USD and some BTC in your account. In that case, you probably already have your BTC by now, since most people have already taken that back. The USD you will get back as they process the wires and draw it all down.

Provided nobody gets scammed in this (a risk), everyone gets back what they have. Most people don't keep much money on any single exchange anyway, because this isn't the first time it's happened. Won't be the last, either. Cost of doing business I guess.

Thu, 04/18/2013 - 11:57 | 3466763 zuuma
zuuma's picture

beanie babies are stupid.

 

on the other hand, tulip bulbs are a very real, useful & tangible asset class.

Plant 'em. Play catch, Stack 'em. Eat 'em.

Just last year they were going for $1.22 a ton.  Now they're at $1.90 a ton!!!

(I got 2 TONS!)

There's no topside limit on this baby.  I'm Set for LIFE!

 

Get in before the real wave kicks in!

Thu, 04/18/2013 - 13:50 | 3467231 ncdirtdigger
ncdirtdigger's picture

No no no. Shares in the Mississippi Company are where you need to be. They are backed by the French government afterall!

Thu, 04/18/2013 - 22:29 | 3469586 MeelionDollerBogus
MeelionDollerBogus's picture

RIGHT, beanie babies have intrinsic value whereas bitcoins do not. So silly.

Thu, 04/18/2013 - 10:46 | 3466364 smlbizman
smlbizman's picture

2 things....nothing is outside this us's jurisdiction...and secondly are the returning funds being returned in dollars or bit coins..and as i type this the ebay guy is saying that bitcoin is a disruptive process that will be taken care of soon...

Thu, 04/18/2013 - 09:17 | 3465938 Pool Shark
Pool Shark's picture

 

 

Oh, well, back to "Magic the Gathering"...

http://en.wikipedia.org/wiki/Mt.Gox

 

Thu, 04/18/2013 - 09:42 | 3466085 DaddyO
DaddyO's picture

Where the heck is fonestar when you need him? Someone has to tell us plebes what all this really means.

DaddyO

Thu, 04/18/2013 - 10:39 | 3466324 JimBowie1958
JimBowie1958's picture

You really dont see how the theft of $250k+ might be a fatal loss for such small players?

Really?

There are some big players backing alternate currencies, a few of them billionares, as I understand it. They are not going to let bitcoin and its better cousins become bitdust.

lol

Thu, 04/18/2013 - 12:01 | 3466776 Herd Redirectio...
Herd Redirection Committee's picture

The owner left an unencrypted backup of the wallet on the server....  Yeah, I'm sure it was malicious hackers.

Thats like owning a bank and telling your buddies, "Yeah, tonight I will 'accidentally' leave the back door open, the vault open, and the cash lying there.  Hope its still there in the morning!"

Thu, 04/18/2013 - 12:11 | 3466810 Jack Napier
Jack Napier's picture

Rumor has it that fonestar can no longer afford an Internet connection after the BTC crash. Market commentary is dependent upon its pundits remaining solvent, unless they have the economy held hostage with derivatives.

Thu, 04/18/2013 - 14:38 | 3467388 moonstears
moonstears's picture

"Market participation is dependent upon its participant's remaining solvent, unless they have the economy held hostage with derivatives.".

Jack, I changed it a little and it's one of the most brilliant writings I've ever read. Thanks, man.

Thu, 04/18/2013 - 13:26 | 3467129 DaddyO
DaddyO's picture

What I see is a great idea swimming in a sea of sharks!

As long as the FED or any other CB has a vested interest in protecting their fiat currencies and the system that allows them, all bets are off for a competing mechanism of currency.

As long as there are rooms full of "hackers" with marching orders to disrupt any competeing currency, this type of outcome is certain...

DaddyO

Thu, 04/18/2013 - 10:36 | 3466297 WhiteNight123129
WhiteNight123129's picture

Well, well

How about starting an application that can be installed easily and provide for physical money to Bitcoin electronic money only.

In other words restrict bitcoin payments to physical gold coin.

What happens?

The Bitcoin dealer only has a physical stash of Gold, he does not need a bank account.

The bitcoin exhange rate with Gold is what matters, the reference to fiat currency is erased.

Bitcoin and Gold unite so that technically bitcoin becomes the only way to send physical Gold from one place to another, without bank account. So Gold never is referenced to fiat and bitcoin is never referenced to fiat. Bitcoin become the ally of Gold by allowing a secure anonymous Transfer of Gold from one place to other, bypassing the central banks and the banks. The problem of cost of transportation of Gold solved, the problem of corrupt banking system and control solved.

Again the bitcoin dealer has Gold as form of money only, no bank account. You design an application so that many people can become bitcoin dealers in precious metals. 

If you want to move your Gold from 1 place to the other, you load up your Gold to bitcoin, next you travel. On the other side of the transaction  you go to teh local bitcoin-Gold dealer and you get your Gold at the other side of the plane travel. Not traced, no link to banks at no point. The only thing you need is the internet not to be shut down.

People who want to do the same thing in a reverse flow do the same. The issue is interlinking the network of anonymous gold to bitcoin dealers.

 

 

 

 

Thu, 04/18/2013 - 12:21 | 3466856 TPTB_r_TBTF
TPTB_r_TBTF's picture

 

 

So in place of a paper gold account,

i would have an electronic gold account?

Thu, 04/18/2013 - 12:48 | 3466966 unununium
unununium's picture

See ripple.com

Ripple's distributed open banking network idea is interesting, but

 - including gold as a currency seems intractable for the same reasons gold is not traded as a currency on existing FX platforms

 - it's not actually open, "yet"

 - platform is polluted by inclusion of and emphasis on a proprietary currency "XRP" which the VC-backed company behind ripple, OpenCoin, intends to profit from via seignorage

 

Thu, 04/18/2013 - 22:30 | 3469593 MeelionDollerBogus
MeelionDollerBogus's picture

So long as fiat exchanges also exist this will create massive arbitrage of btc vs fiat vs tangibles. Btc needs to be limited to tangibles only to remain valid so that no fiat exchanges are used. So long as fiat exchanges are exposed to the btc system, no one else gets to play.

Thu, 04/18/2013 - 09:07 | 3465893 BLOTTO
BLOTTO's picture

What am i going to do with the shed size digital miner that was on order and coming to my house?

.

Does that thing hook-up to my X-box?

Thu, 04/18/2013 - 09:25 | 3465971 NoDebt
NoDebt's picture

I finally got Mt.Gox to stop kicking me a 502:BadGateway message.  My BitCoins are still worth $92 a piece, apparently.  I just can't..... um...... GET TO THEM right now.

I'm not sure we're going to have to wait for governments to shut down BitCoin, as was my original fear.  I'm pretty sure the internet hackers and the DDOS attackers are going to accomplish it much more quickly.

..... and then there was only one.  The original one.  Mt.Gox, where it all started.  Besieged on all sides, realizing the forces that want it dead are far more numerous and powerful than those who want it to live.  Under the waves it went.  And was heard from no more.

I need coffee.

Thu, 04/18/2013 - 09:24 | 3465993 toys for tits
toys for tits's picture

I'm sorry about your loss.

Thu, 04/18/2013 - 09:32 | 3466025 NoDebt
NoDebt's picture

Yeah, me too.  Me too.  This might be the best $500 I ever spent.  It's like have a front row seat to watch Mike Tyson beat up my old Computer Science professor.  I've already got blood splatter on me and the old Prof. is looking a little wobbly in the knees.

Thu, 04/18/2013 - 09:45 | 3466098 whether underground
whether underground's picture

+1

Thu, 04/18/2013 - 10:04 | 3466163 ParkAveFlasher
ParkAveFlasher's picture

We are taking a beating on the vanguard.

 

Thu, 04/18/2013 - 10:12 | 3466190 rubiconsolutions
rubiconsolutions's picture

So, it's kind of like having all your money, gold and silver too, in a safe deposit bank but the bank is closed....temporarily? It's there, your gold is worth $1,400/oz and your dollars are worth, er, crapola, but you can't get to it to pay your bills or buy food. What's the saying? "A bird in the hand is worth two in the bush."

Thu, 04/18/2013 - 09:38 | 3466054 toys for tits
toys for tits's picture

Blotto,

You'll be able to do a lot of math equations !!!

Thu, 04/18/2013 - 10:23 | 3466224 viahj
Thu, 04/18/2013 - 09:26 | 3465998 YHC-FTSE
YHC-FTSE's picture

"Lie outside US jurisdiction"

Please visit Europe's biggest EURO Bitcoin exchange and say that again:

https://bitcoin-24.com/more

 

 

Thu, 04/18/2013 - 09:53 | 3466129 sleigher
sleigher's picture

Our Service is momentarily not available.
1. All funds (EUR, USD, PLN, GBP & Bitcoins) are safe.
2. All withdrawals will be gradually processed chronologically from another bank account.
3. The Polish authority closed our Bank account in Poland.
4. Our lawyers are working with high pressure on a solution.

Thu, 04/18/2013 - 09:57 | 3466142 sleigher
sleigher's picture

https://www.bitstamp.net/

 

Appears to be working however...

Thu, 04/18/2013 - 10:29 | 3466259 Anglo Hondo
Anglo Hondo's picture

bitstamp working with new bank account details in Slovenia.  That's the EU country that is about to go bankrupt, right?

 

Thu, 04/18/2013 - 11:34 | 3466631 Joe Sixpack
Joe Sixpack's picture

Don't worry. At most yuou will lose 40%.

Thu, 04/18/2013 - 16:05 | 3467824 Tango in the Blight
Tango in the Blight's picture

And Mt.Gox is located in Tokyo, Japan. Which is soon to be irradiated to the point of fatal levels thanks to the blessing that is Fukushima.

Thu, 04/18/2013 - 22:32 | 3469596 MeelionDollerBogus
MeelionDollerBogus's picture

counter party risk, bitchez! And now back to our regularly scheduled boating accidentz…

Thu, 04/18/2013 - 09:30 | 3466009 mick_richfield
mick_richfield's picture

 

As long as the server and bank accounts used lie outside US jurisdiction then the FINCEN regulations mean nothing.

 

tee hee

Thu, 04/18/2013 - 09:42 | 3466083 Mr. Magoo
Mr. Magoo's picture

Are you implying that japans financial system is outside the treasuries jurisdiction??? It may be time to wake up

Thu, 04/18/2013 - 10:56 | 3466444 JimS
JimS's picture

There IS NOT a single square millimeter on this entire globe that "lies outside US jurisdiction". If you don't realize this simple fact, you are not paying attention.

Thu, 04/18/2013 - 11:37 | 3466655 therover
therover's picture

You mean they can get to my stash buried in Antarctica surrounded by Emperor Penguins  ?

 

Thu, 04/18/2013 - 22:31 | 3469601 MeelionDollerBogus
MeelionDollerBogus's picture

China. Russia. US tries but it still can not.

Thu, 04/18/2013 - 11:33 | 3466627 piceridu
piceridu's picture

Oh yeah, tell that to Kim Dot Com...

Thu, 04/18/2013 - 13:33 | 3467148 HoaX
HoaX's picture

Sorry for being a semantic nazi but it´s not Mt Gox as in Mount Gox (as opposed to Fort Knox) but MtGox as in Magic the Gathering Online eXchange, a bunch of nerds from a Magic the Gathering auction website started MtGox as a hobby project some years ago.

Thu, 04/18/2013 - 23:43 | 3469813 MoneyChasingReturns
MoneyChasingReturns's picture

"Mt Gox is based in Japan. As long as the server and bank accounts used lie outside US jurisdiction then the FINCEN regulations mean nothing."

 

Wrong... One American drug dealer selling his cash to a "bitcoin buyer" on the street then gets transferred to mtGOX. Then gets transferred to cash and wired to an offshore account being watched by the IRS in the Bahamas. From there it goes back to the exchange to bitcoin. Then to a Bitcoin Wallet in Colombia. From there a bitcoin transfer purchases a very discounted commercial real estate building in Cyprus. From there the bitcoin goes to Russia and is transferred to mtGOX and wired to a Russian Bank account.

US Drug Wholesaler cashed out

US based cash to bitcoin buyer got a great deal buying coin at a discount

Bahamas shell of a Cartel got the ability to launder money

Cartel Boss got payment

Cartel Boss Accountant made a "legal" investment with clean Bitcoin to Cyprus where he bought a 3 million euro commercial real estate deal at 1/2 price! From a desperate Russian Businessman

Cartel Boss Laundered his money and doubled it Tax free plus has a large income monthly from legitimate commercial rental income sent to a "Very Clean" Swiss bank account

Russian Businessman sent money to his business to cover expenses.

TAX PAID ZERO

 

Thu, 04/18/2013 - 09:03 | 3465862 unununium
unununium's picture

Yes that is the real story here. Not sure what Tyler's point was...

Thu, 04/18/2013 - 09:20 | 3465957 Killtruck
Killtruck's picture

...that he's either deliberately ignorant or woefully misinformed on Bitcoin?

Thu, 04/18/2013 - 09:32 | 3466023 The Abstraction...
The Abstraction of Justice's picture

One gold bug I knew insisted that gold was worth more than platinum, always was and always will be. 1 ounce gold > rest of universe put together.

Thu, 04/18/2013 - 22:32 | 3469603 MeelionDollerBogus
MeelionDollerBogus's picture

he was spot on, how come you don’t get it?

Thu, 04/18/2013 - 09:28 | 3466003 draug
draug's picture

The currency still works fine. The "outside" paper money system is just needed for trading against paper money. Well duh.

Thu, 04/18/2013 - 10:57 | 3466440 Matt
Matt's picture

You only need a Forex service to make speculative trades. The original model of purchasing bitcoins from individuals still exists. Of course, unless you can find someone with a large hoard of them, you can only buy a few at a time.

I don't think most people really want decentralization, they prefer the ease and convenience of central authority, centralized services.

Thu, 04/18/2013 - 13:50 | 3467226 zhandax
zhandax's picture

'Most' people want what teevee tells them they want.

Thu, 04/18/2013 - 10:08 | 3466169 monkeyboy
monkeyboy's picture

Haha! bitcoin!

Thu, 04/18/2013 - 10:46 | 3466378 greyghost
greyghost's picture

so true achmachat....i don't know the total value in usd bitcoin is worth, but i am guessing that the boys at the fed could buy and sell this market from head to toe in the blink of an eye. offshore acct....check. bitcoin acct....check. ben we are ready when you are.

Thu, 04/18/2013 - 11:18 | 3466546 Mr. Fix
Mr. Fix's picture

Is it safe to say there is nowhere to run, and nowhere to hide yet?

 Every alternatives to Fiat is getting  demolished.

 This is the obvious prelude to a currency collapse.

 They are closing all the  exits,

 they are about to pull the trigger.

Thu, 04/18/2013 - 22:32 | 3469609 MeelionDollerBogus
MeelionDollerBogus's picture

Hence the need for barter, coinage, neighborly agreements on trading skills / services local-only

Thu, 04/18/2013 - 08:59 | 3465845 negative rates
negative rates's picture

Hey lets go over to your house, and sometimes we can go over to my house.

Thu, 04/18/2013 - 09:02 | 3465857 Martin Silenus
Martin Silenus's picture

Winklevossed!!

Thu, 04/18/2013 - 09:03 | 3465864 Bearwagon
Bearwagon's picture

Doubly so!

Thu, 04/18/2013 - 10:24 | 3466240 MagicHandPuppet
MagicHandPuppet's picture

Do you think they sold at the high, or will sell before the cash is seized by the bank mafia?

http://dealbook.nytimes.com/2013/04/11/as-big-investors-emerge-bitcoin-gets-ready-for-its-close-up/

 

Thu, 04/18/2013 - 09:46 | 3466078 I am more equal...
I am more equal than others's picture

I see a trend of colloquial profanity being created in our lifes...

 

   You've been Winklevossed -  Winklevossed, adjective,  describing gross incompetence wrapped in arrogance and a sense of entitlement because you've been fotunate enough to be borned into wealth yet having no redeeming personal qualities other than you can row a boat.

   Bernake me - Bernake, exclamation, expressing anger, annoyance, contempt, impatience, indulged spending fantasies.

Thu, 04/18/2013 - 09:10 | 3465901 Burt Gummer
Burt Gummer's picture

Why use BitTardCoins at ALL? Why not just buy gold and silver instead?

 

http://www.youtube.com/watch?v=ZS2Z19yTuPI

Thu, 04/18/2013 - 09:30 | 3466012 The Abstraction...
The Abstraction of Justice's picture

Well, suppose you have a few hundred dollars/euro/pounds in your bank and say more silver than you can carry stashed away. The half kilo of silver you could buy and sell before the next bills come in will not likely make you  money, the way things are going you will lose money in the short term.

 

If you keep it in the bank you make no interest.

Invest it in paper investments, you make no money.

Keep it in cash, it is safer than the bank, but you make no money.

Try to call btc at a bottom, and sell higher than you bought a couple weeks later and you may make enough money to pay the next bill.

In short, Why invest in BTC? -> make money off the volatility. Have enough common sense to know when to buy and when to sell. 

Thu, 04/18/2013 - 09:36 | 3466047 CvlDobd
CvlDobd's picture

It sounds so easy!

 

I think I am going to get into this common sense method of buying, selling, and making extra cash!

Thu, 04/18/2013 - 10:09 | 3466183 The Abstraction...
The Abstraction of Justice's picture

Did you think that all those barrow boy traders were rocket scientists?

Thu, 04/18/2013 - 10:15 | 3466205 toys for tits
toys for tits's picture

I guess we figured out what the washed-out 90's day-traders are now doing.

Thu, 04/18/2013 - 10:27 | 3466245 The Abstraction...
The Abstraction of Justice's picture

Dissing bitcoin?

Thu, 04/18/2013 - 10:52 | 3466405 francis_sawyer
francis_sawyer's picture

Still no white flag?

~~~

Y'all sound like the morons who are still trying to defend the '9/11 Commission Report'...

Thu, 04/18/2013 - 10:55 | 3466433 The Abstraction...
The Abstraction of Justice's picture

I am happy to call a conspiracy theory a theory, and a fact a sales pitch.

Thu, 04/18/2013 - 22:34 | 3469617 MeelionDollerBogus
MeelionDollerBogus's picture

+1 The e-trade baby is now fully invested in bitcoin :D

Thu, 04/18/2013 - 22:34 | 3469615 MeelionDollerBogus
MeelionDollerBogus's picture

+1 buy low sell high, how could I have missed it!!

/sarc

Thu, 04/18/2013 - 10:15 | 3466203 saints51
saints51's picture

Come on man. Everyone of you are all for bitcoin being the next currency. If bitcoin can go from 200+ to 50 bucks in a day, it will NEVER be accepted as an alternative. You can trade it and make some cash just like every other market but thats not the point of bitcoin. Its suppose to be a currency people can trust. Volatility like we have seen will never allow it to last longterm. It's a fad and nothing more. Smart money will play with all of you then decide to blow the mother fucker up when they are bored.Just because they can.

Thu, 04/18/2013 - 10:26 | 3466241 The Abstraction...
The Abstraction of Justice's picture

THere is a reason not to buy at $200. We saw it fall to $50, because that was the baseline, given its use as a means of remote payments. Many predicted its demise after the fall, but it is still here, going fairly strong, growing 5% per day. You buy at the baseline, and sell when the loonies join. 

Thu, 04/18/2013 - 10:39 | 3466323 saints51
saints51's picture

Abstraction- I am on bored with your style of taking advantage of movement. It is growing as you indicated but what happens when it crashes again? When its at the bottom will the volume be there or will people pull out because its too volatilte. It just reminds me of a penny stock. I am all for alternative currencies but bitcoin is not it imo. I just don't like the idea of not being able to hold a currency and leave everything I earned in life on 3 usb flash drives in 3 different banks in 3 different states.

Thu, 04/18/2013 - 10:54 | 3466413 The Abstraction...
The Abstraction of Justice's picture

For long term storage of wealth I am all for PM. So the '3 usb problem' is replaced by the 'more PM than I can carry problem.'

'I am on bored with your style of taking advantage of movement'

Ah well then be happy with PM in your safe and cash in the bank.

Thu, 04/18/2013 - 22:36 | 3469621 MeelionDollerBogus
MeelionDollerBogus's picture

My reading of the baseline is a little more around $3, not even $30

Thu, 04/18/2013 - 10:34 | 3466294 Meatier Shower
Meatier Shower's picture

Right.

Because timing the market is a piece of BitCake.

Thu, 04/18/2013 - 09:44 | 3466094 LeisureSmith
LeisureSmith's picture

Spam, spam eggs and spam. Hey Gummy, your video aint getting any better.

Thu, 04/18/2013 - 22:33 | 3469613 MeelionDollerBogus
MeelionDollerBogus's picture

+1 for words, desired -1 for harlem shake which I am sick of entirely but you keep the +1.

Thu, 04/18/2013 - 09:39 | 3466067 spine001
spine001's picture

What you all are forgetting is that these probems all started when the us treasury started looking into bitcoin. The future is not chaos or the stone age. It is different and it is digital. Saddened by those who cant see it...

 

Until next time

Engineer

Thu, 04/18/2013 - 10:44 | 3466354 Tango in the Blight
Tango in the Blight's picture

The future will be digital allright but it will be the SDR-based fully controllable and checkable new world currency, not Bitcoin. Let's call it the Globo, the successor to the Euro and the Amero.

They need to tax you to the hilt and Corzine/D-Boom you when they deem neccessary and follow all your transactions so they can see what you are up to.

Bitcoin doesn't give them any of that thus it must be destroyed.

Thu, 04/18/2013 - 08:59 | 3465833 willien1derland
willien1derland's picture

The Winklevoss twins get CORZINED...

Thu, 04/18/2013 - 09:02 | 3465854 Joe Davola
Joe Davola's picture

Let the lawsuits begin!

Thu, 04/18/2013 - 09:18 | 3465942 Lost Wages
Lost Wages's picture

There is no central authority over the currency, so how are they gonna sue?

Thu, 04/18/2013 - 09:23 | 3465985 toys for tits
toys for tits's picture

Having a legitimate claim never stopped them before.

Thu, 04/18/2013 - 09:03 | 3465867 toys for tits
toys for tits's picture

After they got ZUCKERBERGED.

 

HAHAHAHAHA

Thu, 04/18/2013 - 09:04 | 3465875 GetZeeGold
GetZeeGold's picture

 

 

They came for the Winklevoss twins.....and I said nothing.

Thu, 04/18/2013 - 09:07 | 3465896 toys for tits
toys for tits's picture

 

 

 

... because I wasn't a cunty douchebag with an evil twin.

Thu, 04/18/2013 - 09:22 | 3465975 sumo
sumo's picture

ROFL!

Thu, 04/18/2013 - 09:33 | 3466038 Oldballplayer
Oldballplayer's picture

They row.

Who the fuck rows?

They deserve to get screwed again. Maybe we can get them seats next to some Newtown parents wherever they are going to be blown up next.

Thu, 04/18/2013 - 10:28 | 3466252 MagicHandPuppet
MagicHandPuppet's picture

hahaha!!! Thank you for that!

Thu, 04/18/2013 - 09:00 | 3465842 CH1
CH1's picture

As many of us have warned, the online exchangers will be attacked and closed.

The future lies in OTC exchanges.... and on Tor.

Thu, 04/18/2013 - 09:05 | 3465885 XenoFrog
XenoFrog's picture

You really are shameless. Do you feel bad at all for encouraging ZH'ers to lose a lot of their "investment" capital on your stupid little coins?

Thu, 04/18/2013 - 09:09 | 3465902 EscapeKey
EscapeKey's picture

If you take investment advice from a stranger on an internet forum, then you're an idiot.

Thu, 04/18/2013 - 09:13 | 3465923 toys for tits
toys for tits's picture

Uhh ... even seekingalpo?

Thu, 04/18/2013 - 09:18 | 3465954 Monedas
Monedas's picture

If anyone does anything but hoard PMs .... they're nuts !

Thu, 04/18/2013 - 09:22 | 3465978 Spastica Rex
Spastica Rex's picture

I hoard dried legumes.

Thu, 04/18/2013 - 10:16 | 3466208 i-dog
i-dog's picture

Good plan! ... making sure that your food will get fed.

Thu, 04/18/2013 - 09:25 | 3465989 digitalhermit
digitalhermit's picture

So beans, rice and bullets are right out?

Thu, 04/18/2013 - 09:26 | 3465994 The Abstraction...
The Abstraction of Justice's picture

'If you take investment advice from a stranger on an internet forum, then you're an idiot.'

 

I'll pop down to HSBC then and ask where I should invest my money.

Thu, 04/18/2013 - 09:43 | 3466084 sumo
sumo's picture

Who better to trust than professional money launderers, I mean, managers?

Thu, 04/18/2013 - 10:08 | 3466175 The Abstraction...
The Abstraction of Justice's picture

The judges who find them innocent. Can't get more trustworthy than a judge. Unless they are totally bent.

Thu, 04/18/2013 - 11:34 | 3466632 donsluck
donsluck's picture

You have to be charged before you see a judge. Details, details.

Thu, 04/18/2013 - 09:18 | 3465931 Temporalist
Temporalist's picture

You're just as fanatical.  What if people were just experimenting with the techincal aspects of digital currency?  Most ZHers are adults.  Don't be so myopic about this as if anyone who is involved with BTC sold their house and convinced all their friends to sell their houses and put all their life savings into it.  It's experimental, theoretical, digital, nascent, so it's something mainly early adopters bothered with and they can probably deal with the losses too.

Thu, 04/18/2013 - 09:33 | 3466037 Shell Game
Shell Game's picture

The BTC discussion simply accelerated my doing due diligence.  I will explore, contemplate and perhaps even act on anything the Statist fucks hate. 

 

Thu, 04/18/2013 - 10:21 | 3466220 saints51
saints51's picture

BTC fits the mold for a one world currency. I honestly think the statist fucks love it. Next all BTC owners can get RFID chipped and exchange their digital currency via wrist slaps. 2% transaction fee for wrist slap's and 3% for high 5's.

Thu, 04/18/2013 - 10:58 | 3466459 Urban Redneck
Urban Redneck's picture

No. it lacks the most desireable of all traits CENTRALIZED CONTROL & MANIPULATION OF SUPPLY & DISTRIBUTION.

Thu, 04/18/2013 - 11:27 | 3466609 toys for tits
toys for tits's picture

          Mt. Gox.

Thu, 04/18/2013 - 22:39 | 3469638 MeelionDollerBogus
MeelionDollerBogus's picture

All the price moves yanking suckers around have bene through centralized fiat exchanges – Fail.

 

Thu, 04/18/2013 - 22:38 | 3469635 MeelionDollerBogus
MeelionDollerBogus's picture

+1 good thing no one else thought of that yet…

http://www.youtube.com/watch?v=fdadZ_KrZVw

trailer - In Time (Justin Timberlake, Olivia Wilde, Amanda Seyfried)

Thu, 04/18/2013 - 10:30 | 3466268 MagicHandPuppet
MagicHandPuppet's picture

+1  !!!!

Thu, 04/18/2013 - 10:08 | 3466168 sumo
sumo's picture

 .

Thu, 04/18/2013 - 10:46 | 3466383 JimS
JimS's picture

I read of one fellow who had sold his Porsche for bitcoins, I'd keep the car.

Thu, 04/18/2013 - 09:21 | 3465966 JimRogers
JimRogers's picture

Xeno's been bearish since $9 and is thousands of IRR points behind.

Thu, 04/18/2013 - 09:23 | 3465984 The Abstraction...
The Abstraction of Justice's picture

I invested a lot in silver, now Im living off it, I am currently down. But I still choose to remain in silver. You are not in a position to judge investment unless you do so yourself. If you don't think bitcoin is going anywhere then short it. 

Thu, 04/18/2013 - 09:34 | 3466043 mick_richfield
mick_richfield's picture

No wait!  I know this one!

If you think it is going down you should short it, right ?

Thu, 04/18/2013 - 22:39 | 3469643 MeelionDollerBogus
MeelionDollerBogus's picture

You can’t short bitcoin – that requires a brokerage exchange with or without margin able to call up supply of btc to loan for the short. No one does that.

Thu, 04/18/2013 - 10:22 | 3466233 agent default
agent default's picture

Well it was about time the weak minds were shaken out of here.  It was getting crowded.

Thu, 04/18/2013 - 10:28 | 3466247 fuu
fuu's picture

I miss the CAPTCHA.

Thu, 04/18/2013 - 22:36 | 3469628 MeelionDollerBogus
MeelionDollerBogus's picture

Rule #8 if it’s your first night at fight club YOU HAVE TO FIGHT. Let suckers be shoved to the wood chippers.

Thu, 04/18/2013 - 09:23 | 3465982 digitalhermit
digitalhermit's picture

Yes, the future is OTC, "distributed" exchanges and oh yeah Bitcoin ATMs:

 

http://bitcoin-otc.com/

http://localbitcoins.com/

https://www.youtube.com/watch?v=rJm7CtkfscY

 

Of course there are still plenty of "centralized" exchanges to choose from. These may have to move off shore in the near future if they want to survive under the existing Banking regime:

http://campbx.com/

http://tradehill.com/

Thu, 04/18/2013 - 09:01 | 3465844 Debtonation
Debtonation's picture

I only invest in BTC as venture capital.  Don't really care if I lose everything.

Thu, 04/18/2013 - 09:20 | 3465967 The Abstraction...
The Abstraction of Justice's picture

That's not good enough for ZH gold bugs. Even receiving a donation in bitcoin is shameful.

Thu, 04/18/2013 - 09:36 | 3466057 Debtonation
Debtonation's picture

Yeah, I'm kind of surprised so many ZHer aren't willing to risk even a small amount on any one the new cryptocurrencies.  Someday, they will become a mainstream form of payment.  Maybe not BTC, maybe not today, but someday there will be an internet based currency, this is just how it begins.

Thu, 04/18/2013 - 09:56 | 3466138 Richard Head
Richard Head's picture

Yeah, because if it's a bad idea, I should only invest a small amount.

Thu, 04/18/2013 - 22:40 | 3469646 MeelionDollerBogus
MeelionDollerBogus's picture

-1 : no, they really won’t. Digital currencies will remain the store-tax-government realm of legalized currency, nothing else. All else will be tangible goods, barter, including gold & silver coins, for fair market value outside the rigged system.

Thu, 04/18/2013 - 09:24 | 3465981 Cursive
Cursive's picture

@Debtonation

That's fine and good for you (seroiusly).  However, most of the selling points of BTC have been shown to be nonexistent.  Maybe once it matures, it could be an interesting payment processing system, but it will probably be co-opted by Ripple (which has VC funding).  I'm waiting for the "I told you so" post....

Thu, 04/18/2013 - 09:01 | 3465846 Killtruck
Killtruck's picture

 "from the main, and apparently only remaining BitCoin exchange"

No.

Thu, 04/18/2013 - 13:45 | 3467191 unununium
unununium's picture

btc-e was and is #2.  Material error of fact.

Thu, 04/18/2013 - 09:01 | 3465847 toady
toady's picture

Forever?

Thu, 04/18/2013 - 09:02 | 3465849 Never One Roach
Never One Roach's picture

"If you don't hold it, you don't own it."

And it goes to follow,

"If you can't hold it, don't own it."

 

This is one of the most important rules to understand going forward.

Thu, 04/18/2013 - 09:10 | 3465882 toys for tits
toys for tits's picture

The unequivocable rule that goes hand in hand with 'possession is 9/10ths of the law'.

Thu, 04/18/2013 - 09:06 | 3465889 dick cheneys ghost
dick cheneys ghost's picture

IOW....if it's invisable, it aint there...

Thu, 04/18/2013 - 10:05 | 3466164 draug
draug's picture

Good luck trying to own property or a company.

Thu, 04/18/2013 - 09:01 | 3465850 midtowng
midtowng's picture

Never could have saw that one coming. [/snark]

Thu, 04/18/2013 - 09:02 | 3465855 Martel
Martel's picture

Bitstamp next one to close?

Thu, 04/18/2013 - 09:01 | 3465856 Downtoolong
Downtoolong's picture

That's what they get for not allowing HFT and denying Goldman preferred access to their servers.

Thu, 04/18/2013 - 09:02 | 3465859 put_peter
put_peter's picture

Emergency! Print more bitcoins!

Thu, 04/18/2013 - 09:10 | 3465910 EscapeKey
EscapeKey's picture

???

They ARE being created. 25 at a time, every (roughly) 7 minutes.

Thu, 04/18/2013 - 09:03 | 3465861 orangegeek
orangegeek's picture

BITCOINS!!!!!!!!!!!!!!!!!!!!!

 

WINKLEVII!!!!!!!!!

 

 

Thu, 04/18/2013 - 09:04 | 3465868 Temporalist
Temporalist's picture

I am hearing conflicting reports about this from Al Gore who said, and I quote, "It's my internet!  Mine!  Mine!  Mine!  And all the bitcoins too!"

Thu, 04/18/2013 - 09:46 | 3466101 sumo
sumo's picture

Lazytown reference?

Go Gortacus!

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

 

 

Thu, 04/18/2013 - 09:03 | 3465871 Crash Overide
Crash Overide's picture

BTC seems like a fun experiment but I still like the shiny stuff.

Thu, 04/18/2013 - 09:04 | 3465880 foxenburg
foxenburg's picture

It's like magic - perhaps that's why it's the Magic The Gathering Online Exchange. 

Do NOT follow this link or you will be banned from the site!