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Bitcoin Flash Crashes, Drops By 80% In Seconds
Now that Bitcoin exchange Mt.Gox has terminally discredited itself following the latest, and likely last, withdrawal halt announced late last week which sent the value of Bitcoin tumbling by 25%, Bitcoin traders are left with just two exchange options on which to transact: BTC-e and Bitstamp. And for those using the former to buy and sell the virtual digital currency, things went from bad to worse a few short hours ago, when Bitcoin had its very own "Waddell and Reed" moment, when the price of Bitcoin cratered by over 80% in the span of seconds, after a modest block of just under 6000 Bitcoins sent the price plunging from over $600 to $102.
However, market gymnastics may just be the tip of the iceberg - a far bigger issue, one we have been warning about since the last March surge in Bitcoin's dollar price, is that the crackdown on Bitcoin both in the US (see "Miami Bitcoin Arrests May Be First State Prosecution"), and around the world (in Russia Bitcoin was just declared illegal) is finally heating up. It's only going to get worse in an insolvent world desperate to halt money laundering.
And since digital currency advocates have finally realized they can't hold the electronic 1s and 0s in their hand in a worst case scenario, the biggest winner of the latest Bitcoin crash is none other than the real alternative currency (in Paul Singer's words), gold, which moments ago just hit a one month high and rising.
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Yes you are correct El Tuco. Where have all the good posters gone, long time passing...
I prefer they mitigate my ball bag in theirs mouthes. Any software that has bugs in it like that cannot be currency (PERIOD)
It's the exchanges software, not the currency code
All software has bugs, some just has fewer than others. The bigger problem with crypto is not bugs but rather technological innovation itself--if anyone does invent a quantum computer all current crypto is immediately obsolete.
This is in the MtGox software, not in the bitcoin code itself
It's a bit of both. It's only an issue because mtGox is full of morons. Double spends aren't possible. Tricking morons by sending the same transaction twice and saying it never made it to it's location is
I wonder if any mining pools are in on this fraud. It seems you'd have to be pretty close to the metal to get the doppleganger transaction into the blockchain in preference to the original.
50/50 chance...or send one with a larger miners fee
Not true, you have to intercept the original and get the doppelgangers into the mining pools before the original races across the network -- A full node validates inputs and rejects (does not broadcast) double spends that come later. But a mining pool could receive the doppelganger directly from the fraudster, replacing the original even if it was the first to race across the net.
Also, the payload of the doppleganger, including the fee, is identical to the original because the cryptography is NOT broken. Just the tracking number is different.
check out the ramps
Not quite the full story. The issue is with the MtGox software, which assumes something about Bitcoin which is not true. Immutable transaction id's...
Try the rest of the story - without the MtGox corporate spin: http://www.cryptocoinsnews.com/2014/02/10/mt-gox-blames-bitcoin-core-developer-greg-maxwell-responds/
This misconception about how Bitcoin works - for a software developer - was pointed out in 2011. MtGox is just incompetent in writing their own software to use Bitcoin, and they have been scammed by some customers. Now they are trying to blame the Bitcoin protocol rather than admit their own failing(s).
They have known about this problem in their software since around 2011 - but only now are trying to blame the Bitcoin network for what is more likely an issue with their solvency.
Actual technical description of the part of Bitcoin's design that confused MtGox is here: https://en.bitcoin.it/wiki/Transaction_Malleability
I found a bug once on one of my silver bars. I smashed it. Problem solved.
If it was a Gold bar, that bug would be tungsten ... but for Silver .... hmmm ... not sure what is polluting your stack.
You need to head over to Alibaba.com if you think there is no fake silver coins or bullion.
Molybdenum is the forgery metal of choice for silver.
Yeah, you left this out "Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent." There fixed it for you
Gox blames the bitcoin protocol for a bug in their own wallet software. That's ridiculous. The potential abuse scenario is known since 2011 and documented on a webseite owned by Karpeles (CEO of gox), but they never fixed their wallet software.
http://www.cryptocoinsnews.com/2014/02/10/mt-gox-blames-bitcoin-core-dev...
Explain the gox transaction malleability issue like you are five:
https://bitcointalk.org/index.php?topic=458386.0
it only happens when somebody actually tries to sell a bitcoin
Yawn, of course you saw it coming ... and, you bought some down in the 1- or 2- handle, right ?!
...something something counter party risk something something...
Hmmm...sounds like the Machines in New Jersey are tapped into that, which means the FED is dialed in...
THE BOOK OF PSOMETHINGS
CHAPTER 4
1 To be or not to be,
2 That is the question.
3 Whether 'tis nobler in the mind,
4 Something something,
5 Or to take up a sea of arms,
6 Against something something troubles,
7 And something,
8 Or to shuffle off this mortal coil,
9 And something to sleep,
10 To sleep, perchance to dream,
11 Something something,
12 In a bare bodkin,
13 Or something.
Funny how this shit starts happening within a couple weeks of TPTB start HFT trading in BTC.
Oh, and Bonestar, don't get on here an say you picked up some more at the flash low...
First, fonestar was sleeping, second BTC-E never made it anywhere near $100.
I would say that $102 counts as fairly close to $100 - but it was only for seconds, until the buy bots grabbed the easy BTC from the dumb sell bots that followed the price down with their asks.
I wish it would stay at 102 for a little while SO I COULD BUY THE $%$# OUT OF IT!!!
you'd hope that the 4 posters (ok, 3 minus phoneystar's selfie) would have a shred of integrity and reverse their up arrows to down after doing the teensiest bit of searching to find that you were spot on in saying $102 while phoneystar was his usual lying self.
http://btc-e.com
integrity is increasingly a scarce commodity among the "believers". Is 'believer" in this context a euphamism for shamless pumper trying to finda bigger idiot to hold the bag?
One more reason to completely discredit that lying asshole: he doesn't pay attention to the very marketplace that he touts.
"moon shot.." - schiff
Sounds like the stable currency of the future alright.
It's probably weather related. I'm sure it's cold and snowing somewhere.
Why anyone has ever bought into the bitcoin, I will never understand. It is nothing but air, where as gold and silver are real and are of value. Bitcoin has no value except being digital, thus very easy to manipulate. Everyone should have seen this coming. If gold and silver can be manipulated and they are physical substances (if you hold it in hand) then obviously bitcoins can be manipulated even more.
You don't really know what you are talking about. Just like my silver is still shiney in my safe after a smackdown on the COMEX, my bitcoins are still safe in my wallet after a flash crash.
Just like with gold and silver, the MARKETS can be manipulated, but the fundamentals remain the same. Kill the markets, and you will have true price discovery. Unlike with gold and silver, bitcoins remain useful for long distance transactions without "trusted" 3rd parties. That is what makes it a good currency, AND what makes gold and silver a good savings medium.
Really? You have bitcoins in your wallet? I just thought they were a digital currency created out of thin air. I didn't know you could actully put them in your wallet. Please do tell me how they are physical for you to do that. Otherwise bitcoins are nothing but created on the internet out of nothing.
there are 'paper wallets' that you can carry in your pocket just like Benny-bucks
My bitcoins exist as a ledger entry which is held on every single bitcoin user's computer. It is decentralized to the point that it has become Sun Tzu's attack for which there is no counter--the formless. The government would have to destroy every computer and data storage device on the planet for me to lose my bitcoins. My silver just has to be carted away by some dudes with jackboots.
You REALLY need to take FIVE MINUTES and learn about how something actually works before you libel it. How much time have you spent learning about the Federal reserve? If you spent a tiny fraction of that amount of time on bitcoin, you would see just how different it is. Spend a little bit of time learning about free banking, and you would see that this is an evolutionary step from that platform, which sheds all of its shortcomings.
But hey, fuck competing currencies, right? Dollars are the fucking way to go.
"My bitcoins exist as a ledger entry which is held on every single bitcoin user's computer."
Funny you should mention that:
Sun Tzu's army didn't grow so large that he couldn't feed it, and then they bailed on him for a more accomodating suitor.
http://blockchain.info/charts/blocks-size?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
A 13GB blockchain? Oh no. Extend that curve out and do tell us how many users possess enough storage to hold that. You pumpers like to talk about "to the moon". Ya know what's going to the moon? That curve is what, and quickly so. And you haven't even scratched the surface of market saturation.
Hey, I know! We'll distribute that too! And of course we'll have to re-write the code! And that which can't be manipulated will, ahem, have been manipulated. Worst case scenario is that a) the manipulators have less than your best interests in mind, and b) the re-code is something the majority of individual users (as opposed to which big swinging dick has the most hashing power) would never have agreed to if they knew what was in it (but of course the community doesn't find the flaw until it's too late).
P.S. what's the lifetime of each of SHA-256's predecessors before their backdoors were found? Matter of time for this one too. Then, hmm, another re-write!
That's a nasty conflation there, sunnydays. Real and value seldom work together and are more likely to be linked semantically when someone is about to decieve. A Physicist will tell you what is real exists because it must. An Economist will create value out of nothing.
Bitcoin is the future. Adapt or die.
I agree. Digital fiat is the future. Bitcoin 2.0 aka FEDcoin will be out soon. It's bitcoin 1.0 except it's backed by gov and has a stable rate of inflation.
Thats the FRN you are talking about. Stable rate of inflation, until it becomes hyper-inflation.
Most people do not need inflation ... what you need is variation in money supply to exactly match the trade volumle of real goods.
Only the 0.01% (and Banks, govt shills etc) want inflation - so they can indirecty default slowly on the borrowings they made. The bag holders on that default are the general public, who almost certainly did not want the things the borrowings were for - well except for the FSA .. darn ... perhaps a majority does want inflation... at the expense of the productive (now) minority.
The point of my post went over your head. Digital currency is the future for a totalitarian government. It won't be called bitcoin, but it will be controlled by a central bank or government for their own benefit.
Digital fiat is the present. Debit cards, PayPal, online banking, SWIFT/ACH, shadow banking, COMEX, all of that is using digital fiat currency and is already controlled by a central bank for their own benefit, tracked for all time. Why would they change a damn thing? Bring in scarcity to their currency? Ha! I don't think so.
Ask JPM how that turned out for them.
Any new digital currency that falls short of bitcoin won't be adopted PERIOD. If they can just issue more at will, its already done. The reality is that any cryptocurrency that wants to beat bitcoin at this point has to be MUCH better than bitcoin. Being created by some untrustworthy granfalloon will be such a big con that it will far outweigh any pro.
"Any new digital currency that falls short of bitcoin won't be adopted PERIOD."
Does "any" include litecoin, ripple, peercoin, namecoin, dogecoin, primecoin, mastercoin, etc etc?
If so then you might want to buy a new Webster's because your current one's definitions of: "any", "won't", "be", "adopted", and "period" (in caps no less) are completely fucked.
I agree that any investor with JPM is daft, but there still remains this problem:
"As one of the largest asset and wealth managers in the world, with assets under management of $1.5 trillion (as of September 30, 2013)...". Seems that someone is trusting them, 1.2MM times more than Btc as a matter of fact. It's a shame but it's an unescapable fact. I know that those things don't sit well with 'believers' (that nasty cognitive dissonance thing rearing its head), but facts be facts, and the truth is that which remains whether or not we believe it.
Oh yes, that 's what we all want;: the perfect fascist control system of a cashless society.
BTFD
If gold were to drop 80% I can promise I'll drive a truck to nearest place offering gold, even if they are taking few % premiums. 60 tons minus truck weight would cost a bit, but I would still buy.
Bitcoin flew too close to the sun. Oh well. It was nice while it lasted. Alas. The government always seems to win.
that guy with the Tesla must be laughing his ass off.
Fiatsco's.....the other trash currency, it's got joo Brwando and what vegetables crave.
DIE SHITCOIN DIE!
I wouldnt even consider using bitcoin if we didnt have our current fiat laws but im glad people are indeed investing in it, naively or malevolently, and that those risks may inadvertently serve to education us.
I think that this groping for liberty in the monetary realm by the young has more unintended consequences than we realize - for the good.
@fonestar
Here we are again, with yet-another-cherrypicked-Bitcoin article framed to show it in the worst possible light. BTC-e is a russian/bulgarian exchange with poor volume compared to the "big boys" - but of course its too tempting of a target for whatever Tyler was tasked to push out another smear piece.
Anyway, the whole incident is getting better coverage on Ars Technica - which actually fact checks things - http://arstechnica.com/business/2014/02/bitcoin-price-tumbles-as-mt-gox-...
Also a nice takedown on Gox's failings post-withdrawal halt - http://cryto.net/~joepie91/blog/2014/02/10/why-mtgox-is-full-of-shit/
And of all places, CNBC (I know, right?) - http://www.cnbc.com/id/101402561
So, let the deafening roar of the barking seal-trolls commence, because who has time for reading facts? They obviously wouldn't care anyway, being fully vested in the legacy financial system, building their hoards of government-approved coin-shop rounds, and generally accepting one site's word for what the "truth" is.
Such a pile of fail, eh? Hope you're doing well Fonestar, and don't let the idiots get to you.
Have a good one.
Fonestar is still cleaning the mess up in his pants.
HE'S JUST TAKING A SHOWER!!
http://youtu.be/wBMKARtQReE
Shock and awe....
http://www.youtube.com/watch?v=vIMwMsY0ndo
yeah :) that was a classic one :)
I'm watching it all again and it does bring some memories back :)
Day trading ruined my life.
http://www.youtube.com/watch?v=JnQGXEyViBY
Day trading ruined my life.
http://www.youtube.com/watch?v=JnQGXEyViBY
Edited.
I guess JPM found a way to paper short Bitcoin over the weekend. Kudos, cocksuckers.
I guess they got sick of smashing gold....as it is mysteriously holding on to its gains...for now.
Kudos Cocksuckers - saw them in concert.
Drops By 80%
Oh the humanity....but then again....I've heard it only costs like 5 bucks to mine the stuff.
BUT BUT BUT... THE FUNDAMENTALS?!
oh no....
there goes that private island dream...
somewhere this was anticipated in the last few
days, months and years.
like when you go to jail you just know they'll eventually give a party where you're ride
I still think it's better not to land in jail.
Fuck Shitcoin and Fonestar.
get inline!
dont worry i am sure that fonestar will be on here shortly to tell us how this is not a problem and that Shitcoin can only go up and that this just happens with all things monetary. some day fonestar will realize that he is just like cramer harping on buying moar stawks but with imaginary currency
Well, it is a problem . . . for users of Mt Gox, a shittily coded trading engine built on top a Magic the Gathering card swapping site.
Frankly, anyone still using them is asking for it good and hard and deserves what they get.
Mark Karpeles wanted to prove to the world he could write a world class trading platform in just PHP. He failed.
Yes, it's pretty bad when one aspires to be a rate like Cramer, all that guy is is a mass bagholder creator.
Remember the feds just seized Dread Pirate Roberts hoard of bitcoins- so they can dump them and use them to manipulate prices now.
This is how all ponzis unwind. Is Max Keiser the Bernie Madoff of crypto currencies? Seems as soon as he launched his Maxcoin, all the lemmings pulled out of the Bitcoin ponzi and into that one.
I'm disappointed if this ponzi is already unwinding, it seemed like it had years to run yet before the big heist.
You can call it new, shamelessly promote it, disguise it, profit from it, create endless arguments in support of it but, with nothing tangible behind it, it is still FIAT.
We have survived by hiding from them and by running from them. But they are the gatekeepers. They are guarding all the doors. They are holding all the keys, which means that sooner or later someone is going to have to fight them. [/Morpheus]
Bitcoin crash is bullish for gold and it is bullish for the cost-effectiveness oy my mining equipment. The lower the price falls the longer I can mine with my current stuff as new equipment is not likely entering the market in masses too soon.
Thank god the HFT are in this now.... I cannot wait until Fonestar disappears along with his made up wealth.
Fonestar just shit his pants
Fonestar just shit his pants twice
Actually, fonestar probably doesn't profit from BTC but rather from talking up BTC. Everyone has an angle.
Anyone with common sense knew bitcoin wasn¿t going anywhere- What difference is bitcoin from paypal. People purchase bitcoin, make a transaction and later convert it to fiat to buy stuff. Even if a seller of goods or services accepts bitcoin, it eventually gets converted.
With all the electronic snooping, hacking and manipulation on this planet, BitCoin is a lousy alternative to cash.
No you are wrong. Bitcoin -- more accurately crypto-currency is the future of digital authentication. And that is precisley where it's intrinsic value lies.
Reading all ya'lls comments, I am reminded and laugh at what Dr. Gouda told my networking class. After graduating with a PHd in computer science (in the 70s) he was job hunting. On an interview with AT&T, the hiring manager asked him, "What would AT&T do with a computer network?"
"By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's" - Paul Krugman
No you are wrong. Bitcoin -- more accurately crypto-currency is the future of digital authentication. And that is precisley where it's intrinsic value lies.
Reading all ya'lls comments, I am reminded and laugh at what Dr. Gouda told my networking class. After graduating with a PHd in computer science (in the 70s) he was job hunting. On an interview with AT&T, the hiring manager asked him, "What would AT&T do with a computer network?"
"What would AT&T do with a computer network?"
Sadly I don't think even today AT&T understands what to do with a computer network.
"What difference is bitcoin from paypal"
You mean, other than not having a central authority that can ban/regulate/reverse transactions?
"What difference is bitcoin from paypal"
You mean other than having a customer service dept. that can reverse a transaction on an online scammer? Or being able to easily add another layer of protection by using a credit card as payment? Or by protecting yourself by only letting Paypal have your personal info? Paypal wins by a mile. Buyers pay nothing and the sellers pay around 3% for the added traffic and sales that accepting Paypal generates. I have used paypal for about 15 years now, and everytime some scumbag on ebay, or wherever, tries some funny business, Paypal has protected my interests and made it right. Paypal is not perfect, but with a small amount of common sense and caution, it is quite safe and secure. Works for me. Of course if you are a theiving weasel fuck, it may not work for you.
Reputation systems and customer service can be built on top of the bitcoin infrastructure (in fact, they already are), but you can't build complete anonymity into the foundation of electronic USD transfers.
When a majority of people require "anonymity" in thier financial transactions then maybe it'll catch on...
Twitter, Facebook, Snapchat, Foursquare......people are just dying for more anonymity
Sad that some gutless worm had the nerve to down arrow your comment.
..."Can't refute? Click down" was the battlecry of the Btc pumpers circa 2013-14...
excerpted from The 2015 Compendium Of Scams
It's not a one sided thing. Even when I give purely technical information about BTC I often get downvotes with no corresponding reply. Some people are just odd that way.
BTFD
haters gonna hate
Software glitch.Dependant on a bunch of stupid computers.I'll stick to gold and silver bullion.
So tell me, where do you get the current gold price?
I get it off the internet, yes dependent on computers... I like being able to detremine a global fair market value (theoretical)
Wtihout data comminucation how would we find spot value? Look at a physical message board and see what our neighbors have been accepting? Trust what the storekeeper tells us?
-- In the end, it would come down to simple barter and that is nothing more than poker...
So tell me, where do you get the current gold price?
I get it off the internet, yes dependent on computers... I like being able to detremine a global fair market value (theoretical)
Wtihout data comminucation how would we find spot value? Look at a physical message board and see what our neighbors have been accepting? Trust what the storekeeper tells us?
-- In the end, it would come down to simple barter and that is nothing more than poker...
"It's only going to get worse in an insolvent world desperate to halt money laundering."
Shouldn't this read in a world desperate halt money laundering competition? I guess when big banks and big government does it, it is legal and called something else.
Bitcoin Is Dead . Long Live Bitcoin.
I bought BTC at $102
I'm buying BTC now at $600
Money, meet rathole. Pour.
Somehow different than someone saying they bought gold at $200, and are buying now at $1200.
Also, I find it offensive that you think dollars are money.
Yep, usually I properly say 'fiat' but the saying itself uses 'money' and I wanted readers to follow my point.
You guys are truly brilliant
BIT-stupid
So all this time and it was BitCoin that has kept the price of Gold down !!
Someone certainly wants you to think that.
Divide and conquer.
.
How big is the bitcoin market versus the gold market? BTC is a flea on an elephant's ass.
You know, it's awfully easy to poke fun at Fonestar...
...
...
That is because he makes it easy.
Yeah, sort of like that idiot Copernicus. Or Darwin.
Religious thinking blinds men to all newly discovered truths. Eventually, they just look like idiots. New generations think "I never would have been one of those idiots!" even as they do exactly the same thing.
Ad hominem is literally the lowest form of discourse, and that is the default no in 99% of ZH bitcoin discussion. It's all "fonestar fonestar fonestar."
People who hold gold get an "A+" in history. Those who bash bitcoin get a "F-" in critical thinking and a "F---" in applied history.
That was nicely worded.
Hence the brilliance of social forms of marketing--it generates dissonance such that either you buy the line, or you are at least skeptical of the many detractors and then buy the line that way.
Personally, I don't really care about BTC. yes, I bought one for fun, but that's about it.
when Failstar gets on here and starts insulting people's intelligence for not believing that BTC is going to 100,000 Yellenbux in short order, it's somewhat expected to see some backlash.
Religious thinking blinds men to all newly discovered truths.
Including yours. You assume that detractors don't "get it". You confuse lack of understanding with cynicism, young man.
This is the golden age of manipulation - apart from actions by the US, EU, Russia, and China, relatively small P+S can widely affect price, making it subject to manipulation in a signficiant way. No real way for the market to value it, subject to significant future regulation.
In short, based on where we are now, it is equally foolish to be promoting investment based on promises about the future as it is to promote non investment on the theory the medium can't work.
That said, I would buy at 160 or whatever it was. I'd expect slower climbs, but who knows...
The real issue is Mt.Gox's claim that there is a flaw in the bitcoin protocol.
http://www.pcworld.com/article/2096060/bitcoin-price-plunges-as-mt-gox-s...
a more informed and nuanced view is here:
http://www.cryptocoinsnews.com/2014/02/10/mt-gox-blames-bitcoin-core-dev...
This is the same manner in which the illiquid stock market will finally crater. We will wake up one morning wondering what the fuck happened after the market vaporizes in overnight trading. There will be no escape.
Maybe you forgot about circuit breakers. Who cares about BTC enough to put circuit breakers on it?
Circuit breakers won't mean shit when this thing vaporizes. They didn't help when we lost 1000 points off the DOW in May 2010. The only thing that saved it then was th PPT.
Correct me if I'm wrong but were there circuit breakers even in place at that time? I'm curious why you think shutting down the stock markets won't stop a huge sell off. Don't get me wrong. I believe that market forces should be allowed to play out but I think that control WILL be exerted.
The circuit breakers were turned off to permit the crash. NEXT slam down NASDAQ also reversed trades without recourse, so breaker or not, those who are elite mafia do not lose. They get the UNDO button, muppets get the razor-dildo.
You think the true value of gold is determined in illiquid markets? Why the fuck would you think that is the case with bitcoin?
Your bias is showing.
Be funner to kneecap the bond market first.
HEY THERE, funny-man.
'Twas you, wasn't it, that chided me that bitcoin "still hasn't hit $140"
I guess today it did, briefly, before it even went lower to 102. yes?
Yes.
Lol yep, one exchange in Bulgaria or Romania hit $102. Wish I traded there. Bitstamp dipped to $530 but has recovered, currently trading in the $700s.
Yup. Just imagine what the next flash-crash will do. Bitcoin to $20, recover to $300 and not long after bitcoin = 0.0000001 : the vaunted 7 digits Fonestar has called for.
The mind boggles.
we should get the pennystockBTC game over with & just rename them to Lebedcoins.
One has to wonder who bought that dip. All you need to know now; When fraud is the status quo, possession is the law.
Edited.
Public school educated ?
The real reason was the inflating fiat script imposed by the king.
Read the Federalist papers.
This modern day tulip bulb is dimming fast. Ponzi's schemes always end the same way.
The sheeple who are late to the game always get sheared.
This needs to happen to teach the naive and ignorant a lesson.
Yawn , didn't you make that exact same call in 2009 , 2010 , 2011 , 2012 , 2013 and now your calling it again in 2014 ? Atleast come up with something original.
Awww... another poor little boy getting his ass handed to him?
Wave bye bye to your electronic digits silly, naive little boy.
Hey asshole , you are calling a 50,000% ROI as 'having his ass handed to him' ? Where did you go to school you fucking dipshit ?. In a couple of months it will be a 100,000% ROI
at $5 = 1 btc ... I don't think so.
Lucy, you got some splainin' to do.
don't challenge the liars. it hurts their feeling and the down arrow reflex kicks in as a substitute for fact-based discourse.
I recall reading only ONE poster claim to have lost money on Btc, and that was an unwitting admission by one of the liars (phoneystar) who couldn't recall his lies. When called on it (16 times and counting) he has yet to explain but does wield a mighty non-sequitur. The only time he/she/it acknowledged the question was with this response: "fonestar says a lot of things".
I am astonished that so many defenders still circle the wagons around him. Maybe their paychecks are all cut by the same boiler room of fraud.
Hey dipshit I havn't bought btc since early 2013 . And I won't be selling them - I will be using them as money after the death of Fiat. By then you schmuckos will be investing your lifes gold savings to buy a few thousand Satoshi's.
the death of fiat will go along with the death of major grids upon which your bitcoin can work. I guess if you can do that blackberry tapping thing between people & just have lots of batteries... meh.
Won't be doing business with me.
Wait, I got an even better idea.
Let's suppose the grid stays up & General Electric invents something called GE-Coin. Not only can you depend on being able to produce it using power supplied by GE & affiliated corporations - they can DEMAND payment using it or cut your grid access.
Wow, wouldn't that be something. Good thing we can trust corporations never to be so nasty to those who have no alternative.
Right? RIght.
Decentralized power generation coupled with decentralized communications. Decentralized Bitcoin blazes the path.
show me the product.
Photos or it didn't happen.
Until I see methanol fuel cells, bio-diesel generators & your own laid out towers for radio, laser-optic, ANYTHING, paid for with BTC and running BTC on it,
you're just sitting downwind from the shit-storm.
Shit Barometer's about to burst.
Right. Cryptoanarchists are sheeple.
Stay poor, dollar lover.
They can be, very easily. Scamming intelligent people is not difficult, not at all. You play to their intelligence and sense of invincibility. In fact, it is easier to snooker smart people than street-smart people.
Not dollars... PMs my son, PMs!
Get with the program BTC lover.
If you paid five seconds worth of attention, you would see that this is not a competition between PMs and bitcoin. It is a competition between the DOLLAR and bitcoin.
Bitcoin is the transactional currency that enables Freegold to function, if it doesn't make it inevitable.
Michael Moriarty posts a priceless comment on Bill Frezza's blog piece http://www.forbes.com/sites/billfrezza/2014/02/07/why-bitcoin-must-die-l... that goes to the heart of why multiple jurisdictions might look askance at Bitcoin .
Me? I'm shorting Chris Dixon.