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Bitcoin Update: "Your Money May Be 'Tied Up' In Unconfirmed Transactions"
As the torch of responsibility is rapidly handed off from exchange to exchange to the Bitcoin source code, Gavin Andersen (one of Bitcoin's protocol core developers) explains just what is going on - and what it means for the 'wealth' stored in the virtual currency - "Users of the reference implementation who are bitten by this bug may see their bitcoins “tied up” in unconfirmed transactions" - so that's what 'bit' stands for in bitcoin...
Update On Transaction Malleability
You may have noticed that some exchanges have temporarily suspended withdrawals and wondering what’s going on or more importantly, what’s being done about it. You can be rest assured that we have identified the issue and are collectively and collaboratively working on a solution.
Somebody (or several somebodies) is taking advantage of the transaction malleability issue and relaying mutated versions of transactions. This is exposing bugs in both the reference implementation and some exchange’s software.
We (core dev team, developers at the exchanges, and even big mining pools) are creating workarounds and fixes right now. This is a denial-of-service attack; whoever is doing this is not stealing coins, but is succeeding in preventing some transactions from confirming. It’s important to note that DoS attacks do not affect people’s bitcoin wallets or funds.
Users of the reference implementation who are bitten by this bug may see their bitcoins “tied up” in unconfirmed transactions; we need to update the software to fix that bug, so when they upgrade those coins are returned to the wallet and are available to spend again. Only users who make multiple transactions in a short period of time will be affected.
As a result, exchanges are temporarily suspending withdrawals to protect customer funds and prevent funds from being misdirected.
Thanks for your patience.
As a reminder, Andersen previously explained:
Transaction malleability has been known about since 2011. In simplest of terms, it is a small window where transaction ID’s can be “renamed” before being confirmed in the blockchain. This is something that cannot be corrected overnight. Therefore, any company dealing with Bitcoin transactions and have coded their own wallet software should responsibly prepare for this possibility and include in their software a way to validate transaction ID’s. Otherwise, it can result in Bitcoin loss and headache for everyone involved.
As Mike Krieger recently noted,
Bitcoin is no longer in Phase 1 of its evolutionary cycle. I believe Phase 2 for Bitcoin began in earnest back in November 2013, when the Senate Committee on Homeland Security and Governmental Affairs held its first hearings on the topic. Those hearings made it clear that, at least for the moment, no significant roadblocks would be put in place to prevent people from transacting with one another using the crypto-currency. Phase 2 also saw the largest Bitcoin investment to-date, a $25 million infusion led by Silicon Valley VC firm Andreessen Horowitz, as well as acceptance by major U.S. retailers, with Overstock being the most significant. Bitcoin is becoming serious, and serious means serious accountability.
As a free market currency, the market will decide the products required to keep the Bitcoin protocol open and functioning to its highest potential.
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IT works like this:
- announce a patch
- deploy the patch
- pretend it is fixed
- people cry is not fixed
- repeat
- hack some bank account and retire in Slovenia and let the next poor recruit deal with it
+1 LOL.
- Stalling purchases from a competitor's new whiz-bang product launch at a trade show always involves making an announcement that your product will be coming out also. This is designed to retain your 'loyal' (dumb & lazy) customers.
- I'd rather retire in Slovenia than the USSA any day.
Well, it's the exchange's software that's the problem. Relying on the transaction IDs of unconfirmed transactions has always been risky, but they chose to do so anyway for expediency. Now that someone is actively poking holes in their shoddy exchange code, they are pausing to rethink their previous strategy.
Bitcoin the protocol remains unaffected.
Har. That is good. This exposes the primary weakness of bitcoin. Bitcoin requires other technologies to work. You need electric, internet (and the myriad of tech under that), the blockchain being available, a way to exchange (exchange perhaps?) and some kind of device.
There is a hell of a lot that can make bitcoin not work for you on any given day. It is not reliable. It is not even real. It is a dream that quite possibly could become a nightmare. Nobody can trace your activities and movements using a metal coin. Even if bitcoin were backed by gold or all the tea in China it would not be worth the risk it poses as a tool of a tyrannical entity such as the US gov't.
You know this is true. Stop trying to convince everyone to leap to their deaths just so you aren't the only one. It is becoming insulting at this point, as in, not cute anymore.
"This exposes the primary weakness of bitcoin. Bitcoin requires other technologies to work. You need electric, internet (and the myriad of tech under that), the blockchain being available, a way to exchange (exchange perhaps?) and some kind of device."
All true. But with those weaknesses you also get advantages, such as being immune to border searches and capital controls. All things have both risks and benefits.
"Stop trying to convince everyone to leap to their deaths just so you aren't the only one."
I'm not Fonestar; I'm not trying to convince anyone to buy bitcoins. I just correct common myths and misunderstandings as I see them come up. I find the whole thing incredibly fascinating.
Ask Mr. Yellen, is a Bitcoin considered FRN? He will take no stops in stealing digital wealth. This is why we simply suggest hard assets.
Peer-2-Peer clusterfuck.
The Romanian Satoshi.
Iubi trebuie!?!?
whoever is doing this is not stealing coins
yeah right
Lovely how the so called austrian libertarians at ZH bash Bitcoin, first by denying the psychology of value and then by attacking a way to do transactions unobstructed by 3rd parties, eg. banks/goobmint... Keep storing those baseless papers under your mattress, and remember that when food and water are short you'll find out you can't eat gold.
Why exchange one worthless fiat currency based on nothing for another?
"... you can't eat gold".
So what does a Bitcoin taste like?
"... you can't eat gold".
So what does a Bitcoin taste like?
I guess to alot of folks it must taste like shit right about now
Gold has no flavour.
Never tasted shit.
Hard to compare!
One thing shit has over BitCoin - it's real!
still up 6 fold in last 6 months... so much hate, yet so much gain
If you're really from Deutschland, go ask your great, great grandfather how well gold performed in WWII. People didn't only buy food with it, they bought their lives with it. So enough already with that "you can't eat gold", unless you are advocating going back to autarky or some other such economic nonsense.
so the majority of people here are of the refugee camp mindset? are your spirits so beaten that you have to hope for a hopeless world before you 'gain' on your assets?
It shouldn't matter the ideology or psychology or comments of any ZH posters. Bitcoin, in this moment is not what its supporters/cheerleaders hoped it would be. Maybe it was and will be again but in this moment it's not functioning properly and your misplaced tantrum toward ZH posters is wasted time and energy when when in fact you, assuming you have skin in the bitcoin game, should be using that aggression toward the bitocin masters.
"It's not personal Sonny, it's just business
Yup.
Getting pissed at bashers does not make their point, does it? To someone not in it, it looks bad just this moment. To not own that looks desperate, like denial.
I still have an open mind.
Would love to see it work out.
Glad I ain't in it just now.
Notadouche, AssTongueAffen is a douche.
Not from OZ. Just curious. Based on your taste buds, what has an Iron chef flavor?
Make it simple for you to reply. 1 thru 6. We await your reply.
To above posters, the SDR will become your sound virtual currency shoveled up your ass & down your throat. Why? Its backed by the USD universal currency status. Over the years on ZH, I tried to explain the larger picture. Focus your efforts to castrate this engagement.
When one Federal Chairwoman can counterfeit money and call it legal, while claiming someone else has committed a crime… the illusion of US Democracy has ended.
Half the fucking nations on this planet hate the USA, what makes anyone think that anyone would use the SDR?
Russia and China wouldn't play along , and since the entire western economy has devolved into worthless service industry jobs that don't serve to produce any new wealth.... well the world might find itself no longer needing the USA or the SDR or anything of the sorts.
Quite frankly the USA , USD, SDR and their counterparts are becoming rapidly obsolete.
"may see their bitcoins “tied up” in unconfirmed transactions" does not mean that they are really tied up in a unconfirmed transaction. It's just the wallet not properly handling the malleability, like a faulty balance sheet from the bank because their printer prints garbage, while your actual account balance is what it should be.
The blockchain will show the correct balance and is not impacted since the bitcoins will still be transfered correctly irrespective the malleability issue.
Corzine is involved in some way.."
everyone sits around bemoaning fiat and how hard they are getting screwed.
someone actually innovates and provides an alternative to this system of slavery and everyone cant hate on it fast enough.
yes gold and silver, we all know the benefits it provides, but it is not more appealing to fiat in a practical sense to those who dont understand their own slavery.
lets all piss and moan that the world never changes and we are all screwed, but then blindly attack any possible solution.
idiots.
exactly, its because they are butt hurt that gold and silver didn't go to 9999999999 USD per oz all the haters were betting on zombie apocalypse making them rich, like that strategy had a chance of success in any universe...
dont get me wrong, im bullish gold and silver too im definately not talking against pm's.
but a free market should have competing currencies where the market finds the price based on utility.
btc has a place just as much as anything else.
Lets just put it this way, Bitcoin is probably here to stay, if not in its current form, than another.
You don't take two steps forward and 10 steps backward to the 1920's because the world doesn't work that way, never has, never will.... free market was always an "evolve or die" model.
When I read about bitcoin and studied it, I hated it not because it was bad, but because silver and gold was supposed to step in and start to shine, it stole silver and golds thunder because lets face it, you can't email gold around the planet for 0~1% conversion.
The price point of bitcoin is arbitrary, more money it just makes it more liquid, the money will eventually sever ties with the coin and the coin will stand on its own as a global reserve currency standard of some sorts... I would gladly take a paycheck in btc because why the fuck not? if someone payed me in gold ounces, (1. have to make sure not fake, 2.its heavy 3. not safe to transfer or hold on your person 4. if you have a lot you need to pay for safe storage 5. cant spend it without breaking it and its expensive to convert (pawn dealers and gold shops will charge you out the ass, look at what a premium small denomination coins sell for!!!)
BTC has none of those problems, BTC makes everyone their own bank.
-No storage fee
-No counterfeit coins
-No large fees
-Almost instant to spend
-If your not brain dead its safe to use.
Safe to use in a world with NSA?
If you think it's anonymous your are fucking nuts.
Have fun with your gold and your 1099's and door to door searches when obama needs your $$$ to pay for his Obama Phones, and have fun trying to break one oz of gold for 9/10ths of an oz in return everytime you wana spend a bit.
My tin snips and a digital scale work like a charm. Like butter even.
You make it sound like cutting a relatively soft metal is like cracking 256 encryption.
"
BTC has none of those problems, BTC makes everyone their own bank.
-No storage fee
-No counterfeit coins
-No large fees
-Almost instant to spend
-If your not brain dead its safe to use."
One not so small problem there pal. You can say the same about every other cc that's out today and those to come.
Btc can be crashed but the concept of cc cannot be uninvented. Jump off the Btc get rich quick bandwagon, and onto the cc wagon. THAT is one of the biggest objections I've had with 90% of the pumpers herein. They lose sight of their putative cause, and in the process mostly confirmed my suspicions that they're worthless shills for their own wallets while claiming to be Fed killing libertarians (and worse: calling their detractors Fed lovers and fake libertarians. RARELY was Btc used as a proxy or metaphor for their cc philosophy).
It's fun watching the ZH'rs slowly capitulate. I'm starting to get a knack for detecting when the event is impending in a particular user. Just do your research people and we can all stand as one against the fiat overlords.
"When Bitcoin reopens for trading, just multiply your holdings by .10 to find your current Bitcoin value"
If bitcoin is a decentralised system. How can my bitcoins be "tied up"?
In a decentralised system I can simply pass my money from A -> B without reference to any third party.
c.f. paper currency, coins
Bitcoin != coin
Christ, it's almost like trying to explain to people that bank credit is not actually bits of paper currency.
third party = arrived to your answer = bank = creates money out of thin air = ponzi scheme = systematic risk = no liquidity = more to expose shortly
"Christ, it's almost like trying to explain to people that bank credit is not actually bits of paper currency"
You're right you know. It's all fraud. The only difference between the two is a degree of blind faith.
It's not actually "tied up" by anyone else. Basically, some software wallets get confused if someone mucks with the transaction ID after you send coins, causing any change sent back to you and then immediately spent again to get stuck in validation limbo.
You still have you coins, the software essentially just has a display bug that doesn't let you at them. That's what they are fixing.
nonetheless a bug they've known about since 2011? and now say can't be fixed overnight?
the core team devs say they'll write a patch? even better, the devs at the big miners are helping? Same miner guild who might be responsible in the first place???
Even if this was an outside job, then DDOS Part II to follow that patch? and Part III and IV......? Or even worse than a "simple" DDOS (that merely renders the Btc unconfirmably unusable)? Burglar can't crack your house so he gets you to change your software, and now he has another crack at it? Test the perimeters by launching a token attack in order to gage the modes of response?
"Where there's a will there's a way" applies in both directions, and some folks have both a shit load of will and a shitload of means - paid for by your tax dollars. Also brings us back to the "It's not your fucking internet!" thesis. I'm gonna rely on my competitor's infrastructure and put him out of business? Nope, no problem with that business plan.
It is a shame to see this happen, but it was predictable. I truly hope that the devs and the ecosystem in general have more than 1 bullet in the chamber.
thing is the core dev guys are a snobfest that probably dont care about the 'price'. Just like the gold nutters here that say the same thing
but in reality the few exchanges that exist provide the window into the real world so the snobby dev guys should of got off their high horse and not wave 'reference implementation' at the early exchange guys building custom wallets to create a market to allow early price discovery
little bitches.. the world and bitcoin are full of them
If there's anything a bitcoin holder should be worrying about it's the possible incompetency of the current core devs. I expect one of two scenarios to take place. Either bitcoin attracts more talent as it grows, or the talent appears elsewhere to create competing cryptocurrencies. Either way there will be plenty of wealth up for grabs.
"the core team devs say they'll write a patch? even better, the devs at the big miners are helping? Same miner guild who might be responsible in the first place???"
They are talking about patching the open source reference wallet software and any exchange software that isn't up to proper standards. There are plenty of other wallets and exchanges that don't need to be patched because they were already coded properly. Remember, Bitcoin itself is a protocol, and the protocol cannot be changed or the network will no longer talk to you.
Of course it is. It isn't me, who's preventing the transaction. It isn't the recipient who's preventing the transaction. IT'S A THIRD PARTY WHO'S PREVENTING THE TRANSACTION.
Did you get that? Did I make it clear enough for you to understand?
Bitcoin is not a decentralised, peer to peer system. => It is no different/better than the existing banking system. It doesn't solve any of the problems the existing banking system creates.
You seem so sure of yourself, glad this bitcoin business is all done, kaput, finished, eh? Back to your original broadcasting schedule...
Rehypothicated... bitchez.... always wanted to say that here.
Called it months ago...bitcoin = $0 Anyone want to buy some beanie babies or garbage pail kids?
Do you take Bitcoins?
how about 33oz of silver? in fact i will go order 33oz now just to piss you off
"bitcoin = $0"
It is down a good little clip, only $675 more to go...
I'm awaiting more penny stock style hijinks like reverse splits, hints about major breakthroughs on the horizon and billionaire backers about to step up to the plate with buyout offers. Just waiting for the other shoe to drop!
probably a buying opp tbh.
What people do not understand is that Bitcoin is an experiment not a sure fire 100% fulproof network. It is a protocal subject to change. The value for the community of breaking this attack outweighs the value of letting the attack happen. The community will address the issue as it has done countless times in the past. Attacks are expected with the Bitcoin network, it is better they happen now when bitcoin is at 700-1000 than 10000-100000. Let the hackers come, the community is ready to face them!
"Countless times in the past"?? I can count two major known attacks/issues prior to this, and one was with doublespending years ago when 0.001% of the world heard of Btc.
The less you delude yourself about your capabilities and your history, the more likely you'll succeed in countering the offensive.
Btc can perish for all I care, and I expect it to and have never been bashful about saying so. cc's in general, however, are a different issue in the "enemy of my enemy" sense.
Dogecoin, bitchez.
Much truth. So currency.
Dogecoin.
To the moon!
Hey as long as I don't get that notice from my bank or 401k firm. (honey did you get the mail?.....)
Beating a dead horse, but, the last thing I would ever do is put my faith in money. You don't see Patrick Swayze talking about the exchange rate of roundhouse kicks to the face.
Money is for suckers.
People seem to be so busy trying to re-invent the gold and silver and copper wheel but not having the same long term success
Transaction malleability has been known about since 2011.
funny, I didn't see anything about that in the marketing packet...
It's right here with all the other potential issues: https://en.bitcoin.it/wiki/Weaknesses
Why research when you can just create your own mental fantasy, it's much easier that way.
clank clank clank go the stackers
bitcoin? what is dat bro?
All your Bitcoin are belong to us.
Bring the bitching bitches!!!! Thx for the lower price.
Double posted. Sorry
I can't even imagine how people can trust in somthing like an "electronic" currency or wathever.
As in "electronic" vote.
Amazing.
yeah this internet thing is a joke
No one has been able to explain why bitcoin is more valuable than the other 83+ crypto currencies that exist... that alone should be enough to have you suspicious.
Primarily the network effect. It's the reason Google+ hasn't taken significant share from Facebook.
If all cryptocurrencies are basically the same (and there are a lot of straight up Bitcoin clones out there), then only the most popular makes sense to buy. Why limit yourself by purchasing a cryptocurrency that fewer people use?
…”The personal character and career of one man are so intimately connected with the great scheme of the years
1719 and 1720, that a history of the Mississippi madness can have no fitter introduction than a sketch of the
life of its great author John Law. Historians are divided in opinion as to whether they should designate him a
knave or a madman. Both epithets were unsparingly applied to him in his lifetime, and while the unhappy
consequences of his projects were still deeply felt. Posterity, however, has found reason to doubt the justice of
the accusation, and to confess that John Law was neither knave nor madman, but one more deceived than
deceiving, more sinned against than sinning. He was thoroughly acquainted with the philosophy and true
principles of credit. He understood the monetary question better than any man of his day; and if his system fell
with a crash so tremendous, it was not so much his fault as that of the people amongst whom he had erected it.
He did not calculate upon the avaricious frenzy of a whole nation; he did not see that confidence, like
mistrust, could be increased almost ad infinitum, and that hope was as extravagant as fear. How was he to
foretell that the French people, like the man in the fable, would kill, in their frantic eagerness, the fine goose
he had brought to lay them so many golden eggs? His fate was like that which may be supposed to have
overtaken the first adventurous boatman who rowed from Erie to Ontario. Broad and smooth was the river on
which he embarked; rapid and pleasant was his progress; and who was to stay him in his career? Alas for him!
the cataract was nigh. He saw, when it was too late, that the tide which wafted him so joyously along was a
tide of destruction; and when he endeavoured to retrace his way, he found that the current was too strong for
his weak efforts to stem, and that he drew nearer every instant to the tremendous falls. Down he went over the
sharp rocks, and the waters with him. He was dashed to pieces with his bark, but the waters, maddened and
turned to foam by the rough descent, only boiled and bubbled for a time, and then flowed on again as
smoothly as ever. Just so it was with Law and the French people. He was the boatman, and they were the
waters.” …
.
Memoirs of Extraordinary Popular Delusions
by Charles Mackay
http://www.cmi-gold-silver.com/pdf/mackaych2451824518-8.pdf
"your money may be tied up in...." ..
hilarious. you have no money as there is no money
in the world! oh well.
next episode .....
Got PM?
Tone Loc-Next Episode
http://www.youtube.com/watch?v=URhtf0x5Q1U&feature=kp
.
Bitcoin crashed before it even became money. Most currencies take years to crash. Bitcoin is that advanced.
I never understood why the Tylers promoted Bitcoin so hard. What's the opposite of gold bullion? Bitcoin.
wretch I never understood why the Tylers promoted Bitcoin so hard.
Where do you get your skewed view that Tyler promoted bitcoin. Tyler simply presented articles with various points. Don't be so easily manipulated. I never believed in bitcoin, not because of ZH, simply from logic and own research. Don't be dependent on anyone including ZH. Dependency is slavery.
1+'z 84 81+C01n b1+ch3z!
https://bitly.com/1aDH4Q7
https://www.youtube.com/watch?v=0OP5EnaaYjQ :P
There is no difference between holding BitCoin and being last in line at a gang bang.
You seem to know what you are talking about.
There is always a line of people just standing there like they are waiting on an unemployment check looking down with their hands in their pockets.
When you finally open the door it's Yellin with her ankles around her ears sayin' bring it!
https://www.youtube.com/watch?v=387ZDGSKVSg&list=RD0OP5EnaaYjQ
Tone Loc - Wild Thing
My problem with BitCoin is it is tied to the internet, and we know, or at least I know, who invented the internet and why they will, when they want to, crush anything they don't like that is connected to the internet.
gold/silver/copper/platinum - transportable, anonymous, and no internet required. why is that so hard to comprehend I wonder
momentum held by the current, otherwise incomprehesible, petro-dollar regime
its our dark passenger, Dexter
deflator My problem with BitCoin is it is tied to the internet
Did you know the main hub for the internet in the US is in Illinois? Yes, it can be transfered but the point is that things have been set up be TPTB for control. An easy kill switch for the internet.
And yet dummies worldwide are paying $650 for these glorified video game tokens still! Why not $0.65? Can someone kindly explain to me how this hasn't completed imploded yet?
When you buy bitcoins, you are essentially paying for the use of the Bitcoin network, a global infrastructure that allows you to transmit those tokens across borders to someone who will cash you out on the other side, with no central authority to stop you.
Some people find more value in that than others.
the future of mankind hinges on the impending curling match
between the usa and denmark, scheduled to begin in less than two
hours, and no one is anticipating this momentous event.
what the f....?
and all this time i thought,
the bitcoiners were hoarding those coins, waiting for the price to explode.
Supply and demand?
"Your Money May Be 'Tied Up' In Unconfirmed Transactions"Ahh, Bitcoin is growing up so fast. Just the other day it was NOTHING like real money.
and now look at it. all tied up and twisted into a toy for cheats
grown real fast our little bitty did.
Have you tried to get several thousands of FRNs from your bank lately?
I'm not a BC or FRN user and I don't have any of either. I haven't had a bank account for over 12 years.
I'm guessing that scares the fuck out of you.
There are only two things that scare me
Scary shit:
Waking up without a penis (line from a movie).
Sharks eating your ass while surfing?
Banksters running your life and the lives of your children?
Sorry, that was 3.
The only thing that bitcoin depend on is the internet working and the electricity being on and the software not being hacked and my digital wallet not being lost and the faith of all the other bit coin lovers and the governments of the world ignoring it or regulating it out of existance. Other than that what a great invention!
Bitcoin will go down in history like all the other bubbles and our grandchildren will laugh hysterically when they read about it. "IT Bug Bit Bitcoin, Bubble Bursts. Speculators Plunge From Skyscrapers, Simulating Bitcoin's Collapse."
"Bite Me" Coin.
I know I called it.
Regie? Regie?
with all the stupid shit coming out of the government about BitCoin, maybe we should regulate the government instead of BitCoin. Now there's an idea. I mean money laundering? Seriously? That's all you government pukes have? And let's consider that Wells Fargo laundered what 400 BILLION and no one went to jail? HSBC? Wachovia? 300 Billion? And those are just the cockroaches we can see, who KNOWS how many TRILLIONS they've been laundering over the years. And do we really think those are the ONLY banks doing it? REALLY? Then we have CONFIRMATION that the CIA deals cocaine exposed by the trial in Chicago where the drug kingpin started naming names. And the ARMY grows poppies in Afghanistan and ships it around the world, helping supply the drugs in the "war on drugs" in the USA, where heroin use is literally EXPLODING. And we have the government concerned about the criminal possibilities of BitCoin? Really? Hey fuck off government. the problem is OBVIOUSLY the GOVERNMENT and NOT BitCoin. Han g the politicians for treason and the bankers.
you can launder money too, if you pay the GovT Mafia a bribe.
Are the bitcoin laundries paying any bribes to the GovT? Did the Silk Road Pirate pay bribes to the Govt? Oh, so now we know why he got sacked.
Plus, when you launder money or sell drugs, you are operating on somebody's turf. Did you get permission to walk that turf?
Damn, the first comment on a ZH article about bitcoins and it's original and thoughtful. Just want to say thanks.
I guess everything's gonna get worse as I read on, with the usual repetitive neanderthal drivel and "Aren't I funny? I just came up with shitcoin" ad infinitum.
EDIT: no it was "Bite Me" Coin. Damn, the 77th time around and it just gets funnier and funnier.
For all the people who don't trust bitcoins because, what wll happen when the power grid goes down? Is there a battery powered tester I can use to verify the gold someone is bartering with me isn't tungsten? Just curious. How do I tell gold and silver from lead and tungsten without power? Serious question. I know in the movies, the guy always bit into the coin.
Bitcoin = Beanie Babies for Libertarians
Such goofballs must enjoy losing money... ZH proves it every day.
It's the NSA making sure no competition to the FOMC arises.
This isn't even conspiracy - it's policy and we have seen documents that prove so much similar that making this small leap is a non-issue.
It was only a matter of time before the state-sponsored bots took this down.
I'd like to see the thoughts of the masses when the fiat dollar was invented. Then when Nixon did away with the gold standard. I wonder if those folks took sides or did a few thoughtful folks spread their "bets" into competing forms in order to avoid an all or nothing scenario. The comments here suggest a pervasive "all or nothing" crowd. Good luck with that either way. Just not my particular style.
Can I laugh now? Is it time to laugh? yes.. I will laugh now... HAHHAHAHAHA!
holy schadenfreude batman.
And we lament how TPTB get and stay where they are.
Even I knew digital currency was a looser. Common sense people.
Unlike Fonestar, I bought my first bitcoin @ $985. It was a case of FOMO. (fear of missing out). I then researched bitcoin. I bought again as the price fell all the way down to $513 as bitcoin crashed in early December.
I was prepared for this most recent mini-crash and I bought 5 half-bitcoins in the $530-$630 range. I am now at about the break-even point and I am quite satisfied.
I also own physical gold, silver, cash, signed-first-editions etc. I realize bitcoin has problems, but every investment comes with problems. That's why investors diversify.
I fail to understand the hatred spewed at bitcoin. If someone doesn't like it they shouldn't buy it. If someone likes it they should buy it. As always, some will be proven right and some will be proven wrong. If I happen to be proven wrong it's no big deal. I've been wrong before and I'm still alive and kicking. Meanwhile, I'm having tons of fun.
Here is a cool article I read about DIY bitcoin mining http://eprofits.com/article/diy-bitcoin-mining-from-home