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Bitcoin Prices Slide After Mt.Gox CEO Resigns From Foundation Board
In what appears yet another straw on the camel's back of Mt.Gox (following the re-freeze of account withdrawals), the Bitcoin Foundation this evening reported that:
"effective immediately, Mt. Gox has submitted their resignation from the board of directors."
Bitcoin prices on the dying exchange tumbled on the announcement after quite an extreme volatility day - which saw prices swing from $151 to $239 and then down to $190 on the news.
Mt. Gox Resigns Bitcoin Foundation Board Seat
Jon Matonis Feb 23 2014
Effective immediately, Mt. Gox has submitted their resignation from the board of directors. We are grateful for their early and valuable contributions as a founding member in launching the Bitcoin Foundation. MtGox Co. Ltd. (Japan) held one of the three elected industry member seats.
Further details, including election procedures, will be forthcoming.
There is still no further updates on when Mt.Gox will resume withdrawals.
This is the second time in recent months that a senior Bitcoin Foundation member and Board Member has resigned from the position under a cloud. BitInstant CEO Charlie Shrem, who was the Board’s vice chairman, also resigned in late January after his arrest over allegations of money laundering.
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It is cool. Roku and Candy crush are coming - http://hedge.ly/NjQJQZ
Whatsapp is worth 19 billion, whats a future payment systen worth?
ittybittycoin
BUY IT FOR LOOKS ~ BUY IT FOR LIFE ~ BITCOIN!!!
Silver looks mighty fine. Bitcoin will prevail, though.
Buy both, but remember Bitcoin trades wild and free and there are no silver markets on planet Earth.
Look in the mirror. Or the microchip. Or the solar panel. Or the molded plastics market. Or the coin market. Or the somethingware market. Or in the history books.
OT completely, but credible sources claim that it's been leaked Chicago officials have hired law firm to explore feasability of Chapter 9 Municipal Bankruptcy filing - details should appear in at least 1 major, national publication this week.
Ironically, according to the sources, this had led to a major mentor of Obama in his early political career, Toni Preckwinkle, thinking of challenging King Rahm in upcoming election.
Toni Peckerwrinkle?
Yikes....is that the bath house freeze frame?
Images, images....
ori
OF COURSE Bitcoin tanks this evening as I wrote my review on a great new book about gold, so I missed all thataction in BTC this evening.
***
Matthew Hart writes a great new (2013) book on gold, it includes many facts and much history on gold that I knew little about. Highly recommended. Lots of facts, lots of references to other works on gold. The book is a "must have" for anyone interested in gold.
"Review of Gold: The Race for the World's Most Seductive Metal"
http://tinyurl.com/mmr6dpp
I think TPTB took aim at MT Gox, it was the first salvo. They have their boot on bitcoins neck and I don’t think its going to be taken off voluntarily. We’ll see what happens but I still don’t think it’s going to end up good for bitcoin. I hope any of you who appeared to have gotten rich a few months ago diversified.
Give Fonesex his trolling due, but don't forget to rate these Bitcoin articles too.
didnt Fonerat say the fair value of Bitcoin was 1000 bucks?
i'm beginning to think our man Cramers screen name may just be fonestar
A must read for all who hate OR love bitcoin -- http://www.coindesk.com/cash-invented-seen-media-today/
But you have to REALLY hate the MSM to really enjoy it!
Oh Foneystar... only the ignorant ignore defeat. Wasn't it just a month ago you were vomiting all over the board that $hitcoin was going to 10K and that you have a man crush on a ficitional Shitoshi
Bitcoin is going to five, six and seven figures fool.
Seven figures implies total adoption as currency by the entire planet (or a dollar collapse, in which case the dollar quote is worthless).
That will be a difficult battle, as by that time, it would be facing gold backed currencies. The question will again devolve to one of trust. Who do you trust, government or algorithm?
Most interesting would be circulating bullion currency, but I don't think that will happen, as wonderful as that would be (circulating bullion is a feature of most extremely long lived governments).
It's hard to say where the psychological breaking point will be for the masses regarding Bitcoin (where they get tired of losing). But what is certain is the posters here still won't be able to get BTC as it would involve sitting down, shutting up and learning something.
The masses are too stupid to understand how bitcoin is supposed to work and how to keep it safe from the bitcoin scammers. It'll never be widely adopted.
That's fine. Maybe 1 in 1000 people currently own any Bitcoin. Out of the 999/1000 people who don't currently own any maybe a handful are intelligent enough to be able to grasp it, when the time comes. Services can be built on top of bitcoin so that the end-user doesn't even know the bitcoin network is handling transactions underneath.
Just like Obamanauts, he has made his decision and is going down with the ship.
Way down beneath the ocean thats where fonestar wanna be she may be.
the prices quoted in the article are not the market prices for bitcoin. They are the prices for Mt.Gox promises. To see bitcoin prices check bitcoinity.org/bitstamp/USD.
bitcoin will go to 3k in July and 10k in December. highs only.
I thought the entire point of the blockchain prevented different values of Bitcoin. That was the entire point. Bitcoin trading at a different value than that set by the blockchain wouLd be invalidated.
Bitcoin is trading at different values all over different exchanges making Bitcoin worthless as a currency. If you are a merchant, what price to you pick? How do you know how to set your prices?
Mt. Gox has essentially created its own bitcoin backed currency.
Just like dollars were over issued when they were backed by gold, Mt. Gox has overissued their currency as well.
And no, this does not make bitcoin "worthless as a currency". Mt. Gox is de facto bankrupt, and everyone knows it. No-one sends them dollars or bitcoins. They only want to take them out. You set your prices according to the prices on actual functioning exchanges, like this website does: preev.com
There is absolutely no data related to fiat funny money stored in the blockchain.
didnt Fonerat say the fair value of Bitcoin was 1000 bucks?
There is no "fair value" for Bitcoin in dollars because the dollar is going to collapse and Bitcoin will thrive.
thanks for the review dochen. does he discuss how old those mines in S.Africa are? like potentially 100,000+ years old?
http://www.nativevillage.org/Editorials/Ancient%20Human%20Metropolis%20F...
That's a woman bruh.
That may be, but what's easier and cheaper than the DOJ presenting a legal challenge to bitcoin?
Having a bunch of spooks with nothing better to do, disrupt the bitcoin market by fucking up a lightly funded, lightly staffed website that caters to currency trading of an illiquid nature.
California passes AB-129 legalizing Cryptocurrencies
Yet weed is still illegal.... I know a scam when I see one...
funny, i dont see the price of weed tanking just because you can grow near infinite amounts of it
brought to you by girl scounts of 'murica
Where can you grow near infinite amounts of it legally?
colorado
Gotta say I like Washington State's program a whole lot better than Colorado's.
See also:
http://www.cryptocoinsnews.com/2014/02/24/ab-129-is-not-california-law-y...
fonestar...say i wanted to pay a vendor in europe for goods. could i redeem gold to bitcoin and effect the transaction immediately without a fluctuation in the price of bitcoin?
Red eyes at morning, sailor, take warning.
I might buy bitcoin @ $1 USD.
Actually, no I won't. Bitcoin has now fully been identified & targeted by governments as the leading exchange medium for criminal enterprise via the web, and a recent article laid out how btc essentially was a tool to transfer & launder money gleaned from credit card, banking & general identify theft fraud.
Anyone who believes governments & their taxing authorities are not going to mount the mother of all crackdowns on this medium, and all others like it, is incredibly naive.
Yeah, yeah - Satoshi, unbreakable code, blah blah
Haha you dumb fucks. Yes, of course the governments will try and go after Bitcoin..... and they will fail miserably. I predict it completely backfires on them and shows the world just how powerless they are (against online math puzzles).
Satoshi is a genius. Krugman was right about Bitcoin being designed to destroy central banking. Bitcoin is invincible.
I lost all my bitcoin in a tragic remote server lightning strike accident.
You would have been OK, except that your paper wallet was struck by a spark and also burst into flames.
Oh well.
Just because none of you want to send $100 million to Tehran or Damascus doesn't mean other people don't. Open your minds to the genius of Satoshi Nakamoto!
You should be more worried about the IRS...
~~~
You're already a publicly 'admitted' TAX CHEAT...
He's from Canada..., so you know it's OK...
Joke about Canada (fonestar won't mind):
Q: How do you get 30 drunk & rowdy Canadians out of the pool?
A: Just ask them.
Fair, however. let me be the first canadian hockey fan to say, for a completely different reason...
Gold Bitchez
canada is a nation ruled by ____________?
a)french
b)the queen
c)the people
d)the shadowyptb
e)ussa
f)beer
G) all of the above except c
ans= G
f) fonestar
That's a bit ridiculous, but I would be glad to consider any Canadian who seriously appreciates good forms of money (bitcoin, gold, silver, etc.) as my connection in Canada.
I didn't know Overstock.com delivered to Tehran.
When SDRbtc comes out of the current game, we'll all be using it, until then
Satoshi = hostias, Spanish translation (sacrificio) sacrifice.
Idioms:
"darle una hostia a alguien" - Spain colloquial to give someone a beating
So bend over for Satoshi or buy something else
How EMPish of you.
Knock knock
Who's there?
Satoshi
Satoshi who?
Exactly....
That's why you have multiple backup paper/stainless steel/tungsten engraved copies. Try that with fiat or PM's.
Not only is bitcoin a fail, so is your /sarc parser.
Bitcoin is finished. The trendsetters are already moving on to other scams. The only people left will be the bagholders who try to catch the knife.
Bitcoin is finished.... except if Bitcoin will be the best performing asset again this year (like it has been the last 4 years) and if the number of merchants that accept bitcoin as payment continues to increase at an increasing rate.
Nope. Bitcoin is 14 minutes in to its 15 minute half life. Too much distrust in it now to be other than a toy for bitcoinistas like yourself.
How ironic that you understand neither half life nor bitcoin.
It's ironic that you don't understand the proper usage of the word "ironic". Half life with regards to bitcoin is when half the original users give up on bitcoin. The next half life is when half of the remaining users leave, and so on. I'm a scientist, dickhead. I know what half life means.
Looks like he understands it very well.
Bitcoin will very well keep dropping 50% in value period after period and that's what a half-life is.
And just like in the chaotic physical universe where some instances are far off the average, some decay-events will be far, far quicker than the half-life, as is seen here with $5.76 = 1 btc.
http://flic.kr/p/kyKgtF
It's not performing very well if you listened to the bitcoiners and "bought in early" at $1,300.
Asset? Loosely based definition of the word asset.
"Thingama-doohickey", whatever.
pretty loose definition of "performing" too :)
http://flic.kr/p/kyKgtF 1200 to $5.76 : "performing?" Ya... like a clown-car.
XenoFrog didn't you say Bitcoin was a bubble when it was only $120?
It doesn't seem like you have good predictive abilities
Actually, I sait it was in a bubble when it was 1,300$. It seems like I do have good predictive abilities. It could go up to 30,000 and that still wouldn't make bitcoin any less of a scam because in the end, only a few people will ever see any actual return on investment. As bitcoin exchanges like MTGOX, and scammers, eventually fleece people.
Replace "bitcoin" with "gold", and "Mt. Gox" with "COMEX" and note that a funny thing happens.
Replace COMEX with pocket or safe and a really funny thing happens.
Bold and persistent claims. You must really believe this. You will be held to every assertion, implication and connotation.
Go rob grandma out of her SS check, scammer.
May I humbly ask how did I provoke such a response and how did you come up with it?
Gold - accept no substitutes!
$6 BTC a fact: not a claim, not an assertion, but a recorded FACT.
wondercoin powers ACTIVATE
form of ... EPIC FAIL
If your message didn't start with a quote you'd have a dozen -1's by now.
You are making a fool of yourself. You are showing an outlier transaction on LocalBitcoins, which is like over the counter, self-reporting, peer to peer, not an actual liquid exchange.
You really think that something in that comment deserved to be voted down for? I was able to click the arrow on your behalf. Now I will reiterate that previous comment again, this time about you. I will not forget what you've said.
You're making a fool of yourself.
Outliers are where new trends are formed & in this case an old trend is restored.
You'd be saying the opposite if it was 12,000 for a btc, showing your bias. Math is math, price is price, and intrinsic value is real value - and bitcoin's is zero.
I am from the government and I am here to help you.
Haha you dumb fucks. Yes, of course the governments will try and go after Bitcoin..... and they will fail miserably. I predict it completely backfires on them and shows the world just how powerless they are (against online math puzzles).
Satoshi is a genius. Krugman was right about Bitcoin being designed to destroy central banking. Bitcoin is invincible
did anyone eer see the movie "holy grail"
this guy is like the black knight
i am invincible
your arm is off
no it isnt
But he's been calling for Mt. Gox to collapse for some time. He clearly wanted this to happen. If you deny this, then you have a mental defect and shouldn't be in charge of any amount of assets in the first place.
He hasn't. His ENTIRE Comment stream is visible on Zerohedge:
http://www.zerohedge.com/search/user_comments?name=fonestar
and not ONE comment declares what you claim. Not ONE.
Hey foney, how does that Satoshi milkshake taste? Does it go down easy and smooth? Or is it lumpy? Does it come in other flavors or just vanilla?
Taste the wainbwow.
TIS, I might be buying a few hundred when/if it goes under $1 USD. Or maybe Litecoin. Or Primecoin. Or maybe nCoin, eCoin, iCoin or ZHcoin. So many to choose from! And very hard to see why any particular one should prevail.
As I said when it was on its way up.... I was sorry I hadn't bought when it was cheap. But I bet a lot more people are sorry they hadn't sold when it was expensive.
Reality check .. compare how much infrastucture is behind each coin to ensure it's security. Compare how many ancillary services are being built for each coin.
Result:
#1 by a huge distance - Bitcoin
#2 with very good support - Litecoin
The rest ??? not even close
That tells you which crypto currencies will survive.
No disrespect, but you seem to lack either knowledge or imagination:
1. Where you obtain it (mined or purchased) need not be where you ultimately 'spend' it. IOW, jurisdiction matters and you seem to operate as though the whole world is the US of fucking A, and will shit their pants at the very mention of the word 'IRS'.
2. For the more determined or privacy minded types, there are solutions available to wiping the trail.
3. Most non-US persons won't have to worry about the BS.gov that the peasants in the "Land of the Free" have to worry about.
Very goog point, especialy about USA not = world.
Note ZH is using CNBC type of healines, that is assets either "plunge" or they "surge". BTC is now trading at 423 Euros, a drop of about, drum roll, 20 Euros or 5% from last night. It was in fact trading lower over the weekend.
News Flash, nobody cares about MTGOX anymore, the exchange sucks and has sucked for almost a year. The comments are so asinine its unreal, it would like saying JP Morgan crash due to gold fraud, gold sucks!
But here's the problem - in order for a currency to be a currency one of the important things is that it be easy to use. The "authorities" or the IRS don't have to shut it down. They just have to gum up the works enough for it to be a pain in the ass to use bitcoin for real day-to-day purchases and bitcoin is done. Bitcoin was already disadvantaged in that regard because you have to deal with an enormous blockchain file.
The entire premise of the blockchain and the stability provided with it has already been disregarded by the Bitcoiners. Many claim the blockchain isn't needed and many people have bought Bitcoin without downloading the blockchain first. Things that were supposed to be impossible.
Two years ago I asked what happens if somebody splits from the blockchain and starts selling Bitcoin at a different price than what was set by the blockchain. I was told that the Bitcoin splintered from the blockchain would be invalidated, which did happen to a lot of Bitcoin early.
In fact I was told that the blockchain wouldn't even validate a transaction if you tried to trade a Bitcoin at a price that wasn't agreed by the network.
It Bitcoin in mtgox is trading at a different price than coinbase, then one of those prices is correct and one is wrong. Whichever one is wrong will have to be invalidated along with its entire stock of Bitcoin.
Bitcoin is now worthless as a medium of exchange and has moved to nothing but a speculative investment ie gambling.
Seriously, there's no price information stored in the blockchain. Just quantities of bitcoins.
The Blockchain is useful to protect against counterfeits but if you are only spending bitcoins (not receiving) than the blockchain is not really needed. I have bitcoins on my phone with no blockchain and I have no problems spending them at restaurants. Think of it like a credit card. My credit card does not contain a full verifying system because that's not needed if I'm just buying lunch. That's the responsibility of merchants accepting payments, just as they would examine cash for counterfeits.
Right, but the merchant then has to download the 16 Gbyte (or whatever) blockchain every time they accept bitcoin as payment, right? Sounds a tad more inconvenient than swiping a credit card.
They download the blockchain once then stay connected, not each time they accept payment. Credit Card companies are centralized verification networks. Bitcoiners look forward to the time when they die in a fire. Part of that is taking on the verification duties ourselves and not relying on 3rd party solutions.
it's not how often you connect or reconnect, it's the total data transit. No matter what if bitcoin is used the blockchain MUST TRANSIT. Even with rsync to transfer (I'm no luddite, no doubt I know thousands of times more than you about computers), you'll overload any local vendor's network.
But it isn't hard to spend. It's very easy to spend. If you took the time to actually try it out you would see how easy transactions are to make.
Use it to donate some money to a good cause, maybe the EFF.
Fuck Bitcoin
Fuck Silver
Silver is required to make the electronics you use to buy/sell/trade bitcoins.
Better unfuck it.
The Bitcoin spamming/trolling is obviously permitted.
Nothing else going on I suppose...
Ag has lots of industrial uses, including for solar panels (thin film coatings). As a commodity it's useful, but gold and platinum are more scarce and precious.
As for speculation, it's no different than any other commodity: it helps to really know what you're doing.
As for needing it as some post-apocalyptic currency, yeah well, that's about as likely as hitting the Power Ball jackpot. There are better, more pressing and useful things to buy: food, water, tools, meds, toiletries & TP...
Dude is on his way to his private jet along with Fonestar's childs' college fund and that of thousands of other suckers stupid enough to invest in this ponzi.
Buttcoins are not "worth" $1,000 anymore? I'm shocked, shocked I say, to find out that gambling has been going on here". And, in general, gee what a big surprise; just when they were ready to go to infinity.
Fonestar Juice. Fonestar Juice. Fonestar Juice.
Shooting fish in a barrel....
Tis a glorious day.....I get to upvote Flak!
BitPonzi
Somebody wake up Fonestar. He'll be happy to tell you how this doesn't affect anything and that BitCoin is fine despite one of it's largest and oldest exchanges circling the drain.
Buy the DIP?
Dual Inline Package switches? I haven't seen those on a motherboard in years...
Yawn, another fake "crash". Bitcoin is $580.
https://btc-e.com/
This thread isn't 5 minutes old and Fonestar shows uplike flies on shit, or should i say like Flakmeister on global warming threads
fonestar has no virtual life.
What are you doing up so late? Isn't this a 'school night'?
"fonestar has no virtual life."
The truth is stranger than fiction and funnier than comic books...
There are bitcoin forums where true believers keep track on any and all mentions of bitcoin so that they can call for a rush of pro-bitcoin posts.
I have heard that they eat frogs for breakfast there
Bonestar is still hoping you are stupid enough to by BScoin so he can bone your star.
Oh, I'll be darned; just like the global warming cult websites, eh? self-perpetuating propaganda. Isn't that nice.
the only cult sites on global warming are those pretending it's a hoax in the face of physical evidence everywhere on Earth.
Pretending global warming is a hoax is like pretending bitcoin is real money.
Funny how all the bitponzi fonestar slaggers-off also turn up two minutes after a bitcoin post is posted? Hmmm?
Personally Fonestars quips in reply to the now very repetitive "here comes fonestar" comments you lot still deign to write, are more entertaining than the tedious btc's a tulip, silvers better, gold is for men, bitcoin for idiots crap that you lot always spout 2 minutes after a bitcoin thread starts!
Considering Flakmeister sticks to the facts on global warming & everyone opposing him makes shit up, you seem more like Fonestar in those situations.
fonestar I looked at btc via your link. It looks to me for today the high was 630, & low 200.
Last 400. I know it's not a crash, but still not too good.
fonestar I looked at btc via your link. It looks to me for today the high was 630, & low 200.
Last 400. I know it's not a crash, but still not too good.
nope, BTC hit $6!
wondercoin powers ACTIVATE
form of ... EPIC FAIL
I thought Mt. Gox was the Ft. Knox of bitcoin?
That may be an unfortunate example; unless I missed the sarcasm.
Now we just need to wait for the conspiracy photos of tungsten-cored bits being moved by Yakuza in & out of Ft. Gox.
Gox will probably die, but i expect bitcoin will survive. New exchanges will appear. The alpha-nerds are even working on peer to peer online exchanges. The next few years will be interesting to watch.
Mt Gox is in Japan
Why the hell is bitcoin selling for anything on Mt.Gox?
Because people think Fake Dollars is better than Fake Bitcoins for some stupid reason.
Governments can more easily track & tax official fiat transactions - and bitcoin & its alternatives are essentially deemed enemies of the state because their primary purpose is to avoid being tracked, taxed and otherwise monitored.
I hate fiat monopoly money as much as anyone, but ask Al Capone what did him in & why.
Shit dude get a fucking hobby. Fonestar right, Bitcoin is dead........AGAIN !
THE BITCOIN IS DEAD! LONG LIVE THE BITCOIN!!
Did you ever see that TV series "Under the Dome"?
It's sort of like that, but with currency.
It is fairly obvious at this point that Mt.Gox's admin staff saw an opportunity to cash out at the expense of their customers and jumped on it, while they still could. They will buy all the btc they can get at their low offer price to repay their screaming clients at a greatly reduced rate, and/or make the arb by selling to other exchanges. Just like the scams those reviled brick-and-mortar banks pull.
Gee, never could have seen this coming!
Its encrypted, its not encumbered by anything, its nirvana, its a Winklevoss plaything that sucked in so many.
Its dead.
What the fuck ever, we told you.
Please tell me again what the problem is? My wallet is fine. Nobody gives a shit about Gox so why do you?
careful you don't accidentally flush it down the toilet... Then again ~ you already did...
~~~
fonestar's kid in 20 years: "Dad ~ I need my tuition money for college & the Star Trek convention"
fonestar: "sorry Poindexter ~ remember that time I was taking a shit after eating that bad batch of hotpockets?"
I don't know why I am letting myself get drawn in, but what the hell...
If Mt. Gox was fine, you would sing its praises along with Bitcoin, yes? But since it is not, you say no one gives a shit, do I have your logic correct?
It may end up being something wonderful. You are earning your money by taking your risk. If you get a reward, good for you.
It is too early to trust a crypto-currency.
I admit I wish I had gotten in, and cashed out by now.
I also wish I had gotten in on shiti bank when it was under a dollar...
Or many of the other ones I knew the government was going to bail out...
I fucking knew, could have held the shit for 4 months and quadrupled my money, gotten out.
In all cases I just could not make myself pull those triggers.
Morals, knowing I would be a cheater thief too. In the bitcoin case, it is too new, untried, and risky to be anything else but a gamble. Or tulips.
Good luck. Not for me. I have too little to risk it.
fonestar has never used Mtgox. Never cheerleaded for it. It's pretty much inconsequential at this time.
Why do you refer to yourself in the 3rd person?
I've been meaning to ask you that on several occasions but always get sidetracked by your worship of the elusive Satoshi & the allegedly unbreakable encryption shitcoin is endowed with.
fonestar is managed by a PAL.
So you are telling Truth that fonestar is a Tool, correct? I mean this in the very most literal way possible.
fonestar is a humble tool of the great Satoshi Nakamoto.
Not that way R2, you'll get stuck for sure!
He already admitted he barely owns any bitcoins, he just FUD shills for it, he's mostly in LTC.
crypto-currencies will not go away, BTC's first adopter status means nothing, and it will never do anything to fight fiat, will never reach 10K/100K/1M etc. It will always linger on at some greatly depreciated value in the underweb, and facilitating illicit activity.
Official and state sanctioned crypto-currencies, with proper exchange mediums, direct FX-mechanisms, etc, are what will end up ruling the day, and dont doubt that they are coming. Crypto-currencies are a commodity and a payment method, NOT money, and not the solution. Anyone buying and supporting and shilling for them, is a.) gambling, b.) supporting the fiat-masters, and c.) and absolute fool if they didnt cash out when they had the chance. (With BTC its debateable if a big holder CAN even cash out....)
Silver and Gold being compared to BTC is like comparing socks to a steam-shovel, they have nothing to do with each other. The End, so sad, TruthHammer.
You had a typo there, pal: it should have been "a not-so-humble fool"
So, what you are saying is, that you are a virtual tool of a non-existant person? In other words, you are nothing?