Bitcoin?
- Thread starter Jethro Bodine
- Start date
I'm only pasting a Quote of the summary, it's all that is needed
http://nymag.com/daily/intelligencer/2014/03/doomsday-cult-of-bitcoin.html
http://nymag.com/daily/intelligencer/2014/03/doomsday-cult-of-bitcoin.html
But the Bitcoin dream is all but dead. Now the true believers are trying to cope with their setbacks by increasing their numbers. And if history is any guide, they’ll keep telling you the bright future of Bitcoin is just ahead, long after they've ceased to believe it themselves.
I knew it was bad, but not this bad...
http://www.foxnews.com/tech/2014/03/05/bitcoin-firm-ceo-found-dead-in-suspected-suicide/
http://www.foxnews.com/tech/2014/03/05/bitcoin-firm-ceo-found-dead-in-suspected-suicide/
Well Duh
http://arstechnica.com/tech-policy/...-alleged-proof-of-mtgox-fraud-from-sites-ceo/
http://arstechnica.com/tech-policy/...-alleged-proof-of-mtgox-fraud-from-sites-ceo/
Anonymous hackers uncover alleged proof of MtGox fraud from site’s CEO
"It’s time MTGOX got the bitcoin communities wrath instead of Bitcoin getting Goxed."
by Nathan Mattise - Mar 9 2014, 3:15pm PST
Following the MtGox Bitcoin exchange losing millions to a hack and filing for bankruptcy, anonymous attackers took over the personal blog and reddit account of MtGox CEO Mark Karpeles on Sunday. After seizing control, the hackers posted (Pastebin) a message to the two spaces detailing their findings and the reasoning behind the attack.
"It’s time that MTGOX got the bitcoin communities [sic] wrath instead of Bitcoin Community getting Goxed," the message reads. "This release would have been sooner, but in spirit of responsible disclosure and making sure all of ducks were in a row, it took a few days longer than would have liked to verify the data... Included in this download you will find relevant database dumps, csv exports, specialized tools, and some highlighted summaries compiled from data. Keeping in line with fucking Gox alone, no user database dumps have been included."
Forbes reports the 716 megabyte file placed on Karpeles' site included items like his home address, CV, and an Excel spreadsheet that seems to document more than a million trades. But the most interesting piece of information shared is a summary of 18 different currency balances—with 951,116 bitcoins listed. In light of the 850,000 bitcoins supposedly lost in the recent attack, the hackers concluded this figure demonstrates fraud. The footnote reads, "That fat fuck has been lying!!"
OH MY! Those dastardly hackers have gotten another bitcoin exchange
http://venturebeat.com/2014/03/23/y...lodes-vircurex-will-freeze-accounts-tomorrow/
http://venturebeat.com/2014/03/23/y...lodes-vircurex-will-freeze-accounts-tomorrow/
Nouriel Roubini calls Bitcoin a Ponzi scheme http://www.coindesk.com/economist-nouriel-roubini-slams-bitcoin-calls-ponzi-game/Yet another Bitcoin exchange implodes: Vircurex will freeze accounts tomorrow
Vircurex is the latest company to join the growing list of insolvent Bitcoin exchanges, according to a statement issued on its site today.
Vircurex announced that it will immediately stop withdrawals of Bitcoin, Litecoin, and other virtual currencies, reports The Next Web. Starting tomorrow, Vircurex plans to freeze all user accounts.
Plagued by two hacking incidents last year, Vircurex previously pledged to cover its user’s losses via its own income. Due to “large fund withdrawals in the last weeks,” Vircurex claims it has taken the above actions to prevent the service from shutting down entirely.
“Unfortunately we had large fund withdrawals in the last weeks which have led to a complete depletion of our cold wallet balance and we are now facing the option of either closing the site with significant unrecoverable losses for all or to work out a solution that allows the exchange to continue to operate and gradually pay back the losses.”
Bitcoin is the best but latley i wouldent want to keepy coins in a wallet fpr a long period of time with the price flucating so rapidley
Not to mention that Nations are making Bitcoin illegal. http://www.forbes.com/sites/kashmirhill/2014/01/31/bitcoins-legality-around-the-world/ Bitcoin will probably be illegal in the European Union by next year.Bitcoin is the best but latley i wouldent want to keepy coins in a wallet fpr a long period of time with the price flucating so rapidley
People have been (incorrectly) predicting the demise of bitcoin for the past five years. Despite criminal enterprises such as Silk Road, and security scandals like Mt.Gox the currency survives because it offers a lot.
Bitcoin is no more a ponzi scheme than any other currency is. The gold standard is ancient history; all that gives those polymer sheets in your wallet any value is the mass hallucination of society that dollars have value. Governments restrict and ease the supply of money. Quantitative easing, or the printing of money - is used to devalue everyone's money a little bit, so that they can offer stimulus. It is a form of hidden taxation.
Us little people have no say in how our money gains or loses value. That's up to the big shots who have the ear of the Bank of Canada. My retirement which is in Canadian Dollars has dropped 30% in a couple of years. That seems pretty volatile to me also.
With Bitcoin there is no ability of a government to print money - and devalue everyone's currency as a byproduct. Bitcoin is minted at a steady rate of 25 bitcoin every 10 minutes - with the rate halving every 4 years. All 21 million possible bitcoin will be minted (or mined to use the bitcoin vernacular), by 2150. The people who get those 25 bitcoin every 10 minutes are the folks who provide the computing resources to process all of those transactions. There are no huge data centers like Visa or Paypal has.
Bitcoin, like gold, will naturally appreciate against currencies that devalue themselves. It's volatile right now because the transactional volume is rather low - much like thinly traded stock. The purchase of a few thousand dollars worth of bitcoin will visibly move the currency's price.
Another thing that gives it staying power around is it is useful. My last trip abroad I used bitcoin almost exclusively. I transferred Canadian dollars from my bank account into bitcoin, moved them to a Philippine exchange, and then withdrew them as Piso from ATM's throughout the country. No Western Union fees, no Visa network fees, no 2.5% exchange commission - just the pure exchange rate, a one dollar fee in Canada, and 7 cents in bitcoin transaction fees for the transfer between the exchanges.
I was able to pay my phone bill in bitcoin. If I lived there, I would have been able to pay my cable, electricity, water, and online shopping in bitcoin.
People around the world who have no banks, but have mobile phones are using bitcoin extensively.
This Ted talk is a really good introduction.
https://www.youtube.com/watch?v=WI1pbHi1fww
Bitcoin is no more a ponzi scheme than any other currency is. The gold standard is ancient history; all that gives those polymer sheets in your wallet any value is the mass hallucination of society that dollars have value. Governments restrict and ease the supply of money. Quantitative easing, or the printing of money - is used to devalue everyone's money a little bit, so that they can offer stimulus. It is a form of hidden taxation.
Us little people have no say in how our money gains or loses value. That's up to the big shots who have the ear of the Bank of Canada. My retirement which is in Canadian Dollars has dropped 30% in a couple of years. That seems pretty volatile to me also.
With Bitcoin there is no ability of a government to print money - and devalue everyone's currency as a byproduct. Bitcoin is minted at a steady rate of 25 bitcoin every 10 minutes - with the rate halving every 4 years. All 21 million possible bitcoin will be minted (or mined to use the bitcoin vernacular), by 2150. The people who get those 25 bitcoin every 10 minutes are the folks who provide the computing resources to process all of those transactions. There are no huge data centers like Visa or Paypal has.
Bitcoin, like gold, will naturally appreciate against currencies that devalue themselves. It's volatile right now because the transactional volume is rather low - much like thinly traded stock. The purchase of a few thousand dollars worth of bitcoin will visibly move the currency's price.
Another thing that gives it staying power around is it is useful. My last trip abroad I used bitcoin almost exclusively. I transferred Canadian dollars from my bank account into bitcoin, moved them to a Philippine exchange, and then withdrew them as Piso from ATM's throughout the country. No Western Union fees, no Visa network fees, no 2.5% exchange commission - just the pure exchange rate, a one dollar fee in Canada, and 7 cents in bitcoin transaction fees for the transfer between the exchanges.
I was able to pay my phone bill in bitcoin. If I lived there, I would have been able to pay my cable, electricity, water, and online shopping in bitcoin.
People around the world who have no banks, but have mobile phones are using bitcoin extensively.
This Ted talk is a really good introduction.
https://www.youtube.com/watch?v=WI1pbHi1fww
