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Bitcoins - anyone else mining? (1 Viewer)
- Thread starter Charlie Frown
- Start date
mad sweeney
Footballguy
Looks like JoJo's been gone because he must be one of the two sad sacks protesting MtGox. He's never going to lose his optimism:
Although the value of the bitcoins stored in Mt. Gox has plummeted, the protesters are more concerned with getting them back at all. "If they have all of the bitcoins, as long as they even say that, the price is going to double," says Aaron. "Just the promise and prospect of withdrawal is sufficient to double the price instantly."
Wait, nevermind. Those guys probably actually have bitcoins.
Although the value of the bitcoins stored in Mt. Gox has plummeted, the protesters are more concerned with getting them back at all. "If they have all of the bitcoins, as long as they even say that, the price is going to double," says Aaron. "Just the promise and prospect of withdrawal is sufficient to double the price instantly."
Wait, nevermind. Those guys probably actually have bitcoins.
Maelstrom
Footballguy
I don't know if this doc is real, seems like people are divided on whether it was a hoax, someone trying to get other BTC exchanges to bail out MtGox or an actual crisis plan that was sent to VCs and then leaked, but if it is true, then MtGox is even more F@$#$%# than they let on.
http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
That is $323,817,480 in lost BTC at the current market rate ($435ish, based on "buy price" at https://coinbase.com/charts).
Last edited by a moderator:
SacramentoBob
Footballguy
It was a run.
Nothing to worry about at all.
http://news.yahoo.com/bitcoin-exchange-mt-gox-39-website-down-053727771--sector.html
http://news.yahoo.com/bitcoin-exchange-mt-gox-39-website-down-053727771--sector.html
SacramentoBob
Footballguy
Anti-Fed ultra libertarian guy> FDIC isn't so bad now, huh?
DrJ should jump in on this with his analysis, because I am amazed at the resiliency of the prices on the other exchanges. If the NYSE literally walked away and took all the stock holdings of people trading on it one day, the global stock markets would crash hard. The price has gone down a lot, but not "crashing" as I would expect and IMHO that really shows the amount of insider trading to keep the prices propped up. If most of bitcoins weren't held by so few, this wouldn't happen. Looking at the bid ask volumes on the charts is like a canyon, amazing any trades are happening at all if people didn't want to keep prices stabilized.
Sarnoff
Footballguy
I thought JoJo claimed this was impossible because every transaction is backed up in the chain that's part of every bitcoin?
Sarnoff
Footballguy
"Financial regulators in Japan, where Mt.Gox was based, say they won't intervene, because virtual money is not their problem."
Some regulation of the market isn't against most libertarians' principles.
lod01
Footballguy
It was very clear this was possible since inception. In the initial discussions Hal Finney, one of the top security experts on the planet, suggested it would be enough for the system to operate on simple altruism - if everyone felt they were giving something back to the community they would place nice which would ensure the integrity of the transactions. It's pretty amusing stuff. Entirely clear this whole thing is a scam and some people like Finney and Garzik should be jailed.
SacramentoBob
Footballguy
Worse crash and burn, bitcoins or Tiger Woods?
culdeus
Footballguy
I'm just afraid when the price gets down to <100 there won't be anywhere to buy them for jojo as a prize for his hard work.
I wonder what agreement the core holders have to sell at? I assume they will get off the grid once they start making their dumps. With the underworld so invested in this stuff there will certainly be some hits.
I wonder what agreement the core holders have to sell at? I assume they will get off the grid once they start making their dumps. With the underworld so invested in this stuff there will certainly be some hits.
Maelstrom
Footballguy
Go read about the malleability problem, it was a flaw/bug in the original software that allowed attackers to be able to modify transactions after they took place, but before the network fully confirmed them, if they were quick enough. Some exchanges handled it better, basically waiting for full confirmation from the blockchain that a transaction was approved and authorized, whereas others waited for just a couple confirmations and were potentially subject to attack. At least, that is my understanding, from memory and as a lay-person to this kind of stuff.
culdeus
Footballguy
Jojo, hi, I want to respond to this, but unfortunately this link doesn't seem to go anywhere. Can you check again and repost? Thanks.You are clearly clueless and don't understand how difficult it is to hide money w/ btc.
And what slide are you talking about? Keep spreading FUD
https://www.mtgox.com/
CBusAlex
Footballguy
"Oh look, another article that focuses on bitcoin's failure as a currency without even mentioning the blockchain, or disruptive, or any of the other buzzwords that I have learned to associate with bitcoin without actually understanding what they mean"
- Jojo
Mr. Pickles
Footballguy
:dogpile:
bagger
Footballguy
We're gonna need a bigger cement truck.
http://www.antipope.org/charlie/blog-static/2014/02/schadenfreude-1.html
Schadenfreude
Magic the Gathering: Online Exchange" has magically gathered all your online bitcoins and exchanged them for ... something or other. More here. For once, do read the comments—it's hysterically funny, in a sad way, to watch the weeping and wailing and gnashing of teeth.
C'mon, folks. Mt. Gox was a trading card swap mart set up by an amateur coder and implemented in PHP! And you expected NSA-levels of trusted computing security, so you trusted your money to it? (Oops. Let's make that better than NSA levels of security.) I've written software that handled financial transactions for a dot-com startup—a payment service provider, now a subsidiary of Mastercard. Been there, got the scars. (Do not ask me about the time our main production server got hacked three months before we went public: I still have PTSD. (Intrusion detected within 15 minutes; hacker targeted by law enforcement and corporate lawyers within 24 hours: nevertheless.))
You can't do this #### on an amateur basis and not get burned. Handling money makes you a target: the more money, the bigger the bullseye: and you can't write secure software on the run or patch up a proof of concept to production quality on a shoestring budget. Datacash grew from a tiny seed (about 30 credit card transactions in our first three months) to something that was handling around 20,000 transactions per server per day when I left in early 2000, following 30% compound growth per month for an extended period; the early codebase was retired as rapidly as was feasible, the company had penetration testers, an in-house crypto specialist, and coding standards with test harnesses and QA well before it was handling 10% of MtGox's turnover ... and still #### happened. From what I've read, I'm not convinced that MtGox ever understood what financial security entails. But the fault isn't theirs alone. The real fault lies with Bitcoin itself.
A real currency with a fiscal policy and the backing of a state that could raise loans would be able to ride out this insult. It'd be extraordinarily painful, but it wouldn't devastate the currency in perpetuity. But Bitcoin doesn't have a fiscal policy: it wears a gimp suit and a ball gag, padlocked into permanent deflation and with the rate of issue of new "notes" governed by the law of algorithmic complexity.
Someone please take my bottomless bowl of popcorn? I've eaten so much I think I'm going to be sick.
Schadenfreude
Magic the Gathering: Online Exchange" has magically gathered all your online bitcoins and exchanged them for ... something or other. More here. For once, do read the comments—it's hysterically funny, in a sad way, to watch the weeping and wailing and gnashing of teeth.
C'mon, folks. Mt. Gox was a trading card swap mart set up by an amateur coder and implemented in PHP! And you expected NSA-levels of trusted computing security, so you trusted your money to it? (Oops. Let's make that better than NSA levels of security.) I've written software that handled financial transactions for a dot-com startup—a payment service provider, now a subsidiary of Mastercard. Been there, got the scars. (Do not ask me about the time our main production server got hacked three months before we went public: I still have PTSD. (Intrusion detected within 15 minutes; hacker targeted by law enforcement and corporate lawyers within 24 hours: nevertheless.))
You can't do this #### on an amateur basis and not get burned. Handling money makes you a target: the more money, the bigger the bullseye: and you can't write secure software on the run or patch up a proof of concept to production quality on a shoestring budget. Datacash grew from a tiny seed (about 30 credit card transactions in our first three months) to something that was handling around 20,000 transactions per server per day when I left in early 2000, following 30% compound growth per month for an extended period; the early codebase was retired as rapidly as was feasible, the company had penetration testers, an in-house crypto specialist, and coding standards with test harnesses and QA well before it was handling 10% of MtGox's turnover ... and still #### happened. From what I've read, I'm not convinced that MtGox ever understood what financial security entails. But the fault isn't theirs alone. The real fault lies with Bitcoin itself.
A real currency with a fiscal policy and the backing of a state that could raise loans would be able to ride out this insult. It'd be extraordinarily painful, but it wouldn't devastate the currency in perpetuity. But Bitcoin doesn't have a fiscal policy: it wears a gimp suit and a ball gag, padlocked into permanent deflation and with the rate of issue of new "notes" governed by the law of algorithmic complexity.
Someone please take my bottomless bowl of popcorn? I've eaten so much I think I'm going to be sick.
pats3in4
Footballguy
Politician Spock
Footballguy
I'd say "I told you so", but I'm just a hater.
SacramentoBob
Footballguy
Maybe you should go see the Winkelvoss so you can get some "risk-free" bitcoins.
![[icon]](/data/avatars/m/5/5167.jpg?1660313464){kind=avatar}
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Insoxicated
SacramentoBob
Footballguy
I think we can all agree that Jojo was justified in his #1 seed this year.
Sarnoff
Footballguy
Can't decide which schadenfreude I've enjoyed more, Bitcoin's implosion or ObamaCare's...
lod01
Footballguy
Politician Spock
Footballguy
Huge difference between the two given Obamacare has the support of the president, congress and the supreme court. Bitcoin on the other hand makes it harder for the federal government to tax free market transactions. I'm not a fan of Obamacare, but it won't die. Bitcoin was doomed to die just like the federal government killed silver in 1873 and gold in 1933.
-fish-
Footballguy
Politician Spock
Footballguy
The government doesn't care about similarities or differences. They just want to be able to tax trade.
Obamacare, Palin
Somali Pirates Sailin'
Miley, Bieber, quivering loins
Indonesia quakin'
Alex Keaton shakin'
In and Out, 5 Guys, Jojo pimpin' bitcoins!
We didn't start the fire...
GroveDiesel
Footballguy
chet was the other huge bitcoin pusher in here. Although my bet is that he didn't believe in it as much as taking part in a pump and dump scheme for himself and his clients.
It may be too late for the Servocoin to debut. I think we missed the boat and missed the opportunity to start and exchange and walk away with all the money with no consequences.Yeah, I'm guessing he was only sold on it to the extend he could make quick cash on it. I can respect that. Jojo, OTOH...GroveDiesel said:
