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Topic: . (Read 3140 times)

legendary
Activity: 1400
Merit: 1013
.
March 01, 2014, 01:12:29 AM
#45
Agreed.  Even after the theft, within one minute of talking to someone about what happened at Gox I can gauge how much they know about BTC the protocol.

1.  They mispronounce it BIT CON, not to be sarcastic either.
2.  They say "Its too bad those bitcoins didn't work."  What?
3.  They refer to BTC as "Something drug cartels came up with to facilitate drug deals and launder money."

When Tulips come up I feel like wringing someone's stupid, ignorant neck, really.  And the concept of "buying power" and how it relates to deflationary vs inflationary currency is just straight up too difficult for some people to comprehend.
This is all very good.

The world will be a better place the fewer Bitcoins people like that end up holding. The future does not belong to them.
full member
Activity: 140
Merit: 100
Put your trust in MATH.
March 01, 2014, 01:02:43 AM
#44
Agreed.  Even after the theft, within one minute of talking to someone about what happened at Gox I can gauge how much they know about BTC the protocol.

1.  They mispronounce it BIT CON, not to be sarcastic either.
2.  They say "Its too bad those bitcoins didn't work."  What?
3.  They refer to BTC as "Something drug cartels came up with to facilitate drug deals and launder money."

When Tulips come up I feel like wringing someone's stupid, ignorant neck, really.  And the concept of "buying power" and how it relates to deflationary vs inflationary currency is just straight up too difficult for some people to comprehend.
sr. member
Activity: 280
Merit: 250
Knowledge is Power
March 01, 2014, 12:49:52 AM
#43
So in other words, do all the same things that people have been telling you to do countless times now. I only got into bitcoin in Nov. of last year but I made 100% sure to reduce any chances of losing my bitcoins BEFORE I made my purchase. I learned about wallets, exchanges, etc. It sucks but the people who lost the most from this were willfully ignorant of the knowledge.
member
Activity: 97
Merit: 10
March 01, 2014, 12:34:34 AM
#42
For those who don't want to read the text:

1. Keep your bitcoins on your wallet, not a online one.
2. Preferably on a cold wallet.
3. Split the bitcoins into multiple wallets for more security if needed.

the lesson will be that the general public won't get into something when these two elements are met (1) they don't understand it and (2) now realize that there is a distinct chance of losing their money, not bc of the volatility, but by a theft, fraud and/or negligence which they do not understand either.
full member
Activity: 252
Merit: 100
February 28, 2014, 09:39:32 PM
#41
I you wanna trade, you have to use an exchange. So it could happen to any of us. Imagine you had all your BTC on Gox? I would drive crazy. I saw some members of the community organized an action to support the Mt. Gox victims. http://www.solidarity4mtgoxvictims.com:800/

When i trade i use BTC-e.com. Do you guys think this exchange is safer?


Thanks
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
February 28, 2014, 08:51:38 PM
#40
keep most of your coins on an online wallets with no 2 factor and crappy password.

sent money to an insolvent exchange to get some cheap coins.

never install or update your antivirus and download crappy stuff like dogecoin.
legendary
Activity: 1456
Merit: 1000
February 28, 2014, 06:20:41 PM
#39
proper regulated exchanges should use client accounts which are kept safe from their day-to-day expense accounts.

Any collapse and client money is kept safe and it still belongs to you. administrators called in to run exchanges that go bankrupt can't touch it.

we should demand exchanges use off-line client accounts.
hero member
Activity: 622
Merit: 500
February 28, 2014, 02:47:53 PM
#38
If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!

Quoted to spread the word.  Holiday has been saying this for a long time now.
sr. member
Activity: 455
Merit: 250
February 28, 2014, 02:46:32 PM
#37
Don't put all your eggs in one basket?
legendary
Activity: 1666
Merit: 1000
February 28, 2014, 02:07:43 PM
#36
I agree with everything you say except for one thing:

These are not lessons from the mtgox collapse. They are lessons from the mybitcoin and bitomat collapses (and others) more than 2 years ago.

In fact, the are lessons from basic common sense.
More transparency would be appreciated. Regularly auditing customer assets, for example. But because of human deficiency, this is a disadvantage to the trading platform, as vircurex is showing as an example. This is a not solvable intrinsic problem, that will repeat in the future. This is also an example, why regulation can be necessary.

Without regulation, the damage can only be limited, if trading platforms keep small and distributed. Or if humans react more reasonable on honest platform information. So withdraw all unnecessary money from platforms, for they crash sooner than later.
legendary
Activity: 938
Merit: 1001
bitcoin - the aerogel of money
February 28, 2014, 01:36:57 PM
#35
I agree with everything you say except for one thing:

These are not lessons from the mtgox collapse. They are lessons from the mybitcoin and bitomat collapses (and others) more than 2 years ago.

In fact, the are lessons from basic common sense.
member
Activity: 70
Merit: 10
February 28, 2014, 12:20:29 PM
#34
Keeping bitcoin in cold storage is the best option. If you want to cashout do it slowly like 5% per day. NEver trust anyone.
legendary
Activity: 1400
Merit: 1013
February 28, 2014, 12:11:50 PM
#33
It's 1994 and you're whining that the Internet will never go anywhere because it's too complicated for Grandma to install Winsock and mess with AT commands.

You just lost 90% of the people here  Grin
Correct, and the 10% who would get it are still curled up in the fetal position after reading the word "winsock".
sr. member
Activity: 366
Merit: 250
February 28, 2014, 11:47:10 AM
#32
For those who don't want to read the text:

1. Keep your bitcoins on your wallet, not a online one.
2. Preferably on a cold wallet.
3. Split the bitcoins into multiple wallets for more security if needed.
Thank you. The post is rather useless, this has been said and posted thousands of times. Nobody listens to the first one.

even keeping in ur wallet is dangerous
legendary
Activity: 942
Merit: 1026
February 28, 2014, 11:45:55 AM
#31
It's 1994 and you're whining that the Internet will never go anywhere because it's too complicated for Grandma to install Winsock and mess with AT commands.

You just lost 90% of the people here  Grin
legendary
Activity: 1400
Merit: 1013
February 28, 2014, 11:39:21 AM
#30
Yeah right, tell your grandma to use bitcoin client or use paper wallets...
bitcoin will remain a geek speculation as long as we don't have trustworthy bitcoin banks.
It's 1994 and you're whining that the Internet will never go anywhere because it's too complicated for Grandma to install Winsock and mess with AT commands.
full member
Activity: 140
Merit: 100
Put your trust in MATH.
February 28, 2014, 11:36:22 AM
#29
HELLO???  Don't you people realize that people sent GOX loads of money only when the price dropped like a rock, trying to buy cheap coins?  It was a calculated risk to triple or quadruple bitcoin holdings.
That's simply worse than gambling, as it was an incalculable risk.

Yeah, its called going ALL IN on the RIVER.

Except, it wasn't the card needed to win a big pot, it was a frickin deuce.
legendary
Activity: 1666
Merit: 1000
February 28, 2014, 11:35:11 AM
#28
Yeah right, tell your grandma to use bitcoin client or use paper wallets...
bitcoin will remain a geek speculation as long as we don't have trustworthy bitcoin banks.
I believe a wallet like multibit is already usable by my grandma.
legendary
Activity: 1666
Merit: 1000
February 28, 2014, 11:33:09 AM
#27
HELLO???  Don't you people realize that people sent GOX loads of money only when the price dropped like a rock, trying to buy cheap coins?  It was a calculated risk to triple or quadruple bitcoin holdings.
That's simply worse than gambling, as it was an incalculable risk.
sr. member
Activity: 434
Merit: 250
In Hashrate We Trust!
February 28, 2014, 11:32:53 AM
#26
Yeah right, tell your grandma to use bitcoin client or use paper wallets...
bitcoin will remain a geek speculation as long as we don't have trustworthy bitcoin banks.
legendary
Activity: 1400
Merit: 1013
February 28, 2014, 11:28:35 AM
#25
But what's the point of using bitcoin if you can't trust any exchange or wallet service?
The point is that you don't need to use them.

"Be your own bank"
full member
Activity: 140
Merit: 100
Put your trust in MATH.
February 28, 2014, 11:23:10 AM
#24
If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!
But what's the point of using bitcoin if you can't trust any exchange or wallet service?
The sense in Bitcoins is using it for paying goods, not for speculation. It's sense is not getting rich quickly, so you do not need any exchange or wallet service. DO USE EXCHANGES ONLY TEMPORARILY!

HELLO???  Don't you people realize that people sent GOX loads of money only when the price dropped like a rock, trying to buy cheap coins?  It was a calculated risk to triple or quadruple bitcoin holdings.

Only Gox was in deep doodoo, DECEIVING people by not halting assets coming in also.  That is criminal, intentional deception to gain assets.

I got a whole chain from BRENDAN at Gox's customer service to prove it.
legendary
Activity: 1666
Merit: 1000
February 28, 2014, 10:13:16 AM
#23
If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!
But what's the point of using bitcoin if you can't trust any exchange or wallet service?
The sense in Bitcoins is using it for paying goods, not for speculation. It's sense is not getting rich quickly, so you do not need any exchange or wallet service. DO USE EXCHANGES ONLY TEMPORARILY!
sr. member
Activity: 434
Merit: 250
In Hashrate We Trust!
February 28, 2014, 09:48:58 AM
#22
If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!
But what's the point of using bitcoin if you can't trust any exchange or wallet service?
legendary
Activity: 1120
Merit: 1012
February 27, 2014, 08:21:51 PM
#21
If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!
sr. member
Activity: 252
Merit: 250
Skoupi the Great
February 27, 2014, 08:05:03 PM
#20
Or you can think of it otherwise.
You don't own any bitcoins unless they are in an address of which you own solely the private key.
sr. member
Activity: 560
Merit: 250
February 27, 2014, 08:01:27 PM
#19
legendary
Activity: 942
Merit: 1026
February 27, 2014, 07:50:35 PM
#18
Never deposit or keep a significant portion of your bitcoin or fiat currency on an exchange unless you are OK with losing all of it.  At some point, because of theft, seizure, or negligence on the part of the exchange, you may be faced with losing it all, and you will most likely be powerless to do anything about it.
I agreed with your lesson learn on this one. I will never do any crypto currency trading after my lesson with MtGox. Instead stick with fiat currency trading only, because there are many regulation in placed to keep trader safe.
Why not both?  Diversity among your investments is a good thing.  I'm pro Bitcoin, but there is no way in hell I would make it my only investment vehicle.
sr. member
Activity: 280
Merit: 250
February 27, 2014, 07:46:43 PM
#17
Never deposit or keep a significant portion of your bitcoin or fiat currency on an exchange unless you are OK with losing all of it.  At some point, because of theft, seizure, or negligence on the part of the exchange, you may be faced with losing it all, and you will most likely be powerless to do anything about it.


I agreed with your lesson learn on this one. I will never do any crypto currency trading after my lesson with MtGox. Instead stick with fiat currency trading only, because there are many regulation in placed to keep trader safe.
sr. member
Activity: 434
Merit: 250
In Hashrate We Trust!
February 27, 2014, 07:41:06 PM
#16
The situation would have been much different if the technology and usage of bitcoin had evolved and matured faster than the price of BTC/USD.

If the market cap of bitcoin was a few million dollars instead of billions, this mt gox failure wouldnt be such a big issue.
We would say what the heck let it go bankrupt and nobody would care, not even politicians.

So the lessen to learn: speculators should not invest too much money in a technology that is not mature, they should consider it as a pure gamble.
newbie
Activity: 35
Merit: 0
February 27, 2014, 07:28:44 PM
#15
legendary
Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
February 27, 2014, 07:08:34 PM
#14
If there more wise people using Bitcoin there would be much less of it for sale on the exchanges and the price would be far higher. Once people wise up this will occur. Or maybe the other way if price goes up due to difficulty jumps then people will not want to keep much Bitcoin on the exchanges if a Bitcoin is worth say $250,000 each.
newbie
Activity: 56
Merit: 0
February 27, 2014, 07:04:52 PM
#13
I lost 50% of my net worth.  At least, it is seeming that way.  I am absolutely devastated.  I am idiot for not pulling out earlier.  I am an idiot for not diversifying my assets.
I am 34 and quite honestly, this is a hard pill to swallow at my age when I am trying to raise a family.

At this point, I know my coins are gone.  All I want is for Mark K. to feel justice and acknowledge what he has done to countless people.
Hope this gets resolved sooner rather than later.
newbie
Activity: 42
Merit: 0
February 27, 2014, 06:50:20 PM
#12
i'll just create a million wallets with 0.00001 in each of them
legendary
Activity: 942
Merit: 1026
February 27, 2014, 06:46:37 PM
#11
The problem with advice is: Wise men don't need it and fools won't heed it.
All Gox customers were fools.
That's a little harsh.  I say those who used Gox as a bank, Yes.  Those who used it as an exchange with only what they could afford to lose were taking a calculated risk.  
legendary
Activity: 1316
Merit: 1000
Si vis pacem, para bellum
February 27, 2014, 06:43:50 PM
#10
At times like these in the BTC world I am gratefull for one thing:
I only bought and invested 1 BTC so I could trade altcoins, and already cashed that one back out (with many others).

Would be nice if BTC hits 1000$ again some day, but if it hits 100$ I still made money out of nothing in my free time :]
what do you mean by " if it hits 100 i still made money ?
have you checked the prices recently ?
member
Activity: 80
Merit: 10
February 27, 2014, 06:40:54 PM
#9
At times like these in the BTC world I am gratefull for one thing:
I only bought and invested 1 BTC so I could trade altcoins, and already cashed that one back out (with many others).

Would be nice if BTC hits 1000$ again some day, but if it hits 100$ I still made money out of nothing in my free time :]
legendary
Activity: 2674
Merit: 2965
Terminated.
February 27, 2014, 06:36:41 PM
#8
The problem with advice is: Wise men don't need it and fools won't heed it.
All Gox customers were fools.
sr. member
Activity: 531
Merit: 260
Vires in Numeris
February 27, 2014, 06:29:09 PM
#7
In defence of long narrative statements, some people do learn only by seeing other people's experience. That is, not thinking ahead of time or noting people's advice.
legendary
Activity: 942
Merit: 1026
February 27, 2014, 06:27:01 PM
#6
The problem with advice is: Wise men don't need it and fools won't heed it.
sr. member
Activity: 266
Merit: 250
I want free lunch, i'm gonna go with this guy.
February 27, 2014, 06:25:32 PM
#5
lessons from Mtgox:
-There are more stupid people into BTC then i expected.
sr. member
Activity: 531
Merit: 260
Vires in Numeris
February 27, 2014, 06:25:27 PM
#4
lol byt411. That's great.  Grin

I'm sat here at the start of the 4h31m video of Andreas Antonopoulos et al; if you can do the same with that, I'll be very impressed.
legendary
Activity: 2674
Merit: 2965
Terminated.
February 27, 2014, 06:24:53 PM
#3
For those who don't want to read the text:

1. Keep your bitcoins on your wallet, not a online one.
2. Preferably on a cold wallet.
3. Split the bitcoins into multiple wallets for more security if needed.
Thank you. The post is rather useless, this has been said and posted thousands of times. Nobody listens to the first one.
hero member
Activity: 798
Merit: 1000
February 27, 2014, 06:20:43 PM
#2
For those who don't want to read the text:

1. Keep your bitcoins on your wallet, not a online one.
2. Preferably on a cold wallet.
3. Split the bitcoins into multiple wallets for more security if needed.
newbie
Activity: 8
Merit: 0
February 27, 2014, 06:14:03 PM
#1
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