When a Ponzi scheme is not stopped by the authorities, it sooner or later falls apart for one of the following reasons:
1) The promoter vanishes, taking all the remaining investment money (which excludes payouts to investors already made).
2) Since the scheme requires a continual stream of investments to fund higher returns, once investment slows down, the scheme collapses as the promoter starts having problems paying the promised returns (the higher the returns, the greater the risk of the Ponzi scheme collapsing). Such liquidity crises often trigger panics, as more people start asking for their money, similar to a bank run.
3)External market forces, such as a sharp decline in the economy (for example, the Madoff investment scandal during the market downturn of 2008), cause many investors to withdraw part or all of their funds.
Topic: IS everyone insane? - page 2. (Read 3816 times)
your confusing an exchanges operation with the bit coin protocol.
your bit coin are safe in the protocol and can be sent round as usual if you keep exclusive control of you private keys.
that a person chose to (indirectly) surrender the use of private keys to and exchange is the consequence of that decision. Exchanges will fail so duck in and out with small amounts fast. Keep most out
your bit coin are safe in the protocol and can be sent round as usual if you keep exclusive control of you private keys.
that a person chose to (indirectly) surrender the use of private keys to and exchange is the consequence of that decision. Exchanges will fail so duck in and out with small amounts fast. Keep most out
Ain't cryptorevolution nice?
LOL @ all the dumb fools coked up on internet heroism getting their asses fucked.
As soon as we get some regulations in and some decent oversight, and process simple enough to get your average joe into it with 10 min introduction, we may see 10k or 100k. Security and stability, as well as regulations are necessary ingredients for real money and real whales to actually start investing seriously in crypto.
Until then, go cry to your lawyer/judge/cop whatever authority you 'hate' so much and bitch and piss/moan all the time about.
Fuckin kids.
LOL @ all the dumb fools coked up on internet heroism getting their asses fucked.
As soon as we get some regulations in and some decent oversight, and process simple enough to get your average joe into it with 10 min introduction, we may see 10k or 100k. Security and stability, as well as regulations are necessary ingredients for real money and real whales to actually start investing seriously in crypto.
Until then, go cry to your lawyer/judge/cop whatever authority you 'hate' so much and bitch and piss/moan all the time about.
Fuckin kids.
Ain't cryptorevolution nice?
LOL @ all the dumb fools coked up on internet heroism getting their asses fucked.
As soon as we get some regulations in and some decent oversight, and process simple enough to get your average joe into it with 10 min introduction, we may see 10k or 100k. Security and stability, as well as regulations are necessary ingredients for real money and real whales to actually start investing seriously in crypto.
Until then, go cry to your lawyer/judge/cop whatever authority you 'hate' so much and bitch and piss/moan all the time about.
Fuckin kids.
LOL @ all the dumb fools coked up on internet heroism getting their asses fucked.
As soon as we get some regulations in and some decent oversight, and process simple enough to get your average joe into it with 10 min introduction, we may see 10k or 100k. Security and stability, as well as regulations are necessary ingredients for real money and real whales to actually start investing seriously in crypto.
Until then, go cry to your lawyer/judge/cop whatever authority you 'hate' so much and bitch and piss/moan all the time about.
Fuckin kids.
Just because 1 exchange ran a ponzi , doesn't make bitcoin itself a ponzi.
How can you be so sure that other exchangers don't work exactly like mtgox?
I think that all exchangers work exactly like mtgox like professional scammers.
Beware were you put your money, the best is to buy bitcoins directly from people.
lol ok
LOL,had they researched BEFORE they dropped money/BTC into Gox,maybe Gox would've been gone already!!!
I feel NO sympathy for anyone who kept dealing with GOX,they were inept to the extreme........
This is fine in Libertarian utopia land, but realize that Bitcoin will never in a million years be widely adopted by the public if everybody needs to do an in-depth investigation of a financial service before buying some BTC. If we all just want to hoard our Bitcoins amongst ourselves and imagine we`re rich then cool, let`s keep it real. When people get screwed it`s their fault.
Just know there`s that trade-off and Bitcoin will always be fringe.
Maybe we need a newcomer-vet buddy pairing program when someone decides they want to learn about BTC.
I'll definitely double the call for local crypto<->fiat transfers. You can do it pretty much anywhere in any =<$10k amount... I'm in the middle of nowhere and it's just an hour or two drive in most directions if I want someone to meet with me for an exchange. Central exchanges are convenient, but it's very critical to have a good p2p exchange user base in place if the corporations should fall apart (said as part owner of a bitcoin vending machine). Just because 1 exchange ran a ponzi , doesn't make bitcoin itself a ponzi.
How can you be so sure that other exchangers don't work exactly like mtgox?
I think that all exchangers work exactly like mtgox like professional scammers.
Beware were you put your money, the best is to buy bitcoins directly from people.
Its NOT about buying BTC,it's about COMMON sense!!!!!!!!!!!
So,you'll just drop money in any ole bank/exchange/hole in the ground
You NEVER EVER leave coin or cash in an exchange for ANY length of time !!!!!!! Do a trade,move it,never leave it........I know that and you know that, but not everyone knows that. Everyday people`s experience of money is that you put it in the bank and leave it there, and take it out when you need it. It`s not common sense to them that they would need to shift it somewhere else to keep it secure.
This is the kind of gap in understanding that this community will need to bridge in order to gain widespread adoption. That won`t happen as long as we`re telling them they`re stupid for not knowing as much as us.
Really. Bitcoin will never be mainstream unless it becomes simple, secure, and hassle free for the average person.
face it bitcoin is just a usefull ponzi,i mean when you give your money to a classic ponzi your asset for a certain time is useless,you have no power of action with it.while with bitcoin you can buy,convert to another coin,or exchange your asset.ponzi for me is not a negativ terms,as all our fiat economi is run on a ponzi scheme,and that is working pretty good..for now..but nothin is made for during for ever ever..
What is being done legally about Gox? Something has to be done, otherwise all exchanges are just going to do the same thing again and again.
You don't fix this problem with law - law is no more reliable than the humans interpreting and enforcing it.You fix the problem with cryptography: http://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.html
oh.
everyone wants regulation now -
WHEN THEY LOSE THEIR ASSES!
everyone wants regulation now -
WHEN THEY LOSE THEIR ASSES!
Thats a large generalization some might like the decentralization of bitcoin design but wish for everything else to be regulated around it. Not my personal opinion but people could want different things from bitcoin.
The problems is 3rd party trust.
A decentralized exchange in the style that Bitshares is planning will solve this.
No more Gox. No more need to trust anyone.
A decentralized exchange in the style that Bitshares is planning will solve this.
No more Gox. No more need to trust anyone.
There will still be the need for conversion from fiat to cryptocurrency and vice versa, unless BTC or another cryptocurrency becomes very widely used and people get paid in it. A lot of people kept their BTC in their own secure wallets but when they transferred it to mtgox to sell for fiat and withdraw, their withdrawal wasn`t processed.
LOL,had they researched BEFORE they dropped money/BTC into Gox,maybe Gox would've been gone already!!!
I feel NO sympathy for anyone who kept dealing with GOX,they were inept to the extreme........
This is fine in Libertarian utopia land, but realize that Bitcoin will never in a million years be widely adopted by the public if everybody needs to do an in-depth investigation of a financial service before buying some BTC. If we all just want to hoard our Bitcoins amongst ourselves and imagine we`re rich then cool, let`s keep it real. When people get screwed it`s their fault.
Just know there`s that trade-off and Bitcoin will always be fringe.
Its NOT about buying BTC,it's about COMMON sense!!!!!!!!!!!
So,you'll just drop money in any ole bank/exchange/hole in the ground
You NEVER EVER leave coin or cash in an exchange for ANY length of time !!!!!!! Do a trade,move it,never leave it........The writing was "on the wall" since late 2011 when Gox was hacked & crashed BTC the first time,it's happened several times since.
How many times must people hit their thumb with a hammer to learn not to do that!!
Unfortunately the majority of people on this forum are like those guys who go "It's her fault she got raped she wore tight pants!"
mark karpeles of mtgox was probally fleecing everyone ever since they started limiting withdrawls last year
Do you get the impression that there is a gigantic network of shills calling for regulation?
Are they going so far as to manipulate key persons - like Karpelles - to make the headlines steer the people into calling for government assistance?
Do you think this is what the CFR came up with after their bitcoin meetings? I mean hell they could have used the recent banker suicides as proof they were serious.
The timing couldn't be more obvious - and this is exactly their business model.
This seems like a black op to me. I bet the cia is all over the new gox.
Puts a whole new meaning on Goxxed doesn't it?
Are they going so far as to manipulate key persons - like Karpelles - to make the headlines steer the people into calling for government assistance?
Do you think this is what the CFR came up with after their bitcoin meetings? I mean hell they could have used the recent banker suicides as proof they were serious.
The timing couldn't be more obvious - and this is exactly their business model.
This seems like a black op to me. I bet the cia is all over the new gox.
Puts a whole new meaning on Goxxed doesn't it?
In the long term though no one will be uses currency exchanges to buy and sell BTC, it will just be traders and miners.
The fact that people still used MtGox for the years they showed serious problems and then the weeks they had largely or completely halted withdrawals shows that human greed can overwhelm almost any amount of caution.People will be quick to forget; hopefully not so quick that real advances won't be made that benefit us all.
LOL,had they researched BEFORE they dropped money/BTC into Gox,maybe Gox would've been gone already!!!
I feel NO sympathy for anyone who kept dealing with GOX,they were inept to the extreme........
This is fine in Libertarian utopia land, but realize that Bitcoin will never in a million years be widely adopted by the public if everybody needs to do an in-depth investigation of a financial service before buying some BTC. If we all just want to hoard our Bitcoins amongst ourselves and imagine we`re rich then cool, let`s keep it real. When people get screwed it`s their fault.
Just know there`s that trade-off and Bitcoin will always be fringe.
The problems is 3rd party trust.
A decentralized exchange in the style that Bitshares is planning will solve this.
No more Gox. No more need to trust anyone.
LOL,had they researched BEFORE they dropped money/BTC into Gox,maybe Gox would've been gone already!!!
I feel NO sympathy for anyone who kept dealing with GOX,they were inept to the extreme........
This is fine in Libertarian utopia land, but realize that Bitcoin will never in a million years be widely adopted by the public if everybody needs to do an in-depth investigation of a financial service before buying some BTC. If we all just want to hoard our Bitcoins amongst ourselves and imagine we`re rich then cool, let`s keep it real. When people get screwed it`s their fault.
Just know there`s that trade-off and Bitcoin will always be fringe.
In the long term though no one will be uses currency exchanges to buy and sell BTC, it will just be traders and miners.
The joint statement by the other exchanges I feel shows that they do realise that this could be a pivotal moment for public trust in bitcoin, and that they will take steps to provide transparency.
In my opinion this is a good thing that was a long time coming.
It is a shame that so many people had to get screwed over before the need for transparency and verification of deposits sank in, but that's human nature for you.
I think we will see some exciting progress on distributed exchanges and verification of funds now.
Legal measures are between MtGox and the people they ripped off, not the bitcoin community at large. I believe that the price of bitcoin will recover fairly quickly once the MtGox failtrain finally comes off its rails.
In my opinion this is a good thing that was a long time coming.
It is a shame that so many people had to get screwed over before the need for transparency and verification of deposits sank in, but that's human nature for you.
I think we will see some exciting progress on distributed exchanges and verification of funds now.
Legal measures are between MtGox and the people they ripped off, not the bitcoin community at large. I believe that the price of bitcoin will recover fairly quickly once the MtGox failtrain finally comes off its rails.
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