The cyprus thing isn't so funny now, is it?

meebs

hero member

Activity: 616

Merit: 500

Quote from: flix on April 11, 2013, 05:43:24 PM

Nobody can take your bitcoins away. Not even MtGox.

they absolutely can.. if they somehow go belly up, get hacked.. etc the BTC you have on deposit is technologically speaking THEIRS (you alone do not have the private key), you just trust that they will be good to theri word and transfer back to you or convert it to fiat upon request

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Who thought Cyprus was funny? It was more like...oh shit.

My Bitcoins are still safe in my wallet. Actually I took the last small bit of it out of MtGox yesterday.

glendall

legendary

Activity: 2156

Merit: 1018

Buzz App - Spin wheel, farm rewards

There is a very big difference between a bought-and-paid-for government stealing your money to cover 20-1 long shot market gambles compared to.... a new currency that you freely invested in and freely bought and sold on a market that goes down in value.

No one forced anyone to use MT.GOX to buy and sell bitcoins.

Many people were forced by a government (run by a small elite) to surrender 10% of their balances.

Yes, there is difference. A Big difference.

jubalix

legendary

Activity: 2632

Merit: 1023

Nah, I got my bit coins out ok

flix

legendary

Activity: 1227

Merit: 1000

Quote from: Frankie Delaney on April 11, 2013, 05:53:15 PM

Start-ups? making 100 grand a day, and being the de-facto trading platform for 2+ years, and they're still a start-up?

Yes.

Check out what happened to twitter in year 3. Or to Paypal in year 5. Or to Facebook in year 6.

Remember this?

Frankie Delaney

newbie

Activity: 56

Merit: 0

Quote from: flix on April 11, 2013, 05:54:53 PM

Quote from: ?? on ??

On the other hand, Mt. Gox is a point of failure, which should not exist in the Bitcoin economy.

Agree.

Decentralise more.

Not just with trading. Mining is almost completely centralized, and is an oligarchy vs a democracy.

flix

legendary

Activity: 1227

Merit: 1000

Quote from: ?? on ??

On the other hand, Mt. Gox is a point of failure, which should not exist in the Bitcoin economy.

Agree.

Decentralise more.

Frankie Delaney

newbie

Activity: 56

Merit: 0

Quote from: flix on April 11, 2013, 05:51:47 PM

A lot of FUD here.

Start-ups always experience downtime when userbase grows exponentially. If you thought this was going to be anything but a wild ride in its first few years your were very naive.

Start-ups? making 100 grand a day, and being the de-facto trading platform for 2+ years, and they're still a start-up?

You can't just label any opinion you don't agree with as FUD. gox becoming the central bank of bitcoin is a serious concern.

flix

legendary

Activity: 1227

Merit: 1000

A lot of FUD here.

Start-ups always experience downtime when userbase grows exponentially. If you thought this was going to be anything but a wild ride in its first few years your were very unfamiliar with how the real world works.

Frankie Delaney

newbie

Activity: 56

Merit: 0

Quote from: Minor Miner on April 11, 2013, 05:47:41 PM

Quote from: flix on April 11, 2013, 05:43:24 PM

"Cyprus"

Deposit haircuts reached 60% on some accounts. Capital controls still in place.

...and yeah, still pretty poignant. Nobody can take your bitcoins away. Not even MtGox.

Yes, they can because when you "deposit" them to Mt Gox, you are transferring them from your wallet to Gox's. Try to move them without Gox consenting. I just want to know if Gox is HOLDING them on people.

They were before they went down completely for emergency market manipulation. If mtgox survives this kerfuffle, it would be a sign that bitcoin is doomed by it's own greedy userbase. The dream is to take down the fed and fiat currency, but we've created our own fed that must be destroyed.

doobadoo

sr. member

Activity: 364

Merit: 250

well now they are down, but once they put in that cooling off thing earlier today i tx'd my btc to my client. no probs getting btc out then. i though about sending it to btc-e or something. on the theory that if only coins could come out and fiat was limited at competing xchanges i could quickly move my coin to btc-e and sell into it and buy back lower as the day went on and others followed after me. but then i started reading about all the potential hacked accounts there and people not getting ltc they tx'd out. so i figured the whole universe of exchanges are fucked and there is no way i'm putting size coin into some bulgarian fly by night shit xchange that can't spell the work "ticket" and has the exchange rate fractions inverted. Seriously look at it right now. BTC/USD $60... That means it takes 60 btc to buy one USD.... Fucking morons.

Minor Miner

legendary

Activity: 2478

Merit: 1020

Be A Digital Miner

Quote from: flix on April 11, 2013, 05:43:24 PM

"Cyprus"

Deposit haircuts reached 60% on some accounts. Capital controls still in place.

...and yeah, still pretty poignant. Nobody can take your bitcoins away. Not even MtGox.

Yes, they can because when you "deposit" them to Mt Gox, you are transferring them from your wallet to Gox's. Try to move them without Gox consenting. I just want to know if Gox is HOLDING them on people.

Frankie Delaney

newbie

Activity: 56

Merit: 0

Quote from: CurbsideProphet on April 11, 2013, 05:46:20 PM

I don't find joy in other people's misfortunes.

You should try it sometime, it's delicious.

ECore

sr. member

Activity: 420

Merit: 252

https://ubikiri.com/

What a joke. Roll Eyes

threeip

full member

Activity: 154

Merit: 100

Quote from: Frankie Delaney on April 11, 2013, 05:42:38 PM

So the people of ~~cypress~~ bitcoin lose ~~10%~~ 50% of the value of their deposits, and ~~The central bank~~ Mtgox locks down withdrawls to prevent a run.

Same song, different chorus.

Only thing relevant here is;

Stunna

legendary

Activity: 3192

Merit: 1279

Primedice.com, Stake.com

I guess it's interesting the way things turned out Sad

CurbsideProphet

hero member

Activity: 672

Merit: 500

I don't find joy in other people's misfortunes.

00null

full member

Activity: 148

Merit: 100

Quote from: Frankie Delaney on April 11, 2013, 05:42:38 PM

So the people of ~~cypress~~ bitcoin lose ~~10%~~ 50% of the value of their deposits, and ~~The central bank~~ Mtgox locks down withdrawls to prevent a run.

Same song, different chorus.

Really? I am sure the value of 1 Bitcoin is still exactly 1 Bitcoin. In contrast to Cypress where the value of $100k is actually less then $100k...

Frankie Delaney

newbie

Activity: 56

Merit: 0

Quote from: Minor Miner on April 11, 2013, 05:44:29 PM

Quote from: Frankie Delaney on April 11, 2013, 05:42:38 PM

So the people of ~~cypress~~ bitcoin lose ~~10%~~ 50% of the value of their deposits, and ~~The central bank~~ Mtgox locks down withdrawls to prevent a run.

Same song, different chorus.

Typically, when someone stops trading, you can still take your money out (in the currency it is being held in). Are you claiming Mt Gox is not allowing you to transfer your fiat or bitcoins out?

Nope, bitcoin withdrawls locked with trading. It's all trapped by the fed.

Acesbomb

newbie

Activity: 56

Merit: 0

I don't think anyone thought it was funny. BTW it is going to become law. Watch Ireland closely.

Topic: The cyprus thing isn't so funny now, is it? (Read 1939 times)