You haven't been here for very long, have you?
This isn't the first time mtgox got attacked. The attack in Oct 2010 was actually far more disruptive than this one because the result was that mtgox users could no longer deposit or withdraw USD for several weeks.
Didn't hurt Bitcoin as a project. People just continued trading on other exchanges and OTC. That is the whole point of Bitcoin, that it doesn't depend on a single website or company.
This is a test of Bitcoins resilience. If anything, this strengthens Bitcoin in the long term because it gives people confidence that their wealth cannot be compromised at the whim of a single organization.
Topic: The Writing on the Wall - page 3. (Read 9848 times)
It's written in blood this time I'm afraid guys...
As soon as the media gets a hold of this story, that's pretty much the end of BTC as anything but a backwater fringe item of TOR connoisseurs and trivial web-developers, hosts, and hippy products.
So, just like it was before the hacks, except with pretty much zero potential for any legitimacy at this point.
And legitimacy was really the only thing that mattered.
No more.
Was a fun couple of weeks guys.
100% pure drama queen As soon as the media gets a hold of this story, that's pretty much the end of BTC as anything but a backwater fringe item of TOR connoisseurs and trivial web-developers, hosts, and hippy products.
So, just like it was before the hacks, except with pretty much zero potential for any legitimacy at this point.
And legitimacy was really the only thing that mattered.
No more.
Was a fun couple of weeks guys.
I'm amazed at the vitriol at those who aren't bulls. Since when does it make someone a troll to be a bear on a currency?
This place does not exist solely for supporters of the currency. If you want to look like grown-ups, you should allow fair debate on it instead of trying to run anyone over who dares speak against bitcoins.
Honestly, the love affair for bitcoin in the face of all logic is starting to look ridiculous. Those proponents who come out of this best are the ones who admit that the "project" actually has a few flaws and weaknesses. It's the ones who invent an answer that suits their own position for every single probing question that look like idiots. It's as if you have your own FAQ in your head just to make you feel happier about your huge position.
This is typical layman's method of trading or investing and often fails. Why do you think rich people entrust others to trade for them? Because they know that it is only too human to get caught up with your emotions and fail to be logical.
This place does not exist solely for supporters of the currency. If you want to look like grown-ups, you should allow fair debate on it instead of trying to run anyone over who dares speak against bitcoins.
Honestly, the love affair for bitcoin in the face of all logic is starting to look ridiculous. Those proponents who come out of this best are the ones who admit that the "project" actually has a few flaws and weaknesses. It's the ones who invent an answer that suits their own position for every single probing question that look like idiots. It's as if you have your own FAQ in your head just to make you feel happier about your huge position.
This is typical layman's method of trading or investing and often fails. Why do you think rich people entrust others to trade for them? Because they know that it is only too human to get caught up with your emotions and fail to be logical.
It is not that people who speak out against bitcoin are instantly shunned here (which is what i too used to think). It is that often times people who speak out about bitcoin dont provide any proof or evidence backing what they claim. alot of their posts start out with things like "You dumbass motherfucker.." and then go on to merely claim that they think people are stupid or the system can't work.. but it is very very rare that these people have valid arguments. Since Synaptic started this thread I will point him out specifically, look at how many of his posts could have the words switched to support something like a sports team or a country, they admit right away that they hate the other side, then the rest of their argument is name calling.
It says a lot of a person when they spend their time attacking other people who are trying to accomplish things instead of spending their time accomplishing things. These are the same kinds of people who used to pick on the smart kids in school, not everyone grows out of this stage.
I'm amazed at the vitriol at those who aren't bulls. Since when does it make someone a troll to be a bear on a currency?
This place does not exist solely for supporters of the currency. If you want to look like grown-ups, you should allow fair debate on it instead of trying to run anyone over who dares speak against bitcoins.
Honestly, the love affair for bitcoin in the face of all logic is starting to look ridiculous. Those proponents who come out of this best are the ones who admit that the "project" actually has a few flaws and weaknesses. It's the ones who invent an answer that suits their own position for every single probing question that look like idiots. It's as if you have your own FAQ in your head just to make you feel happier about your huge position.
This is typical layman's method of trading or investing and often fails. Why do you think rich people entrust others to trade for them? Because they know that it is only too human to get caught up with your emotions and fail to be logical.
This place does not exist solely for supporters of the currency. If you want to look like grown-ups, you should allow fair debate on it instead of trying to run anyone over who dares speak against bitcoins.
Honestly, the love affair for bitcoin in the face of all logic is starting to look ridiculous. Those proponents who come out of this best are the ones who admit that the "project" actually has a few flaws and weaknesses. It's the ones who invent an answer that suits their own position for every single probing question that look like idiots. It's as if you have your own FAQ in your head just to make you feel happier about your huge position.
This is typical layman's method of trading or investing and often fails. Why do you think rich people entrust others to trade for them? Because they know that it is only too human to get caught up with your emotions and fail to be logical.
What "logic" does it fly in the face of? I think that there are a million different sets of axioms flying around here and people are using them to derive logics of all sorts which are all necessarily based on faith (including yours and mine)
There are just too may people here who jumped on the bitcoin train because they thought they could make a buck, and now they are crying because the value of their holdings is not what they thought it would be. As for me, I'm not worried about bitcoin at all, the technology is sound insofar as I've researched it, and IMO bitcoin only has 3 long term threats.
1) The internet dies.
2) Someone overpowers the block chain.
3) A better competing digital currency emerges.
I don't see any of those happening anytime soon, if these hiccups cause the rate of adoption to slow down then so what? It's not going to "kill" bitcoin, bitcoin is pretty much unstoppable, the concept is truly ingenious, and if someone comes up with something even more fantastic, the world will be better for it.
+1
I'm amazed at the vitriol at those who aren't bulls. Since when does it make someone a troll to be a bear on a currency?
This place does not exist solely for supporters of the currency. If you want to look like grown-ups, you should allow fair debate on it instead of trying to run anyone over who dares speak against bitcoins.
Honestly, the love affair for bitcoin in the face of all logic is starting to look ridiculous. Those proponents who come out of this best are the ones who admit that the "project" actually has a few flaws and weaknesses. It's the ones who invent an answer that suits their own position for every single probing question that look like idiots. It's as if you have your own FAQ in your head just to make you feel happier about your huge position.
This is typical layman's method of trading or investing and often fails. Why do you think rich people entrust others to trade for them? Because they know that it is only too human to get caught up with your emotions and fail to be logical.
This place does not exist solely for supporters of the currency. If you want to look like grown-ups, you should allow fair debate on it instead of trying to run anyone over who dares speak against bitcoins.
Honestly, the love affair for bitcoin in the face of all logic is starting to look ridiculous. Those proponents who come out of this best are the ones who admit that the "project" actually has a few flaws and weaknesses. It's the ones who invent an answer that suits their own position for every single probing question that look like idiots. It's as if you have your own FAQ in your head just to make you feel happier about your huge position.
This is typical layman's method of trading or investing and often fails. Why do you think rich people entrust others to trade for them? Because they know that it is only too human to get caught up with your emotions and fail to be logical.
There are just too may people here who jumped on the bitcoin train because they thought they could make a buck, and now they are crying because the value of their holdings is not what they thought it would be. As for me, I'm not worried about bitcoin at all, the technology is sound insofar as I've researched it, and IMO bitcoin only has 3 long term threats.
1) The internet dies.
2) Someone overpowers the block chain.
3) A better competing digital currency emerges.
I don't see any of those happening anytime soon, if these hiccups cause the rate of adoption to slow down then so what? It's not going to "kill" bitcoin, bitcoin is pretty much unstoppable, the concept is truly ingenious, and if someone comes up with something even more fantastic, the world will be better for it.
I'm going to assume we're all idealists here. Or people who are speculating on the value of Bitcoin based on its merits as a self-contained system and not really looking at the bigger issues (a.k.a. idealists I don’t agree with (people who believe religiously in a Free Market as a context that need not look outside itself (yes, I’m nesting parenthetical statements))).
There seems to be a lot of ideas in this thread about a much broader adoption in the future if only we/they can get the Bitcoin ecosystem “safe” enough or “user friendly” enough and if we can only get the media to portray it fairly. How broad are you talking about? Are you imagining it replacing the USD or the GBP etc..? Or even existing alongside them on an equal basis? Why do you think the media is not portraying it in such a way that you consider fair? I would say that this is because the media basically voices the concerns of the state and the people who unquestioningly believe in the state (sadly, a majority). Do you really think our respective governments are going to give up the power they get from controlling the currency? How about the multinational banking network?
I guess just lately I’ve been turned on to the power of Power. I think it’s easy to overlook how powerful power is when coming up with utopian alternatives and solutions that will coexist with the status quo.
To be adopted en masse we have to get the general public who are afraid to say the word “bomb” on their cell phones to adopt a method of exchange that basically, through its very existence, threatens the government and the primacy of the banking institutions. I’d say without some sort of global civil war being won by whatever can claim Anonymous as its nascent form, there will never be any wide scale adoption of bitcoin or anything similar to it. I’m not saying this will not happen; just that the stakes of the game are very, very high.
Bitcoin’s opened the floodgates of the currency front to the decentralization war we’re living through and (in this forum more than most) are the active participants in.
There seems to be a binary belief system expressed in this thread of either Mass Adoption or Ultimate Failure. I think it’s definitely not that clear. Anyways, keep fighting the good fight. Keep speculating and buying MDMA. I will do neither but will amass Bitcoins for a time when using them becomes necessary. The future is a battleground of collective will.
There seems to be a lot of ideas in this thread about a much broader adoption in the future if only we/they can get the Bitcoin ecosystem “safe” enough or “user friendly” enough and if we can only get the media to portray it fairly. How broad are you talking about? Are you imagining it replacing the USD or the GBP etc..? Or even existing alongside them on an equal basis? Why do you think the media is not portraying it in such a way that you consider fair? I would say that this is because the media basically voices the concerns of the state and the people who unquestioningly believe in the state (sadly, a majority). Do you really think our respective governments are going to give up the power they get from controlling the currency? How about the multinational banking network?
I guess just lately I’ve been turned on to the power of Power. I think it’s easy to overlook how powerful power is when coming up with utopian alternatives and solutions that will coexist with the status quo.
To be adopted en masse we have to get the general public who are afraid to say the word “bomb” on their cell phones to adopt a method of exchange that basically, through its very existence, threatens the government and the primacy of the banking institutions. I’d say without some sort of global civil war being won by whatever can claim Anonymous as its nascent form, there will never be any wide scale adoption of bitcoin or anything similar to it. I’m not saying this will not happen; just that the stakes of the game are very, very high.
Bitcoin’s opened the floodgates of the currency front to the decentralization war we’re living through and (in this forum more than most) are the active participants in.
There seems to be a binary belief system expressed in this thread of either Mass Adoption or Ultimate Failure. I think it’s definitely not that clear. Anyways, keep fighting the good fight. Keep speculating and buying MDMA. I will do neither but will amass Bitcoins for a time when using them becomes necessary. The future is a battleground of collective will.
So, you're saying because MT. Gox(Magic the gathering online exchange) failed Becuase of Security reasons, Bitcoin will die right along with it?
So, Tradehill means shit?!
The CIA interview debriefing earlier this week means shit?
The numerous amounts of coverages(Of both good and bad) does't mean shit?
God you really must be a troll.
I give it a couple weeks, month or so tops for this is history.
So, Tradehill means shit?!
The CIA interview debriefing earlier this week means shit?
The numerous amounts of coverages(Of both good and bad) does't mean shit?
God you really must be a troll.
I give it a couple weeks, month or so tops for this is history.
It's written in blood this time I'm afraid guys...
As soon as the media gets a hold of this story, that's pretty much the end of BTC as anything but a backwater fringe item of TOR connoisseurs and trivial web-developers, hosts, and hippy products.
So, just like it was before the hacks, except with pretty much zero potential for any legitimacy at this point.
And legitimacy was really the only thing that mattered.
No more.
Was a fun couple of weeks guys.
As soon as the media gets a hold of this story, that's pretty much the end of BTC as anything but a backwater fringe item of TOR connoisseurs and trivial web-developers, hosts, and hippy products.
So, just like it was before the hacks, except with pretty much zero potential for any legitimacy at this point.
And legitimacy was really the only thing that mattered.
No more.
Was a fun couple of weeks guys.
What a whiny bitch. This is the reason of humanities sorry state of current affairs, there is no will to fight. No perseverance, just a bully bloodies your nose and you want to go home and cry to mommy. Do men still exist? Or are we just a bunch of eunuchs?
It's ok to be depressed but every time we have a problem it just compounds it by everyone venting their frustration on this forum. Stop it. Do something constructive with that energy.
I think this may give some of us who heard about bitcoins a bit late another chance to be early adopters.
Most of the users on mtgox signed up in the last month or so, a third in the past two weeks (post june 10). Which means they only had the opportunity to mine just a few coins at a difficulty of 570k or higher or buy at $10-$32.
There are dozens and dozens of people who have bought hardware specifically to mine once they saw bitcoin at $30. It's undeniable. 6990s and 5 series are sold out world over. The same 4 or so terahash capacity we saw come online in the past few weeks will probably go right back where it came from -- returned to newegg or tigerdirect with a small restocking fee -- if bitcoin crashes to sub-$1 levels as a result of this.
Most of the users on mtgox signed up in the last month or so, a third in the past two weeks (post june 10). Which means they only had the opportunity to mine just a few coins at a difficulty of 570k or higher or buy at $10-$32.
There are dozens and dozens of people who have bought hardware specifically to mine once they saw bitcoin at $30. It's undeniable. 6990s and 5 series are sold out world over. The same 4 or so terahash capacity we saw come online in the past few weeks will probably go right back where it came from -- returned to newegg or tigerdirect with a small restocking fee -- if bitcoin crashes to sub-$1 levels as a result of this.
You really do NOT understand anything if you are being serious.
Care to back that up or will calling me names be the entirety of it?
A single exchange fails. A bunch of banks get robbed. Somehow this is supposed to be a weakness of the underlying currency? I don't see how. Explain yourself.
Fortunately I disposed of all 10 of them on Mt. Gox just last night on a hunch that some kinda shit was going to happen.
I'm pretty insightful that way.
And thanks for being a patsy.
Cheers.
I'm pretty insightful that way.
And thanks for being a patsy.
Cheers.
I'm the patsy...? lol...
not quite...
I have absolutely nothing invested in bitcoins, I think it's interesting but it's just a hobby and I have just a few bitcoins that I've mined with spare parts I had laying around (except for the ones I already spent on a brand new video card from Amazon.com), the patsy...? hardly...
your friend OTOH...? yep, patsy ass motherfucker, and guess what...? you're such a good friend that you just stood by and let it happen, and didn't even let your friend in on your "insight"...lololololololol
good job...
Except I did dipshit, and if you were going to make such an argument against me, you'd think you'd have looked through my comment history before you made an asshole of yourself.
It was in fact, in the first post about him I ever made here...
Fortunately I disposed of all 10 of them on Mt. Gox just last night on a hunch that some kinda shit was going to happen.
I'm pretty insightful that way.
And thanks for being a patsy.
Cheers.
I'm pretty insightful that way.
And thanks for being a patsy.
Cheers.
I'm the patsy...? lol...
not quite...
I have absolutely nothing invested in bitcoins, I think it's interesting but it's just a hobby and I have just a few bitcoins that I've mined with spare parts I had laying around (except for the ones I already spent on a brand new video card from Amazon.com), the patsy...? hardly...
your friend OTOH...? yep, patsy ass motherfucker, and guess what...? you're such a good friend that you just stood by and let it happen, and didn't even let your friend in on your "insight"...lololololololol
good job...
Bitcoin will live on, it just created a huge market for jobs in the last few hours then any other economic force on the planet.
Get this through your thick heads: Bitcoins = MtGox. That's what it has effectively been. That was reality. If it wasn't, you wouldn't be HURTING as you are now. Right now, you have nothing to do with your precious bitcoins apart from using Tradehill which has no effective market to speak of and won't move at all since all eyes are on Mt. Gox. Oh, I guess you can buy Alpaca socks, or some random coffee beans! Or heroin an kiddie porn too...
So the Mt.Gox fireball scares away a lot of users. The value of Bitcoin drops like a rock.
But it still has *some* value. There are other exchanges (Virwox, TradeHill) with substantial numbers of registered users. And if people mistrust Mt.Gox, it's not that hard to move trading to one of these.
At worst, Bitcoin is back where it was 6 months ago or so, with nobody outside a small community caring about or using it. And if it was working fine then, it'll work fine now.
Quote
Who registers for a website to try and convince others that what they are doing is going to fail? What in god's name is wrong with you people?
Asking me why I'm here is a fair question, so I'll answer it.
I was drawn to Bitcoin as the idea of a "digital currency" was very interesting, and from a technical standpoint, the design and implementation of Bitcoins themselves is very impressive - perhaps there are technical faults with the network itself, but I wouldn't know as do not have the level of technical skill to fully appreciate what they've done.
The problems I have with this "game" is that there has not been any meaningful use of this technology, apart from attempting to anonymize illicit transactions. I believe that this largely stems from the failure of those creating the bitcoin "system" (although it may not have even been in their interest to do so) to provide a means of liquidity. Initial adoption through mining is quite an ingenious way to disseminate Bitcoins, but no other infrastructure was put into place to allow adoption of this currency. Add to that the forced deflation of the currency by a solid cap on the upper limit of Bitcoins, and Bitcoins became nothing more than a system where by growing media exposure allowed for unsuspecting later-adopters (like some of the poor saps here) to inject USD to buy coins and pass value downstream to the miners. Those who hold the most Bitcoins have created them with computing power, NOT by exchanging them for money. Where was the real capital behind all of this? Before you jump to the "but gold was the same" argument, know that gold had value among the world long before the Goldrush. It's not the same thing, by a mile. This is the fallacy.
Regardless, that wasn't even the biggest problem. The biggest problem was/is security (as I mentioned in a thread yesterday). I don't feel like repeating myself, so you can go read that.
Now, I stay on here, to hopefully convince some unsuspecting person not to piss away their life's saving or tuition (as someone here has apparently done) on this gambling.
According to Synpatic, bitcoin is a waste of time. Yet he spends hours on these forums trolling about how bitcoin is a waste of time. Stop preaching and start acting your beliefs. If it really is a waste of time for you then go away. Otherwise you're a hypocritical bigot.
The event that has transpired amounts to the first, and probably not the last, bitcoin bank robbery. Banks and assets still exist today, so I don't think bitcoin is going anywhere. mtgox might be finished though, we'll have to wait and see.
The event that has transpired amounts to the first, and probably not the last, bitcoin bank robbery. Banks and assets still exist today, so I don't think bitcoin is going anywhere. mtgox might be finished though, we'll have to wait and see.
I basically bought into BTC for the entertainment value.
You had better bet I'm going to do my best to get my USD's worth here.
According to Synpatic, bitcoin is a waste of time. Yet he spends hours on these forums trolling about how bitcoin is a waste of time. Stop preaching and start acting your beliefs. If it really is a waste of time for you then go away. Otherwise you're a hypocritical bigot.
The event that has transpired amounts to the first, and probably not the last, bitcoin bank robbery. Banks and assets still exist today, so I don't think bitcoin is going anywhere. mtgox might be finished though, we'll have to wait and see.
The event that has transpired amounts to the first, and probably not the last, bitcoin bank robbery. Banks and assets still exist today, so I don't think bitcoin is going anywhere. mtgox might be finished though, we'll have to wait and see.
The story here is that an upstart website got in over it's head dealing with very large sums of currency. Bitcoin is still chugging along, doing exactly what it's supposed to be doing. It might dampen the speculation market, but that was never going to be the reason for bitcoin's success anyway.
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