surfsatwerk
Lifer
- Mar 6, 2008
- 10,110
- 5
- 81
KB
Diamond Member
- Nov 8, 1999
- 5,406
- 389
- 126
Let me get this straight....
The site implodes, causing untold numbers of people to lose real money which they had tied up in fake money...
... And the solution is to open a new site?
... Man, whoever said there would never be an efficient and accurate intelligence test on the Internet was wrong.
There is a reason why the Nigerian scams still say they are from Nigeria and not from say Europe. They are looking for the most gullible, the people who are completely clueless because the odds of them continuing in the con are higher. I think MtGox is thinking the same thing. If you were foolish enough to believe in MtGox you are likely foolish enough to believe in Gox.
Nintendesert
Diamond Member
- Mar 28, 2010
- 7,761
- 5
- 0
Nintendesert
Diamond Member
- Mar 28, 2010
- 7,761
- 5
- 0
shortylickens
No Lifer
- Jul 15, 2003
- 80,287
- 17,082
- 136
halik
Lifer
- Oct 10, 2000
- 25,696
- 1
- 81
HAH I had no idea; amazing.
Also blast from the past (06-11-2011) :
http://forums.anandtech.com/showpost.php?p=31841286&postcount=7
Last edited:
Crusty
Lifer
- Sep 30, 2001
- 12,684
- 2
- 81
Mtgox failing really isn't a problem with the Bitcoin protocol. They failed because they were a shitty company led by an incompetent fool.
It's really about time that gox is going down, they have been a drag on BTC ever since their first round of problems over a year ago.
So lemme get this straight. You can lose all your bitcoins if your harddrive crashes or if the website you bought them from decides to go belly up?
SlitheryDee
Lifer
- Feb 2, 2005
- 17,252
- 19
- 81
Imp
Lifer
- Feb 8, 2000
- 18,828
- 184
- 106
As a currency it reveals the flaws of pre 1930 US banking... for 2014. It is a very SHITTY currency.
Treated as a commodity to be bought and sold using a more stable currency like anything else, it is fine.
If you stored your bitcoins in a wallet hosted by that website, yes. You can also store bitcoins in a local wallet if you prefer. However, if you want to trade the coins for USD then typically you need to transfer them to an exchange first.
Crusty
Lifer
- Sep 30, 2001
- 12,684
- 2
- 81
You certainly can, but there is no reason for that to happen ever.
You can print out paper wallets where there is no trace of the wallet 'online' and secure them physically, this is known as cold storage and is akin to storing cash in a safe.
There is no reason to rely on a 3rd party to store and secure your Bitcoins. That kind of defeats the whole benefit of being decentralized.
You should keep a 'hot' wallet that is easily accessible that you replenish from your cold storage every so often when you run out of funds.
You wouldn't walk around with your entire bank account in your back pocket would you? Well, then you shouldn't store all your Bitcoins in one place or in a place that is accessible by millions of people(the Internet).
Crusty
Lifer
- Sep 30, 2001
- 12,684
- 2
- 81
BTC being used a currency is just a 'feature' of the Bitcoin protocol. It's not going to be the definitive use case for Bitcoins going forward.
See Crusty, I just don't follow you. You keep mentioning benefits of a currency... a hot wallet (no different then say the cash I have in my pocket) that I keep refilling from a cold storage bin (savings/checking account) for added funds. This is something currency does.
Then you go and state this is just some feature of Bitcoin. No, bitcoin as a currency has finally been revealed as a HORRIBLE idea, something that was mentioned ahead of today... the risks of having a fly by night currency is just a bad idea. Bitcoin as some sort of commodity to be traded... using more stable currencies is just fine.
Then you go and state this is just some feature of Bitcoin. No, bitcoin as a currency has finally been revealed as a HORRIBLE idea, something that was mentioned ahead of today... the risks of having a fly by night currency is just a bad idea. Bitcoin as some sort of commodity to be traded... using more stable currencies is just fine.
Bubbleawsome
Diamond Member
- Apr 14, 2013
- 4,834
- 1,204
- 146
Nintendesert
Diamond Member
- Mar 28, 2010
- 7,761
- 5
- 0
Crusty
Lifer
- Sep 30, 2001
- 12,684
- 2
- 81
I'm just saying that is HOW you can use Bitcoins. Did I ever advocate actually using it as a currency? It's not easy to get it right, which is why people lose their coins.
The fact is, we are stuck with using it as a currency right now because that it was the market wants. I think eventually, in a day-to-day context, individual people will NOT be using Bitcoins directly as currency and instead they will be using services that are built on top of the Bitcoin protocol.
The value of USD is only one type of valuation you can give a Bitcoin. Regardless of what the type of valuation is, the Bitcoin protocol still works and functions as intended, and that's really all that is important.
ultimatebob
Lifer
- Jul 1, 2001
- 25,134
- 2,450
- 126
Hey now... you guys created ATCOIN without telling me? I wanted to get in on the premine, so I can unload that worthless crap on some noobs once it launched.
ultimatebob
Lifer
- Jul 1, 2001
- 25,134
- 2,450
- 126
Yeah... the Gox name is toxic waste now. Bitcoin investors are pretty crazy, but even most of them wouldn't be nuts enough to throw more money at that site.
If he was smart, the CEO would anonymously start a new cryptocurrency exchange based off a Dogecoins or something
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