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Looks like Mt. Gox is dead...

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This coin stuff is the dumbest I've ever seen. Sure, some people have struck it rich...but you had to get into it super early when difficultly was low. Now, you don't have a chance in hell with bitcoins unless you have an ASIC miner...which are expensive as hell.

Litecoin will be heading in the same direction soon.

Honestly, its not worth the added cost in my electricity bills...nor worth the $2k+ hit to my pockets for the equipment.

I'd rather work and mine this currency called USD.
 
SheHateMe said:
This coin stuff is the dumbest I've ever seen. Sure, some people have struck it rich...but you had to get into it super early when difficultly was low. Now, you don't have a chance in hell with bitcoins unless you have an ASIC miner...which are expensive as hell.

Litecoin will be heading in the same direction soon.

Honestly, its not worth the added cost in my electricity bills...nor worth the $2k+ hit to my pockets for the equipment.

I'd rather work and mine this currency called USD.
Click to expand...

You are so far out of touch yet you replied.

I'd suggest research first next time.

I made over 2k last month off my normal gaming pc.
 
CurrentlyPissed said:
You are so far out of touch yet you replied.

I'd suggest research first next time.

I made over 2k last month off my normal gaming pc.
Click to expand...

I think the point isn't that you can't make money. The point is it's way too easy to get suckered and that it is not a dependable way to make money. Again, I suppose if you play it like the stock market, it's like gambling, but to say it's a currency is a stretch. ANYTHING can be a "currency" if you place value on it. That doesn't mean it's a good currency.
 
CurrentlyPissed said:
You are so far out of touch yet you replied.

I'd suggest research first next time.

I made over 2k last month off my normal gaming pc.
Click to expand...

I think that a bunch of us made money back when the coins were cheap and easy to mine.

Now? Not so much. Bitcoin isn't profitable to mine with video cards anymore, and you're lucky to make two or three dollars a day mining Litecoin and it's clones once you factor in power costs.

Sure, you can still get lucky picking the hot Litecoin clone of the week and mining that, but you gotta be really lucky to pick the right one.
 
CurrentlyPissed said:
You are so far out of touch yet you replied.

I'd suggest research first next time.

I made over 2k last month off my normal gaming pc.
Click to expand...


BTC's biggest hurdle remains the threat it posses to the current monetary system.

If/when BTC succeeds, it has the potential to add huge amounts of power back into the individuals hands over their money. That power would be directly taken from the current money changers whose wealth is derived from legalized theft backed by serious threats of noncompliance.

Empowering individuals has it's own drawbacks (an individual can fail and can be stupid in choice), but BTC is trying to achieve this outcome to empower individuals over their money and it would come at the expense of centralized controls profit motive to increasingly centralize control of everything.
 
Attic said:
BTC's biggest hurdle remains the threat it posses to the current monetary system.

If/when BTC succeeds, it has the potential to add huge amounts of power back into the individuals hands over their money. That power would be directly taken from the current money changers whose wealth is derived from legalized theft backed by serious threats of noncompliance.

Empowering individuals has it's own drawbacks (an individual can fail and can be stupid in choice), but BTC is trying to achieve this outcome to empower individuals over their money and it would come at the expense of centralized controls profit motive to increasingly centralize control of everything.
Click to expand...

Huh? I suspect all the points you're trying to put forth are untenable.

Biggest hurdle for bitcoin:

1) deflationary design, while economic output is inherently inflationary (population growth, technological progress)
2) zero legal backing and recourse vis a vis property rights
 
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I'm amazed to see how people still support this as, specifically, Bitcoin will be the future currency.

Look what just happened...the BIGGEST exchange just revealed a massive hack (or corruption) and nothing is going to happen. In fact, they are saying they'll be back and do it all over again.

Someone just made out like a bandit, and there are still people willing to leave their doors unlocked at night!

This is like the DOW or NASDAQ coming out and saying "Hey, we lost all your money....but we'll be back as DAQDOW 😀 "
----------------------------------------------Thinking time

Nothing is secure, right? I mean, banks have vaults that can be cracked or blown, and websites can be hacked....you could get mugged, etc.etc.

Insurance is the difference. Insurance means, that a company can make money off betting your shit is NOT stolen. When it IS stolen, they have enough money to pay you back what you lost.

If something can be Insured, that means it is relatively SAFE and STABLE

When Bitcoins can be INSURED, I'll say then it can be looked at SERIOUSLY.

Until then, it's just a rose colored pokemon beanie baby.


https://www.elliptic.co/vault

There you go, there's some type of insurance...but they only pay you a fraction of what was lost :awe: A 50btc storage request would cost 0.270btc per month. That's hilarious. But I guess it's better then "Sorry bro" that Mtgox is giving people.
 
lxskllr said:
Cue the tards that whine about BTC not being as "safe" as other fiat currency. The especially stupid ones will call for regulation, while the point flies 1,000m above their heads.
Click to expand...

At least when I have 10 dollars in my wallet I know it will be there tomorrow.

This bitcoin game is all fishy.
 
Oh and
mtgoxdominance.png


regardless, it is a big deal that this happened. A HUGE deal. Yeah bad apples need to be weeded out, but this is like game of thrones style weeding.
 
halik said:
Huh? I suspect all the points you're trying to put forth are untenable.

Biggest hurdle for bitcoin:

1) deflationary design, while economic output is inherently inflationary (population growth, technological progress)
2) zero legal backing and recourse vis a vis property rights
Click to expand...

This.

One can argue that inflationary policy which is too high harms the lower/middle classes and intentionally helps the wealthy, but a currency designed on deflation is designed to fail.

And nobody cares about someone who's wealthy in bitcoins, it's what those bitcoins represent in real currency such as the USD that is what people care about. Can you buy a house or a care with bitcoin? Nope. You can trade it for real money to buy those things, because bitcoin isn't a currency, it's a virtual commodity. And if you really like virtual commodities, I've got some tulip bulbs you might be interested in...
 
Of course Bitcoin was set to fail, it is backed by virtual nothingness.... um, wait a minute. 🙂 Obviously Bitcoin is not large or established enough to absorb those type of losses, theft and bank runs.

I got my mined coins out at almost the perfect time and consider myself very lucky. This is going to set the inevitability of virtual currency back a few years.
 
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Attic said:
If/when BTC succeeds, it has the potential to add huge amounts of power back into the individuals hands over their money. That power would be directly taken from the current money changers whose wealth is derived from legalized theft backed by serious threats of noncompliance.
Click to expand...

You vote for Ron Paul a lot, don't you?
 
Someone stole 3.5% of the all of the bitcoins that ever have or ever will exist, and they didn't notice it for several years?
 
mugs said:
Someone stole 3.5% of the all of the bitcoins that ever have or ever will exist, and they didn't notice it for several years?
Click to expand...

Yea, what's the fucking story here? I thought that all BTC transactions are recorded and permanently stored as part of the "block chain". So let's look at the transaction history; where did all the coins go? This was a heist greater than any bank robbery in history - Where is the FBI?
 
mugs said:
Someone stole 3.5% of the all of the bitcoins that ever have or ever will exist, and they didn't notice it for several years?
Click to expand...

I'm sure they noticed.

They either:
A) Ignored the problem to avoid negative press
B) Were complicit and got something out of it.
 
Mandres said:
Yea, what's the fucking story here? I thought that all BTC transactions are recorded and permanently stored as part of the "block chain". So let's look at the transaction history; where did all the coins go? This was a heist greater than any bank robbery in history - Where is the FBI?
Click to expand...

Why would the FBI care? It's based in Tokyo, its not regulated, and its speculation.
 
SheHateMe said:
This coin stuff is the dumbest I've ever seen. Sure, some people have struck it rich...but you had to get into it super early when difficultly was low. Now, you don't have a chance in hell with bitcoins unless you have an ASIC miner...which are expensive as hell.

Litecoin will be heading in the same direction soon.

Honestly, its not worth the added cost in my electricity bills...nor worth the $2k+ hit to my pockets for the equipment.

I'd rather work and mine this currency called USD.
Click to expand...

Litecoin and other scrypt based coins are supposed to be ASIC proof, but I don't fully believe them.
 
mugs said:
Someone stole 3.5% of the all of the bitcoins that ever have or ever will exist, and they didn't notice it for several years?
Click to expand...

Tinfoil hat time: What if this were an NSA-led operation to crash bitcoin and limit the possibility of it becoming a viable currency outside the control of the US banking system?
 
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