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Looks like Mt. Gox is dead...

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Mandres said:
It's not money, but it's still a very valuable commodity that was stolen. It's exactly the same premise as a commodities brokerage disappearing overnight and running off with all the pork bellies.
Click to expand...

It's not a "valuable" commodity. It utterly relied on the Greater Fool theory. It is as valuable of a commodity as tulip bulbs, etoys.com, or gold. It has nothing backing it, it can't really be used for anything, and it has no intrinsic value. Sure, the USD doesn't have a lot of that either, but the USD is backed by the world's largest economy, military, democracy, IP portfolio...etc.

On the other hand you have a bunch of computer geeks who think they are pretty smart.

Personally, I don't give a fuck. I think this is a perfect example of how libertopian principles utterly fail.

Go to Mt. Gox and try to enforce your "personal property rights", as libertopians are so fond of bandying about.

Go ahead, see how far you get.

This is why Bitcoin will be an utter failure.
 
ultimatebob said:
LOL at those people who thought that a former Magic The Gathering trading card site was a good place to put thousands of dollars of cash to buy Bitcoin.

You would think that most people would have learned this lesson after either the first or second time the site got hacked and caused the value of Bitcoin to crash for a few days... but I guess not.
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Magic the Gathering?

M t G... Exchange?

Is that really where it came from? Yeesh.
 
Imp said:
Holy... shit.

I've read the Bitcoin love/praise threads here, but I didn't know where it all came from.

http://www.reddit.com/r/Bitcoin/comments/1yv6ph/some_words_for_my_friends/

... People may be out of their life savings, but heh, it's just progress.
Click to expand...

Wow, that is kind of a scary read!

Seriously, that guy sounds like the guy who once gave me the Quixtar sales pitch. He got a couple of my friends signed up. Then when I got the sales pitch, he kept going on and on and on about the new way of selling goods in the future to cut out the middle-man and we receive all the money that is being saved, and we will be rewarded for being in on this revolutionary change in product sales models, and blah blah blah blah blah.

At the end it was "You don't make one damn bit of sense." Thankfully my friends then realized what was really going on and didn't continue with Quixtar.


But yea, people like that guy on reddit are the very enablers that allow these schemes to thrive (thrive for the creators, not so much for everyone else...).
 
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I wonder how long it will be before one of the Mt Gox guys is discovered with sleeping with the fishes. I'm sure there's more than a few organized crime syndicates who had money in there.

The idea of a universal, super governmental currency is a great idea. The problem with virtual currencies today is they have no value for the most part, since there's nothing backing them. You're investing your money into something that's not a bank, with a rather arbitrary value and pyramid scheme mechanics. It's not surprising that folks got robbed blind.

If I pour $100 into a bitcoin and it's suddenly worth $1000, where did that other $900 come from? There's zero assets supporting that. Meaning that I can't actually convert my new found wealth into cash, because that money doesn't actually exist anywhere. The exchange only has my original $100. Nor can a store convert my bitcoin into cash if I spend it. You can't create value out of thin air. That's not how money works. But people got suckered in to the lure of a quick buck.

If virtual, non-governmental currencies are to work, they have to be supported by something. Either by a corporation like Google or Amazon, or a bank.
 
cubby1223 said:
Wow, that is kind of a scary read!
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It's a very scary read, and a great example of why Bitcoin is so damn dangerous to the average moron. You have the perfect mix of schemers and people who failed Econ 101, and it leads to the gullible being fed financially ruinous lies.
 
Whyyyyyyyyyyyyyyyyy would you keep your life savings on a website? Store them on your computer (and back them up), and only transfer them to an exchange when you need them. I really don't understand the thought process behind keeping everything you have on at best, a shady website.
 
Didn't people keep them there to quicken their ability to cash out if it started plummeting? Because I too do not understand the mindset of not keeping them local.
 
mmntech said:
I wonder how long it will be before one of the Mt Gox guys is discovered with sleeping with the fishes. I'm sure there's more than a few organized crime syndicates who had money in there.

The idea of a universal, super governmental currency is a great idea. The problem with virtual currencies today is they have no value for the most part, since there's nothing backing them. You're investing your money into something that's not a bank, with a rather arbitrary value and pyramid scheme mechanics. It's not surprising that folks got robbed blind.

If I pour $100 into a bitcoin and it's suddenly worth $1000, where did that other $900 come from? There's zero assets supporting that. Meaning that I can't actually convert my new found wealth into cash, because that money doesn't actually exist anywhere. The exchange only has my original $100. Nor can a store convert my bitcoin into cash if I spend it. You can't create value out of thin air. That's not how money works. But people got suckered in to the lure of a quick buck.

If virtual, non-governmental currencies are to work, they have to be supported by something. Either by a corporation like Google or Amazon, or a bank.
Click to expand...

You have an adept understanding of economics and crpytocurrencies. This post x 10000000000.

ahem... anyways

May Gox burn in hell.
 
I'm going to refrain from saying anything insensitive about anyone that has lost funds due to mt. gox shutting down. On the other hand, to those who at some point in time considered getting into this and dropping a little money or some bc's into mt. gox, but didn't...you rock.
 
Imp said:
Apparently, that's one of the guys who founded Bitcoin in the OP. If you, like me, weren't initially aware of that, read it again.
Click to expand...

exactly. he is pretty much saying "yeah mtgox scammed you. don't worry though! bitcoin is great and amazing! continue to buy them!"

he is cheer leading his team to a win.


dave_the_nerd said:
Magic the Gathering?

M t G... Exchange?

Is that really where it came from? Yeesh.
Click to expand...

yeah. it was a great trading card place back when Magic:the gathering was really hot.

I always thought it was kinda silly to let them keep the money for people. why the fuck would you trust them?
 
Separating fools from money is a natural, necessary procress in a properly functioning economy. The alternative is grim: having fools in long term control of significant resources. Where the process breaks down is when fools are given access to borrowed funds. Which, I guess, is a process for separating other fools from their money so it's all good in the long run.
 
I'm finding the continued support of bitcoin by the zealots extremely pathetic and scary in a way. They really are like the MLM freaks.
 
LegendKiller said:
It's not a "valuable" commodity. It utterly relied on the Greater Fool theory. It is as valuable of a commodity as tulip bulbs, etoys.com, or gold. It has nothing backing it, it can't really be used for anything, and it has no intrinsic value. Sure, the USD doesn't have a lot of that either, but the USD is backed by the world's largest economy, military, democracy, IP portfolio...etc.

On the other hand you have a bunch of computer geeks who think they are pretty smart.

Personally, I don't give a fuck. I think this is a perfect example of how libertopian principles utterly fail.

Go to Mt. Gox and try to enforce your "personal property rights", as libertopians are so fond of bandying about.

Go ahead, see how far you get.

This is why Bitcoin will be an utter failure.
Click to expand...

Forgot the biggest thing, the USD is an obligation backed by the power to tax the biggest economy of the world.
 
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