Looks like Mt. Gox is dead...

[BikeJunkie]

This should be interesting.

 

[ImpulsE69]

This should be interesting.

Translation: We are not happy we missed out on the suckers money and we want in.

 

[ultimatebob]

Translation: We are not happy we missed out on the suckers money and we want in.

Sweet... time for another round of pump and dump!

 

[jagec]

oh hai, can i pay debts plz?

 

[BoberFett]

Sorry, but I ask for more regulation and don't like the bailouts, but they were a necessary evil at the time,.

Libertopians aren't saints, they are naive fools who want everything. They want "free markets" and "personal property rights" but they also want to be bailed out themselves. Why? Because they are selfish fucks who can't realize their own fallibility which is the entire reason why libertopianism can never succeed, because humans are greedy and fallible. Libertopianism ignores that and simply tries to slip past it by claiming "personal property rights". The hypocrisy is amusing.

You can try to get around it also but it doesn't work.

Libertarians want to be bailed out for their own bad decisions?

https://www.lp.org/platform

Government exists to protect the rights of every individual including life, liberty and property. Criminal laws should be limited to violation of the rights of others through force or fraud, or deliberate actions that place others involuntarily at significant risk of harm. Individuals retain the right to voluntarily assume risk of harm to themselves. We support restitution to the victim to the fullest degree possible at the expense of the criminal or the negligent wrongdoer. We oppose reduction of constitutional safeguards of the rights of the criminally accused. The rights of due process, a speedy trial, legal counsel, trial by jury, and the legal presumption of innocence until proven guilty, must not be denied. We assert the common-law right of juries to judge not only the facts but also the justice of the law.

People that bought bitcoins and trusted some overseas entity chose to assume risk.

Was there fraud? Were there guarantees made by this MtGox entity? If so, then the government is there to arbitrate breach of contract. Otherwise, buyer beware.

The only inconsistency is the one between your ears.

 

[JumBie]

LOL, you may say I know less but you are nothing more than a parrot of doom and gloom petrodollar demise websites and articles. Mish, who isn't that huge of a fan of the USD anyway, has written numerous articles on this and I happen to agree with him.

Again, it doesn't matter where/how oil is traded since it has always been traded in something other than dollars. *EVERYBODY* has accepted something other than dollars for oil forever, as Mish explained, and for which is reality. BTW, I never disagreed that the US made an agreement.

Other nations have massive dollar reserves which are pretty much ever increasing, mostly in the form of US Treasuries. The cause of those is not oil, but goods, which I explained.

The fact remains is that the USD will remain the world reserve currency for the foreseeable future. Why? Because there is no other replacement currency available and we are still the biggest economy. Unless the Yuan fully floats it will never be a reserve currency, no matter how much oil it buys, and it cannot float now because it would crush China's economy. The Euro is too fractured.

The US is struggling because it is a mature economy that has shipped most of its jobs overseas. Almost all mature economies are struggling. Hell, the world is struggling and China's only doing as well as it is because it is a Potemkin country.

Countries are moving away from US Reserve dollars, the Yuan is open for business.

 

[JumBie]

Tinfoilhattery is out in full force I see. I think you forgot a rant about the Rothchilds and illuminati.

I'm gonna venture a guess you do some sort of IT role and have a huge boner for bitcoins? Because of Ron Paul and freedom?

Funny when people claim something is conspiracy.... This is not a conspiracy you can read the news and understand this for yourself. Maybe your the one who should be wearing the tinfoil hat, seem like you've been brainwashed by mainstream media. Hows Justin Bieber doing?

 

[LegendKiller]

Countries are moving away from US Reserve dollars, the Yuan is open for business.

ROFL. Open for business in a very narrow trading band that is only checked by massive currency intervention which props up their economy. If they unpegged they'd be fucked within weeks. They know it and that's why they'll never bee the reserve currency as long as they are pegged and are a command economy.

 

[Printer Bandit]

Tinfoilhattery is out in full force I see. I think you forgot a rant about the Rothchilds and illuminati.

I'm gonna venture a guess you do some sort of IT role and have a huge boner for bitcoins? Because of Ron Paul and freedom?

 

[LegendKiller]

Funny when people claim something is conspiracy.... This is not a conspiracy you can read the news and understand this for yourself. Maybe your the one who should be wearing the tinfoil hat, seem like you've been brainwashed by mainstream media. Hows Justin Bieber doing?

If you google Petrodollar pretty much every site is Infowars or some other such nuttery. Pretty much the whole thing is a theory, not a fact, and was coined by a minor professor, not by anybody really of note, nor are any of the "facts" that you claim supported in any reality (Libya or Iraq or Iran).

 

[JumBie]

If you google Petrodollar pretty much every site is Infowars or some other such nuttery. Pretty much the whole thing is a theory, not a fact, and was coined by a minor professor, not by anybody really of note, nor are any of the "facts" that you claim supported in any reality (Libya or Iraq or Iran).

Doesn't take a rocket scientist to figure out that a country isn't going to blatantly announce "We are going to kill the leader of said country, and place a pro-US government so that we can control oil and foreign policy" No I am pretty sure that's not something you announce to the public. The agenda of any country is power and money. This is especially true with the 3 super powers (China, Russia, US).

The sheer amount of evidence to support any of those claims are out there right in the open, I don't even care about those conspiracy theories. And I personally think a lot of conspiracy theorist are nut jobs. This doesn't change the fact that there is something called reality, and reality has a nice soft blanket that rolls over it. And in that blanket, is all the lies that make you feel warm and safe.

This world is run on money, period. You do not spend trillions on a war that provides you with 0 return. The main reason for war is money, you have to gain something. To me its actually sad that people could be so naive, how can people sit there and listen to all the propaganda and lies and gobble it up. You realize that the media isn't going to tell you the truth, the government isn't going to tell you the truth, and any financial goon isn't going to spill the beans either.

Fact of the matter is, you will probably find more truth in any conspiracy theory than you will in any news outlet.

EDIT:
Everything I mentioned about the trading of oil in euros, and Iranian oil bourse etc...is all fact and true...do more news digging on official sites, don't look at first page Google results. Conspiracy sites use SEO to gain first page ranks so that they can make money.

 

[SSSnail]

Damn, the thread went from full retard to full on looney in a matter of pages.

 

[JumBie]

ROFL. Open for business in a very narrow trading band that is only checked by massive currency intervention which props up their economy. If they unpegged they'd be fucked within weeks. They know it and that's why they'll never bee the reserve currency as long as they are pegged and are a command economy.

No shit they peg to the dollar, they also peg to a bunch of other currencies. How else do you create a stable currency? You peg it to the no.1 traded currency in the world. China is smart, they purposely devalue the Yuan in order to keep importing to the US. By pegging to the dollar and controlling the appreciation and depreciation of their Yuan they managed to become the second most used currency for trading in the world.

 

[LegendKiller]

No shit they peg to the dollar, they also peg to a bunch of other currencies. How else do you create a stable currency? You peg it to the no.1 traded currency in the world. China is smart, they purposely devalue the Yuan in order to keep importing to the US. By pegging to the dollar and controlling the appreciation and depreciation of their Yuan they managed to become the second most used currency for trading in the world.

And they have created the largest lending bubble in history and they are trapped by it.

 

[JumBie]

And they have created the largest lending bubble in history and they are trapped by it.

Shadow Banking.

 

[rockyct]

Damn, the thread went from full retard to full on looney in a matter of pages.

I wouldn't expect anything less from the libertarian's wet dream that is Bitcoin.

 

[AViking]

That's not how money works, that's how stock works.

Though I've had a passing interest in bitcoin (I like to read about it while on the throne), I've stayed away from it financially. So my meanderings on the subject are just me trying to reconcile what I know about BTC with what I know about economics.

That said, I imagine the other $900 comes from some other party's desire to purchase your BTC (that you originally purchased for $100). In other words, it's not a currency, but a stock on a very narrowly defined exchange.

If I buy $100 worth of Facebook and it's suddenly worth $1000, where did the other $900 come from?

Demand for my stock, presumably.

So the question is, how accurate are the day-to-day quotes for BTC? Are they being propped up artificially, or is there legitimate demand causing the value (aka what someone is willing to pay) of your original BTC to increase 10 fold?

Stocks are based on earnings and real assets. If they aren't you're speculating.

Bitcoin is a pyramid scheme with no real value and no practical uses besides money laundering.

 

[Crusty]

Stocks are based on earnings and real assets. If they aren't you're speculating.

Bitcoin is a pyramid scheme with no real value and no practical uses besides money laundering.

You should take your blinders off.

http://www.reddit.com/r/Bitcoin/comments/1z4lfq/i_am_a_bitcoin_merchant_and_my_company_just_paid/

There's an example of a legit person using Bitcoins.

 

[halik]

You should take your blinders off.

http://www.reddit.com/r/Bitcoin/comments/1z4lfq/i_am_a_bitcoin_merchant_and_my_company_just_paid/

There's an example of a legit person using Bitcoins.

Why do you think it costs 3% + 2% to send money via paypal?
Why do merchants processors like Amex/city/mastercard/maestro/discover/diners charge 3-4% to process payments? Why bank accounts aren't all free?

The sooner you realize the answer, the sooner you'll have the epiphany that mtgox-like outcomes are inevitable in the bitcoin setup.


hint

Reuters had a neat article about it
http://blogs.reuters.com/felix-salmon/2014/01/30/when-disruption-meets-regulation/

 

[waggy]

this thread just proved that what happened to mtgox is going to happen again..and again...and again.

 

[WelshBloke]

Slightly off topic to the thread, anyone mind if I ask a couple of practical questions about bitcoin?

As they are just data I presume that you can back them up just by making copies of them?

If you can make copies of them why can't you just "spend" one copy and save the backup?
Is there a database that holds owner information?
If not how do you know which is the "real" bitcoin? The copy I spent or the one on my hard drive?

 

[Crusty]

Why do you think it costs 3% + 2% to send money via paypal?
Why do merchants processors like Amex/city/mastercard/maestro/discover/diners charge 3-4% to process payments? Why bank accounts aren't all free?

The sooner you realize the answer, the sooner you'll have the epiphany that mtgox-like outcomes are inevitable in the bitcoin setup.


hint

Reuters had a neat article about it
http://blogs.reuters.com/felix-salmon/2014/01/30/when-disruption-meets-regulation/

For one, you simply can't regulate the Bitcoin protocol. It is technically impossible. You CAN regulate businesses that operate Bitcoin services though.

And guess what, they already ARE regulated by the same regulations that PayPal has to follow.

But you are missing a huge point of Bitcoins though, and that is that you don't NEED a bank to store or transfer your Bitcoins. The Bitcoin network replaces the trust you have with your bank and it reduces the cost of transferring value. That is why you can have <%1 fees.

 

[Crusty]

Slightly off topic to the thread, anyone mind if I ask a couple of practical questions about bitcoin?

As they are just data I presume that you can back them up just by making copies of them?

Correct

If you can make copies of them why can't you just "spend" one copy and save the backup?

No, once you transfer a Bitcoin from your control and the Bitcoin network confirms it, you can no longer transfer those coins, even if you have 1000 copies of it.

Is there a database that holds owner information?

Yes, but there is no personally identifiable information, it is all just cryptographic addresses and balances. The database, really called the blockchain, is just a public transaction ledger. It contains every single transaction and every single record of a Bitcoin that is contained within the network.

If not how do you know which is the "real" bitcoin? The copy I spent or the one on my hard drive?

See above.

 

[Nintendesert]

Rofl, keep on believing! If you believe enough you can make it happen.

 

[waggy]

damn say goodbye to any chance of getting them back..

mtgox files for bankruptcy



edit: to say not that anyone had any chance in hell of getting them back anyway...