Mt. Gox Bankrupt bitcoin uncertainty

smashedbotatos said:
You are partially right, but missing the point.
Click to expand...

And what point is that. The point everyone else is missing is the fact that one strong recession and BitCoin is toast. When money gets tight people will pull out of Bitcoin and that will drive prices to the deck and exchanges will go bust or start refusing to do exchanges, because they have no money to pay for it. Which is exactly how every ponzi scheme in the world collapses.
 
nlinecomputers said:
And what point is that. The point everyone else is missing is the fact that one strong recession and BitCoin is toast. When money gets tight people will pull out of Bitcoin and that will drive prices to the deck and exchanges will go bust or start refusing to do exchanges, because they have no money to pay for it. Which is exactly how every ponzi scheme in the world collapses.
Click to expand...

The point is BitCoin is doing exactly what it was meant to do. It is being used and accepted more and more. Remember this currency was only introduced in 2009.

You are thinking of terms of the internal USA, when infact BitCoin is just as popular elsewhere. BitCoin is global not just confined to one certain country. BitCoin exists in all markets through out the world.

By no means am I saying take your inheritance and bread money and invest it. That is a terrible idea. All I am saying is give it a chance. There is a lot more at work than the classic "Ponzi" scheme. There are economic boundaries this currency has crossed. It won't ever be as widely used as a given countries national currency, but it has its place in the digital world. Over the last 6 months it has started to become common place in the real world as well. ATMs, Vending Machines, some SMB owners even accept it as currency. Not 2 months ago there was a man who bought a Tesla with BitCoin, a week later the dealer sold the BitCoin for a profit on top of the sale. Stuff like that is appealing.
 
I guess this is just my opening thinking as opposed to a response to anyone but here goes nothing:

As far as I was aware, BitCoin was designed basically when a bunch of foreign banks hit the crapper and people lost all of their money. People wanted a more or less "unregulated" system that any one government didn't have their hands in. I guess their idea was that they would be safer this way.

You can bet your bottom dollar that the IRS will make sure they get their cut.

I'd also bet the farm that BitCoin and the transactions are traceable.
 
Even with todays announcement of another "hack", Bitcoin will survive because of its attraction to its target clientele - the speculators, the paranoid, and people with something to hide.
 
It was correct then and is so now:

http://www.slate.com/articles/news_...e_internet_currency_will_collapse.html#return

What everyone is thinking is a GOOD thing. THe rapid rise in value of Bitcoin vs $, is not. It is a sign that Bitcoin is being horded and a currency that is horded does no one any good. THe end result is always the collapse of it. Do you think that BitCoin is the first limited issue currency ever produced? If you study economics you learn that it isn't. There is nothing unique about Bitcoin other then the digital aspects of it.
 
nlinecomputers said:
Do you think that BitCoin is the first limited issue currency ever produced?
Click to expand...

Chuck E. Cheese tokens come to mind.

I have faith in BitCoin. I don't own any, and I don't plan to, but I have faith that it will continue trending. It MIGHT blow up in someones face at some point. It won't be mine, but I have faith that a digital currency has its place.
 
BitCoin was created so people could make purchases anonymously and that's why it was the payment of choice on Silk Roads and still is the payment of choice for money laundering and such.

You are at the mercy of the exchange operators. MtGox can not cover the $400million loss and the other exchange that just got "hacked" and lost everything can't cover those loses either.

Isn't it funny that these exchanges all claim to of been "hacked".

If you believe in BitCoin then invest in it, But I would suggest going to Vegas first as you have a better chance there of making a little bit of return.

We are just seeing the beginning of the exchange collapse and all will claim their loses are because of hackers.
 
Mercenary Roadie said:
BitCoin was created so people could make purchases anonymously and that's why it was the payment of choice on Silk Roads and still is the payment of choice for money laundering and such.

You are at the mercy of the exchange operators. MtGox can not cover the $400million loss and the other exchange that just got "hacked" and lost everything can't cover those loses either.

Isn't it funny that these exchanges all claim to of been "hacked".

If you believe in BitCoin then invest in it, But I would suggest going to Vegas first as you have a better chance there of making a little bit of return.

We are just seeing the beginning of the exchange collapse and all will claim their loses are because of hackers.
Click to expand...

Again, I really believe that it is traceable.
 
It's absolutely traceable, thus the nature of bitcoin, you absolutely know the ID of every user who has ever owned an individual bitcoin. They absolutely know every ID that stole BTC and they absolutely know who has those BTC now, it's simply a matter of figuring out where that person is.

While the US Government has no authority, jurisdiction, or probable interest in finding the individuals, there are no shortage of individuals who will find these folks if they haven't already. Angering that particular community is a bad idea---sorta like what happened to the idiot over at LifeLock.

As for the exchanges, you ABSOLUTELY do NOT have to use them, period. That's like saying you HAVE to use Chase bank for your checking account.
 
You must log in or register to reply here.

Similar threads

Metanis
[TIP] Automatic updates to digital wallets!
Replies
1
Views
618
britechguy
britechguy
thecomputerguy
$300k wired and lost.
Replies
5
Views
1K
Sky-Knight
Sky-Knight
sapphirescales
EVERYONE Needs to Close or Do Drop-Off Only - NOW!
Replies
18
Views
6K
britechguy
britechguy
GTP
Predictions for the future?
2
Replies
28
Views
15K
NviGate Systems
NviGate Systems
AML
Times They Are A Changing!
2
Replies
21
Views
10K
GTP
GTP
Back
Top