Bitcoin Forum

Down below $100....here it goes...


Kiddie porn in the block chain, DDOS on Silk Road, CoinLab suing MtGox...

This will be a long fall.

you forgot it's the longest banking holiday stretch of the year in japan. They are basically closed almost a week. No new money

dat amount of transfers in line.

evils advocate here:

kiddie porn, who cares?

DDos on silkroad? SR has been up for the past 10h

CoinLAb suing mtgox, fuck coinlab, they shoudl open an exchange, leave mtgox rott in here.

As solid as Bitcoin is, I believe this would be the easiest way to attack it. To knowingly possess child porn is a crime. As decentralized as Bitcoin is, only offshore sites holding the blockchain would make it vulnerable.

When does the holiday in Japan end?

next tuesday I think. mt gox issued a statement about it

Depends what you define as a crash but I don't think prices will go below $80

if theres kid porn in the chain and i have the client installed, then i have kid pr0n on my pc.  how do i verify the kid porn?

$50-$75 by tomorrow evening.

We already tested $90 twice, each time with important volume.  :-\

aX still gets money in - that's what I'm doing right now... ready to buy when it goes just a bit lower =P

The kiddie porn story is probably BS. AFAIK some random douche bag posted a twitter comment but thus far no one has prooven there is kiddie porn in the block chain. Even if there is, at what point do zeros and ones become "kiddie porn." Why not encode the kiddie porn into a cold virus and anyone who gets the cold is carrying kiddie porn? What if I imagine a nude 12year old in my head? Is that a child porn violation? ...because it's certainly more accessible and realistic than anything in a damn block chain that no one can even prooves exists and even if they do it will be some long drawn out formula or something. What about if someone makes a steller map and uses main-sequence stars as zeros and red dwarfs as ones in such a manner that produces a 15kb kiddie porn image. SHIT! Arrest the universe! COVER THE SKY!!!! Ugh.. in all of the absurdities, the typical person can't "see" the kiddie porn. What a joke.

That said, I just heard on the news some child was arrested with felony charges for her science project going bad and popping a water bottle, apparently that was creating a destructive device, and discharging a weapon in school? What the hell? What have we come to.  >:(

Yeah man. 12 is way too young. They need to hit puberty fi- what a sick world we live in.

But seriously, that is bull crap. Her science project goes a little wrong and shes a terrorist.

Oh boy. The next decade is gunna be fun

It has been discussed here.
https://bitcointalk.org/index.php?topic=191039.0

Fortunately right now there is only a link to the porn on Tor. But it is certainly possible to put a series of numbers into the block chain such that when put together can be read by an image viewer.

The thing is, it cannot be taken out of the chain without compromising the whole chain.

The only way to address this would be for miners to filter every transaction for a potentially harmful series of numbers and catch it before it goes onto the chain. But that is just about impossible and harmful to Bitcoin itself.

Like I said, I love Bitcoin but the first time someone is prosecuted for having kiddie porn on their computer because of the blockchain, then Bitcoin will suffer horribly. This would be the answer that governments could use to cripple Bitcoin.

Once the US wakes up there will be a massive sell-off,it is not a time to wait and see.I'm actually thinking somewhere around $20-$30 where this could settle.

Bullshit!

We were at this exact price 12h ago when the US was fully awake, and not much has changed. The dumpers who got inside info have already dumped -- 12h ago. The effect on the market has already transpired. *after the dump* is a *terrible* time to sell.

Buy high and sell low, FFS.

Oh please.You really think that there is no negative indicator if the largest exchange being sued will not have a negative impact and that this is the bottom...that is naive.

wee need more sells to piss of bold n00b rpetia guy

Just to clarify my position from your straw-man: It is negative news. That I don't doubt.

What I *do* doubt is the price action. I believe we've already seen the lion's share of the price action due to this news.

Remember the blockchain fork? far worse news, drop was instantaneous. Recovery almost as instantaneous. This news is an order of magnitude less bad: Just another silicon valley rick berk falling back on the US legal system.

FFS! This absurd rumour was one of the oldest jokes in this forum!

Reality check you gulliable knuckle-dragging muffins!

There aint nuttin in the blockchain other than random goof.

don't they have to win for the news to be BAD. a lawsuit is only a lawsuit
if gox loses than they shut down and go bankrupt. they can't legally use customer funds to pay the lawsuit if lost.
it's a corporation dude

No court will actually award 75M over this.

While it's pleasing to see bitcoins return to a more sensible valulation, the rapid pace of swings is most concerning for those who want to use bitcoins for serious purposes.  It's down almost 50% in a week.  What kind of business can tolerate their currency swinging wildly like that when ordering stock and setting prices weeks or months in advance?

Panic sell EVERYTHING! Kiddy porn in the blockchain!!!!

Any business that sets prices in fiat. This way the volatility problem is transferred to the consumer. Yesterday I bought something with bitcoins one minute after buying those bitcoins.

What's next, thought crimes?

Not fall, just some big hoarders trying to cash out sloooowly.

The language is pretty clear, this is only a filing and coinlab is wants to solve this. The filing is only to light a fire under mtgox and let coinlab reestablish control in the relationship. Clearly mtgox is being run by finance amateurs, Peter's press release read to me like "get your priorities in check, or deal with our wrath"... wonder what the politics behind the scenes looks like.. I think think will never go to court, and mtgox will end meet their contractual obligations ASAP.

That's not true.  According to Theymos the software can be updated without creating a hard fork http://www.reddit.com/r/Bitcoin/comments/1dkqcx/i_am_theymos_ama/

"Preventing arbitrary data storage is possible (without a hardfork, even) and probably wouldn't affect Bitcoin's utility much."

That would prevent future arbitrary storage, but Elwar is correct that we can't go back and change the official record of history.  To do so would break the proof of work chain.

Fine, I was a whole Dollar off  8)

Lawsuit is predatory and bad for bitcoin. It's extremely likely to be thrown out as soon as it gets a hearing. In a sane world there will then be a winning counter suit for damaged caused to mtgox by this lawsuit and coinlabs owners will become a non-issue forever after.

IMO coinlabs has already alienated most of its potential userbase with this sideshow (which was perfectly timed to stint the expected recovery of btc/usd rates after the banking holiday). Lucky for them btc isn't regulated or they'd be facing jail time and fines instead of simply losing their prospective business.