Bitcoin Forum

I was watching CNN today while getting ready for work and they had a 30 second tidbit on bitcoin... basically saying bitcoin has "collapsed" and users unexpectedly lost money from the shutdown of the most respected exchange. Fucking lol... why is the media so retarded?

mainstream media doesn't report news - they spin it.

but in all fairness, CNN's website says this:

"Bitcoin skeptics say the digital currency is doomed. They're wrong. But the failure of Mt.Gox shows the agony of an evolving industry without any government oversight and led by tech entrepreneurs with zero financial experience."

I got woke up 4 hours early from the endless phone calls because of this stupid story.


"they took all the money and shut bitcoin down"..........yeah, not possible

"oh, but they arrested the CEO"......yeah, Charlie Sherm, like 2 weeks ago

"the market has collapsed, bitcoins are worthless".......well, got me there, ON GOX


of course I still has to get up and to the computer to see what all the commotion was about, as suspected.....nothing but FUD

Yep people get scared easily today

Big exchange like Gox falling down is a big thing. 744,000 BTC stolen is also a very big thing. Who says this can't happen again with one of the other big exchanges?

government is trying to kill bitcoin with the media it owns. 8)

agreed speculators gains in these spins...

Was watching my local Fox news affiliate, and they said Bitcoin essentially died.   :P

I looked at my wife and started laughing.   ;D

Love how these media people equate ONE exchange dying with a whole cryptocurrency dying.

Not only CAN it happen again, it almost certainly WILL happen again.

It is your responsibility to make sure that you don't purchase a promise from a person or organization that is not going to deliver on that promise.  If you choose to take a risk trusting an entity to deliver on a promise, then you'll experience the consequences of that decision.

Reading all these posts in here it seems that people really did think so  :D

When people think of bitcoin (if they don't do research or know well enough), they think of mtgox.

Do you know how many Industries, Products etc the Government have crushed via the Media??... Bitcoin, however, is an entirely different beast

when ever the media talks about the thing that you know a lot about you realize how little they know about that thing. however the truth is that it isnt isolated to the thing that you happen to know a lot about, every person who is an expert in a field sees that field butchered by the media but thinks it only applies to his or her field. the truth is they butcher everything just the way they butcher bitcoin and you would see the same sort of shit in every single other topic they cover if you could be an expert in everything.

The news is often inaccurate, but if they have the time (which they often don't) to get educated on a matter, are following an ongoing story, have the chance to collaborate with other reporters, and/or see other stories that's when they get things right.  Otherwise they just take what they could get, use some critical thinking, creative writing, then serve it in an extremely articulate way.

It may be true that tech pros may know little about finance, but the finance pros know little about tech AND know little about Bitcoin and CC in general.

Cryptocurrency is a nascent industry with tremendous potential, bitcoin is showing only a 'bit' of what it can do as well as what the all of the other coins can do.

Well people need to at least do some due diligence before investing into crypto. This is not a regulated market and the exchanges do not provide you insurance so of course shit like this can happen. You have to secure your own bitcoin at this point in time, leaving it in an exchange that takes weeks to months for withdrawals is not a good idea at all.

So this whole GOX shenanigans did not scare me in the least bit in regards to bitcoin's future... this is just a small bump on the road, much smaller than the news about China banning payment companies from processing funds to bitcoin exchanges. I'm still not bullish about bitcoin's price in 2014 due to all the setbacks, but this GOX issue is nothing (unless you lost your coins in GOX.. im sorry if you did)

I cannot believe people, even the idiots on reddit, are blowing this out of proportion and thinking this is the end of bitcoin.



When I got into bitcoin I've never heard of MtGox, and why should I? It's a crap exchange not even based off the US. Coinbase makes it much easier for us

I'm surprised how much Gox affected Bitcoin.

It's like saying USD will collapsed because of a bank bankruptcy. :/

Its an interesting dilemma. On one hand, their spins are creating a great buying opportunity. On the other had, it is a legitimate threat to the acceleration of the technology.

MSM is owned by the elites and their job is too discredit things that threaten the status quo.

Bitcoin allows people to make money cutting out the banks and the middle men and that's why they hate it, They want everyone to be their slaves basically they see us as slaves that are just supposed to go to work and pay taxes.

You are right, one thing I learned from bitcoin is that the media spits out all kinds of BS on just about anything.. it's amazing how they don't even need to verify all the facts before they report on a topic. It's easy to catch the BS when I'm so up to date with the topic (obviously because I have money invested in bitcoin). I used to believe everything I read from well-established news sites like Wallstreet Journal, Forbes, Business Insider, CNN, etc... now I know better.

The funny thing is the people the most "scared" are the ones who don't own a single satoshi.

This is why we need a decentralized exchange, owned by nobody.   The Mastercoin Foundation is creating the first.  And I am quite certain there are more in the pipeline.

Centralized exchanges will be a remnant of the beginning stages of Bitcoin.  

Growing pains.  Stay the course.  Much good to come.

-B-

Haha, I have a friend who is the "investor" in our group of friends... thinks bitcoin is a fad and he keeps sending me articles that talk about how bitcoin is "dead" because of all this. He gets happy whenever there is bad news on bitcoin because he thinks he is right about not investing, and doesn't wanna miss out in case it's a good opportunity. I just ignore him and don't even bother explaining the situation... I tell him to stay in the stock market because he has a vagina

I haven't read up much on the concept of decentralized exchanges yet.  I'm curious, how would a decentralized exchange handle the process of moving the fiat cash among the users fast enough to act as an exchange?

It's more like saying the Euro will collapse because Spain and France no longer want to use it.

It will not only effect the Spanish and the French, it will also affect everyone in the European union, and everyone that uses euros.

The people who don't use Euros will quickly think the currency is doomed because they probably didn't value it much in the first place.

if the currency is legitimate, if the system of support is strong, then the media's coverage is not an issue, HOWEVER, if the currency can be easily inflated with media hype, it stands to reason that it can be easily deflated with negative media hype. 

Without all of the positive media hype btc would only be worth about $400.  NOTE that $400 amount would reflect an extremely massive growth rate over the 5 years.

Looking at Bitstamp, this didn't have a negative effect on the price.
Sure, MtGox did damage bitcoin in a way, put a dark cloud on it, but eventually that cloud will move away.

How many things are there that can destroy Bitcoin?

Cracking the blockchain encryption would be one.

The Internet entirely shutting down.

The power grid entirely shutting down.

People losing interest would be one, but that is unlikely, at least until something better comes along.

Governments might make it difficult. But they won't be able to stop it. However, take a look at the troubles going on in Venezuela right now. Their government has virtually turned off electronic communication.

We need to figure out methods to bypass all of these major items. Some of them might seem unsurmountable. But they probably are not. It will simply take a lot of work, much of which has already been done in the Bitcoin and PGP thinking and programming.

:)

I've not taken an interest in the day-to-day price for a few months at least, but MtGox caused me to watch a a few things - particularly the LTC/BTC rate. If that had started to rise while BTC/USD fell, I was going to take it as a sign that enough people saw the Bitcoin name as damaged enough to move money to LTC, and I wanted to get in on the surge.

Most people still don't "get" what BTC is.  So yeah, they think Gox is dead so Bitcoin must be dead.  THe media and most people in the public are just waiting for anything to proclaim "Bitcoin is dead, haha see it doesn't work."  It would take WAY more than Gox dying to stop BTC from what I can tell.

+1

Because it was overshadowed by MTGox, had that been a totally isolated incident it would have been a different story.

Even now in this post Mt Gox environment the shock is just starting to be realized.  


Bitcoin is fragile, and unstable, the magnificent growth makes it even more clumsy as it develops.



Quote from: DeathAndTaxes on Today at 04:39:14 PM
Quote from: 2double0 on Today at 03:30:53 PM
Yep people get scared easily today

The funny thing is the people the most "scared" are the ones who don't own a single satoshi.

and they will continue to not own one if btc don't get their satoshi together

the growth and development of btc and all other CC is dependent on global acceptance

yeah, most mainstream reports are superficial or simply wrong. sad. but good for us, more time  ;)

in austria some media also said, that BTC is dead because the central bank of BTC is offline....WTF?  ;D

They are not retarded. They just do what they are told. Someones wants them to say that, because they see that they can gain something from it. Simple as that.

The irony is that it's the news media industry that is collapsing.

They are hemorrhaging viewers and credibly almost as quickly as Bitcoin is gaining users and market cap.

http://www.gallup.com/poll/163052/americans-confidence-congress-falls-lowest-record.aspx

Exactly.

If you have ever actually witnessed an event that was later reported in the media then you realize this.

decentralized exchanges don't operate with the actual underlying asset, rather debt denominated instruments. so you would buy "8 BobOwesMeOneDollar tokens" and then take them down to bob who lives down the street and trade them to bob for 8 dollars. Next, with time, the market would provide pressure for people to federate inorder to provide deeper more liquid markets and instead of 8 BobBux, you would buy 8 FederationBux of which bob is a member. Insurance companies would arise to allow federations to price and homogenize risk among their members.

I'm not sure I see the difference between Mark Karapeles refusing to give me my $8 and Bob from the "decentralized exchange" refusing to give me my $8.

It sounds a bit like localbitcoins.com, which works well if you have someone nearby that is participating, but is completely useless if you live in a region that doesn't have a lot of participation in the "decentralized solution".

sure well there are some similarities ill grant but there are also a lot of differences. it would be a lot like localbitcoins except with price discovery. also it has decentralization which grants it resilience, if bob goes out of business than he isnt going to drag the market down like gox has. maybe he'll bring it down by a dollar or two, not hundreds. it becomes failure tolerant.

on the surface it looks a lot like localbitcoins but by operating as an open source protocol it allows for new layers to be built ontop in a way that we cant do with a centralized system like localbitcoins. its analogous to saying that "i cant really see the difference between bitcoin and credit cards, i can pay for my lunch with either one". one example would be, individual actors could federate, they could agree to accept each others instruments, then we have the best of both worlds, deep and liquid markets with the fault tolerance that comes from the decentralization of different issuers.

The truly decentralized currency will be tradeable directly from the wallet with no middleman whatsoever.

How to do that securely? I don't have the technical savvy to have an answer for that.

Bitcoin are not dead ...

Now, the next spike is in front of us.

This is one of the reasons to launch UNITYCOIN, we need to be more serious.

https://bitcointalk.org/index.php?topic=489255.0

A week or two to take mtgox to respond for her problem, is very bad press for us.

I like to play with dead things...

Most things I eat are dead...

This dead thing is walking all over the place...

Zombies are less active than BTC...

News is dead...

BTC is not alive, it can not die... It is immortally animated...

My cat died...

Mt.Gox killed my cat...

I'm gonna take his cat, since he has my BTC... I'll call it even...

Take your alt coin advertisements somewhere else... there are way too many fucking alts, why don't we establish bitcoin first

Collapsed? That certainly is worrisome... No worries we will take a look and see what is wrong.

Please show me on the chart exactly where Bitcoin collapsed:

https://i.imgur.com/EFaiwRM.png

I believe I saw a thing that said CNN lost 41% of their total viewers, when comparing total viewers from Feb 2013 to this year Feb 2014.

In their defence, it is actually difficult to explain to the masses the amount of incompetence involved in the Mt.Gox collapse.
It 's just easier to say "the bubble is now burst" and then say it again in a month and the again in two months etc...

The noobs mean the retracements on that chart.

These can also be found on the Dow Jones or any other chart; only the growth of the USD money supply does not show any retracements, it goes only up.  ;D ;D ;D

The articles on this event (and in general about Bitcoin) are, as a whole, wildly inaccurate.  This alone doesn't worry me, because I know the facts.  What worries me is that if they're this wrong about something I have knowledge of, just how accurate can they be trusted to be about other subjects?  Are they just making this shit up as they go about everything they report on?

No, they are having interns google it for them

In light of all this, may I piont out that all cryptos seem to be up signficantly today?  :)

d

To reply to the original topic:

People believe all sorts of stupid things.

Most noobs think that it is end of bitcoin. They think mtgox == bitcoin which is not. You can read noobs comments on yahoo news.

its very difficult if not imposable to solve the doublespend problem that way

I've been messing around with Bitcoin for a little over a month now.  So many people have called me an idiot for getting involved in it and laugh at the concept.  They are the ones that no nothing about it.  I've explained to a few close friends what it's all about and now they're learning about it as well. 

When gox hit the fan and Bitcoin "collapsed" the phone started ringing and the Facebook messages started to come.  The "I told you so" was in full force with some people saying I had thrown all my money away and everyone lost all their Bitcoins.  The mainstream media coverage of the death of Bitcoin didn't help.

I'm actually surprised that so many people not only think it's dead, but are happy that it's apparently dead.  It's like they enjoy being ripped off by central banking.

Funny, I have been trying to get an acquaintance to help out financially with my mining operation. He's a financial advisor for a reputable bank in Southern California and has been a top producer in large county for 17 years. I have been advising him to get involved in anyway possible, even of he doesn't go my route. Yesterday we had lunch and we were talking about various things and Bitcoin came up. I touched on throwing me some capital and he responded, "you obviously haven't been watching T.V this week." I forget sometimes that people are satisfied with reading headline news all the time to get their share of information. Not that it doesn't suffice in some circumstances, but damn you'd assume educated people would do a bit more research to realize that this will be nothing but a blimp in the timeline of Bitcoin's lifespan.

Sometimes it can be frustrating talking with people about Bitcoin. People see EVERY SINGLE con of crypto-currencies, and essentially forget about all the negatives of fiat we have experienced in the recent past.

the fools who think bitcoin is dead are simply far too ignorant to understand bitcoin itself.

It really can be, and it's why I stopped trying with some people.  I figure time will prove them wrong, and/or they will take the time to learn about it as I did. People can be so narrow minded when it comes to things they don't understand.  I have to admit, I thought bad about Bitcoin as well when I first heard about it.  At least I was willing to go into learning about it with an open mind.

china control the market now

The way I see it, every savvy investor on CNBC bashes Bitcoin and claims they don't support the idea/purpose/potential of crypto's. What I can't wrap my head around is that people in the financial industry that have accumulated great amounts of wealth playing in the stock market, think they can analyze Bitcoin without understanding it. Bitcoin experts can't give credible advice in the real stock market, and experienced financial advisors/brokers can't give advice on Bitcoin. Those two are COMPLETELY SEPARATE. Not that Bloomberg analysts are stupid, they are definitely not. However, their inability to do simple research that may take MAX 3 hours is pretty pathetic and makes them appear that way.

The future does not belong to the defenders of the status quo. I don't want people like that buying Bitcoin - they don't deserve to be early adopters.

Hi Dafar

Yes we need to strengthen Bitcoin, UNITYCOIN is a system for do that !, is not a fork of Bitcoin.  Is like a meta Bitcoin, Please take the time to read the post http://www.unitycoin.net/blog/2014/02/09/unitycoin/ .

Thanks.

Hi,

Counterparty has a functioning decentralized exchange as well as a number of other features. The project is only four months old, however, the development timeline has outpaced all other similar projects, such as Mastercoin. As of now the protocol is accessed via command line, however, Counterwallet will be released shortly and will allow users with little or no technical prowess to use the fully functioning features of Counterparty. Here is a link to the official announcement thread as well as the Counterparty forums.

Announcement thread: https://bitcointalk.org/index.php?topic=395761.0
Counterparty forums: https://forums.counterparty.co/index.php