Bitcoin Forum

That's how I found out about the bankruptcy filing this morning - while dropping my daughters off at school, this was actually being discussed on the "morning mash up" (sp?) show which plays the top 40 hits.  The hosts were dying laughing that people would actually get into something like bitcoin, and how dumb we all are - the subject quote was theirs'.

Unfortunately, that is how bitcoin will be perceived for a long long time to come.  Very few new buyers will come into the market, but then again probably only a few will exit because the die-hards like us aren't selling because we already drank the kool-aid.  That's why the price is staying where it is.  But instead of exploding into a potential alternative currency that people will actually use, with a large liquid market cap, we are now likely doomed to be nothing but an afterthought for many many years to come.

Thanks Mark.  For this I also blame, to some extent, Satoshi for not coming forward.  Although there was no requirement in any way to do so, it would have been a perfect opportunity to save bitcoin from the malaise that is coming, and to get rid of and diversify some of his massive 1.2 million bitcoin.  One person or group should not hold that much bitcoin.  I look at Satoshi's massive bitcoin holding as a rainy day fund for the cause.  This was the time to use some of it, and still would have left him with around 500,000 bitcoin.  Maybe he tried but Mark would not give up the company or control.   I hate to be a pessimist but this was disaster for bitcoin, of which the after effects will be felt for many years to come. 

You could say the samething about paper money.  One exchange, or even all of them, is not Bitcoin.

When the price gets back above 1,200 and continues towards $10,000, they will stop laughing. But then when it "crashes" to only $6,000 they will laugh once again.

The same has been said about paper http://ledracapital.com/blog/2014/2/17/bitcoin-series-19-bizarre-shadowy-paper-based-payment-system-being-rolled-out-worldwide (http://ledracapital.com/blog/2014/2/17/bitcoin-series-19-bizarre-shadowy-paper-based-payment-system-being-rolled-out-worldwide)

So your answer to this is for Satoshi—who claimed he created bitcoin partly because he was so against bank bailouts and "too big to fail" culture—to bail out people who invested in MtGox. With his bitcoins. Because this is too big to fail.

No thanks.

It doesn't matter what you could say about paper money.

Bitcoin is trying to replace paper money. If you can pin the same weaknesses to Bitcoin money and paper money then Bitcoin fails as a replacement for paper money.

The attention span of the masses is short. This whole thing will be forgotten once Wall Street enters the market and the price soars (if it happens, let's see what SecondMarket can bring to the table). The point being: it doesn't have to hurt bitcoin for several years.

They were saying this bullshit back when Bitcoin was only around $50 and had tons of trouble pushing the $100 barrier, in fact I think the only things that have changed since then is that they've gotten even more obnoxious and arrogant in the way they attack Bitcoin. I can see exactly why Satoshi never revealed himself, forget all the government stuff and how he could easily become targeted by them for disrupting their paper money monopoly over the world, these guys alone would harass him constantly.

It is a kind of magic  :)

When there was a USD crisis they just printed some more. Can't Bitcoin just do the same?  ;)

Printing USD never solved anything as far as i know  :D

Funny, the price of BTC seems to be ignoring the FUD.  Spooked sellers are being met by eager buyers.

Bitcoin has responded to the death of Gox with a resounding "Meh"  :D

Yeah the public reputation of bitcoin is kinda ruined.  :-\
Most of the people, being ignorant f*cktards, already labeled it as scam, ponzi scheme, etc.

All news is good news ;)
As long as people talk about it, it helps BTC in the long run
Don't be shortsighted

You beat me to saying that. All publicity is good publicity. People are discussing Bitcoin and that's all you want. They don't have to "get it" at first. Heck even I initially wrote it off, and I'm supposedly tech savvy.

It may or may not be perceived that way. It all depends on what happens in the next couple months. It hasn't exactly had a great name for awhile now. This doesn't help, but also how it bounces back will show how resilient it truly is.

worry not, public perception is far more volatile than bitcoin.

besides fuck the public! they look around in the theater and clap when everyone else does, in a theater one lone wolf or a performers associate starts to clap, every other fucker follows, the plebs would never want to be the first to clap just in case no one else went along.

there are more than enough rich out there looking for a wealth store. and when they see bitcoin taking this news on the chin and remaining upright and proud they will realise it has legs, they're not stupid, if they were they'd have lost their credits long ago.

i agree that if the public started to use bitcoin for their day to day living then it would be good for bitcoin, but realise that M1 money supply is very small considering the userbase. there's alot of big money that the public doesn't even know about.

many shrewd new players will enter (with a modest amount of their portfolio perhaps ~5%) and try to buy in at the bottom where that is depends on what happens with gox, but it's not far off, and this will be the start of the next wave, taking BTC up to ~5k USD.

in summation, no news is bad news. this is publicity, dramatic attention grabbing publicity.

Morning show hosts are so f**king stupid. Except for NPR hosts. They actually have working brain cells in the morning.

This.



We will be very soon dying laughing at all the people that where not taking Bitcoin seriously.
We'll humiliate them with our wealth and power.
They gonna live a long painful and miserable life while we'll be well-off.

op in general right, but too pessimistic. We should recover within the year as we see Gox fade away and an army of new exchanges take its place. New applications coming also. Some altcoins will make news. This is all not the end. See you at the 700-range in 4 weeks ;)
... just wait out the media-echo on gox... as soon it is gone and worked through in less then 3 months we see the moon again ;)

This is so dumb that it gives me a headache.

FIAT money is made up! Lehman Brothers was  a much, much larger bankruptcy. Without all the bailouts (which were done via making up trillions worth of fiat) most banks would not exist anymore, right now.

BTC cannot be made up, that is why a bailout is not possible.  :P

All of this reminds me of the FUD that surrounded the interwebs, the mobile telephone, Google and that F*c*book business in their start-up phases........hmmm.
Think i'll stay in for a while longer.

OP obviously wasn't here in 2011.

Watching the Olympics the past few weeks made me remember how snowboarding back in the day was laughed at too. I recall being on the mountain and being shunned, ridiculed, and even tormented by the long time skiers. I used to try to convince people that snowboarding was better because it was safer. It is not uncommon for skiers to seriously injure their legs because they get twisted up during a crash. On a snowboard, the legs are fixed in place and these types of injuries are impossible. People still laughed. Now look at it. Snowboarding is one of the most popular events at the Olympics.

Bitcoin is the same way. It does not matter how much you try to convince them of all the benefits. But the people will come around. The general population is too dumb and has too short of a memory. When the band wagon gets rollin' people will hop on. And the more people hop on, the more others will want to. I can talk about it all I want, but who am I? But when someone like Ashton Kutcher says it, people listen!

What?

FIAT is made up and so is Bitcoin.

Difference is FIAT can be made up beyond the initial supply and Bitcoin can't..

The good news is you can't pin the same weaknesses as paper money on Bitcoin.  BTC has pyhisical value like gold and sliver.   It CAN'T go brankrupt.  USD, on the other hand, is valued on nothing but credit.  Brankruptcy is a fault of fiats, and fiats alone.

Sure it's bad news, but you heard it on a radio show...and well, let's face it a lot of those people have drunk a different type of kool-aid.

I mean really, have you heard all of the drivel on those types of pop-radio shows?

I say it's fine; it gives additional penetration for Bitcoin. Those who are part of the squalor would've continued to remain in the dark about it regardless. On the other hand, those who actually take time to research (and are usually more successful and are what the community needs more), will have a decent chance of adopting Bitcoin in some fashion.

Well all normal currencies without gold or anything backing it up is made up and "magical" or I''m guessing you meant virtual in some way. The fact government wont give you gold for dollars and it isn't made of gold or silver or anything as it used to be, it all doesn't stop you from using dollar or whatever your countries currency is right now. Unless it is unstable.

Would you like to elaborate what demise of mtgox is best thing, i heard so many members saying the same thing and most of them have same reason that it was the weak link of btc exchange and it has to happen sooner or later , but can you make few points why demise of mtgox a huge positive..! Thanks 

This is what pisses me off about new people.

Satoshi doesn't owe you anything. If you don't like the direction where Bitcoin is going - get up and do something about it. I don't know who you are but this is the mentality of the present American young adult generation and it's an absolute cancer. Everyone wants someone to give them a bailout, effectively an entire nation of people who don't know they are poor and expect someone to keep giving them free shit to keep the party going.

I'm sure in your infinite wisdom you know exactly how every single satoshi should be distributed. The rest of us aren't so foolish. The market will be just fine without Gox. In fact, this is one of the better things to have happened so far this year.

Since Gox did not actually have those coins it means they were running a fractional reserve. That means all those fake bitcoins no longer exist. So if Gox was liable for 800k bitcoin and they just made them up within their system it means 800k fake bitcoins leave the system with Gox.

I think you are right about this.

MtGox will be forgotten by the public in a few of weeks. In fact, the hundreds of ATMs being put up all over the world seems to be the next big sensation.

I wouldn't be surprised if bitcoin would continue to grow even if all exchanges was banned. Simply because the technology works as expected

average joes investing in bitcoin at this stage would do more harm than good. bitcoin isn't ready for the mainstream yet. lots of work still to be done on ergonomics, wallet security, and scalelability. its not such a bad thing that they will stay away for a couple of years because this is still a building site where people not wearing a helmet can get hurt.

also, killer apps dont care about reputation. they will be used because they work, not because people are told to use them.

What proof do you have that price data isn't being faked by all the exchanges? For all I know all Bitcoin exchanges are owned by the same consortium.

Oh, because bitcoin dropped in value. That's how I knew dollars were such a silly idea after 2008.
Dollars, lol, like that could work out.  ::)

Nobody said "OWED."  Sometimes a child needs to be helped up and sometimes the child needs to get up own his or her own.  This was simply a time, imo, to help this particular 5 year old child up.  This is not for benefit of the owners of bitcoin at mtgox - handouts for the sake of handouts are wrong.  this is for the cause of bitcoin.  based on all the circumstances, a sacrifice for the cause had more benefits than negative consequences.     

Bitcoin will get kicked around until people can see that it will earn them money again.

If that happens, again, the same people running to their teleprompters to throw rotten tomatoes will be doing the "ain't it great" boogie woogie.

they're simply parroting whatever the wind is blowing today.  right now that's all Gox all the time, so the dirge is playing played, and not for the first time.

In a month it will be something else.  If that's good, price will be rising and the news will be playing a different tune.  

None of what has happened has undermined the fundamentals.  If they're solid, and it has utility, the market will utilize it.  If it does not, it will die.  

Not because some people said some good stuff or some bad stuff, or Karpeles screwed the pooch, but because of what it is.  Or is not.

News is transient and news cycles are shorter than ever.  Nobody will give two shits about Gox in 6 months, except for those that lost money and the lawyers seeing if they can suck fees.  In 2 years when there is nothing left on its carcass most people will forget it ever existed.

Bitcoin wasn't created for earning someone money...

Satoshi is turning over in his grave when he reads this stuff.

And yet that is the simple truth of it, not because that's good, bad or otherwise.

without that basic market driver nothing goes anywhere, Satoshi's casket-spins notwithstanding.

You love to screw with the new meat BCX. lol