Bitcoin Forum

Buying or Selling?

I just realized I can't post a poll in here for some reason...

Waiting. Another 3 months.  :P

There's a different link to make a thread with a poll than there is to make a thread. Poll added.

I'm personally not going to do anything when I get it back, since I still consider it part of my current position.

The amount of value I left with Bitcoinica was chosen to be so such that I would have the option to not even try to get it back if/when they lost or chose to pocket it.  That was after I won some value in the post-$2 rise and gave most of my winnings to charity.

As I suspected as a very real possibility, Bitcoinica lost the money.  I don't think they simply decided to pocket it, but will probably never know.  I don't have to care much and am choosing to exercise the option of forgetting about it...with a bit of a chuckle about being 'burnt' even.

It's worth note that they never had anything on me (to steal or lose to a criminal) beyond a one-time-use username and password, some Bitcoin addresses, and some IP addresses in their logs from whence I used their UI.  This also was not an accident.

You're gonna sue them?

going to disneyland?   ;D

...immediately sending those bitcoins to my offline wallet.

Both possible, but I think unlikely.  Bitcoinica's operators are too high profile and well known.  I'm fairly confident at this point that most of the money will be returned.  I'm sure, however, it's going to be a messy and drawn out process.

actually i was referring to the continued Zhoutonging that went on while it was in business.

I'm definitely buying - all the dollars I have on Bitcoinica could be safe and sound bitcoins on my computer (usb stick - password is PaSSWorD1234 - clever heh!) .
One thing I've realised with the Bitcoinica incident is how powerful being in control of your own money really is.

Praise Jesus!

Yeah is seems so obvious - yet like me, the world won't listen.

About the only concern I have about the 20-ish million Bitcoin cap is that I'm not sure that is enough to provide the number of object lessons required for training.  Or re-training I should say since we've been conditioned by the current fiat systems and their various safeguards. 

Although it would not change the very cool things about Bitcoin, I don't believe I could have as much affection for the solution if a significant majority of the Bitcoin were in the hands of thieves, or had least past through such hands multiple times.  Indeed, this is one of the things I dis-like about our current fiat systems.

Yes, the bitcoinica incident has re-awakened that sentiment in me.  It's something that all the trading and shorting and all that had drowned out.  It feels really good to be storing bitcoins myself again, and has helped re-ignite the original excitement I felt about this project.

Now we're getting back to the idea. WE are in control of the money. Giving that control to another and bitching is/has been a loosing proposition for 1000's of years.

I agree.  I'm sure I'm over-projecting my own experiences onto the community, but it often seems like we're all sort of learning and changing together as a group and it's exciting to watch and be a part of.  For example, it seems like in the beginning we were all amazed at how we could be our own bank, then we all sort of got lazy and wanted the convenience of a central authority.  I think there was also some fear of the whole thing coming undone and so keeping a lot on an exchange could give you the chance to get some cash out on the way to the bottom.  Now, hack after hack, it's sinking in that a large part of bitcoins' inherent value is that individuals can secure it themselves - and secure it really, really well; while at the same time it can be fairly easy to bring some of your own secure storage and make, for example, an international purchase.  Very cool!  That the price has been relatively stable has, I think, helped nudge us away from depending on central authorities as a hedge against failure.  Again, I'm probably describing myself more than the community as a whole, but I've got this feeling that I'm not alone...

yeah, i'm glad i never got caught up in all that Bitcoinica trading craze.  the closest i ever got was pounding on Zhou for 2 straight months at the end of last year about all the loopholes and financial exploits that could be made against his site.

caught alot of flack for that as usual but look how that has turned out.  i've never left any money on any Bitcoin site or exchange.  its just too dangerous. 

Armory has been a blessing and i feel very secure about my storage savings.

+1 for Armory.

Buying like mad  ;D