...
But Monkeys don't give a shit as long as you promise them bananas.
After over a year of not getting any bananas, the monkeys would realize they're getting gypped. Not Bitcoiners tho. |
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The dollar isn't going anywhere as long as it's used to BUY BITCOIN!
Smart guy. When you buy bitcoin dollar with dollars bitcoins you stimulate bitcoin dollar and depress dollars bitcoins. Marginal, you can't measure it but it is there. FTFY |
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d) they had no operating expenses.
oda never said he was talking about profits, only revenue (all of which may be assumed to come from fees). Strictly speaking yeah, guess I read too much into "...in the worst case they lost about 20 month's worth of fees in the hack, and in the best case, 3.5 months worth of fees." I assumed he was implying that the "hack" could be covered by 3.5 to 20 months of operation (which is not the case if operating expenses & other expenditures occured). |
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Beartrolls:
deadhorse.gif
Bitcoin not ded!!1! |
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OK, so after BitStamp was hacked, people have been posting posts over posts and threads over threads about it and even making scam accusations about the exchange. Some even called it the next Gox. But all of a sudden all threads have gone silent after the exchange came back online just fine, within a small time window.
No problem.
At least I would take this opportunity to actually give some postive feedback to BitStamp team who worked hard and delivered on my personal expectations after the hack. They made sure to keep the users informed of the progress via Twitter too. And they surely didn't "Gox". I have an account with them and thankfully I didn't lose anything because I had emptied my balance in September but in future I'm gonna trust them as good as I did previously - or even more than that, because I'm sure their security is now far better than what they had before. And they mean serious business.
They're here to stay and make Bitcoin ecosystem better.
Since you brought it up: 1. The "small window" was a business week. 2. No confirmed fiat withdrawals. 3. No [previously promised] audits => fractional reserve possible. 4. Re. "better security": As long as you're sure. TL;DR: Let's not start stroking them just yet. |
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...Hey, we were going down after a big bubble, it's no wonder we're going down. It was pretty easy for him to predict that.
No easier for him than for everyone who bought/held since the top. Credit where credit's due. |
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... Besides, localbitcoins is anonymous. Some people want to stay that way. Try buying anonymously from an exchange. Yeah; can't be done.
Bitcoin. Where petty criminals come to breed. |
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Cmon pl0x, admit it; you're in luv with bitcoin...
BitChick bought more Beanies Bitcoin yesterday @288. I hope her hubby don't beat her... |
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... The will keep raping Bitcoin till it's dead.
And, perhaps, after. Necrorape's a thing u know. Nah pl0x, g1v sum m0ar d3t4ilz plz... Which part are you? the dead or the other?  Your tears are delicious, Bitcoiner   |
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... The will keep raping Bitcoin till it's dead.
And, perhaps, after. Necrorape's a thing u know. |
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...
Note that the above is resting on a few more important assumptions:
a) 19k coins is indeed what they lost, not more, not less
b) they "cash out" fees, i.e. my calculation of using USD volume corresponds to how they run their business i.e. they don't store profits in coins (only)
c) they weren't insured against a hack (no idea if that's possible anyway).
d) they had no operating expenses. |
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They had around 35k$ daily from fees so I think, that they wont have a problem with refunding people, who lost coins.
And since everyone will never withdraw all their coins at once, no one will ever miss those BTC. Fractional reserve FTW! |
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 How I wish we could take this moment and freeze it To come back to again and again and again-- To hold it to the light Now, turn it in our hands and study all the angles To find out how and why it's gotta go the way that it goes We have the technology not available before We have the technology  |
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...the seigniorage will go somewhere. It will go to miners (by definition, a miner is winning: a miner only mines if there is a margin to make) ... No. Miner buys a chunk of gear for $1k. He will continue to mine as long as hosting costs (electricity, upkeep, etc.) are lower than the price of the coin mined. Nothing suggests that the 1k initial investment will be recouped. |
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If Bitstamp is back with improved security and no one got Goxed, why are we going nowhere but down?
Because we were going down before stamp got "hacked." |
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And don't forget to run a shitload of redundant Server for Banks (+Computer for employees) worldwide.  Lol, to provide the level of security Bitcoin exchanges provide, running an 8080 DOS box would suffice. |
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Goddamn, what is happening to me?
You're getting poorer by the minute while welshing on your bets. |
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If only there was a way to incentivise people to facilitate a distributed ledger.... hmmmmm Losing shitloads of money while some asshole burns more electricity than an aluminum smelter seems pretty tempting Adopting a free falling, slow as fuck, non scalable currency under hyperinflation that requires enormous amounts on energy to be wasted just in order to keep a ledger going! Amazing what you can do with technology right? No no you are right... lets spend money digging gold out of the ground instead.... and then you know... store it back underground in vaults. Gold is becoming as obsolete as Bitcoin. What's your point? |
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