I'm not really a computer person but have been trading stocks/shares for years and I am slightly worried by the trading patterns at MtGox. Here is a graph of recent trades:



Within a time frame of minutes prices have risen and fallen between $4 and $10, that is prices rose within minutes to +250% and then almost instantly fell -60%. With a market as liquid as that of MtGox and also with the wide market depth this makes no sense at all and raises questions of either:

1) Physical market manipulation by MtGox.
2) Erroneous trade reporting by MtGox in order to distort market sentiment.
3) Insider trading.

I for one have money in MtGox - that is I have transferred real money into their accounts and thus have a binding legal relationship with them within the UK.

In the Supply of Goods and Services Act 1982 it states that services must be 'carried out with reasonable care and skill'. Unless MtGox start to behave in a proper and controlled fashion I will be taking legal action against them to redeem my initial funds.

The problem is here that we have a group of cowboys trying to run a virtual commodity exchange who quite clearly have no grounding in the matters which should concern them. I can accept that most start ups such as MtGox may initially encounter problems and I accounted for this during my initial entrance into the market. However MtGox shows no sign of improving and as time passes appears to be reporting increased amounts of erroneous trading patterns. I am highly concerned and have sent a copy of my protest to MtGox.

There is a very good reason that the worlds stock exchanges have regulators.

I suggest the folks at MtGox wake upto the fact that this is no longer a game: they are taking real money from real people and putting themselves in a highly precarious position.

  

Quick Buy more Bitcoin before they rocket off to the Moon!

Its when you see deals like this that you KNOW FOR A FACT Bitcoin is finished!

40%!

It looks like Bitcoin Monday is arriving slightly earlier than predicted:

 

 

The Bitcoin crash has started. Get out of f**king Bitcoin while you still can!

www.bitcoinmonopoly.com

'People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.'

Its not decentralized.
 

I will buy tickets in Solidcoin if anybody starts this.

I already do since I have a spread of electronic currencies. I imagine you have all yours in one. Smart.

I'm not really interested in this childish nerd infighting and its certainly not going to cloud my investment decisions. Solidcoin on the face of things appears to be hugely underpriced right now.

Solidcoin is very similar to Bitcoin and I think that Solidcoins at the current exchange rates (1 SC = 0.01 BTC) represent a very good price to buy in terms of Bitcoin prices. These are the sort of prices you look back at and think..........damn it!

The entire theory behind this 'Bitcoin' as far as I can see is that it allows people to determine the price as they see fit without Government intervention. What we can see here already is the makings of a 'BTC Central Bank' that are going to dictate to us all what a Bitcoin is worth in terms of Solidcoins and whatever else they view as a threat to their slightly precarious positions. I'm sick of people telling me Solidcoins are worthless - its the free market! Its my choice not the Bitcoin Mafias!

I also have found these Solidcoin/Bitcoin exchanges much better than MtGox:

https://btc-e.com
https://moonco.in/

I have used them to hedge against Bitcoin in the Solidcoin market (on two separate sites for security). No Forex trader in their right mind would keep all their reserves in a single currency i.e: solely Bitcoin or Solidcoin. It as bit like me saying 'I like America - so I'm always going to keep my funds in US$ overnight regardless of the interest rate'.

These nerds might let their small bitch match cloud their way of their investment decisions but I warn you all now that most people (especially real traders and investors - people who don't care about programming, hacking or being a gimp - the ones who provided most of the $70'000'000 of capital currently in the bitcoin market) are not remotely interested in 'who hacked who' or whatever you lot do in the rest of your lives and will invest where they see the correct signs rather than on which side they are in a petty feud. They will not base their decisions on the decisions you do because they don't care. If these boorish nerds are truly interested in crashing all the .coin markets I suggest they carry on as they are creating severe uncertainty which investors don't like and avoid. This unnecessary uncertainty will cause investors to remove their funds from the .coin markets, kill their capitalisation and destroy everything.

I have never said I prefer Bitcoin over Solidcoin or vice versa. I couldn't care less to be honest. What I'm going to do is wisely keep a reserve of both, adjust as necessary - and see how this plays out so I can profit the most.

Don't let your childish infighting ruin one of histories greatest ideas. Grow up.

One of the main problems is we have lots of technocratic 'computer people' who are good at hunting down little 'bugs' but have no common sense. There are loads of geeks programming bots, widgets and nintendos or whatever else excites them and the big picture has been totally missed.

The irony of this situation - we have a group of 'Bitcoiners' who dedicate themselves to free transactions, free trade and competitive markets who then argue the case for and try to obtain a monopoly with their new currency because they don't like competition!

  

Whys that

Loads of people said that when Bitcoin started.

I have decided rather than keeping all my monetary value in Bitcoins that I am going to change some of them to Solidcoins. http://www.solidcoin.info/

I think Solidcoins have much more potential for growth in the current economic climate with little downside risk. The Solidcoin people seem to have very good business sense and are quite straight forward. Often in new ideas you need forward looking people like this. What I am actually doing is taking a hedge against the Bitcoin in the Solidcoin market. Solidcoin fails - Bitcoin up. Bitcoin fails - Solidcoin up. I think there is alot of hype around Bitcoins right now and the price is being held artificially high by a dedicated group of followers unschooled in trading who will watch their wealth fall to nothing. Solidcoin is emerging as a serious competitor to Bitcoin and I want to be one of the early starters. Solidcoins are cheap right now but the price is going to skyrocket as more exchanges adopt it and more ways to purchase it online appear.

Looking back at the Bitcoin rush I can see similar happening with Solidcoin quite soon and I'm scared of losing value with my Bitcoins in $ terms.

Why doesn't MtGox build in Solidcoin functionality then we can see the free market at play with both Solidcoin and Bitcoin? The entire point in an exchange is that you exchange things - there shouldn't be a solely 'Bitcoin' exchange. All currencies should be allowed to compete and the market, not a group of people with a special interest, will decide the value. People will find ways to arbitrage the Solidcoin/BTC outside MtGox if they don't have Solidcoin capacity and they are just losing business for no reason. The majority of exchanges will adopt Solidcoin as a currency in the longer term as their business model is turnover based.

I'm in at 1 SC = 0.009 BTC. I can't see any reason why in the future they will not reach parity since they are both highly similar currencies.

I am concerned that the next time Mt.Gox has 'problems' the demand for Solidcoin will rise along with price and I am going to miss out on a Solidcoin rush. MtGox has been around for a while now and doesn't seem to be improving much as time goes on. The charting facilities provided are basically crap and need fixing. - you can't argue with that really.

I haven't put many BTC to Solidcoins but I thought at the current price and low risk/high reward it was worth a punt. If the price starts to rise I have a war chest standing by to quickfire invest so I don't lose too much in the Bitcoin market if the Solidcoin market rises.

I bought 900 SC for 10.8 BTC. If they were to reach parity it would be epic but I haven't lost much if they don't.

I only do this for fun anyway...  

The price of Bitcoin is about to increase a sellers market is slowly emerging I think. I'm going to get in early before the rush:

 


        

After watching the Channel 4 news report on the "underground web" I was very interested by Bitcoin  and how it functions. Here is a copy of the report for all interested:

http://www.youtube.com/watch?v=lJ4w-hLz9pw&feature=player_embedded#!

The report made a spectacular misrepresentation of Bitcoin associating its use with criminals, drug dealers, terrorists and sex perverts. The anonymous nature of Bitcoin was also attacked.

The irony we are witnessing here is unbelievable. I could take the ferry to Guernsy tomorrow and anonymously buy a £38'000 gold bar (VAT free) and then ask somebody to store it for me in a secret vault under a front company owned by an unknown man registered as a director of a low tax IBC in Belize (who is actually me). People may laugh but this is true.

What needs to be asked is: Why is the Government so afraid of Bitcoin?

What Bitcoin allows is anonymous transactions. Governments have always been interested in transactions because they can tax them and maintain their burdensome bureaucratic systems above us all. If Government loses its ability to tax it loses its ability to rule - except in a few situations like the Middle East where oil revenues replace taxation. If Bitcoin were to seriously to catch on the Government would take all possible measures to either ban or destroy Bitcoin unless it could find a way to effectively tax our Bitcoins. The real problem is that in order to tax Bitcoins they have to accept that Bitcoin is a currency - and in doing so they shot themselves in the foot by destabilising their own currency.