So if a "cracker" really has 850K bitcoins (highly unlikely really), the question is "WHAT WILL HE SPEND IT ON"?
A few suggestions: - Private Jet (I suggest a tricked out G650 or a private 787 for longer distances) - Private Island preferably with a runway with full ILS capabilities. - Nice car(s) - Maids and butlers It's not hard to spend lots of money.... How? Do you know a: - Bitcoin vendor selling planes? - Bitcoin vendor selling islands? - OK yes, you can buy cars - Maids and Butlers (not professions known for their technical knowhow, although I stand to be corrected) who will accept Bitcoin as a weekly wage? Bitcoin is not money until (a) you convert it to fiat - as pointed out this would fuck the markets in a major way, making the guy's BTC worth way less or (b) you find someone willing to take it from you for something nice. We'd all like the things above, but these particular bitcoins won't be buying them. Rit. A. https://www.bitpremier.com/items/view/26 https://www.bitpremier.com/items/view/183B. https://www.bitpremier.com/items/view/51C. https://www.bitpremier.com/items/view/100hahaha  OK, I stand corrected!  Can you find me a listing for an Underground Lair please? (Dr. Evil voice) I like luxury when I fly, no single propellor shit, I like to lie down or have my martini shaken not stirred  This site says it all http://www.endeavorglobalgroup.com/The have off-market Gulfstreams and Boeings private islands and yachts for sale, with bitcoin.  I would recommend the G650 which has a good range and luxury and can land on any short runway. |
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$1mil=pluto but thats not a planet  it isnt? It is it's a dwarf-planet. |
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$10k=moon $50k=mars $100k=venus $1mil=pluto HODL to Alpha Centauri !!!!!  |
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I just realized that MtGOX has opened the doors for a completely new business models named "certification" of "insurance". This can be considered a good thing since we learn from the bad moments. CertificationIsn't it time for a company with indepth knowledge of how to run a company that stores ginormous amounts of bitcoins to pop up. This company can offer certification to companies willing to confirm to strict policies and procedures in handling bitcoins. Companies like Bitstamp, Btc-e, Blockchain could then allow themselves to be certified so they can present the certification on the site. This way we can trust that our bitcoins are safe if we use their services. InsuranceInsurance amounts to nearly the same thing. A company willing to bail either "certified"companies handling Bitcoins. Or personal insurance where you can get bailed out if a Bitstamp or BTC-e goes down like MtGOX did. For X mBTC per month they insure you for Y BTC if a bankruptcy claim comes through and you can prove your BTC got stuck there. Bitcoin banksCompanies storing and guaranteeing safe storage of wallets. You send password secured offline wallets through an SSL connection to that company. Company stores it in some sort of vault and makes sure nobody can steal your coins. Also providing retreival services where you request your wallet back and the wallets get streamed back once lifted from cold storage. etc. So HODL is good since we are really very early adopters. The technologies and companies are yet to come. PM me if you want to buy the rights off me  Once you add the costs of 'insurance' and 'certification' (regulation?) you eliminate the frictionless advantage of bitcoin. Instead I think people need to learn a little bit of self-reliance. Bitcoin allows YOU to be in control. What ever happened to the desire for freedom? the desire to be in control of your own destiny? I think you're looking at it the wrong way. I was merely suggesting that companies using bitcoin can have themselves certified by other companies if they choose to (no must). This allows companies to open up to the public and prove that they have secure measures in place. Look at certifications like "Protected by Verisign" and "ISO xxxx certified". Nobody is forcing you but a consumer might trust certified companies more. Insurance can also be an option. If I'm a company managing loads of bitcoins. What if I get robbed? What if my cold wallet goes lost? Why not insure the risk? If MtGOX was insured they wouldn't be in this mess. Insurance is also an option. Again I'm not suggesting it MUST be certified (regulated) or insured. I'm suggesting that companies might want to be certified or insured to protect them from hacks or technical errors. The bitcoin market is a free market but we must make sure MtGOX like stuff doesn't keep on happening. How can you take control of your destiny if someone hacks your ass or burns your cold wallets... the only actions you can take is "protect yourself and hope for the best" or "Ask for assistance, expertise or someone willing to take your risk" |
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Quote from: Apraksin on February 28, 2014, 05:02:57 PM
Hoverer, the cracker still suffer from the same market mechanisms as your standard whale. If he floods the market with 850 k he will in effect kill the golden goose, making all his coins worth zero. Unless he wants to destroy bitcoin what would be the point of that?
What is the liquidity of all the current markets?
That is how much his short term profits are... And that might be sufficient for one person to live nicely for a while... as you say. for a while. and perhaps maybe even longer. but does he would be really happy in his life? Posted From bitcointalk.org Android App Take a look at Richard Brandson .... does he look "unhappy". But yes you're right money can enable happiness but it is no guarantee. |
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So if a "cracker" really has 850K bitcoins (highly unlikely really), the question is "WHAT WILL HE SPEND IT ON"?
A few suggestions: - Private Jet (I suggest a tricked out G650 or a private 787 for longer distances) - Private Island preferably with a runway with full ILS capabilities. - Nice car(s) - Maids and butlers It's not hard to spend lots of money.... |
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Losing so much money is bound to piss a bad-ass off.
Some russian drug lord has probably lost enough on Gox to put a hit out on him.
Therefore I believe he will meet his maker when investors find him... (hope for him I'm wrong)
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What are you talking about? I just checked they are online.
Well i'm still getting a "This page can’t be displayed", earlier today they we're in maintenance. All other sites work. Could be a problem on my side. Thanks for saying it's still up and running. Update: I can't resolve their DNS. Update2: Got it working by flushing DNS. Something funky was going on, on my dns servers. Sorry for the FUD  |
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btc-e.com is down aswell  (EDIT: SOLVED DNS ISSUE) |
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Unless you are about to pump BTC by injecting $1M or so it will not happen that fast. I wish it would go to $850... |
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HAHAHHAHAHA "Enable macro and read it"  |
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I use Cryptsy for all my altcoin trading and have moved quite a few BTC into and out of Cryptsy.
There have been many problems like slow deposits, taking down the trading engine due to technical issues, unable to generate deposit addresses, GUI not showing the right info, etc.
But
- They have solved all tickets that I have placed
- They have always made good on withdrawls and deposits that were outstanding
- They audit accounts and correct if anything goes awry (Something MtGOX should have done)
- I have requested an audit for money that got delayed and they corrected it before they got to my support ticket.
- They react to support tickets in a timely and personal fashion.
I believe that the main problem is adding too much altcoins with crappy clients on too little servers. And they could use more people to make things better.
I do not know of any people actually losing money in Cryptsy. Only people getting in or out late due to laggyness and people waiting for a few days for their balance to get corrected.
They just need time to make their trading platform better.
My verdict: NO THEY ARE NOT A SCAM!!
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last line should read:
"please please sell me some"
Or "Bitcoin of GoxBitcoin?" |
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MtGOX is now the most "interesting" news around. If we look at China and SilkRoad it has taken a relatively small amount of time to get over.
It's my view that we are getting over bad news faster than before.
I have said it before but I believe April/May will be a new push towards a new goal. Maybe not an ATH but high enough to allow people who got in at $850 to $1100 get out with minor losses.
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Cold storage, private keys in encrypted file container in my dropbox and every device I own.
This is not technically cold, this is as hot as it gets, because anyone can get your (encrypted) PKs and work on them. Cold is something where PK have not ever been on anything connected to an internet. Unless you are Mark Karpeles and your definition of cold is a PK tattooed on your forehead. I store in paper, cas coins, and some offline wallets, maybe 10% across exchanges. I have lost a trading amount at the gox, which was not insignificant but not a killer. I still learned a good lesson with Gox, that you should never underestimate potential idiocy of other people, and never assume smartness where stupidity is the shorter path. +1 Cold == OFFLINE Preferably on paper or usb in a vault. |
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They can always make it illegal to hodl or trade bitcoin just like crack and meth.
For now TO MARRRRRRRRRRRRZZZZZZZZZZ!!!!!!!!!!!!!!!!!
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So MagicalTux and his lawyer confirmed that some cracker gained illegal access to their systems and stole 850k coins, don't ask me how that is possible...
Unless he proves all of the shit he says, I don't trust a single word this idiot or his lawyers say anymore. For all we know, he could have been sending all the money to a random address while constantly smoking crack all those years, this explanation is as feasible as any out there now. I say freeze all his assets - including money he is wasting on the lawyers now - get him a public one instead, and bare minimum for the food. The money would be needed to pay out at least a small part of his debt. I he had any kind of tiny balls, he'd do it himself. But he continues lying, now to the regulators. This path will lead him nowhere. I believe there are enough pissed off bad guys who had BTC in MtGOX. If I was him I would be scared that some pissed off russian mob king puts a hit out on him. (P.S> I'm not in this MtGOX mess and I don't advocate killing people) |
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100% in mtgox
I hope that's a joke  Waiting for "100% of my 850K BTC in cold storage" |
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Inb4 KKK flags |
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