Today a fake news about "A Hong Kong based exchanger mycoin.hk run off with 3 billion HKD (around 380 million US dollar)" came out in public, however the number of money lost in this news are FAKE!

Remember the $10 dollar fake bitcoins sold at Mtgox's last life cycle, If you took the risk to buy 1000 of them, can you say you lost 1000 * $220 current market price = 220,000 dollars? Well Hong Kong media definitely do so, same thing is happening again with mycoin.hk.
Most bitcoins lost at there were bought at less than $20 US dollars each!




news link:
http://www.scmp.com/news/hong-kong/article/1707565/investors-fear-hk3b-losses-closure-bitcoin-trading-company
http://money.udn.com/storypage.php?sub_id=5603&art_id=696371
http://cablenews.i-cable.com/webapps/news_video/index.php?news_id=451648
....

These news are ALL USING THE FAKE NUMBER


Most Hong Kong local news reporters don't understand the whole thing or just make up this huge number to create the "big lost" story in the name of bitcoin(new tech + big lost always take eye-balls),

I will show you how this "3 billion Hong Kong dollars" was made out:

Mycoin.hk is the runoff exchanger here (NOT mycoin.com, some media reporters mistaken reporting the exchanger's website domain), This exchanger has a really small market share, even smaller than kraken.com, it used to have around 500 btcs trades per day but about a half year ago it started to delay and stop processing client's withdrawals, since it's too small not many people even know about it, only some of their clients talked about it at months ago.

Mycoin.hk also set the daily bitcoin withdraw limit to 0.5 btc per day(since 3-5 months ago), then 0.1 per day(since about 2-3 months ago), then 0.01 per day(since 1-2 months ago), during this crazy time, bitcoin price traded on their exchange market dropped from market price to $500HKD $200HKD $100HKD $50HKD $20HKD $10HKD.. There are two reasons of this drop: First, the exchanger was trying to attract fiat deposits and stop clients from asking withdrawals like the Mtgox did, almost every Chinese including Hong Kong citizens kept warning/laughing at this old trick, however there are always some people would take the risk and made deposits to buy their "super cheap coins" and hoping may be they can withdraw again someday, Second, the exchanger was trying to pretend everything is fine and their trading activity is still high.

Most people in Mainland China and Hong Kong SAR know about this situation at long long time ago (people talked about this at many Chinese bitcoin forum since the end of 2014), Now today the exchanger finally gone down as everyone's expected.

The interesting thing is now the media journalists sum all the bitcoins in mycoin.hk's clients accounts and get the 3 billions HKD number from:
Amount of fake and super cheap bitcoin * current market price = 3 billions HKD <-- well, this is fake because most of bitcoins there never existed and were "bought" by risk takers and existing desperate clients at a price from $500hkd(60 USD) to $100hkd(16 USD) to $10hkd(1.2 USD) in recent months.

In conclusion, A really small exchanger gone down, less than may be let's say half million HKD(including real bitcoins deposited at there) is lost (because mycoin.hk stop processing withdrawals at long time ago, some real clients must have lost something), "100000000+" or whatever fake bicoins bought at there at a super discount price (99.9% off) are also gone, a so call "3 billions HKD (300 millions USD) lost" was added up by media reporters with a formula "never existed & super cheap fake coins" * current market price = "fake 3 billions HKD"

If you are waiting for those "never existed & super cheap fake coins" dump into the market, not gonna happen,
If you are waiting for Chinese market to panic, give it up, most Chinese know the mycoin.hk exchanger would runoff at a half year ago

That's it, thank you for reading, and please, if someone know or connected to the Hong Kong news  media please ask them to correct this outrageous howler.

thanks for the smaller graphic

Hello Sitarow, i really appreciate your work posting chart data, but some images are about half mega and draining fast my mobile internet plan (500Mb) , also, they are pretty big and difficult to read on a phone like the S4.

Is there any way you can make them smaller or hide under some spoiler tag? Thanks a lot

Hello Sitarow, i really appreciate your work posting chart data, but some images are about half mega and draining fast my mobile internet plan (500Mb) , also, they are pretty big and difficult to read on a phone like the S4.

Is there any way you can make them smaller or hide under some spoiler tag? Thanks a lot

your bears are weaksauce .

Sometimes I dont even understand that what his chart is about.
how do you make it?
yourself or ypu just copy from somewhere?

No no--I'd never ignore ChartBuddy.  I meant ChartBuddy has put Sitarow on ignore for constantly spamming the thread with humungously huge screencaps of charts.

too true ...i'm sad whenever i see the chart buddy ignored pop up when i check this thread as a new post...

alas...chart buddy is too lame......i think I'm too cool for chart buddy..

(in that I got a KNC Titan I likely am very very wrong on this)

sorry chart buddy

(they should make the ignore on chart buddy say that chart buddy is ignoring all that put him on /ignore....that would be funny as hell)

^ChartBuddy just put you on ignore.

I am bored

no pump and no dump on weekend?

It is starting to get too boring

I was asked this soon after I started posting here, and my answer is still basically the same:

Bitcoin will be a success (as a currency) when a significant number of people spontaneously choose it to pay for legal purchases, because it is better for them than the alternatives. "Better" may include cheaper, safer, simpler, faster, or any other operational advantage.  But I would not count people who use it just out of curiosity, because they are invested in bitcoins, for political/ideological reasons, or because they are interested in the technology.

I don't see that happening yet.

However, since then I have come to realize that bitcoin was never intended for large-scale use, but only to test whether the solution proposed by Satoshi to the "distributed ledger problem" (block reward + proof-of-work + longest-chain-wins) would indeed motivate the miners to maintain the ledger and protect it from malicious attacks.  The experiment has been running for 6 years, which is remarkable; but it exposed one flaw -- the centralization of mining -- which may require another genial idea to solve.

It is not just a matter of definitions.  

Dell USA has bank accounts.  In those bank accounts there are only dollars, not JPYs or BRLs, and one can only deposit dollars in them.  dell does not have a receiving blockchain address, or a bitcoin-denominated account in some bitcoin service.  They have an account at BitPay, but they do not keep bitcoins there.  Like most merchants that "accept bitcoin", when a customer chooses to "pay with bitcoin":

* the customer is redirected to a BitPay page, and the merchant tells BitPay the price in USD;
* BitPay computes the amount of bitcoin needed and displays that to the customer;
* the customer issues a blockchain transaction request that sends the bitcoins to BitPay;
* BitPay checks whether that transaction request is valid and has propagated to enough nodes;
* Bitpay tells the merchant that the customer paid the specified USD amount;
* the merchant trusts Bitpay and tells the customer "payment received, purchase successful";
* at the end of that day, Bitpay wires the USD amount to the merchant's bank account;
* eventually the bitcoin deposit into BitPay's wallet is confirmed by the network;
* sometime later, Bitpay sells those bitcoins to replenish their USD reserves.

Note that at no time the merchant had possession of the bitcoins.  

Dell USA, AFAIK, accepts only dollars.  Dell Brazil accepts only reals.  If you want to pay them with some other currency, you must find a way to convert them to USD or BRL, respectively, and send those to the companies.

I have used my Brazilian credit card, whose bills I pay with BRL, to pay for hotels and other stuff in the US, Europe, Japan, etc; but it was always the credict card company that exchanged my BRL for USD, EUR, JPY and deposited these to the merchants' bank accounts.  Those merchants definitely did not "accept BRL", anymore than Dell "accepts bitcoin".

https://twitter.com/GaltsGirl/status/564137655827316737/photo/1

hi what is the name of the wallet application thanks.

Easier entries doesn't necessarily mean that a significant amount of people (significant compared to the selling pressure and overall supply) will want to buy it tho