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Apparently the only thing more worthless than fake fiat IOUs are fake bitcoin IOUs.
Yes.
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Bitcoin is working fine for me.
But, OP says it's been destroyed... I guess I have to shut it down now and delete my wallets?
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Further, I *hope* this triggers a movement for more transparency in bitcoin businesses. Bitcoin, like nothing else, allows for massive operational transparency. As customers of bitcoin businesses, we should demand best-practices of proving solvency through signing addresses, etc...
Hey, imagine that! An exchange actually taking advantage of the properties of Bitcoin by allowing perfect transparency (at least on the Bitcoin side of things). Why aren't exchange customers demanding this? |
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but, aren't the gates closed there?
These are pretend coins that were already on the exchange being traded back and forth multiple times like a game of hot potato. No one in their right mind deposited bitcoins to Gox after the freezing of withdraws. |
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The lower the exchange rate, the more volume you will see of the asset being traded. (It takes more volume to trade the same value.) This isn't rocket surgery! In this case we are dealing with fake Bitcoin IOUs issued by a dysfunctional, incompetent, possibly insolvent company. These IOUs are proving to be practically worthless, as they should be. Although, the fake fiat IOUs are probably just as worthless.  |
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This thread is stupid. As if satoshi could or should prevent people from forming foundations and then decide who can and can not join those foundations.
Bitcoin is fine, Gox and it's users are temporarily putting a bad taste in everyone's mouth. In time this will pass and Bitcoin will be better off because of it (if people learn to make better choices when it comes to picking an exchange and how they use it).
Truly wise words. The sutuation with mtgox is just bad, but I'm sure it will make bitcoin even stronger and more valuable after all. Beautiful words, but I don't see the wisdom. When MtGox goes down, the headline will be "The former biggest Bitcoin exchange went under, investors lost everything". That certainly won't help Bitcoin, neither in short or long term. It certainly will in the long term. It will teach people (the hard way) to stop treating Bitcoin like traditional forms of money (leaving it in a "bank account"). It will teach them that if you aren't the sole controller of your private keys, you don't have any bitcoins. It will teach them to read the writing on the wall the next time they choose an exchange (Gox has been incompetent from the start, that should be clear to anyone who does even a tiny bit of research). All of these things will lead to better informed users and more robust exchanges. |
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Gox @112 less then hour before double-digits. This will influence confidence of traders on other exchanges, at least I think so...
Only until it doesn't. These final ties will eventually be severed and the decoupling will be complete. |
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Bitcoin @ $119
Is the bubble all done already??
Yep. The dysfunctional exchange known as MtGox has decided to end Bitcoin. Please destroy your wallets and shut down any Bitcoin related software at once. |
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From zerohedge:
In summary, all BTC withdrawals re-frozen for another week...blamed on a small group of protesters hanging around out front of the offices looking for their money... another day in bitcoin land...
Another day in "Gox land". |
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So what happens to all of the bitcoins if MTGOX were to go completely under and cease to exist...is it the equivalent of burning piles of money that will simply disappear from circulation never to be seen or replaced again?
It depends if someone still has the private keys or not. Either way, it doesn't much matter for Bitcoin in the long term. It will hurt short term (mostly Gox customers). |
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i get this email too they r hiding they are going bankrupt
Wow! |
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What a joke this statement is. It doesn't say anything, which is why the price at Gox is tanking, and pulling the other exchanges down too.
The exchanges have mostly decoupled (regarding actual exchange rate), but they are still being pulled in the direction of Gox. Eventually that will end as well. |
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This thread is stupid. As if satoshi could or should prevent people from forming foundations and then decide who can and can not join those foundations.
Bitcoin is fine, Gox and it's users are temporarily putting a bad taste in everyone's mouth. In time this will pass and Bitcoin will be better off because of it (if people learn to make better choices when it comes to picking an exchange and how they use it).
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I AM SO SICK OF THIS, BITCOIN IS FUCKING DEAD AND THE FOUNDATION IS JUST DOING NOTHING!
LOL. Bitcoin is working fine. Centralized exchanges... not so much. Apparently the bridge between Bitcoin and fiat is very difficult to build. |
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This is going to be a huge loss for bitcoin holders when Mtgox goes under
Gox has been a cancer to Bitcoin for years now. Their final demise will usher in a new day. |
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it takes like 2 weeks to just download the blockchain from scratch...
That's odd, it takes me under two days from a clean install. |
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These are the horrors of bitcoin. So damned easy to lose.
o.O I make multiple backups of wallets before I even fund them... Bitcoins have to be the easiest asset to protect, I can make as many copies as I want! I wish I could do that with my car. |
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Does Armory need both huge databases? The original bitcoinD's database, and Armory's itself? I think both combined comes to about 60GB of data.
Delete please.
https://bitcoinarmory.com/about/armory-and-bitcoin-qt/This is the cost of having a highly secure Bitcoin client. If convenience is more important for you, there are several light clients available where you can rely on others to keep an accurate block chain. Your estimate is about 20GB too high. |
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Holliday -
I have been thinking about this pertaining to other issues with wills, etc. Can you explain the process of leaving pieces a little more? You'd give pieces to Lawyer, Friends, etc .... but who is the true intended recipient in that scenario? Lets say I wanted to make sure my wife got everything, but I wasn't 100% sure those I entrusted, would give her everything. Why am I giving everyone a piece, and what piece does the wife get? Some special piece? Sorry, this is probably obvious but I just wanted to be sure.
-B-
If you trust your wife, just give her full access to your cold storage method. If you don't trust your wife, but want her to have your bitcoins when you die, create an M of N wallet. Put a piece in your will, put a piece in your safe deposit box (she should be able to access it when you die), and give her the final piece(s) necessary to construct the wallet. She won't be able to touch your bitcoins. Anyone with access to your will won't be able to touch your bitcoins. The establishment which controls the safe deposit box won't be able to touch your bitcoins. Yet, when you die, she will be able to obtain all the pieces necessary to construct the complete wallet. If there is a piece of the puzzle which you do not trust (say you don't think the bank will allow access to the safe deposit box), adjust your scheme accordingly. Add redundancy. Make it so she only needs 1 piece from either the will or the safe deposit box. I like this except you won't be able to draw off that m-of-n. Of course you will, if the M of N is an Armory backup.  |
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That's interesting to read different opinions about miners's future, furthermore I have another question - How long will it take to generate all the coins to hit 21m bitcoins?
Around 2140 all coins will be mined. Around 2140 all satoshis will be mined. The last whole BTC will be mined by 2040. I'm 65 years old and I might even be still alive in 2040. It's 2140 not 2040 so a lot of us will not be alive. You failed to read the post you've quoted, didn't you? |
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