Well, that doesn't address the question of why they'd waste their time posting notices if they've liquidated what they've stolen. Unless they're trying to stabilize what they perceive to be an unstable market, until they've gotten rid of everything.
Their notice claims that they have lost BTC. So let's assume you have the bright idea to take off with other people's money. A week goes by and you start detecting (on this forum and on IRC) that some pretty smart people are beginning to get clues as to who you are, where you are, etc. So you post a note on the site saying, essentially: "wasn't me! We lost some coins! Sorry! Wasn't me!" What happened during that missing week? They sold the coins! What else were they doing? Playing gin rummy? |
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I'm not talking about incorrect predictions, that happens 24/7 in every market. I'm talking about being so sure about "predictions" that you resort to insulting people's intelligence. Edit: www.mybitcoin.com ...chances are they aren't being dumped onto the market at all. Because they say so?  Mybitcoin and Bitomat are compromised... in the next 48 hours there's a very large amount of BTC dumped into MtGox... related? Nah, of course not!  |
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Is the glass half empty or half full?
The glass has the same volume of liquid in it.
The glass is too big |
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"In other news, 23 tons of Gold just up and disappeared today in the bank of Goldtomat. Bank spokesman, Gerald Itallgo said, "It was the damnedest thing, it done disappeared!" Gold futures dropped today, because, as we all know, gold sometimes just disappears entirely. Who will be affected next? More at 11!"
Bitcoin is like a commodity that can disappear. When $100,000 USD worth of a commodity can just disappear, people think twice about buying it. If the same people selling keep selling (Supply), but there are less buyers (Demand), that means the price falls.
Actually, gold could disappear, or become unusable. The problem with bitcoin right now is NOT that the BTC that were in Mybitcoin and Bitomat have disappeared, though. Rather the opposite... someone is dumping them in large numbers. The rough equivalent with gold, if you want to draw the parallel, would be someone stealing around 4,000 tonnes of gold, then dumping them on the market... where would gold be then? |
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A safe on the Titanic is still a safe at the bottom of the ocean.
The fact is that Bitcoin has never been successfully hacked. It's solid. If the Bitcoin encryption ever gets hacked so will the big banks. All you do is bring up stupidity and security breaches that surround Bitcoin and call it Bitcoin. Funny, a Yap Islander's stone at the bottom of the ocean is still money, still transacted and still has value. |
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Looks like another tumble to the single digits is currently in the making. Heads up.
Looks like another dumping... eventually, Tom Williams will run out of coins and things will return to normal. |
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R.I.P Volatility  Nothing pleases you... sheesh! |
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Bitcoin will skyrocket again, and it's disingenuous to say otherwise. You are an enemy of BTC
While I agree it's likely that bitcoin will skyrocket, I disagree it is disingenuous to say otherwise. I simply don't know enough about each of the variables involved to be able to predict its success with 100 percent confidence. The areas that I do know about appear solid. And I have to trust there are lots of very smart people looking into those variables I do know know about so much. But to assert, with 100 percent confidence, that bitcoins will skyrocket... that is disingenuous. I haven't even told my close family and friends yet... just waiting for a more secure and user friendly solution to the wallet problem... THEN I will tell them :-) |
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Yes, we should all do well to remember that: 1) For every BTC sold, one BTC is bought, and 2) Those who truly think bitcoin is a bad idea would not really be wasting their time on these forums. |
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Or you could use it as a very, very expensive email  |
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Another option would be for users to change their own withdrawal limits (within the range already set up by MtGox), with the limit changes not going into effect for 24 to 48 hours after change, and an e-mail sent out warning about the change. That way, even if the daily withdrawal limit is $1000, I know that I don't ever need to withdraw more than maybe $50 a day and can limit all withdrawals to that, and if I need to withdraw a few $100's, I'm willing to wait a day for that to happen. Make a separate limit on Bitcoin, too. Limiting Bitcoin amount by its USD value can have problems if BTC market price drops.
Im programming a web that will use bitcoins and what I have done is that the out address does not change until 24hours after the change request has been made. So the user sets an out address, and if someone gets hold of his/her password and tries to change the address it wont work for 24 hours. We also send an email to the user if it has set up an email. this way the user has some time to discover the "hack" and contact us. This is a similar system to the one used by Bitmarket (except they send you an email and only change the address when they get your confirmation, not 24 hours later). I always thought it was a very simple and elegant solution. |
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I actually see the potential for a reasonably good resolution to this. I agree that "Tom" is probably young-ish and not very experienced. At some point, he/she had to have figured "if I take all the BTC in Mybitcoin I'm set for life, and Bitcoin is, after all, anonymous".
Now he/she is starting to realise Bitcoin is pseudonymous, and the internet is not anonymous at all, and that people who hold bitcoins, by definition, tend to be computer and internet savvy. So what does one do? Concoct a story about getting hacked, which will explain the loss of whatever BTC one has spent in the last week or so, try to make amends, then quickly get out of the game.
Depending on where "Tom" lives, this may or may not be too little, too late. But if he/she is already feeling the pressure, it would stand to reason that most people would get most of their BTC back.
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I think people should write Bruce encouraging letters. Send him good vibes, some love and maybe a few bitcoins. Tell him how much he has done for the community and how we all appreciate him. What else can we do?
That's a good idea... Bruce has done a lot of work for Bitcoin, the least we can do is each send a few BTC his way, but when I clicked on the donate link of bitcoinme.com it appeared to be broken. |
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The word among the horde in UK that bitcoin will vanish by the end of august. I dunno how they got that idea and where from .. but with these prices it sounds just about right!
Hey, Walid, if you keep posting the same sentence in lots and lots of different threads, maybe it will turn out to be true... Magical thinking, the last refuge of a small mind, really. |
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Did anyone read the second post on the first page of this thread?
When a bunch of people each predict something randomly, the chance of someone being right is high  Hah... so very true! Give typewriters to 10,000 monkeys... |
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but most of them dont realize, that if the price goes over 20 bux, it'll attract many more investors, more positive media! and gives the bitcoin copmmunity an enormous push...
they cant sell everything, because BTC would get worthless and most of them won't get in the cost for their rigs! they have to think longterm and hold these Bitcoins until it's used by many more people!
MINERS! YOU CAN MAKE MUCH MORE MONEY BY HOLDING
Also, once the price goes above 20-30 USD, any attempt at manipulating the market becomes a much more expensive proposition. |
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Anyone trying to peg the BTC to anything will get pegged To OP's point... have you ever researched what has happened to countries that peg their currency to the US dollar? It works for a while, then it gets really ugly really fast. |
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Massive bounce? Flash crash? What's the overall trend?
We're in the middle of some very emotion-driven moves here. No telling what might happen.
Nah, we're in the middle of a massive sell off of Mybitcoin and Bitomat coins. Prices will be really juicy for the Asian markets that will be waking up in 5 to 8 hours. |
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$/BTC is looking like DJI.
Gold needs energy to survive. It takes energy to mine it. It takes energy to refine it. It takes energy to transport it. Even if all the gold was mined, refined, and transported just sitting there, you still need energy to trade it, whether electonically or physically. Gold needs energy to be excavated from the grown but needs 0 energy to be held. However to hold Bitcoins you need ENERGY. With no energy the block-chain can't work, thus making your Bitcoins worthless. Nah, gold also needs energy to be traded. I can hold a bunch of BTC in a flash drivenfor years, without spending any energy, until I decide to trade them or use them. Same thing with gold. Once you want to trade or use it, there's energy involved in determining its purity, selling it, buying it, melting it and so on. |
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We could make that graph fit anything, if we look hard enough.
The dotcom bubble?
Did you know that Moody's and S&P had rated many dotcom companies as "pieces of crap", BEFORE the crash?
Anyone with half a brain KNEW there was garbage piling up in the NASDAQ, that had to be purged.
Bitcoin is a useful legitimate commodity with a solid foundation.
So I'm not really drawing the parallel to bitcoin here. Its not happening for me.
Plus, when you're free to move the reference goalposts to include one month, one year, one decade... we could really find a perfect match between the dot com bubble, the market collapse of 2008 AND the movements of glaciers and ice masses around the Earth over the last two or three thousand years... this is all pretty pointless. |
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