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You could say the samething about paper money. One exchange, or even all of them, is not Bitcoin.
It doesn't matter what you could say about paper money. Bitcoin is trying to replace paper money. If you can pin the same weaknesses to Bitcoin money and paper money then Bitcoin fails as a replacement for paper money. The good news is you can't pin the same weaknesses as paper money on Bitcoin. BTC has pyhisical value like gold and sliver. It CAN'T go brankrupt. USD, on the other hand, is valued on nothing but credit. Brankruptcy is a fault of fiats, and fiats alone. |
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You could say the samething about paper money. One exchange, or even all of them, is not Bitcoin.
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I haven't bought into their cloud mining services, but I do use their faucet. Haven't gotten to the minimum yet, but I noticed they cut the number of ads per day. When I emailed them asking why they just denied their was a problem.  |
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The person in charge of the Federal Reserve answered a question on Bitcoin because Congress asked her about it? OMGZ!!!! SHE IZ TRYING TO CONTROL THE BITCOIN!!!
What your Trollcoin address, BCP?
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That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
As free market libertarians, shouldn't we just say that the market will sort this out? It will create a market demand for mechanisms that allow exchanges to demonstrate their solvency. What makes you assume everyone who uses Bitcoin is a "free market libertarian"? |
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It's possible that of the 744k BTC lost, MtGox has enough coins in cold storage to cover all but the $64 million he's filing for.
That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
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Here's a question: What are good reasons to day trade altcoins as opposed to Bitcoins, and what should we be looking for in a good altcoin?
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A statement to the media will be issued hopefully by next week,
to the previous comment its about the collusion between the moderators here and the collapse of Mtgox
I will not be discussing it in any more detail for now,
  I'm pretty sure MtGox is hated on this forum more than anywhere else. If MtGox got robbed and is insolvent, the mods did not stand to benefit at all. Please remove your tinfoil hat and tell your nanny state government to redirect its resource towards something more useful. Like banning small boobs: http://theweek.com/article/index/105766/australias-small-breast-banSo Australia only bans women with small boobs? What about men with small boobs? Is legal to molest boys Down Under? |
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That`s the federal reserve, not the government.
Funny how some people think the federal reserve is a government agency! Anyone who actually knows what the Federal Reserve System is knows that it is only a quasi-government agency made up of a collection of private American Banks. So when the Chairwoman tells Congress that the Fed doesn't have the authority to regulate Bitcoin out of practice she is acknowledging that Congress has not given banks the authority to deny doing business with Bitcoin businesses as it is not the currency of just one individual or a state. |
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That`s the federal reserve, not the government.
How dare you point out facts, you Bitard! |
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Finally, something that makes some sense of all this. Now if we could just hear it straight from the horse's ass.
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Hasn't it been disclosed that they supposedly only have 2,000 btc left, along with about $33 mill USD? I could be wrong, but I thought these were their balance sheets...
Hope springs eternal. It's sad, really. |
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All this discussion about regulation made me think of the following scenarios:
Let's say A and B are work colleagues and one day A takes from B desk a piece of paper.
a. If that piece of paper is just a blank one it would go unnoticed and, even in the crazy scenario that B would sue A for this, nowhere in the world would A get condemned.
b. If that piece of paper is a confidential contract or smth similar A could have some legal problems.
c. If that piece of paper is a 100 Euro bill, than this is plain stealing, A could theoretically end up in jail for this.
d. If that piece of paper is a BTC wallet, what would happen? "A" could even spend all the BTC from it and then return the paper. I'm quite sure that in most of the countries there would be no laws to condemn A for it.
is it good..is it bad?
It doesn't matter what is on the piece of paper. It is still stealing to take something that does not belong to you without permission. Except that stealing a blank piece paper off my desk because your printer is out is not the same thing as stealing my life savings. What that piece of paper is makes all the difference of whether or not the theft should be a police matter. |
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Can't you just keep your wallet in an encrypted container and then disconnect your laptop from WiFi after storing a back up wallet on a flash drive ?  n00bie wins. |
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Saying that a given entity currently has no power to regulate something means little. They can be given that power or it can be given to another government agency.
I seem to remember her predecessor, Ben Bernake, saying the same thing. Considering Bitcoin and other cryptocurrency is far from the only alternative currency in the US, or even the oldest, it's not hard to believe the Federal Reserve doesn't see it as something particularly difficult to deal with. |
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If all life came to Earth from a comet, that means WE'RE the aliens!
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All alternate currencies are illegal.
Illegal under what laws, may I ask? Read the title of the thread. I know, I meant that the OP should ask the guy who made this statement the question. In the USA there are laws on the books that specifically prohibit state governments, and individuals from creating their own currencies. What usually gets missed is that there's no law prohibiting anyone else from creating an alternate currency in the US. |
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