Interesting article, thx for sharing. Did i mention that i worked 10 years ago in a psychiatric ward. I would imagine that would be a difficult and distressing job at times but rewarding. |
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Keyser/Bill, You're a sensible sort. What do you think of Jorge's proposal? I don't think that the Bitcoin Foundation can or should be salvaged. Since the other board members haven't given any sign that they are displeased with Mark's actions at MtGOX, one cannot assume that they are better than him. Besides, it is not clear whose interests the Foundation is supposed to represent: small investors, big investors, traders, exchange owners, developers, or people who just want bitcoin to be used for commerce? Methinks that bitcoin owners should create an independent Bitcoin Investors Association, supported by fixed low fees and accepting no donations (so that it does not become a Bitcoin Whales Association). Its first priority should be to write a set of standards for exchanges (including transparent accounting), audit them, and certify them for compliance. I completely agree and had the same thought about a year ago. I approached a few people via the trollbox (the ones who were clearly compos mentis although the trollbox wasn't as bad as it is now) and apart from one guy, who on consideration decided it was far too much work, everyone responded (politely) that this was not what BTC was about and it sounded like shudder regulation. But why shouldn't the people that use BTC organise themselves and impose a set of standards (or regulations) which make the eco-system better? This is why I'm a rather cynical about the "bitcoin will change the world" angle - unless people get involved and take ownership BTC may well change the world, but not in the positive, egalitarian way they presume. The reality most here just want to financially better themselves and live through some technological disruption, they don't want to get too involved. BTW excuse my spelling I'm a bit crook today (that's Australian for sick). |
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WOW  Just came back from wine, cheese, tv and the mrs to find all hell has broken loose. Jesus, you people can be really obnoxious....FFS stop throwing abuse at each other. We all love BTC and think its the future, we just have different time frames and opinions about the journey (except you Jorge obviously, and hell we can embrace you too). Can everyone just remember there is a human being at the other end of these messages and treat each other with a modicum of respect. (I can't actually find an emoticon that illustrates stunned/saddened/angry) |
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just a few sec. ago on the #mtgox on freenode irc: [11:08] <@Delerium> Ok heres the thing
[11:08] <@Delerium> Right now I have no update on the current situation. I beleive testing is still in progress as is the reindexing of the blockchain. I beleive that an announcement is coming but I have no further information than that.
[11:09] <@Delerium> Any abuse, fat jokes or trolling will result in either a silence or kickban.
[11:09] <@Delerium> I know the situation right now is not great but please remember we are human beings and we're doing this to protect your money. I guess the BTC are gone. I simply can't believe it takes them so long, while BTC-e and Bitstamp solved the problem in 24h-48h. Just buying time for something what so ever. It all reminds on last year when they were installing their super-dupper trading engine to get rid of the lagging problems and their announced ability of LTC trading. Guess what, neither of that happened. That's the super-duper trading engine that allows you to place orders when you haven't got the funds to back to the order...oh, yes |
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This week has demonstrated how one man, who owns a badly run exchange but has a good PR team, can do massive damage to BTC.
Massive damage? I know this is spec forum, but the price remains one of the least important things. It is undeniable, bitcoin is the future. My point, if you read back 6 or 8 pages (which I wouldn't inflict on you), is that BTC has lousy PR, while Gox is pretty canny at spinning news in their favour. The story should've been Gox's incompetency but instead it became a flaw with BTC. BTC may be the future but the infrastructure needs improving, fixing etc. And the lessons from this week are the Bitcoin Foundation needs to improve its marketing and PR and deal with criticism head on, swiftly and aggressively. MK is on the board of the Bitcoin Foundation - hence the inability of the Foundation to do a proper job. If I had a cartoon of an Ostrich with its head in the sand I would pop it in here. Like this:  |
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Good point.
Well, don't know what you're drinking...I've got a South Australian Shiraz.
When does the main feature start?
I think that we don't see the feature tonight. Perhaps tomorrow, but that is still doubtful in my mind. MK seems to have a way of underdelivering. ie, this could go for days. The Shiraz sounds intriguing. I'll have to see if my local establishment can get some. Tonight I'm having a home-brewed Tokay. (not recommended for the faint hearted) See here if you are unfamiliar with this delight. http://www.lodiwine.com/blog/the-fiery-fall-and-resplendent-resurrection-of-flame-tokayNever heard of that variety, but good for you with the home viniculture and thanks for broadening my knowledge...loving the 'young girls in togas'  |
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This week has demonstrated how one man, who owns a badly run exchange but has a good PR team, can do massive damage to BTC.
Massive damage? I know this is spec forum, but the price remains one of the least important things. It is undeniable, bitcoin is the future. What we have here is a massive disconnect. Many participants insist on conflating the price of the miner’s reward, which is what we are trading, with the worth of the blockchain/protocol. This is not Bitcoin, Inc. There are no shares of the blockchain for sale. The asset, protocol, cannot be bought. Good luck trying to overcome the biases that are evident in a great many posts on this forum in general, and this sub-forum in particular. Good point. Well, don't know what you're drinking...I've got a South Australian Shiraz. When does the main feature start? |
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This week has demonstrated how one man, who owns a badly run exchange but has a good PR team, can do massive damage to BTC.
Massive damage? I know this is spec forum, but the price remains one of the least important things. It is undeniable, bitcoin is the future. My point, if you read back 6 or 8 pages (which I wouldn't inflict on you), is that BTC has lousy PR, while Gox is pretty canny at spinning news in their favour. The story should've been Gox's incompetency but instead it became a flaw with BTC. BTC may be the future but the infrastructure needs improving, fixing etc. And the lessons from this week are the Bitcoin Foundation needs to improve its marketing and PR and deal with criticism head on, swiftly and aggressively. I agree. Gox has to be responsible, news picks up a story like that, makes up a few headlines "btc flawed". And we've lost a % potential investors just like that. Exactly, this will set adoption back and make grassroots conversations more difficult ("Oh, I saw that story in the paper that said BTC was flawed")...it's weird how a lot of people here don't understand this....that perceptions gain momentum. And this was just one incompetent guy who understands how the press works. |
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This week has demonstrated how one man, who owns a badly run exchange but has a good PR team, can do massive damage to BTC.
Massive damage? I know this is spec forum, but the price remains one of the least important things. It is undeniable, bitcoin is the future. My point, if you read back 6 or 8 pages (which I wouldn't inflict on you), is that BTC has lousy PR, while Gox is pretty canny at spinning news in their favour. The story should've been Gox's incompetency but instead it became a flaw with BTC. BTC may be the future but the infrastructure needs improving, fixing etc. And the lessons from this week are the Bitcoin Foundation needs to improve its marketing and PR and deal with criticism head on, swiftly and aggressively. |
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Popcorn and fine wine. Love it.
Popcorn  I've got an ash covered Tasmanian brie that's melting nicely  Here's to you and me!  Cheers! |
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Lest we forget, we had a small 'pre-news' rally last week....and a couple of hours later there was red everywhere.
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Popcorn and fine wine. Love it.
Popcorn I've got an ash covered Tasmanian brie that's melting nicely |
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This week has demonstrated how one man, who owns a badly run exchange but has a good PR team, can do massive damage to BTC.
* Syke checks his wallet. Yup, it's all still there. Not a single satoshi missing. What damage? The slew of negative press stories/articles in the mainstream media that have been generated by Mark spinning his companies inadequacies as faults of BTC itself thus crashing the price. |
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That's a great read and should be made compulsory on sign up here!
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Mtgox fix delayed until Saturday  Proof?? I read it on a chinese news site. But I couldnt totally understand it. Maybe im wrong.  There was news last week quoted from IRC which proved false, so I'm a bit wary. Up or down eh? |
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It's actually 5 years. The Black Swan would need to solve a problem that Bitcoin doesn't. First you need to find that problem, then the Open Source community will work on it. So far all the best solutions include Bitcoin.
Quote from: TERA on Today at 01:45:08 AM
This is exactly what I was talking about in my other thread "the irony of a decentralized currency with a development team" but they don't get it and insist that "open source" keeps everything in check. Well the fact is that open source is irrelevant to the structure of the people who are in control on a minute-to-minute basis. The hard fork being pushed in a matter of hours proves this. There isn't enough time for a big open source community review of the code and nobody has time to do a full audit of the code in an hour. There are people, in control.
Quote from Blitz:
Congrats my friend, seriously. I remember that thread. You grasp what the Bitcoin cultists do not.
However, a certain degree of centralization is useful as we have seen, and I don't think it is a fundamental concern except in the very, very long term. Still, it is good to be aware of it. However, the point is that a Black Swan event can be anything. This week has demonstrated how one man, who owns a badly run exchange but has a good PR team, can do massive damage to BTC. |
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The only conceivable scenario in which BTC won't succeed is if somebody like Google creates their own copy and it overtakes BTC.
It doesn't need to be Google, we now have hundreds of alt-coins, it could be any of them No it couldn't, all the alt-coins right now are bs. Bitcoin has a huuuuuuuuuuge advantage over all those crapcoins because it actually did something new, and thus had value from the beginning. The others are effectively a credit derivative denominated in BTC because the only way they're ever used is by exchanging to and from BTC. In order for anybody to beat the first-blow advantage by BTC, it will need to be backed by a company with a budget big enough to fund an advertising campaign bigger than all the press that BTC has already gotten, and even more than that, to persuade people currently using BTC to switch. And such companies are few and far between, especially since there's no way it'll ever be used if the company pre-mines the entire goddamn thing, so there's literally no incentive for a company to do such a thing rather than just using the standard thats already there, unless they come up with something miles better (perhaps fully POS, no need for miners or something). Google won't be funding a fontas-style altcoin pump-and-dump, thats just absurd. I hope you're right. And I'm willing to except many of the facts you present but they are strongly intertwined with your opinion, which I think is very dangerous for decision making/investing. History shows a long line of innovators whose ideas get exploited successfully by other people. I'm simply offering you a pragmatic perspective. |
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True. There. Could. Be. A. Zombie. Apocalypse.
Hey, you guys are waking up and realising that climate change isn't a commie, pinko fairy tale concocted by scientists who simply want to keep their funding. Anything. can. happen. |
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single black swan event could wipe BTC out Tell that to all gov, hacker, bank trying to wipe btc out since 2 years Interesting then that the most damage has been done by an insider, isn't it? Look, I'm not making predictions, just saying making predictions is in itself unwise. My old science teacher told me the only certainty he could tell us was the sun rose in the East, travelled across the South sky and set in the West. I moved to Australia and discovered even that was partly untrue. Don't close your mind to possibilities. |
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