People, this type of victim blaming is starting to piss even me off. Yes, possibly it is his fault. No, your comments are not helpful at all.

I would go straight to #mtgox on freenode and chat with MagicalTux (admin of MtGox).

Great article, had a few good laughs. Care to share the full one with us?

I would probably just lend you an amount of Bitcoins if I could trust you.

Is the rapid drop in bitcoin value because there are more sellers than buyers?

Haven’t lost any since February or so, when I lost ~30 BTC to a virus. I’m glad I learnt my lesson early and with little loss of money (at the time 30 USD).

Buy high, sell low.

It’s going up? Buy!
It’s going down? Sell!

Last man standing wins.

Yeah, I can’t imagine how stressful a life must have been where you dedicate your CPU to Bitcoin instead of folding@home and mine a few tens of thousand BTC. Not only is your room much hotter and louder than usual, but you also have to worry about how much electricity is consumed and how you’re ever going to pay it off with Bitcoins in their unprofitable state.

That’s assuming 100% of the new supply is sold immediately, which is wrong.

That’s true, but with Bitcoin, it is much easier to go undetected, the risk of facing any consequences is significantly reduced. Have you seen one Bitcoin villain face any law enforcement or even some kind of vigilante yet?

In the real world it’s high risk, high profit, but with us it’s low risk and high profit, so it’s much more attractive. Until we finally learn.

Who is responsible then? Noone?

I hate seeing a second early adopter lose 25k BTC and even worse many other people with him. If even we can’t secure our Bitcoins, even with the help of third parties, then how the hell are non-technical people supposed to?

The worst thing about this is that early adopters are losing Bitcoins they would probably invest back into the Bitcoin economy/infrastructure, losing them to people who will rather just sell them for fiat money.

Bitcoin is quite a useless currency if it continues to be more profitable to steal and betray than to do productive things in order to earn them.

Thanks for this thread, I completely agree with you. Storing Bitcoins with a third party is not storing Bitcoins. It’s only trusting that the third party stores them for you.

"Hey, have you heard of this new p2p currency? Noone can seize any funds or revert transactions!
You should buy some and if you’re too lazy to actually handle them, just store them on a shady e-wallet site."


I think it would have been clever to ask/pay someone to create an actually secure wallet for them, or even put up some bounties for easier solutions or whatever. We are not talking about negligible sums here, I have heard a figure of 25k BTC on NPR with regard to what Bruce Wagner had stored their.

PS: I store considerable funds at MtGox, but they have real identities who I trust attached to them, and I feel comfortable with the security measure in form of a Yubikey.

Same here, went smooth.

Price is negotiable btw, as my assumption of 13.5 USD/BTC is already outdated according to MtGox.

I’d like to purchase said game with Bitcoins in form of a steam gift. It currently costs $ 4.99 in the US, so my offer is 0.444 BTC, giving you a ~20% gain at current Bitcoin prices.

If you like, I can rate you on http://bitcoin-otc.com and in the forums.

PM if interested.

Nice upspike at the exchange rate, now it’s even more profitable: ~2x more Bitcoins are gained by mining Namecoins at the current exchange rate of 0.027.

Must be heaven for miners.

Really, shivansps? By making a thread I alone am making the difficulty skyrocket again? Then whose fault was it when the difficulty rose last time?

Also, if you would like to prevent such disparities in the future, you can try to

a) arbitrage the exchange rate down in advance, in case of another discrepancy of difficulty ratio and exchange ratio
b) buy up Namecoins to pay miners so they can continue to hold the hashrate of the current difficulty

I am merely providing the holy free market information, so it can act more rationally and equilibrate. Sorry you happen to dislike it.

First you need to move via cd to the directory your namecoind is located at, for example "cd C:\Program Files (x86)\Namecoin\daemon".

Yes, already happening. The profitability is a short-term window, but it could be worth it for some.

Open the namecoind via "start namecoind". It will then open a separate cmd window and you can command it from the other via namecoind getinfo etc.

This thing frustrated me too in the beginning, I’m not sure why it behaves like that in Windows.