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Author Topic: Bitcoin "crash" Please read news on mtgox  (Read 1240 times)
Metta28 (OP)
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April 11, 2013, 05:05:52 AM
 #1
It's all explained there.

https://mtgox.com/press_release_20130411.html
wumpus
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April 11, 2013, 05:18:28 AM
 #2
As long as nothing disastrous happens, these kinds of things are only good. It reminds people that bitcoin is risky as investment, and reminds exchanges that they are an achilles heel, there is still a lot of either scaling or decentralization work to be done before the masses can start using it.

That said, I admire how quickly sites such as Mtgox and Bitstamp manage to scale out.
Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through File → Backup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
freequant
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April 11, 2013, 05:57:46 AM
 #3
Quote from: Metta28 on April 11, 2013, 05:05:52 AM
It's all explained there.

https://mtgox.com/press_release_20130411.html

That's the most pathetic post-mortem I have ever seen.
After blowing a major set back to the whole Bitcoin ecosystem, they don't apologize, and even find the way to self congratulate...
glub0x
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April 11, 2013, 05:59:04 AM
 #4
Quote from: John Smith on April 11, 2013, 05:18:28 AM
That said, I admire how quickly sites such as Mtgox and Bitstamp manage to scale out.

yep scaling up is not always so easy as some here pretend ...

100k user last year, 20K new user per day now. This is scalling up Smiley

That being said, much more poeple as may bitcoin mean?
The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions
Satoshi Nakamoto : https://bitcoin.org/bitcoin.pdf
jojo69
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April 11, 2013, 06:00:27 AM
 #5
Quote from: John Smith on April 11, 2013, 05:18:28 AM

That said, I admire how quickly sites such as Mtgox and Bitstamp manage to scale out.


Excuse me?  Gox has been behind the curve the whole time, their whole platform sucks balls and they do fuck all about it.  Hopefully this latest farce is the beginning of the end for them.
This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
wumpus
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April 11, 2013, 06:08:35 AM
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Quote from: jojo69 on April 11, 2013, 06:00:27 AM
Excuse me?  Gox has been behind the curve the whole time, their whole platform sucks balls and they do fuck all about it.  Hopefully this latest farce is the beginning of the end for them.
Everyone is free to stop using it and move somewhere else. There are enough alternatives by now. I also think diversification away from mtgox is good in the long run. But all this complaining is really pointless.
Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through File → Backup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
Nesetalis
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April 11, 2013, 06:13:14 AM
 #7
SHIIIIT...
20K users a day? Well... I knew bitcoin was becoming more popular to the masses, didn't realize quite how popular..
Also, I enjoyed the crash.. Tongue Sadly I missed out on sales around 105$ XD
ZOMG Moo!
Phinnaeus Gage
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April 11, 2013, 09:29:08 AM
 #8
I quit reading that press release here:

Quote
...victim of our own success!

Looks like Bruce Wagner is working for Mt. Gox.
gogxmagog
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April 11, 2013, 10:18:32 AM
 #9
meanwhile http://blockchain.info/address/1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx

could that be construed as disruptive to the economy?
repentance
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April 11, 2013, 10:38:48 AM
 #10
Quote from: Phinnaeus Gage on April 11, 2013, 09:29:08 AM
I quit reading that press release here:

Quote
...victim of our own success!

Looks like Bruce Wagner is working for Mt. Gox.

Or Josh.
All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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