CRASH!

[bonker]

kiddie porn, who cares?

As solid as Bitcoin is, I believe this would be the easiest way to attack it. To knowingly possess child porn is a crime. As decentralized as Bitcoin is, only offshore sites holding the blockchain would make it vulnerable.

FFS! This absurd rumour was one of the oldest jokes in this forum!

Reality check you gulliable knuckle-dragging muffins!

There aint nuttin in the blockchain other than random goof.

[superduh]

Once the US wakes up there will be a massive sell-off,it is not a time to wait and see.I'm actually thinking somewhere around $20-$30 where this could settle.

Bullshit!

We were at this exact price 12h ago when the US was fully awake, and not much has changed. The dumpers who got inside info have already dumped -- 12h ago. The effect on the market has already transpired. *after the dump* is a *terrible* time to sell.

Buy high and sell low, FFS.

Oh please.You really think that there is no negative indicator if the largest exchange being sued will not have a negative impact and that this is the bottom...that is naive.

don't they have to win for the news to be BAD. a lawsuit is only a lawsuit
if gox loses than they shut down and go bankrupt. they can't legally use customer funds to pay the lawsuit if lost.
it's a corporation dude

[Vycid]

Once the US wakes up there will be a massive sell-off,it is not a time to wait and see.I'm actually thinking somewhere around $20-$30 where this could settle.

Bullshit!

We were at this exact price 12h ago when the US was fully awake, and not much has changed. The dumpers who got inside info have already dumped -- 12h ago. The effect on the market has already transpired. *after the dump* is a *terrible* time to sell.

Buy high and sell low, FFS.

Oh please.You really think that there is no negative indicator if the largest exchange being sued will not have a negative impact and that this is the bottom...that is naive.

don't they have to win for the news to be BAD. a lawsuit is only a lawsuit
if gox loses than they shut down and go bankrupt. they can't legally use customer funds to pay the lawsuit if lost.
it's a corporation dude

No court will actually award 75M over this.

[Cluster2k]

While it's pleasing to see bitcoins return to a more sensible valulation, the rapid pace of swings is most concerning for those who want to use bitcoins for serious purposes.  It's down almost 50% in a week.  What kind of business can tolerate their currency swinging wildly like that when ordering stock and setting prices weeks or months in advance?

[Zaih]

Panic sell EVERYTHING! Kiddy porn in the blockchain!!!!

[DiThi]

While it's pleasing to see bitcoins return to a more sensible valulation, the rapid pace of swings is most concerning for those who want to use bitcoins for serious purposes.  It's down almost 50% in a week.  What kind of business can tolerate their currency swinging wildly like that when ordering stock and setting prices weeks or months in advance?

Any business that sets prices in fiat. This way the volatility problem is transferred to the consumer. Yesterday I bought something with bitcoins one minute after buying those bitcoins.

[lewicki]

kiddie porn, who cares?

As solid as Bitcoin is, I believe this would be the easiest way to attack it. To knowingly possess child porn is a crime. As decentralized as Bitcoin is, only offshore sites holding the blockchain would make it vulnerable.

What's next, thought crimes?

[Come-from-Beyond]

Down below $100....here it goes...

Kiddie porn in the block chain, DDOS on Silk Road, CoinLab suing MtGox...

This will be a long fall.

Not fall, just some big hoarders trying to cash out sloooowly.

[DavidBAL]

The language is pretty clear, this is only a filing and coinlab is wants to solve this. The filing is only to light a fire under mtgox and let coinlab reestablish control in the relationship. Clearly mtgox is being run by finance amateurs, Peter's press release read to me like "get your priorities in check, or deal with our wrath"... wonder what the politics behind the scenes looks like.. I think think will never go to court, and mtgox will end meet their contractual obligations ASAP.

[mintybits]

if theres kid porn in the chain and i have the client installed, then i have kid pr0n on my pc.  how do i verify the kid porn?

The thing is, it cannot be taken out of the chain without compromising the whole chain.

That's not true.  According to Theymos the software can be updated without creating a hard fork http://www.reddit.com/r/Bitcoin/comments/1dkqcx/i_am_theymos_ama/

"Preventing arbitrary data storage is possible (without a hardfork, even) and probably wouldn't affect Bitcoin's utility much."

[notme]

if theres kid porn in the chain and i have the client installed, then i have kid pr0n on my pc.  how do i verify the kid porn?

The thing is, it cannot be taken out of the chain without compromising the whole chain.

That's not true.  According to Theymos the software can be updated without creating a hard fork http://www.reddit.com/r/Bitcoin/comments/1dkqcx/i_am_theymos_ama/

"Preventing arbitrary data storage is possible (without a hardfork, even) and probably wouldn't affect Bitcoin's utility much."

That would prevent future arbitrary storage, but Elwar is correct that we can't go back and change the official record of history.  To do so would break the proof of work chain.

[Inedible]

Depends what you define as a crash but I don't think prices will go below $80

Fine, I was a whole Dollar off 

[firefop]

The language is pretty clear, this is only a filing and coinlab is wants to solve this. The filing is only to light a fire under mtgox and let coinlab reestablish control in the relationship. Clearly mtgox is being run by finance amateurs, Peter's press release read to me like "get your priorities in check, or deal with our wrath"... wonder what the politics behind the scenes looks like.. I think think will never go to court, and mtgox will end meet their contractual obligations ASAP.

Lawsuit is predatory and bad for bitcoin. It's extremely likely to be thrown out as soon as it gets a hearing. In a sane world there will then be a winning counter suit for damaged caused to mtgox by this lawsuit and coinlabs owners will become a non-issue forever after.

IMO coinlabs has already alienated most of its potential userbase with this sideshow (which was perfectly timed to stint the expected recovery of btc/usd rates after the banking holiday). Lucky for them btc isn't regulated or they'd be facing jail time and fines instead of simply losing their prospective business.