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Author Topic: The Writing on the Wall  (Read 9118 times)
Synaptic
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June 19, 2011, 08:43:54 PM
 #1

It's written in blood this time I'm afraid guys...

As soon as the media gets a hold of this story, that's pretty much the end of BTC as anything but a backwater fringe item of TOR connoisseurs and trivial web-developers, hosts, and hippy products.

So, just like it was before the hacks, except with pretty much zero potential for any legitimacy at this point.

And legitimacy was really the only thing that mattered.

No more.

Was a fun couple of weeks guys.
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Synaptic
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June 19, 2011, 09:02:54 PM
 #2

Hell, I'm actually pretty depressed about this.

Right when I was starting to see a glimmer of hope in the future of BTC, it's all COMPLETELY stripped away...

I feel just like I did when they canceled Stargate Universe lol...
Torminalis
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June 19, 2011, 09:08:44 PM
 #3

Don't panic, Bitcoin is a lot tougher than just a single exchange. Better we get these sort of ordeals out of the way at this stage and not later.

It may have slowed things down a bit but I have every confidence that it will all be okay.
qbg
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June 19, 2011, 09:11:11 PM
 #4

Time will tell if this is Bitcoin's darkest moment or finest hour.
zdmas
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June 19, 2011, 09:12:14 PM
 #5

This can be nothing but bad press for Bitcoin, I think it's screwed.
Synaptic
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June 19, 2011, 09:12:44 PM
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Don't panic, Bitcoin is a lot tougher than just a single exchange. Better we get these sort of ordeals out of the way at this stage and not later.

It may have slowed things down a bit but I have every confidence that it will all be okay.

That's because you're totally naive.

Bitcoin is dead as a common, widely used...ANYTHING. Not a store of value, not a medium of exchange, not a transaction processor, and certainly NOT a currency...

Again, TOR junkies and criminals might still use it...
Explodicle
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June 19, 2011, 09:13:54 PM
 #7

He's right, guys. You'll have to all just sell him your BTC for whatever measely price you can get on the way to 0.01 BTC/USD...  Grin
DamienBlack
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June 19, 2011, 09:14:05 PM
 #8

I don't think this is a fatal blow. Bad press is still publicity. In three months, or a year, all that will matter is that the name bitcoin got out, not what exactly happened.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
Tips: 1NfXhiTFEdKQTdLy49s6DYAP1K7MeFWyao
paulie_w
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June 19, 2011, 09:14:59 PM
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Quote
Again, TOR junkies and criminals might still use it...

dude even if, even $100/coin is still a fucking deal Smiley
jatajuta
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June 19, 2011, 09:16:12 PM
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I don't think this is a fatal blow. Bad press is still publicity. In three months, or a year, all that will matter is that the name bitcoin got out, not what exactly happened.

+1
imperi
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June 19, 2011, 09:20:04 PM
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All publicity is good publicity. The worst thing that could happen to Bitcoin is nobody even being aware of it (like the months before April or so).
jatajuta
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June 19, 2011, 09:22:48 PM
 #12

The leaking of accounts show some great statistics, only 60.000 people registered, imagine what would happen when 1.000.000 are trading bitcoins and interested on the matter.

We are only at the beginning of a long ride. The techonology behind bitcoins is just too good to be wash away and as soon more people realize that by reading how it works will just be a matter of time for the mass adoption begin.
Synaptic
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June 19, 2011, 09:23:13 PM
 #13

Well, possibly guys.

Personally, I think it's dead in the water.

However one nice side effect over this though is that it might not be as nice of a target for all the pump and dumpers...

...but then again, the opposite might be true, since there's obvious still a bunch of easy patsies still willing to believe in this shit.

Either way, it's going to be an interesting couple of weeks from here.

Firstly, the miners are going to shit themselves when they see the price bottoming out after the media attention starts to hit.

Then, it will likely just cascade from there, creating a feedback loop of FUD all the way down...

And unfortunately, it will be completely justified FUD.
bitcola
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June 19, 2011, 09:23:39 PM
 #14

I agree with the OP.

It doesn't matter what the truth is.

Public always get carried away by whatever the dumbass media tell them. Public are too ignorant to see beneath the headlines.

This will destroy BTC. If I owned any right now, I'd dump my entire holdings and cash in. With prices elevated as they are in recent days, you have nothing to lose by doing so.
Tx2000
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June 19, 2011, 09:25:11 PM
 #15

I think the problem is not the fact that the guy/girl got away with a potentially crazy amount of BTC.  It's the fact that there does not seem to be anything in place to prevent this from happening again in the future.  And thusly, BTC will continue to suffer until people drop support for it.

People in the same way that bitcoin hashing provides "security" for the network, the same needs to be applied to exchanges?  I'm not exactly qualified to know how it would work but the premise, I believe, is still applicable.
wol-va-rine
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June 19, 2011, 09:26:05 PM
 #16

It's written in blood this time I'm afraid guys...

As soon as the media gets a hold of this story, that's pretty much the end of BTC as anything but a backwater fringe item of TOR connoisseurs and trivial web-developers, hosts, and hippy products.

So, just like it was before the hacks, except with pretty much zero potential for any legitimacy at this point.

And legitimacy was really the only thing that mattered.

No more.

Was a fun couple of weeks guys.

yep, oh well...

btw Synaptic, send all your bitcoins here...

1NsozTfNyoWXyF2i4GaJwNDbMTpHYWRp7m

I will dispose of them in a proper way...
Torminalis
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June 19, 2011, 09:29:43 PM
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That's because you're totally naive.

Bitcoin is dead as a common, widely used...ANYTHING. Not a store of value, not a medium of exchange, not a transaction processor, and certainly NOT a currency...

Again, TOR junkies and criminals might still use it...

I am not naive, I just have faith in the idea and see these events in the larger context. If you are only interested in a quick buck then you are quite right. Run. Go, we are better off without you.

The fact that people have resorted to hacking an exchange and not the protocol speaks volumes about both the systems security and the burgeoning interest in the the thing.

Certainly not a good place for the faint of heart though.
Synaptic
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June 19, 2011, 09:30:37 PM
 #18

It's written in blood this time I'm afraid guys...

As soon as the media gets a hold of this story, that's pretty much the end of BTC as anything but a backwater fringe item of TOR connoisseurs and trivial web-developers, hosts, and hippy products.

So, just like it was before the hacks, except with pretty much zero potential for any legitimacy at this point.

And legitimacy was really the only thing that mattered.

No more.

Was a fun couple of weeks guys.

yep, oh well...

btw Synaptic, send all your bitcoins here...

1NsozTfNyoWXyF2i4GaJwNDbMTpHYWRp7m

I will dispose of them in a proper way...

Fortunately I disposed of all 10 of them on Mt. Gox just last night on a hunch that some kinda shit was going to happen.

I'm pretty insightful that way.

And thanks for being a patsy.

Cheers.
paulie_w
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June 19, 2011, 09:33:03 PM
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Fortunately I disposed of all 10 of them on Mt. Gox just last night on a hunch that some kinda shit was going to happen.

I'm pretty insightful that way.

And thanks for being a patsy.

Cheers.

wait... 10? really? come on man, do you have to fill the forums with all this hate over *10* btc?
Synaptic
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June 19, 2011, 09:33:20 PM
 #20

Certainly not a good place for the faint of heart though.

Like 99% of the rest of society that could have actually added and real goddamn value, to what now WHOLLY amounts to a speculator's community Fleshlight.

Let me how many strokes you last...
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