The Writing on the Wall

[Bit_Happy]

You admit being a troll Synaptic, why are you trying to harm the project and other people?

Oh shit, did I forget the /sarcasm tag again?

Sorry about that, dumbass.

In school I was picked on for being too smart, so your stupid childish post has no affect on me.
Now why are you obviously trying to harm the project and other people Synaptic?

[1714053528]

1714053528

[Synaptic]

You admit being a troll Synaptic, why are you trying to harm the project and other people?

Oh shit, did I forget the /sarcasm tag again?

Sorry about that, dumbass.

In school I was picked on for being too smart, so your stupid childish post has no affect on me.
Now why are you obviously trying to harm the project and other people Synaptic?

Well gosh Mr. Aspie, you're so smart why don't you tell me?

There is nothing in this world that I could potentially do to harm "this project" anymore than Mt Gox has done already.

Sorry buddy.

[NghtRppr]

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...

So, if a bank gets robbed then USD is worthless? Brilliant!

[Shinobi]

The press don't care that it was an exchange, the blame will get pinned on Bitcoin.

Why are you all so emphatically posing this distinction? The oh-so-loved decentralized nature of Bitcoin was inevitably and ALWAYS bottle-necked by the exchange. The actual value in decentralization has no relevance to a trading market, only (and, even then, supposely) to the benefits of buying and selling actual goods. Since the value of Bitcoins never came from its adoption and use in a tangible goods/services market (apart from drugs and kiddie porn) and only from speculative circlejerking (which is what you all were concerned with), why are you so up in arms about this?

Get this through your thick heads: Bitcoins = MtGox. That's what it has effectively been. That was reality. If it wasn't, you wouldn't be HURTING as you are now. Right now, you have nothing to do with your precious bitcoins apart from using Tradehill which has no effective market to speak of and won't move at all since all eyes are on Mt. Gox. Oh, I guess you can buy Alpaca socks, or some random coffee beans! Or heroin an kiddie porn too...

[Shinobi]

So, if a bank gets robbed then USD is worthless? Brilliant!

Are you that retarded?! That's a serious counter? Wow. You really do NOT understand anything if you are being serious.

[oneforall]

The press don't care that it was an exchange, the blame will get pinned on Bitcoin.

Why are you all so emphatically posing this distinction? The oh-so-loved decentralized nature of Bitcoin was inevitably and ALWAYS bottle-necked by the exchange. The actual value in decentralization has no relevance to a trading market, only (and, even then, supposely) to the benefits of buying and selling actual goods. Since the value of Bitcoins never came from its adoption and use in a tangible goods/services market (apart from drugs and kiddie porn) and only from speculative circlejerking (which is what you all were concerned with), why are you so up in arms about this?

Get this through your thick heads: Bitcoins = MtGox. That's what it has effectively been. That was reality. If it wasn't, you wouldn't be HURTING as you are now. Right now, you have nothing to do with your precious bitcoins apart from using Tradehill which has no effective market to speak of and won't move at all since all eyes are on Mt. Gox. Oh, I guess you can buy Alpaca socks, or some random coffee beans! Or heroin an kiddie porn too...

way to bold your obvious lie pal.

[Synaptic]

Oh, I guess you can buy Alpaca socks...

/alpacasocks

 

[grod]

Lesson learned.   When all the rumors of people getting their mtgox & email account hacked (including those running on Linux, with strong-ish passwords, not re-used) started the obvious conclusion was mtgox is compromised.   That was yesterday.  

Unfortunately, I didn't believe it.  Don't have a huge amount invested in bitcoin, but I'll be a bit sad to see it all gone.

While I don't believe this is the end of bitcoin (there's no such thing as bad publicity) the next few weeks could get exciting.  Def. withdrawing everything from mtgox the moment I can.  Changed my email password to a 16 character one with lots of mixed case, digits and special characters just to be sure, but I expect to get LOTS more spam since it's not one I hand out to free sites.

Looks like I need to get disposable email addresses for all exchanges, and only keep enough funds in there I won't miss if they're stolen.

[flug]

Get this through your thick heads: Bitcoins = MtGox

No. Because MtGox might fall, but Bitcoin won't. So they're different.

[ixne]

The story here is that an upstart website got in over it's head dealing with very large sums of currency.  Bitcoin is still chugging along, doing exactly what it's supposed to be doing.  It might dampen the speculation market, but that was never going to be the reason for bitcoin's success anyway.

[frozen]

According to Synpatic, bitcoin is a waste of time. Yet he spends hours on these forums trolling about how bitcoin is a waste of time. Stop preaching and start acting your beliefs. If it really is a waste of time for you then go away. Otherwise you're a hypocritical bigot.

The event that has transpired amounts to the first, and probably not the last, bitcoin bank robbery.   Banks and assets still exist today, so I don't think bitcoin is going anywhere. mtgox might be finished though, we'll have to wait and see.

[Synaptic]

According to Synpatic, bitcoin is a waste of time. Yet he spends hours on these forums trolling about how bitcoin is a waste of time. Stop preaching and start acting your beliefs. If it really is a waste of time for you then go away. Otherwise you're a hypocritical bigot.

The event that has transpired amounts to the first, and probably not the last, bitcoin bank robbery.   Banks and assets still exist today, so I don't think bitcoin is going anywhere. mtgox might be finished though, we'll have to wait and see.

I basically bought into BTC for the entertainment value.

You had better bet I'm going to do my best to get my USD's worth here.

[Shinobi]

Who registers for a website to try and convince others that what they are doing is going to fail? What in god's name is wrong with you people?

Asking me why I'm here is a fair question, so I'll answer it.

I was drawn to Bitcoin as the idea of a "digital currency" was very interesting, and from a technical standpoint, the design and implementation of Bitcoins themselves is very impressive - perhaps there are technical faults with the network itself, but I wouldn't know as do not have the level of technical skill to fully appreciate what they've done.

The problems I have with this "game" is that there has not been any meaningful use of this technology, apart from attempting to anonymize illicit transactions. I believe that this largely stems from the failure of those creating the bitcoin "system" (although it may not have even been in their interest to do so) to provide a means of liquidity. Initial adoption through mining is quite an ingenious way to disseminate Bitcoins, but no other infrastructure was put into place to allow adoption of this currency. Add to that the forced deflation of the currency by a solid cap on the upper limit of Bitcoins, and Bitcoins became nothing more than a system where by growing media exposure allowed for unsuspecting later-adopters (like some of the poor saps here) to inject USD to buy coins and pass value downstream to the miners. Those who hold the most Bitcoins have created them with computing power, NOT by exchanging them for money. Where was the real capital behind all of this? Before you jump to the "but gold was the same" argument, know that gold had value among the world long before the Goldrush. It's not the same thing, by a mile. This is the fallacy.

Regardless, that wasn't even the biggest problem. The biggest problem was/is security (as I mentioned in a thread yesterday). I don't feel like repeating myself, so you can go read that.

Now, I stay on here, to hopefully convince some unsuspecting person not to piss away their life's saving or tuition (as someone here has apparently done) on this gambling.

[interfect]

Get this through your thick heads: Bitcoins = MtGox. That's what it has effectively been. That was reality. If it wasn't, you wouldn't be HURTING as you are now. Right now, you have nothing to do with your precious bitcoins apart from using Tradehill which has no effective market to speak of and won't move at all since all eyes are on Mt. Gox. Oh, I guess you can buy Alpaca socks, or some random coffee beans! Or heroin an kiddie porn too...

So the Mt.Gox fireball scares away a lot of users. The value of Bitcoin drops like a rock.

But it still has *some* value. There are other exchanges (Virwox, TradeHill) with substantial numbers of registered users. And if people mistrust Mt.Gox, it's not that hard to move trading to one of these.

At worst, Bitcoin is back where it was 6 months ago or so, with nobody outside a small community caring about or using it. And if it was working fine then, it'll work fine now.

[JTaBitCoinKing]

Bitcoin will live on, it just created a huge market for jobs in the last few hours then any other economic force on the planet.

[wol-va-rine]

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.

I'm the patsy...? lol...

not quite...

I have absolutely nothing invested in bitcoins, I think it's interesting but it's just a hobby and I have just a few bitcoins that I've mined with spare parts I had laying around (except for the ones I already spent on a brand new video card from Amazon.com), the patsy...? hardly...

your friend OTOH...? yep, patsy ass motherfucker, and guess what...? you're such a good friend that you just stood by and let it happen, and didn't even let your friend in on your "insight"...lololololololol

good job...

[Synaptic]

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.

I'm the patsy...? lol...

not quite...

I have absolutely nothing invested in bitcoins, I think it's interesting but it's just a hobby and I have just a few bitcoins that I've mined with spare parts I had laying around (except for the ones I already spent on a brand new video card from Amazon.com), the patsy...? hardly...

your friend OTOH...? yep, patsy ass motherfucker, and guess what...? you're such a good friend that you just stood by and let it happen, and didn't even let your friend in on your "insight"...lololololololol

good job...

Except I did dipshit, and if you were going to make such an argument against me, you'd think you'd have looked through my comment history before you made an asshole of yourself.

It was in fact, in the first post about him I ever made here...

[NghtRppr]

You really do NOT understand anything if you are being serious.

Care to back that up or will calling me names be the entirety of it?

A single exchange fails. A bunch of banks get robbed. Somehow this is supposed to be a weakness of the underlying currency? I don't see how. Explain yourself.

[grod]

I think this may give some of us who heard about bitcoins a bit late another chance to be early adopters.

Most of the users on mtgox signed up in the last month or so, a third in the past two weeks (post june 10).  Which means they only had the opportunity to mine just a few coins at a difficulty of 570k or higher or buy at $10-$32.

There are dozens and dozens of people who have bought hardware specifically to mine once they saw bitcoin at $30.  It's undeniable.  6990s and 5 series are sold out world over.  The same 4 or so terahash capacity we saw come online in the past few weeks will probably go right back where it came from -- returned to newegg or tigerdirect with a small restocking fee -- if bitcoin crashes to sub-$1 levels as a result of this.

[niemivh]

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.

What a whiny bitch.  This is the reason of humanities sorry state of current affairs, there is no will to fight.  No perseverance, just a bully bloodies your nose and you want to go home and cry to mommy.  Do men still exist?  Or are we just a bunch of eunuchs?

It's ok to be depressed but every time we have a problem it just compounds it by everyone venting their frustration on this forum.  Stop it.  Do something constructive with that energy.