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Author Topic: If you want to see bitcoins succeed...  (Read 724 times)
AdamStinson
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June 19, 2011, 10:05:53 PM
 #1

I wish this post could be moved out of the newbie section in order for more people to see it. Feel free to copy/paste to other forums.

This is the only way to stop The Great Bitcoin Depression:

When mtgox opens for trading again...
Buy everything you can from mtgox.
Sell nothing on mtgox.
Slowly move money away from mtgox. (10% per day or less!) <--- Very Important
Continue trading on other exchanges as if nothing happened.

Nothing happened to you anyway! This statement is accurate for over 99% of bitcoin users. Over the past few weeks a few people with insecure passwords got hacked. One guy had $500,000 another guy had $8,000,000. I hate to say it but it really sucks to keep all of your eggs in one basket doesn't it? If these two people had done the intelligent thing and kept their money in multiple (physical)locations, exchanges, and wallets their lives would be a lot better now I presume.

Lets pretend this was cash in a United States FDIC insured bank and that bank went under. Guess how much money each of them would have gotten back. $250,000 (source: http://www.fdic.gov/deposit/deposits/insured/basics.html )

To the ~20~ or so people that have gotten hacked and lost part or all of your btc, I'm very sorry. I have lost things that were very valuable before so I feel your pain.

TLDR: Buy BTC, Move BTC, Use BTC.
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SoggyMoggy
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June 19, 2011, 10:22:38 PM
 #2

"TLDR: Buy BTC, Move BTC, Use BTC."

I agree. Add this: "Don't keep all your eggs in one basket".

Allinvain's loss of (equivalent) $500k USD should be a reminder to everyone to keep wallets secure, in smaller amounts kept apart and never, ever reuse usernames and passwords.
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June 19, 2011, 10:24:29 PM
 #3

It'd be a better idea to move all your money away from Mt. GOX ASAP.  Mt. GOX is done.  Whatever price Mt. GOX tells you for bitcoin is not even worth looking at.  

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

17JzkreEBYNHQM9tMTiUKCHANofwzHRLhP
InsanityIsGreat
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June 19, 2011, 10:27:30 PM
 #4

The MtGox incident won't destroy or eliminate bitcoins for several reasons.

  • Many bitcoin users didn't use MtGox.
  • MtGox isn't the only exchange website and shouldn't be.
  • This will open up competing websites to create a website with better security than MtGox


You will see a price drop as people move their bitcoins around for a time until they can pull them out of MtGox then people will go elsewhere or wait until MtGox comes back online.

Either way bitcoin will survive.

~Insanity

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bitdriller
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June 19, 2011, 10:36:03 PM
 #5

Graduating from MtGox is really going to push the market forwards long term. That and I think everyone will beef up security.
SoggyMoggy
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June 19, 2011, 10:42:32 PM
 #6

I certainly hope MtGox don't die from this but I'm deeply confused as to how they claim that they are able to rollback. How is that even *possible*?

Surely they can declare that the price is at a certain level and/or roll back their orders database but that would surely mean that MtGox would have to dip into their own pockets to stump up the BTC that was taken from any compromised accounts prior to detection.

It's good news that other exchanges will get more custom. It's bad news for new and old users of MtGox.

I put my first 1BTC to GBP (via USD) sale through MtGox last week and they currently have 2BTC of mine. I wonder what will happen :-(
BitcoinPorn
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June 19, 2011, 10:48:44 PM
 #7

OP is unrealistic.

Bitcoin not only is fine, but sadly a lot of people will be gaining from this event.  The money these people gained is no good unless spent, so enjoy the extra cash flow spent into the community all you stores, both Silk Road'ish or 'legit'.

AdamStinson
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June 19, 2011, 11:16:43 PM
 #8

The reason not to move your money away from mtgox ASAP as there's money to gain there. Trust at that point doesn't matter, It's like you've already loaned your money to a poor crackhead... (no offense to any poor crackheads that use BTC for buying uhhh... 6990s)

A lot of people will be leaving the BTC community, but at that point in time its mainly only going to be people that currently have btc at mtgox****. They well sell (price goes down on mtgox) Therefore you just buy these cheap mtgox BTC, get them sent to your wallet (or directly to other exchanges if you like) and you instantly profit. My first order of business for mtgox as soon as it returns is going to be (change password) place buy orders for every penny I have there at a couple of bucks less than TH prices. I hope everyone does the same... after I get my cheap BTC. Smiley After all, its faster to move btc away from mtgox than it is to move dollars.

****By the time mtgox returns to service the other exchanges will have leveled out (as much as BTC ever does lol) from the mtgox hack market crash and they will not be affected by the mtgox selloffs very much.

Welcome to Level 2 trading. (Intro to Level 2 trading: http://www.investopedia.com/articles/trading/06/Level2Quotes.asp#axzz1PlY0ITU5 )


Off topic: I wonder how the mtgox court case will play out. (Oh come on, you know someone (allinvane??) is going to sue him for everything he's worth) Either way it will be publicity for BTC and the price will go up.
ivank2139
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June 19, 2011, 11:45:23 PM
 #9

I would like for the bitcoin exchanges to produce some kind of evidence of better security.  They should invite some serious security people to review their operations and basically perform an audit.  New people joining the exchange should insist on better security evidence up front and expect some kind of insurance policy as well.

I will go see if any of the exchanges I can find claim any kind of security plan and insurance.
chuckypalumbo
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June 19, 2011, 11:57:16 PM
 #10

I do want them to succeed, but the little bitcoins I have at MtGox will be pulled out hopefully tomorrow morning. Anyone who doesn't think there will be a mass exodus tomorrow is nuts. That doesn't mean it won't go back up, it most certainly will, but tomorrow could be a rough day for sellers at MtGox.

If you're looking to sign up for an exchange try Bitcoin7 or Tradehill, referral codes are listed below. Sign up for Tradehill and get 10% off of every trade you ever make.

https://www.bitcoin7.com/?ref=6383

http://www.tradehill.com/?r=TH-R15532
ivank2139
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June 20, 2011, 12:10:46 AM
 #11

I just sent an email to the 5 exchanges I could find easily.  I will post any replies if they send any.

what I asked was this:

I think it would be very helpful if you published some kind of statement regarding your security planning and insurance regarding security attacks.

I am active in the Bitcoin forums and am trying to get some idea of the various exchanges that are in place and what security measures they have taken.  I also feel the best way to increase trust is to include an insurance clause in your operations.

It would definitely help attract more customers if you could point to a robust security plan and insurance against losses from security attacks.


https://www.bitcoinmarket.com/info/contact_us/

https://www.tradehill.com/Support/Contact

https://britcoin.co.uk  Statement posted on their web page.

support@btcex.com

office@virtualworldservices.at
BitcoinPorn
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June 20, 2011, 12:23:15 AM
 #12


I think it would be very helpful if you published some kind of statement regarding your security planning and insurance regarding security attacks.

I am active in the Bitcoin forums and am trying to get some idea of the various exchanges that are in place and what security measures they have taken.  I also feel the best way to increase trust is to include an insurance clause in your operations.

It would definitely help attract more customers if you could point to a robust security plan and insurance against losses from security attacks.


https://www.tradehill.com/Support/Contact


Trade Hill talk/info going on @ http://forum.bitcoin.org/index.php?topic=19537.0

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