OUCH! More Bad Bitcoin News...

[darkmule]

That's a good point.  I'm still new to bitcoin.  Any chance the US would ever make it illegal?

The question basically amounts to asking is it possible a government will do something insanely stupid in the future.  Yes, of course it is.

However, all the indicators seem to be that the move is toward regulation and not prohibition.  I think what is much more likely is that there will, at some point, be some incredibly burdensome and ill considered regulation that harms the market.  Since the feds, remarkably, seem to be behaving more or less rationally, I think this is most likely to come from the states.  For some reason, my crystal ball has some crusading New York State (or possibly California or New Jersey) prosecutor taking some ludicrous position on Bitcoin.  (Of course, the current Florida prosecution could be the thin edge of the wedge.)  Just call it a hunch.

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[darkmule]

Meanwhile, the people that DO cause these reductions in price are exactly the people that don't hold a lot of bitcoins because they immediately panic and sell when they hear one of these news stories.

Well, remember that you also always have those who are going to sell off when something happens that looks like it will depress the price with the intent of taking a round of profits and then buying back in at the bottom.  To make money, the speculators have to be right while others are being fools.

[zeetubes]

A high percentage of comments reinforcing the psychological notion that people will continue to think in terms of "whole" BTC instead of fractional values. e.g. I wish one BTC equals $100. Instead of thinking "Oh, I'll go and buy $100 worth of m/uBTC." I'm guilty of that mindset too, especially when I think back to what I first paid for them. Personally I think we are way overdue to start calling them uBTC or whatever and leave BTC in the past.

[quazmodiar19]

It's a good time to buy in my opinion    The low price is a result of manipulation (ddos attack)

price is going to jump soon after people start to realize the panic was founded..

[seafarer124]

I think these crashes help spread BTC further.

At least this current battle does not spill blood.

[gtraah]

Australia may actually have world first Bitcoin Bank

Good news !!

[seriouscoin]

Meanwhile, the people that DO cause these reductions in price are exactly the people that don't hold a lot of bitcoins because they immediately panic and sell when they hear one of these news stories.

Well, remember that you also always have those who are going to sell off when something happens that looks like it will depress the price with the intent of taking a round of profits and then buying back in at the bottom.  To make money, the speculators have to be right while others are being fools.

Its a zero-sum game. Everybody should know that. However, its not a free market and heavily manipulated. Who has the most upper hands right now at Gox? I bet you its Marks mom. ..... you think she would have fiat withdrawal "delays" ?

LOL

[Valerian77]

A high percentage of comments reinforcing the psychological notion that people will continue to think in terms of "whole" BTC instead of fractional values. e.g. I wish one BTC equals $100. Instead of thinking "Oh, I'll go and buy $100 worth of m/uBTC." I'm guilty of that mindset too, especially when I think back to what I first paid for them. Personally I think we are way overdue to start calling them uBTC or whatever and leave BTC in the past.

True - its the psychological momentum. Suggest to forget Bitcoin and take Satoshi immediately. That means who invests 100 USD will get 23,000,000 Satoshi for it - that'S a lot

[roslinpl]

The price is just a number, it is low? Then it is a great moment to buy.

+1

right

but it seems to be a long long day ....
and another day with panic and speculations according to price drops

[FeedbackLoop]

Australia may actually have world first Bitcoin Bank

Good news !!

In Bitcoin YOU are your own bank! (assuming you don't use a website to store them for you which you shouldn't).

But if you mean traditional fiat banks also supporting Bitcoin accounts then Australia is too late for that title as of a couple of days:

https://bitcointalk.org/index.php?topic=462161.0

[FPCN]

I've seen worse.

[roslinpl]

I wish situation will chill soon...

[ITGeniusGuru]

https://www.mtgox.com/press_release_20140210.html
"A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur."
"We have discussed this solution with the Bitcoin core developers and will allow Bitcoin withdrawals again once it has been approved and standardized."

I knew it... Satoshi Nakamoto works for MtGox... and it's all going downhill from here.

Actually... NOT. Price of BTC is pulling back up on both Coinbase and BTC-e (but continues to drop on MtGox).
If you want to gamble your money, buy on MtGox right now and hope they will ever allow withdrawals again.

[EvilPanda]

This basically sums up the Gox attitude towards custommers. Just look how that prick tries to avoid conversation.  I won't even talk to you for 10 seconds, get out of my way, don't touch me
https://www.youtube.com/watch?v=ob9Ak1t09Ao

[boumalo]

Still too expensive. I want some of these bitcoin millionaires to unload their massive stashes of coins and get the price way down and then I'll consider getting in it... I want fully 50% of the coin that is held by the top 2% of the userbase to be sold and distributed down to a broad userbase to promote stability. I'd like to see $100 again and there's no reason we couldn't and it wouldn't take much selling by these top holders to get us there. That 8000BTC order a few days back was peanuts. I want to see multiple sells for 10,000 BTC and want a real shaking out of the weak hands to establish a good base.

Calling this healthy selloff and wanting to convert coin into USD an "attack" is silly. If the exchanges can't provide the fiat the coin needs to drop in price until they can. Patiently waiting for the right price to enter, which is not yet.... I want 10BTC for $1000.

The thing is though, the whales are the least susceptible to all these "crashes" and FUD. The reason they became whales in  the first place is EXACTLY because they were smart enough to listen to themselves and buy into bitcoin when everyone else professed that it will fail. This is why they won't unload their bitcoins during times like these - they know Bitcoin will pull through just fine.

Meanwhile, the people that DO cause these reductions in price are exactly the people that don't hold a lot of bitcoins because they immediately panic and sell when they hear one of these news stories.

You may be mostly right when you say the actual big holders are usually not panic selling because those who did panic selling in the previous crashes may not be big holders anymore but there are plenty of large sell of BTC, the traders have been selling for days knowing the price will fall, they will be the first to buy back, especially those who short sell because they will have to buy back

[richmke]

Now who knows when the bitcoin foundation and MtGox can fix the issue and resume withdraw?

"fix the issue" and "resume withdraw" are two separate questions.

As I understand it, "fix the issue" at the bitcoin level would require enforcing checking a field that is currently ignored. That would eliminate the easiest form of the exploit.

However, it is the user implementation that is really the problem. The simple solution for MtGox is to scan the block chain (look for the block with the from/to addresses and amounts) and if the transaction hash changes, update their system with the new hash. As long as MtGox mixes a random return of coins to its own account into the transaction, multiple withdrawals of the same amount would not be confused.

Regardless, the problem requires the customer to initiate a refund, or not received, complaint. The resolution of that complaint should require the looking up of the transaction from the details, and not the transaction hash. If that were done, then MtGox could resume allowing withdraw.

Note: The deposit system only looks at transaction addresses (do not know the incoming transaction hash), so they know how to do the coding.

The question is: Is this a smoke screen, and MtGox has stolen coins? That could be why the btc values on MtGox has plummeted. Let's assume that MtGox has stolen 20% of the bitcoins, then each bitcoin position on MtGox is only worth 80% of a real bitcoin (when all is settled, each person's position is paid out at 80%).

BTW: Bitstamp has resumed withdrawls. If they can, then MtGox can
http://www.coindesk.com/bitstamp-resume-bitcoin-withdrawals-btc-e-working-solution/

[Chellger]

Really, I don't know why, but I am so convinced that Bitcoin, or cryptocurrencies in general are a thing that is here to stay, that I have not the slightest doubt about the whole developement. I'm actually happy that the price drops, so i can buy cheap. I see more and more People being driven out of the market, even Veterans. I'm in Bitcoin since 14th January. But I've never been so sure in my life, that we're all sitting on a development, that is going to explode and change our society. I cant even explain that. I just know that I fucking have to be on board of this ship or I will regret it.

[hilariousandco]

Any chance the US would ever make it illegal?

There's always a chance, but I don't see on what grounds they could make it illegal. Banning it wouldn't make it worth any less any way. It'll still hold value to others and people will still use it.

[ITGeniusGuru]

This basically sums up the Gox attitude towards custommers. Just look how that prick tries to avoid conversation.  I won't even talk to you for 10 seconds, get out of my way, don't touch me
https://www.youtube.com/watch?v=ob9Ak1t09Ao

When you consider that some people have their lifetime savings invested in a cryptocurrency...
And when you look and see how fragile the Bitcoin economy is... a bug discovered in the network software locks thousands of people out of their Bitcoin deposits at the world's largest exchange.

MtGox is talking about:
-  "The Bitcoin core developers"... they have "discussed" the solution proposed.
and,
- allow Bitcoin withdrawals again once the MtGox solution has been approved and standardized.

Huh? I thought Bitcoin was a decentralized currency with no central authority regulating it. And if we can alter the algorithms and checks now in place, who to say anyone cannot do it in the future again (some other "Core Developers" from another exchange)?

Can I send a couple of hookers to those "core developers " to get them to work for me?

[FeedbackLoop]

This basically sums up the Gox attitude towards custommers. Just look how that prick tries to avoid conversation.  I won't even talk to you for 10 seconds, get out of my way, don't touch me
https://www.youtube.com/watch?v=ob9Ak1t09Ao

When you consider that some people have their lifetime savings invested in a cryptocurrency...
And when you look and see how fragile the Bitcoin economy is... a bug discovered in the network software locks thousands of people out of their Bitcoin deposits at the world's largest exchange.

MtGox is talking about:
-  "The Bitcoin core developers"... they have "discussed" the solution proposed.
and,
- allow Bitcoin withdrawals again once the MtGox solution has been approved and standardized.

Huh? I thought Bitcoin was a decentralized currency with no central authority regulating it. And if we can alter the algorithms and checks now in place, who to say anyone cannot do it in the future again (some other "Core Developers" from another exchange)?

Can I send a couple of hookers to those "core developers " to get them to work for me?

In the same statement they make clear that there can be two implementations for a new TXID the same way there are multiple Bitcoin clients and implementations. It would just be convenient if there was only one standard for TXIDs.  In practice you don't really need TXIDs to be non-mutable (which is one of the reasons why it was not fixed for 2 years) and a lot of people and exchanges don't care about them. See the Kraken exchange and other less known ones that didn't pause for a second.

GOX has had serious problems for long and waiting for "approvals" is just yet another stalling technique.