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Beliathon
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February 23, 2014, 04:15:52 AM |
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Imagine in your mind's eye, every mind on the face of the planet, connected as one super-hivemind.
FIAT-trading price for bitcoin in 2014 is this hivemind probing cryptocurrency and trying it's best to figure out what it is and what it's worth.
The truth is, cryptocurrency is an EXTREMELY valuable invention to the world.
The truth is, every cryptocurrency is undervalued today by about 9999%.
Sooner or later, all free-thinking people will recognize this.
In other words, "buy and hold, and never look back, FIAT will soon be dead"
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Even in the event that an attacker gains more than 50% of the network's
computational power, only transactions sent by the attacker could be
reversed or double-spent. The network would not be destroyed.
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keithers
Legendary
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Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
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February 23, 2014, 04:28:32 AM |
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I guess it is like reverse FUD to spread the word that Gox re-established withdrawals. The rumors of this is partially responsible for the rally today I think...
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repentance
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February 23, 2014, 04:31:38 AM |
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The truth is, cryptocurrency is an EXTREMELY valuable invention to the world.
Of course that doesn't mean BTC will be the best implementation ever of a cryptocurrency or the one which will be mainstream in 10 or 20 years. Technology is full of instances where the pioneers are not the dominant market forces in later years. |
All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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Melbustus
Legendary
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Activity: 1722
Merit: 1003
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February 23, 2014, 04:59:04 AM |
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The truth is, cryptocurrency is an EXTREMELY valuable invention to the world.
Of course that doesn't mean BTC will be the best implementation ever of a cryptocurrency or the one which will be mainstream in 10 or 20 years. Technology is full of instances where the pioneers are not the dominant market forces in later years. Bitcoin isn't the pioneer: http://en.wikipedia.org/wiki/DigiCashDigital cash, and even specifically cryptographic cash, have been done before. Bitcoin is just the first one to get it right via decentralization. |
Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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goose20
Legendary
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Activity: 1173
Merit: 1000
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February 23, 2014, 05:05:54 AM |
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...
The truth is, every cryptocurrency is undervalued today by about 9999%.
Damn, I'll have some of what you're smoking. Haha |
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$1vEr.$urfer
Member
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Activity: 66
Merit: 10
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February 23, 2014, 07:10:57 AM |
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If this rally was based on baseless rumours about Gox allowing bitcoins withdrawals again then this website should have stopped that rally in its tracks by now...
Instead the rally has remained sustained, and seems to be picking up strength. To my mind this means that the price wont be coming down again, but can only move up from here,
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david_lebrand (OP)
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Activity: 12
Merit: 0
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February 23, 2014, 10:48:04 AM |
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Listen here folks. GOX is fucked. They don't have the coins they are suppose to have. IT IS WAY WORSE THEN ANYBODY IMAGINES.
It's not like they have 70% of the coins or something. They don't have a pot to piss in. If they did they would be buying coins on their exchange and selling them on other exchanges BOTTOM LINE! I mean, if you were as shady as Karpeles don't you think you would be doing it?
Instead, because they have no coins, they have to crash their own market with fake sells. So Karpeles just takes out the fiat bids and sells them gox btc. The price on gox will crash. Then gox has to goto court to settle/go bankrupt. The guy who had 100 btc only gets about $250 though because they crashed the price to $5 so 100 btc is only worth $500 and then they still didn't have enough to cover it so everyone gets .50 on the dollar.
Mark my words, companies who go insolvent don't dig themselves out of it, especially when it's run by Karpeles.
@wickedgoodtrader any idea how can I find out if mtgox files/filed bankruptcy? I really dont think mtgox is going out of trouble any time soon. If not, they could have resolved the whole technical issue weeks ago, just like bitstamp. My guess is either they continue to "test" bitcoin withdraw for another unknown period of time, or simply file bankruptcy after failing to manipulate the market. |
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Cryptopher
Legendary
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Activity: 1789
Merit: 1008
Keep it dense, yeah?
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February 23, 2014, 11:02:18 AM |
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There was a rather bulky CoinDesk article the other day which likened the plight of two well-known Gambling companies to the situation at MtGox.
It basically said that MtGox is demonstrating all the hallmarks of an organisation that is about to go out of business - which is obviously something that a lot of Gox users have been concerned about of late.
Perhaps they are just stalling for time, generating more delays through 'updates' while they reap the transaction fees.
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Sign up to Revolut and do the Crypto Quiz to earn $15/£14 in DOT |
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rograz
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February 23, 2014, 12:09:47 PM |
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I suspect the delay at this point is more about unraveling the transaction history and finding out what is missing and who took it rather than the technical side. If BTC has gone missing they will not reopen withdraws without being able to pinpoint the accounts responsible for "double withdraws".
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FelixOliver
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February 23, 2014, 12:18:42 PM |
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Why do we even give GOX all this free promotion?
They are a bunch of unscrupulous schmucks who are now knee deep in their own Bullsh*t.
That's what happens! They weren't honest with themselves or their customers and now the cards have come crashing down - as they always do.
Let them burn I say... Let's erase this giant shit stain that they have left on the legacy of Bitcoin.
To hell with "Mount Gox"
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