IS everyone insane?

[HCLivess]

Just because 1 exchange ran a ponzi , doesn't make bitcoin itself a ponzi.

How can you be so sure that other exchangers don't work exactly like mtgox?

I think that all exchangers work exactly like mtgox like professional scammers.


Beware were you put your money, the best is to buy bitcoins directly from people.

lol ok

[Honeypot]

Ain't cryptorevolution nice?

LOL @ all the dumb fools coked up on internet heroism getting their asses fucked.

As soon as we get some regulations in and some decent oversight, and process simple enough to get your average joe into it with 10 min introduction, we may see 10k or 100k. Security and stability, as well as regulations are necessary ingredients for real money and real whales to actually start investing seriously in crypto.

Until then, go cry to your lawyer/judge/cop whatever authority you 'hate' so much and bitch and piss/moan all the time about.

Fuckin kids.

[studio1one]

Ain't cryptorevolution nice?

LOL @ all the dumb fools coked up on internet heroism getting their asses fucked.

As soon as we get some regulations in and some decent oversight, and process simple enough to get your average joe into it with 10 min introduction, we may see 10k or 100k. Security and stability, as well as regulations are necessary ingredients for real money and real whales to actually start investing seriously in crypto.

Until then, go cry to your lawyer/judge/cop whatever authority you 'hate' so much and bitch and piss/moan all the time about.

Fuckin kids.

[jubalix]

your confusing an exchanges operation with the bit coin protocol.

your bit coin are safe in the protocol and can be sent round as usual if you keep exclusive control of you private keys.

that a person chose to (indirectly) surrender the use of private keys to and exchange is the consequence of that decision. Exchanges will fail so duck in and out with small amounts fast. Keep most out

[hypes]

When a Ponzi scheme is not stopped by the authorities, it sooner or later falls apart for one of the following reasons:

1) The promoter vanishes, taking all the remaining investment money (which excludes payouts to investors already made).
2) Since the scheme requires a continual stream of investments to fund higher returns, once investment slows down, the scheme collapses as the promoter starts having problems paying the promised returns (the higher the returns, the greater the risk of the Ponzi scheme collapsing). Such liquidity crises often trigger panics, as more people start asking for their money, similar to a bank run.
3)External market forces, such as a sharp decline in the economy (for example, the Madoff investment scandal during the market downturn of 2008), cause many investors to withdraw part or all of their funds.

[WompRat]

The draft crisis document suggests the Bitcoin community should bail out Gox.com for the stability of bitcoin itself.  Anyone feeling generous?

[Sheldor333]

Here is most likely their address: https://blockchain.info/address/1Drt3c8pSdrkyjuBiwVcSSixZwQtMZ3Tew?currency=BC

I wonder why someone malicious would leave behind such a huge transaction history on one address. I mean, I'd be using mixing services, thousands of different addresses, I would never leave a trail behind like this.

[techstorm2]

oh.

everyone wants regulation now -

WHEN THEY LOSE THEIR ASSES!

I feel no sympathy for anyone who would keep large amounts of BTC on any exchange.

I keep nothing on exchanges, if i lose them, its my F??K up, no one else to blame.

[subSTRATA]

Bitcoin will never in a million years be widely adopted by the public if everybody needs to do an in-depth investigation of a financial service before buying some BTC.

So be it! Ones who are irresponsible with their own money and themselves in general should not join Bitcoin yet. Retards stay out, a big thanks!

I'll definitely double the call for local crypto<->fiat transfers. You can do it pretty much anywhere in any =<$10k amount... I'm in the middle of nowhere and it's just an hour or two drive in most directions if I want someone to meet with me for an exchange. Central exchanges are convenient, but it's very critical to have a good p2p exchange user base in place if the corporations should fall apart (said as part owner of a bitcoin vending machine).

That's it, getting used to convenience is the problem. 3rd parties are problem. Expecting someone else to manage your money is problem and the
same goes when it comes to storing, transfering or securing your money. With idiots it is always someone else's fault, never their own! Should we
Bitcoiners lick asses of such people? I say no, fuck them! Once one improves himself (something everyone should be doing by default anyway)
he will be totally welcomed, till then just go away. I'm tired of low IQ creatures who joined Bitcoin and do nothing but whinning if proven retarded!
If you are proven retarded here and can't improve just shut the hell up!!!

Great thing about Bitcoin is it does not need you retards nor stupid government to embrace it. Artificial inteligence waaaaay beyond your mental
capacity will overcome you and any other threat. It makes no difference if 1 BTC is 1 USD or 100,000 USD for as long Bitcoin is alive it is a winer!
Maybe it is still just not the right time for Bitcoin but do not worry, people will become either dumber or smarter, both ways totally suiting Bitcoin.

To Catch a Wild Pig

"You catch wild pigs by finding a suitable place in the woods and putting corn on the ground. The pigs find it and begin to come every day to eat the free corn. When they are used to coming every day, you put a fence down one side of the place where they are used to coming. When they get used to the fence, they begin to eat the corn again and you put up another side of the fence. They get used to that and start to eat again.

You continue until you have all four sides of the fence up with a gate in the last side. The pigs, who are used to the free corn, start to come through the gate to eat; you slam the gate on them and catch the whole herd. Suddenly the wild pigs have lost their freedom. They run around and around inside the fence, but they are caught.

Soon they go back to eating the free corn. They are so used to it that they have forgotten how to forage in the woods for themselves, so they accept their captivity."

Enough said for smart ones, you others keep on eatting that corn and STFU, we will (eventualy) come to rescue you once we first rescue ourselves.

[Apraksin]

 But realize that Bitcoin will never in a million years be widely adopted by the public if everybody needs to do an in-depth investigation of a financial service before buying some BTC.

In-depth investigation? It should take you at most 5-10 minutes googling Gox to pick up on the abundance of warning signs, and if you ain't got the time for that you should stay away from BTC or accept the risks you are taking.

Most of the people who's lost money on Gox now new the risks perfectly well but chose to stay. Personally I read the writing on the wall back in june and abandoned Gox for good. No sympaties, this has been predicted for months.

[Siegfried]

Bitcoin will never in a million years be widely adopted by the public if everybody needs to do an in-depth investigation of a financial service before buying some BTC.

To Catch a Wild Pig

"You catch wild pigs by finding a suitable place in the woods and putting corn on the ground. The pigs find it and begin to come every day to eat the free corn. When they are used to coming every day, you put a fence down one side of the place where they are used to coming. When they get used to the fence, they begin to eat the corn again and you put up another side of the fence. They get used to that and start to eat again.

You continue until you have all four sides of the fence up with a gate in the last side. The pigs, who are used to the free corn, start to come through the gate to eat; you slam the gate on them and catch the whole herd. Suddenly the wild pigs have lost their freedom. They run around and around inside the fence, but they are caught.

Soon they go back to eating the free corn. They are so used to it that they have forgotten how to forage in the woods for themselves, so they accept their captivity."

Enough said for smart ones, you others keep on eatting that corn and STFU, we will (eventualy) come to rescue you once we first rescue ourselves.

Great story.

[trilightzone.org]

The best thing about a decentralized cryptocurrency is that the market will make the corrections sooner or later and carry on. Even if Gox disappears there are enough small and big exchanges running and process a much larger share compared to Gox. That said, lets hope Gox comes forward with what is happening and if they are being pressured by some external force in some way.

[Musent]

Like other people have said, don't keep your money on an exchange for any length of time. Simple as that.

[LiteCoinGuy]

this is the reason why central banks all over the world say: be carefull, we dont help you.

[TheEmperor]

This is fine in Libertarian utopia land, but realize that Bitcoin will never in a million years be widely adopted by the public if everybody needs to do an in-depth investigation of a financial service before buying some BTC.

This is funny.

I'm sure you did no 'in-depth investigation' when taking out a mortgage, or loan, or any other financial product.

And if you didn't then good, I will laugh when you lose your home or car because you didn't read or understand what you were getting into. Or when you lose your bank stored fiat because they take it to bail themselves out like in Cyprus, we'll see how eager you are to not do 'in-depth investigation'.

 

[practicaldreamer]

I'm sure you did no 'in-depth investigation' when taking out a mortgage, or loan, or any other financial product.

He didn't need to - knowing as he did that the companies he was dealing with were operating under the Financial Services Act and that he personally would have been covered under the Financial Services Compensation Scheme.

[serje]

Let's call GBP a ponzi! because 1gbp is 1.67$

and normally it should be 1gbp = 0.1$



NOT! You  can not just call ponzi every currency in the world!

[TheEmperor]

I'm sure you did no 'in-depth investigation' when taking out a mortgage, or loan, or any other financial product.

He didn't need to - knowing as he did that the companies he was dealing with were operating under the Financial Services Act and that he personally would have been covered under the Financial Services Compensation Scheme.

Count's for nothing and you know it.

Your saying nobody lost their homes or money during the most recent recession?

[wtfvanity]

During the major run up based on China demand, I called into question the legitimacy of the China exchanges reserves and if they could cover all the BTC on the books. It's funny that the whole time Mt Gox had nothing behind them. Sad. But funny. Wish people running multi million dollar exchanges could get a solid head on the shoulders though. It would benefit Bitcoin tremendously.

[neot]

Like other people have said, don't keep your money on an exchange for any length of time. Simple as that.

Yes this.  Even the traders I have talked to cash out at the end of the day.