Is Bitscoins dead with this Mt. Goth Scandal?

[SifuPhil]

how much of the same posts will we have going on and on with the same question?

Well, I get the feeling if you didn't hang out in the Beginner's section you wouldn't see too much of it.

We're here because we're trying to learn, and when I came in I didn't see any gated community.

[raspcoin]

Is Bitscoin another altcoin? I must admit that the name has some potential.

[blgussiaas@gmail.com]

Does anyone know what the exact security loop hole it was that brought these guys down, was it a Finney attack of some kind?  I thought it was something to do with people making it look like they were deposits on the block chain but they weren't actually getting deposited.

[cz_miner]

Does anyone know what the exact security loop hole it was that brought these guys down, was it a Finney attack of some kind?  I thought it was something to do with people making it look like they were deposits on the block chain but they weren't actually getting deposited.

I think that security issue was just a bad excuse for the company. They claimed that users manually requested double spending, but anyone, who had experience with mtgox's support knows that it takes more then a week for them to get back with an answer to any question. I can not imagine they loose that much on this security flow. Something was wrong with a company for a long time, they just passed the point of no return and closed the service. Its a pity people lost so much fiat and coins with gox.

[hilariousandco]

Is Bitscoin another altcoin? I must admit that the name has some potential.

Mt. Goth only deals in Bitscoin. They're supposedly adding Litscoin soon though  .

Does anyone know what the exact security loop hole it was that brought these guys down, was it a Finney attack of some kind?  I thought it was something to do with people making it look like they were deposits on the block chain but they weren't actually getting deposited.

I think that security issue was just a bad excuse for the company. They claimed that users manually requested double spending, but anyone, who had experience with mtgox's support knows that it takes more then a week for them to get back with an answer to any question. I can not imagine they loose that much on this security flow. Something was wrong with a company for a long time, they just passed the point of no return and closed the service. Its a pity people lost so much fiat and coins with gox.

Yup, it was just their pure incompetence and shoddily run business.

[Kiki112]

Is Bitscoin another altcoin? I must admit that the name has some potential.

haha
that is very true

when someone posts, selling  my bitscoins for 200$ he would earn a lot

[moriartypants]

This thread made my day.

It sounds like what my mom would ask after hearing about on the local news.

[MicroCC]

prices are trending down. every one says its rising we're going to the moon but every week theres a new floor that's lower then the ;ast. This is how the floors look from January to now.... $800...700....650....600....560...next week or two it will be 470...400... and on and on. Seems to me like whales are slowly exiting this crypto thing

[moriartypants]

This has been a persistent threat to bitcoin speculation.   

If you have 10000 bitcoin you got four years ago, why wait ? cash out now and live large.  No reason to hope for $10000 bitcoin.
If bitcoin can survive the fallout from Gox folding (and I think it can) this is only good for newcomers if after the whales are exhausted then bitcoin will bounce back. 

[SebastianJu]

The whales for sure wont cash out because they most probably are in bitcoin since a couple years already. Because of that they arent in fear because its quite normal and happened often that bitcoin crashed. Whales dont lose trust in bitcoins because of such thing for sure.

[Kiki112]

time = experience
experience = trust
trust = no sale on crash

so yes, they will wait for a rise to sell if they really want to sell..

bitcoin is a very volatile currency and it has plenty of ups and downs, only newer members might panic and sell their coins now..

I mean, what's the point?

The fall stopped, bitcoin is stable again, now we can only wait for an up..

the worst is behind us

[lemfuture]

it seems like the great depression with banks?

yes give your bitcoins to me

[Chemistry1988]

lol

[Biomech]

Does anyone know what the exact security loop hole it was that brought these guys down, was it a Finney attack of some kind?  I thought it was something to do with people making it look like they were deposits on the block chain but they weren't actually getting deposited.

Nah, it's a very old exploit. Dates back at least to the bronze age.

Sticky Fingers.

[tanzislam]

This Mt.Gox fiasco is actually turning out in my favour. There are several escrow-based Bitcoin exchange sites (e.g. BitBargain, Localbitcoins, etc.) where many sellers set their asking prices based on the Mt.Gox exchange rate --- which has plummeted and has made it easy for me to buy Bitcoins at these places.

Obviously Mt.Gox-independent exchanges like BTC-e and BitStamp still have high and stable selling prices.

Arbitrage!

[vnvizow]

Just because an exchange is shutdown doesn't mean the currency is, have you ever see a dollar exchange center shutdown and dollar loses all it's value? no

[Biomech]

Just because an exchange is shutdown doesn't mean the currency is, have you ever see a dollar exchange center shutdown and dollar loses all it's value? no

well... in 1913 a dollar was worth 1/20th of an ounce of pure gold. Then they opened up this joint called the Federal Reserve. Now a dollar is worth less than the paper it's printed on...

However, bitcoin isn't a centrally controlled entity. If the coins are REALLY locked up, then the coin just got more valuable, as there will only ever be 21 million of 'em. Take away 800 grand from that total, and scarcity just got better. OTOH, if they were stolen, then they are still potentially in circulation. Sucks for Gox, damn their incompetent hides, and anyone who didn't read "mene, mene, tekel, uparshin" on their front page two years ago, but it's probably a net gain for Bitcoin. In either case. They have been a festering pustule on bitcoin for quite some time. I hear tales that they were once something great, but those days were past before I got involved a couple years back.

Me, I'm sittin' back and watching. Every time in the past when the price of bitcoin dropped like this, it came back to even greater heights. Now that Gox has declared bankruptcy, I consider the matter largely closed. Those who held coins in Gox got screwed. Sucks, but it is what it is. Some will possibly recover some damages in the disbursement of the court, but the community can now move on. I'm thinking the next peak will be 1500 USD, and it will be soon. Then it'll drop back to around a grand.

I ain't got no crystal ball, and that's just my opinion, but it is based on the observed pattern of bitcoin over the last approximately two years.

[vnvizow]

Just because an exchange is shutdown doesn't mean the currency is, have you ever see a dollar exchange center shutdown and dollar loses all it's value? no

well... in 1913 a dollar was worth 1/20th of an ounce of pure gold. Then they opened up this joint called the Federal Reserve. Now a dollar is worth less than the paper it's printed on...

However, bitcoin isn't a centrally controlled entity. If the coins are REALLY locked up, then the coin just got more valuable, as there will only ever be 21 million of 'em. Take away 800 grand from that total, and scarcity just got better. OTOH, if they were stolen, then they are still potentially in circulation. Sucks for Gox, damn their incompetent hides, and anyone who didn't read "mene, mene, tekel, uparshin" on their front page two years ago, but it's probably a net gain for Bitcoin. In either case. They have been a festering pustule on bitcoin for quite some time. I hear tales that they were once something great, but those days were past before I got involved a couple years back.

Me, I'm sittin' back and watching. Every time in the past when the price of bitcoin dropped like this, it came back to even greater heights. Now that Gox has declared bankruptcy, I consider the matter largely closed. Those who held coins in Gox got screwed. Sucks, but it is what it is. Some will possibly recover some damages in the disbursement of the court, but the community can now move on. I'm thinking the next peak will be 1500 USD, and it will be soon. Then it'll drop back to around a grand.

I ain't got no crystal ball, and that's just my opinion, but it is based on the observed pattern of bitcoin over the last approximately two years.

Agreed, but next peak will definitely be higher that $2000

[Biomech]

Just because an exchange is shutdown doesn't mean the currency is, have you ever see a dollar exchange center shutdown and dollar loses all it's value? no

well... in 1913 a dollar was worth 1/20th of an ounce of pure gold. Then they opened up this joint called the Federal Reserve. Now a dollar is worth less than the paper it's printed on...

However, bitcoin isn't a centrally controlled entity. If the coins are REALLY locked up, then the coin just got more valuable, as there will only ever be 21 million of 'em. Take away 800 grand from that total, and scarcity just got better. OTOH, if they were stolen, then they are still potentially in circulation. Sucks for Gox, damn their incompetent hides, and anyone who didn't read "mene, mene, tekel, uparshin" on their front page two years ago, but it's probably a net gain for Bitcoin. In either case. They have been a festering pustule on bitcoin for quite some time. I hear tales that they were once something great, but those days were past before I got involved a couple years back.

Me, I'm sittin' back and watching. Every time in the past when the price of bitcoin dropped like this, it came back to even greater heights. Now that Gox has declared bankruptcy, I consider the matter largely closed. Those who held coins in Gox got screwed. Sucks, but it is what it is. Some will possibly recover some damages in the disbursement of the court, but the community can now move on. I'm thinking the next peak will be 1500 USD, and it will be soon. Then it'll drop back to around a grand.

I ain't got no crystal ball, and that's just my opinion, but it is based on the observed pattern of bitcoin over the last approximately two years.

Agreed, but next peak will definitely be higher that $2000

I sincerely hope you're right But for the sake of purchasing some miners, I hope it waits a couple weeks...

[Kiki112]

Just because an exchange is shutdown doesn't mean the currency is, have you ever see a dollar exchange center shutdown and dollar loses all it's value? no

well... in 1913 a dollar was worth 1/20th of an ounce of pure gold. Then they opened up this joint called the Federal Reserve. Now a dollar is worth less than the paper it's printed on...

However, bitcoin isn't a centrally controlled entity. If the coins are REALLY locked up, then the coin just got more valuable, as there will only ever be 21 million of 'em. Take away 800 grand from that total, and scarcity just got better. OTOH, if they were stolen, then they are still potentially in circulation. Sucks for Gox, damn their incompetent hides, and anyone who didn't read "mene, mene, tekel, uparshin" on their front page two years ago, but it's probably a net gain for Bitcoin. In either case. They have been a festering pustule on bitcoin for quite some time. I hear tales that they were once something great, but those days were past before I got involved a couple years back.

Me, I'm sittin' back and watching. Every time in the past when the price of bitcoin dropped like this, it came back to even greater heights. Now that Gox has declared bankruptcy, I consider the matter largely closed. Those who held coins in Gox got screwed. Sucks, but it is what it is. Some will possibly recover some damages in the disbursement of the court, but the community can now move on. I'm thinking the next peak will be 1500 USD, and it will be soon. Then it'll drop back to around a grand.

I ain't got no crystal ball, and that's just my opinion, but it is based on the observed pattern of bitcoin over the last approximately two years.

Agreed, but next peak will definitely be higher that $2000

I sincerely hope you're right But for the sake of purchasing some miners, I hope it waits a couple weeks...

don't worry, the next up is coming in a few months not weeks
it's good as long as it's coming