http://abcnews.go.com/Technology/wireStory/japan-minister-calls-bitcoin…
So is this the beginning of the end, or the beginning of a good time to buy? Where are our resident bitcoin experts? @"BlackHat"
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Interesting first comment: "Is it unaccounted for because of (a) error (b) internal theft or (c) because it was hacked and stolen by the NSA to collapse one of the few currencies outside government surveillance and control?"
The idea was retarded and still retarded. Just another "asset" to trade without the insurance of getting your money back. I don't feel bad for anyone who was or still is playing with fire.
So the best protection agains theft of bitcoins is a paper print out? If you REALLY want to run off the books transactions, cash is king. The Winklevi twins are having a conniption right about now I suppose...
I thought the currency had a check built in to monitor and verify transactions. I'm sure this could be hacked, but then again so can anything. It's too early to tell what the actual malfunction/crime was, but I think this will still be a hiccup and bitcoin with move forward. I feel this is reminiscent of primitive counterfeiting and credit card hacking and bitcoin will come out stronger.
All I want to know is - where can I short Bitcoins after they get back up to their inflated value? Seriously this should be absolutely detrimental to a currency (can you imagine a country's bank saying they lost their clients money and thats the end of it?). People seem to be looking for a reason to support Bitcoin rather than face the reality of what it is.
Just want to split hairs for a second: they have a market price but no actual value at all. Other than that, I agree with you that people want these to work. At this point, it looks really bad for BTC, my personal guess is that they'll be deactivated within a year. Who knows though, you could get people bidding up the price on one last hurrah to dump the hot potato before then.
Me, I'm in dogecoins now. Much speculation, very digital.
Cyprus banks??
So what happened to all the bitcoins that were stolen? Are they still in the hackers possession? Did they basically secure a $500mm windfall so this hack went on for years?
MT Gox collapse (Originally Posted: 02/26/2014)
Many of you might know that MTGox has collapsed over the past few days and is currently "offline". Speculation as to what has happened has been rampant since the beginning of February when MTGox locked users from exchanging their Bitcoin into US dollars. Rumors have been circulated that there was a massive theft in the tune of close to a billion dollars over a year ago that was just discovered. However given the nature of Bitcoin ledgers this seems impossible that it could have been truly unnoticed for that long of a period. The more likely cause for the collapse I believe is a mix of several different reasons. Namely the exchange worked in a way that was quite similar to a ponzi scheme like trade. Not to say that it was a ponzi scheme but the way the exchange operated its execution book. Now when that is factored together with the fact that MTGox generally had an exchange rate that was slightly to significantly higher than its competitors created a huge and obvious arbitrage opportunity that had to have been exploited in a massive way by traders and hackers. This combined with the rapidly falling Bitcoin value would have caused MTGox to bleed cash during February at an astounding rate. Last possible reason is the publicly stated reason given by MTGox itself, hackers actually got in and stole everything.
No idea, but this quote from dealbreaker pretty much sums up the situation:
"Dear Freind,
I am Ivan Ivanovich Ivanovanovich, cousin of Mr Sergei Sergeyovich Sergoyovichovich, who is haker that hak computers. Sergei is in possess of 400,000 (four hundred and thousand) BTC (bit-coin) that he got from freind who work at the Mount Goks. But Japaniya lawyer Mr Sashimoto-san watch bit-coin virtual "wallet" very close.
I hope for to get bit-coin to Sergei, but we need virtual "wallet" to transfer to. If you help with transfer, we pay you 20,000 (twenty and thousand) BTC that right now can be sold for many USD. Please to send private key for you wallet to us and we transfer BTC soon.
Bestly Regards, Vanya I. I. "
Did you read the "Crisis Strategy Draft" [link is on the bottom]? It recently appeared and sources are claiming it is valid. It seems 744,408 BTC are missing due to transaction malleability, whatever that means. Most likely hackers stole the coins throughout the last few years without them knowing. I also read rumors that rival exchanges are wanting to purchase Mt. Gox, but they still have to determine the firm's assets and liabilities.
I actually saw BTC drop to $400 on Coinbase and waited to buy at around $530. Last I checked it is around it's around $600. I was partially convinced by Eddie's post on Bitcoin. It's a pure speculation play and I only invested a small amount because I do believe Bitcoin will be here to stay, even with this setback.
http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Dra…
ahahahaha 17% gain in 4 days, I'm out for now except a few residual coins. What about all of you negative Nancies?
http://www.coindesk.com/price/
Even a stopped clock is right twice a day...
http://alturl.com/g3up2
Actually bought on the dip, got it close to the recent lows. Really a firm believer in the network that Bitcoin is building. Still think many if not most people do not properly understand this technology. I'd say 80% of the articles I read on the topic have so many fundamental errors regarding Bitcoin it's no wonder everyone has a negative view if those were the only articles they've been reading. If you look on places like github which are repositories of open source code, a lot of development has been focused around Bitcoin lately. I don't regard it as a currency but rather as a "transfer of value network" like the internet is a "transfer of information network."
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