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 Replies: 23 / Views: 6,172 |
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Valued Member
United States
405 Posts |
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Moderator
 United States
188770 Posts |
Not Bitcoin, just a Bitcoin exchange.
This is like saying "Dollar no more?" after some bank failed.
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Pillar of the Community
United States
1200 Posts |
I suspect the old school physical PM crowd must be snickering about this one...
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Pillar of the Community
United States
3789 Posts |
Bitcoin is here to stay, is not going anywhere and if anything, will get stronger and be put more into use.
It was only an exchange that ran away with money, and this event will do nothing but make the exchanges stronger and there will be more guidelines to safeguard bitcoin and its users.
These are mere growing pains. As time goes on, the use of Bitcoin will be as common as cell phones are today.
I would be super careful in poo pooing Bitcoin and its positive impact for consumers.
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Bedrock of the Community
United States
36770 Posts |
"Bitcoin is a digital currency sustained by software code written by an unknown programmer or group of programmers. It is not governed by any one company or person, and its value is determined by user demand." "Tragic violation of trust": Mt Gox loses over $300mn in bitcoin heist http://rt.com/business/mtgox-bitcoi...offline-603/'Pony' botnet steals bitcoins, digital currencies - Trustwave Cyber criminals have infected hundreds of thousands of computers with a virus called "Pony" to steal bitcoins and other digital currencies, in the most ambitious cyber attack on virtual money uncovered so far, according to security firm Trustwave. http://www.cnbc.com/id/101441220I'll stick to physical gold and silver. Edited by IndianGoldEagle
02/25/2014 11:59 am
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Pillar of the Community
United States
1200 Posts |
Different parties have different (pretty subjective) opinions on just what the Mt. Gox thing really represents. Some see it as mere growing pains, but others (like AP) suggest it may be "...catastrophic losses...a potentially fatal blow for the exotic new form of money." See -- http://hosted.ap.org/dynamic/storie...LATE=DEFAULTOnly time will tell with certainty what it'll ultimately end up being. Just two weeks ago, we were told that Bitcoin entrepreneurs were bullish despite "tech trouble" ( http://hosted.ap.org/dynamic/storie...LATE=DEFAULT ) and today we're told that "...740,000 bitcoins are missing from Mt. Gox, which roughly translates to hundreds of millions of dollars' worth of losses..." That's a big jump for two little weeks. I'm not saying "This is the end!" or any other Chicken Little-like nonsense. However, neither can I see my way clear to calling losses of hundreds of millions of dollars mere growing pains and right now, I suspect a lot of Bitcoin players might not speak very positively about Bitcoin's positive impact for consumers. But... like I said above---right now, widely differing opinions are in evidence and only time will really tell what this week's ugly mess will represent in the final analysis. |
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Pillar of the Community
United States
2543 Posts |
2008 Rogue trader at Société Générale loses 6.9 bil in stock index futures
1996 Rogue trader at Sumitomo Corporation loses 2.6 bil speculating on Copper
2011 Rogue trader at UBS loses 2.3 bil in S&P 500 futures
2007 Rogue trader at Goldman Sachs loses 118 million of investor dollars in S&P futures
So not just BitCoin that has bad apples, like the others, they will absorb the loses and continue on. BitCoin and other digital currencies are here to stay.
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Bedrock of the Community
13014 Posts |
Bitcoin and stock trading are in no way comparable. Those examples were bad investments by people or they had the wrong timing. This is someone from bitcoin just taking off with the money. You cant just go to the S&P 500 and say I want 100 million of other peoples money and leave.
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Pillar of the Community
United States
2543 Posts |
Quote:
Bitcoin and stock trading are in no way comparable. Those examples were bad investments by people or they had the wrong timing. This is someone from bitcoin just taking off with the money. You cant just go to the S&P 500 and say I want 100 million of other peoples money and leave. I know all about BitCoins, my son built a mining machine, mined a bunch of coins, cashed them in at a profit which paid for his machine and conversion to a super gaming platform. My point was, that anytime you deal in money, be it cash, digital or paper (stocks and bonds)you are going to get thieves (inside traders, ponzi schemers and idiot traders). It doesn't diminish the product or the viability of the produst. |
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Valued Member
United States
264 Posts |
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You cant just go to the S&P 500 and say I want 100 million of other peoples money and leave. So they just ask Janet Yellen to print it.  |
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Pillar of the Community
United States
1234 Posts |
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Pillar of the Community
United States
827 Posts |
I don't know enough about them to make any judgment or comment. So I wont.
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Moderator
United States
23522 Posts |
The only thing I can come up with here is a sense of amusement. Digital currency lacks even the tenuous government backing of fiat currency - it's only real because you believe it is. No intrinsic value, no government endorsement. And it's subject to the whim of every Black Hat coder out there, who will always be one step ahead of the White Hats. You don't even need to be a business insider to exploit it, and as has just been proven, you don't need to know squat about computer security to set yourself up as a "broker" and handle $millions in value of other people's "assets."
Hilarious, and anyone playing in that pool is getting what they deserve. Perhaps standalone digital currency has a future, but I don't believe I'll be alive long enough to see it established in worthwhile fashion.
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Pillar of the Community
United States
3789 Posts |
umm sorry but the Fed Res doesn't "print" the SPX........ hmm lets see, QE is being scaled back and the markets rise....
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Bedrock of the Community
13014 Posts |
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It doesn't diminish the product or the viability of the produst. It does when the product itself is basically a corrupt scheme. People have had millions stolen left and right time and time and time again with bitcoin. The list of fraud on it is impressive. Trying to compare it to someone making a bad stock move is apples and oranges. It would be more like someone setting up their own Wall Street and then after they got a bunch of investors just one day closing down and leaving with their money. I mean the irony of setting up a digital governmentless currency with no regulation or recourse for anything because fiat money is "worthless" or in trouble hits harder than a 2x4 across the face. The only future of digital currency is if a first world nation switches to it. There may always be some people using things like this but most people are going to realize what a bad idea it is to put their money into it or accept it as payment. Its literally the perfect crime and probably technically isn't even criminal. You can just take off with millions and theres nothing anyone can do about it. Good luck trying to get this tried in international court even if the person is found. That doesn't even get into the fact that most of the thefts were likely from people you would literally need at least a battalion of Marines or some Seal Teams with you to attempt to capture them. If someone has some free ones and wants to see if they can make some more off the price change by all means go ahead. If you have money in it though cash out while you still have the money. Theres nothing legitimate about its set up or what happens with it in practice. |
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Valued Member
United Kingdom
183 Posts |
having an international digital currency is a good idea.
the problem is trust.
HH
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Replies: 23 / Views: 6,172 |
Posted 02/25/2014 10:56 am
