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Old 04-11-2013, 01:11 PM   #476
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Originally Posted by WRX300 View Post
Oh, so now we're moving goalposts?

bitinstant is in the process of launching a bitcoin debit card that can either be used as a regular debit card, or as a bitcoin transaction, funded by dumping bitcoins into an account.

ok, this better?

https://bitspend.net/
These are all great ideas.
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Old 04-11-2013, 01:34 PM   #477
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Please post some bitcoin poker sites so I can turn real money to fake money and back to real money that might be fake.
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Old 04-11-2013, 01:52 PM   #478
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Can't you create the currency out of thin air by leaving your computer on? Reminds me of the 90s when you could leave an application running on your computer and make money.

Sounds fishy to me, if its too good to be true it is. Professional skepticism 101. In before the fed creates money out of thin air. I wouldn't relate the two, US dollars can be exchanged for goods all around the world, bitcoins can't.
Not sure if really really stupid, didn't read anything, or just trolling.
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Old 04-11-2013, 01:53 PM   #479
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https://mtgox.com/press_release_20130411.html

Quote:
TOKYO - JAPAN - April 11, 2013

Hi everyone, just a quick update on the situation and what happened last night.

First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success!

Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine!

To give you an idea of how impressive things were here are some numbers that we would love to share with you guys:
- The number of trades executed tripled in the last 24hrs.
- The number of new account opened went from 60k for March alone to 75k new account created for the first few days of April! We now have roughly 20,000 new accounts created each day.

Due to these facts we have been busy working on improving things since last week and our team has been working around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today and in the coming few days to improve our system overall performance.

Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system.

Thank you for your understanding and continuous support!

Regards
Mt.Gox Co. Ltd Team.

Mt.Gox Contact [email protected]
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Old 04-11-2013, 02:38 PM   #480
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Now move your mouse to the currency selection, click Bitcoin, and see what the **** I'm talking about.
tada! thank

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Old 04-11-2013, 02:48 PM   #481
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Originally Posted by RastaMon View Post
...

I am a little curious by this quote from above.

Quote:
In 2010 he erased from his computer 800 Bitcoins that have been worth more than $200,000.
I thought once the Bitcoins were yours, you couldn't lose them? Was the issue that he took them out of the "exchange" and placed them in his "wallet." Wouldn't he still be identified as the owner of the Bitcoins through the independent verification?
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Old 04-11-2013, 03:03 PM   #482
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I am a little curious by this quote from above.



I thought once the Bitcoins were yours, you couldn't lose them? Was the issue that he took them out of the "exchange" and placed them in his "wallet." Wouldn't he still be identified as the owner of the Bitcoins through the independent verification?
Lost the wallet file. Once it is lost the BTC are as well.
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Old 04-11-2013, 03:05 PM   #483
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Originally Posted by 53x12 View Post
I am a little curious by this quote from above.



I thought once the Bitcoins were yours, you couldn't lose them? Was the issue that he took them out of the "exchange" and placed them in his "wallet." Wouldn't he still be identified as the owner of the Bitcoins through the independent verification?
Back then, there either weren't digital wallets or nobody trusted them. So if you kept your wallet file on your computer, or flash drive, without a backup and it was erased...gone.
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Old 04-11-2013, 03:21 PM   #484
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Not sure if really really stupid, didn't read anything, or just trolling.
Not sure if dumb or trolling.

-- doesn't trust banks
-- trusts anonymous founder who could be anyone

//queue logic
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Old 04-11-2013, 03:33 PM   #485
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Smells like a bubble in here...





Seriously, I don't get the hatred/fear of central banks. There's a reason the civilised world doesn't still use the gold standard. Boom-bust cycles suck.
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Old 04-11-2013, 03:45 PM   #486
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I didn't read the whole thread.

I like the concept, but haven't bought any bitcoins because the market is too volatile and the retail uses are very limited.

The market is mostly speculators buying and then panic selling everytime there is a ddos or the exchange crashes. In fact I bet the ddos and exchange crashes are a pump and dump scheme or something.
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Old 04-11-2013, 04:03 PM   #487
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okay, noob question time:

Was gold boomy/busty because it was gold? Or was it boomy/busty because of the age/era we were attempting to trade?

Would it still act that way with delivery, communication and modern improvements?

I guess I just hear how the gold standard sucked, but when you step back and really look at the history...you have to look at the other factors around also besides a line on a graph.

Just wondering

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Old 04-11-2013, 06:14 PM   #488
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So the dudes from whom Mark Zuckerberg stole Facebook, apparently own 1% of all bitcoins.

Winklevoss Twins Revealed As Owning 1% Of All BitCoins
Quote:
Think the 75% plunge in BitCoin values in two days has crushed all former supporters of the virtual currency (which truth be told is only back to levels from a month ago)? Wrong. As the NYT reports, a very unexpected supporting genepool (split into two identical halves) has emerged in the shape of two names previously linked to yet another pre-bubble frenzy name, FaceBook: Cameron and Tyler Winklevoss (collectively, the "Winklevii"). Following stints as Olympic rowers, Simpsons characters, and antagonistic Facebook litigants, the two 31 year-old identical twins are now indirect investors in the latest "currency" craze, whose heyday may well have come and gone, courtesy of owning a whopping 1% stake in all of the entire outstanding supply of BitCoin which at last count was worth $1.3 billion (if maybe a little less now).


From the NYT:
An array of speculators have now bid up the price of the bitcoin to the point where the outstanding supply of the digital money was worth $1.3 billion at last count. The Winklevii — as they are popularly known — say they own nearly 1 percent of that, or some $11 million.

The decision by the brothers to go public with their position signals a new stage for what has been an experimental alternative to national currencies. Created in 2009 by a programmer or programmers known only by a pseudonym, the bitcoin world has been dominated by anonymous programmers and traders.

...

The 6-foot-5 Winklevii were unfazed by the latest tumult. Indeed, the brothers said they used the low prices to buy more. They argue that bitcoin will have much further to soar once a broader audience sees its virtues: a unit of exchange that can be moved around the world at the click of a button without requiring any payments to Western Union or American Express.

“People say it’s a Ponzi scheme, it’s a bubble,” said Cameron Winklevoss. “People really don’t want to take it seriously. At some point that narrative will shift to ‘virtual currencies are here to stay.’ We’re in the early days.”

The brothers began dabbling in bitcoin last summer when the dollar value of a single coin was still in the single digits. In addition to the purchase of bitcoins, they also say they have invested in a bitcoin-related company, but declined to disclose which one. The currency itself exists as a string of letters and numbers. In order to keep their holdings secure from hackers, they have taken those codes off networked computers and saved them on small flash drives. They said they have put the drives in safe deposit boxes at banks in three different cities.
Nothing like having a string of letters and numbers in safes in flash drives in three cities as a store of value...

To some more cynically inclined observers, for the two brothers who lately have been desperate to get back into the public arena, this latest "investment" is nothing but a rather expensive PR campaign, and one which depending on their cost basis, may have already proven to be a huge loss. However, that will not step them. Or many others desperate to ride on the coattails of the next parabolic bubble:
Other Silicon Valley venture firms, while not holding bitcoins, are starting to show interest in the technology. Tim Draper of the firm Draper Fisher Jurvetson put money into CoinLab, which is doing bitcoin-related projects. Tribeca Venture Partners announced this week that it was putting money into Coinsetter, a start-up trading platform for the currency.
Sadly, a somewhat notable problem with BitCoin, the currency and not the bubblicious asset, is that one can't really use it for much other than to buy more bitcoin, or convert it into fiat currencies: the same fiat currencies that BitCoin is trying to replace:
So far, few real companies accept bitcoins as payment, and the primary place they can be used is an online bazaar, known as Silk Road, where narcotics are the main wares for sale. But the currency’s believers see a future in which Starbucks and Amazon take bitcoins. For their part, the Winklevoss twins have used some of their bitcoin to pay for the services of a Ukrainian computer programmer who has worked on the site of their venture capital firm.
But the drop dead punchline:
“We have elected to put our money and faith in a mathematical framework that is free of politics and human error,” Tyler Winklevoss said.
That's funny - it is more or less what the heads of the Federal Reserve and all other central banks have said for the past 100 years.

As for the future of BitCoin? Well, if its credibility can survive a collapse like this...



... maybe it just does have staying power. Unless, of course, the other sizable "investors" are none other than the central banks the currency hopes to supplant, just biding their time until they launch the next avalanche selloff...
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Old 04-11-2013, 06:15 PM   #489
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Quote:
Originally Posted by Star*Child View Post
okay, noob question time:

Was gold boomy/busty because it was gold? Or was it boomy/busty because of the age/era we were attempting to trade?

Would it still act that way with delivery, communication and modern improvements?

I guess I just hear how the gold standard sucked, but when you step back and really look at the history...you have to look at the other factors around also besides a line on a graph.

Just wondering

-*
What time period are you asking about here?

If you mean the period in which we were under a gold standard, I would recommend reading these two speeches:

Money, Gold, and the Great Depression

On Milton Friedman's Ninetieth Birthday
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Old 04-11-2013, 06:35 PM   #490
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mt gox is down yet again.

I can't see this being taken seriously as a currency without a reliable means of exchange.
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Old 04-11-2013, 06:39 PM   #491
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Thanks MKS I'll read up.

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Old 04-11-2013, 07:33 PM   #492
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mt gox is down yet again.

I can't see this being taken seriously as a currency without a reliable means of exchange.
I was just able to log in and place a buy order, but that press release from last night said they planned on taking the exchange off line for a couple hours 'over the next 12-24hrs to install more servers to handle the extra demand'
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Old 04-11-2013, 07:40 PM   #493
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Can we all agree that Bitcoin is a racket?
The big question is how rich will Satoshi Nakamoto be when he decides to cash out.
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Old 04-11-2013, 11:37 PM   #494
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Get in now! lol.... Oh wait you can't haha.
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Old 04-11-2013, 11:41 PM   #495
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The big question is how rich will Satoshi Nakamoto be when he decides to cash out.
One guy gets rich? Who cares.

The whole system is a racket; from the exchanges, hacking, gasoline-like volatility...etc why even bother? Im not surprised that merchants havent adopted the currency probably because the lay-person wouldnt know where to start working with Bitcoins.

It is a nice fantasy money and i have many doubts it would become mainstream
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Old 04-11-2013, 11:45 PM   #496
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I was just able to log in and place a buy order, but that press release from last night said they planned on taking the exchange off line for a couple hours 'over the next 12-24hrs to install more servers to handle the extra demand'
Thats what is so great about real money. It doesnt depend on a system admin and servers/the internet/a database.

What happens when he loses the databases? What then?
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Old 04-11-2013, 11:48 PM   #497
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mt gox is down yet again.

I can't see this being taken seriously as a currency without a reliable means of exchange.
If this wasnt a sack of **** system, there would be SOME SORT of failover/redundancy to maintain maximum uptime. No legitimate exhange in the world takes a server down on purpose for several hours to "perform upgrades"
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Old 04-12-2013, 12:22 AM   #498
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When will this nerd fad end? It'll never go mainstream.
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Old 04-12-2013, 12:45 AM   #499
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When will this nerd fad end? It'll never go mainstream.
Not when it's main means of exchange is a site originally set up to trade magic the gathering cards, no.

Somebody is making a crapload of money off it though. ddos, buy after the crash, sell when it recovers, rinse and repeat.

mt gox is getting hit with yet another ddos right now, big surprise
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Old 04-12-2013, 12:48 AM   #500
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When will this nerd fad end? It'll never go mainstream.
Nerd fad? How dare you!
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