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Old 02-10-2014, 10:03 PM   #901
RastaMon
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Getting kinda sick about hearing about the zillion other cryptocurrencies out there, maxcoin included. I think we've reached a saturation point.

On that note looks like a good time to buy some more bitcoin.
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Old 02-10-2014, 10:33 PM   #902
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Quote:
Originally Posted by RastaMon View Post
Getting kinda sick about hearing about the zillion other cryptocurrencies out there, maxcoin included. I think we've reached a saturation point.

On that note looks like a good time to buy some more bitcoin.
Why, because cheaper imitations coming on line of something that has no 'quality' associated with it besides that it was first will not drive the price of bitcoin down?
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Old 02-11-2014, 01:10 AM   #903
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Originally Posted by etothen View Post
Why, because cheaper imitations coming on line of something that has no 'quality' associated with it besides that it was first will not drive the price of bitcoin down?
I've said this for years, even back when bitcoin was the only cryptocurrency on the block, this has always been my biggest reservation with it. There's simply no end to the amount of parallel currencies. Bitcoin will always be the head honcho though and will continue to benefit from that. I don't see bitcoin going anywhere, but I'm more than willing to bet the dozens of others will fall by the wayside. They might be worth mining because why the hell not, not much a gamble/loss there.

Last edited by RastaMon; 02-11-2014 at 09:02 AM.
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Old 02-11-2014, 07:35 AM   #904
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Quote:
Originally Posted by RastaMon View Post
I've said this for years, even back when bitcoin was the only cryptocurrency on the block, this has always been my biggest reservation with it. There's simply no end to the amount of parallel currencies. Bitcoin will always be the head honcho though and will continue to benefit from that. I don't see bitcoin going anywhere, but I'm more than willing to bet the dozens of others will fall by the wayside. They might be worth mining because who the hell not, not much a gamble/loss there.
That is the same as comparing me printing a bunch of my own currency using a finite resource. It is still a currency and it's only value is what MANY people accept it for. The reason currencies work is that they have a finite value that is recognized by MANY people.
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Old 02-11-2014, 09:04 AM   #905
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That is the same as comparing me printing a bunch of my own currency using a finite resource. It is still a currency and it's only value is what MANY people accept it for. The reason currencies work is that they have a finite value that is recognized by MANY people.
And look how much so many of those of those other currencies are worth, like nothing, not to mention they're not accepted anywhere. There's something like almost 100 cryptocurrencies now, ain't nobody got time for dat!.
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Old 02-11-2014, 10:13 AM   #906
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Lol. Im not gonna lie, i still mine LTC because it has held a little bit. But i direct dump into BTC because it is accepted at overstock and tigerdirect. THOSE give me a little validation to it. Hell, the 47" LED tv in my living room gives me validation .

BTW, I am agreeing with you.
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Old 02-11-2014, 10:31 AM   #907
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Anyone here mining DOGE? Funniest coin IMO but also seems to be the most profitable. Difficulty skyrocketed after news that they held pay for the Jamaican Bobsled team. Value almost doubled in the past week.
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Old 02-11-2014, 06:43 PM   #908
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Quote:
(Reuters) - Canada will toughen rules targeting money laundering and terrorist financing to keep a closer eye on the use of Bitcoin and other virtual currencies, the government revealed in the federal budget on Tuesday.

Like cash, Bitcoins can be used in transactions without providing a record of its source. The virtual currency, whose value at one point topped $1,000, has been used for all types of online purchases, both legal and illegal.

The Silk Road, an eBay-like Bitcoin exchange that included listings for guns and heroin, was recently shut down by the U.S. authorities.

Online casinos will also be brought into the government's existing money laundering rules, the federal government said.
http://www.reuters.com/article/2014/...A1A23920140211
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Old 02-17-2014, 07:16 PM   #909
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Old 02-17-2014, 07:18 PM   #910
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I recently bought some bitcoin using some suckers paypal account while he was sleeping. I hope he doesn't notice these paypal unauthorized transactions.
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Old 02-17-2014, 08:03 PM   #911
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I sold some maxcoin on ebay last week. Made $28 on 6 coins.
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Old 02-18-2014, 04:52 PM   #912
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Old 02-25-2014, 12:32 AM   #913
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Two stories:

http://money.cnn.com/2014/02/24/tech...mtgox-bitcoin/

Quote:
The CEO of Bitcoin-trading exchange Mt.Gox has left the digital currency's top advocacy group, the latest sign of trouble for the embattled exchange.

Mt.Gox chief executive Mark Karpeles resigned from the Bitcoin Foundation's board of directors on Sunday. Former colleagues said he left the organization to focus his attention on Mt. Gox's copious issues.

Mt.Gox has been mired in problems ever since Feb. 7, when it halted withdrawals from its trading accounts. The company's computer programmers hadn't accounted for a quirk in the way Bitcoin works, allowing cyber attackers to dupe Mt.Gox with a scheme resembling receipt fraud. When Mt.Gox discovered it was under attack, it stopped any investors from pulling their money out of their trading platform -- but it has yet to allow them access to their money.

Many doubt they'll ever get their money back, so the price of a Bitcoin on Mt.Gox has spiraled down to $201. Meanwhile, the price is closer to $571 on other major exchanges that ran into similar issues but quickly recovered.

Mt.Gox did not respond to requests for comment. But members of the Bitcoin Foundation's board say Karpeles left on good terms -- and wasn't pushed out by his colleagues.

"There's no hard feelings. Mt.Gox did the right thing," said board member Elizabeth Ploshay. "They have their hands full. It's better for them to be taking care of the matters they have in front of them."

Ploshay voiced concern that one Bitcoin exchange's problems could overshadow recent positive developments for the independent, digital currency. For example, she noted that Bitcoins are now being used to donate to charities like The Water Project. And recently, a Bitcoin entrepreneur donated $10,000 in bitcoins to his college, the University of Puget Sound in Washington State.

However, the image of Bitcoin would undoubtedly take a major hit if the situation gets worse for Mt.Gox. Having the exchange shut down would rock confidence in the digital currency's future and leave many investors empty handed, and speed up calls for government intervention.

Evan Rose, president of Bitcoin ATM company Genesis, said that the kinds of problems seen at Mt.Gox and other exchanges show that Bitcoin is in flux.

"The people running the systems right now are not necessarily business men," Rose said. "For the most part, they're people who came into this digital project without grasping the value or risk of it. The ecosystem is maturing, but it's a little scary for everyone involved."
This one is from an Anonymous account I follow on Twitter that has many "legitimate" followers...

http://two-bit-idiot.tumblr.com/post...-may-have-lost

Quote:
Bitcoin’s Apocalyptic Moment: Mt. Gox may have lost 750,000 bitcoins


I have received an ***unverified*** report from an otherwise reliable source, which is purportedly from Mt. Gox. The document, which is titled “Crisis Strategy Draft” outlines the current situation at the exchange.

I trust the authenticity, but have work to do to verify the document myself 100%. I will work to do so feverishly.

Here is what it says in the introduction:

"For several weeks MtGox customers have been affected by bitcoin withdrawal issues that compounded on themselves. Publicly, MtGox declared that “transaction malleability” caused the system to be subject to theft, and that something needed to be done by the core devs to fix it.

Gox’s own workaround solution was criticized, and eventually a fix was provided by Blockchain.info. The truth, it turns out, is that the damage had already been done. At this point 744,408 BTC [over $333M ed.] are missing due to malleability-related theft which went unnoticed for several years.

The cold storage has been wiped out due to a leak in the hot wallet. The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company. However, with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly.

At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public. We believe in the value of Bitcoin, its potential to change the world, and its principles of transparency. Most importantly we care about the customers of MtGox and other bitcoin-based businesses who will be affected. The likely consequences will be larger than this localized financial damage, and we believe that the benefits of keeping MtGox stable and running outweigh the risks. This isn’t about saving MtGox anymore.”

This is catastrophic, and I am sorry to share this. I do believe that this is one of the existential threats to bitcoin that many have feared and have personally sold all of my bitcoin holdings through Coinbase.

To do so, and not give you the same information, would be dishonest and immoral. I am a risk tolerant investor, but I believe this will be catastrophic for Bitcoin, both as a currency and as a fledgling industry.

If this is a hoax, it is one that I am fully blindsided by. I fear, however, that it is not.

Last edited by Panda Lover; 02-25-2014 at 12:37 AM.
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Old 02-25-2014, 01:35 AM   #914
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aaaaaaaaaaaaaaaaaaaaaaaaahahahahahaha
Quote:
Joint Statement Regarding the Insolvency of Mt.Gox

The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox.
This tragic violation of the trust of users of Mt.Gox was the result of one company’s abhorrent actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.
We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.

In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following exchanges will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading. It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.
The following industry leaders stand by this statement:
Fred Ehrsam — Co-founder of Coinbase
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle
http://www.circle.com/2014/02/24/joi...lvency-mt-gox/
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Old 02-25-2014, 01:38 AM   #915
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Long live dogecoin. I've made over ten dollars!
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Old 02-25-2014, 01:44 AM   #916
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i mean its like an online exchange of magic! abracadabra poof its gone.
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Old 02-25-2014, 02:22 AM   #917
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Thank you overstock, FTC, BTC, and MXC

Just got this from entirely mined coins. Completely paid back the (cheap) GPU as well
http://www.overstock.com/Electronics...3/product.html (Asus RT N66U Wireless Router)

Really not sure if I want to continue mining or not after recent developments
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Old 02-25-2014, 07:06 AM   #918
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Feels good to cash in doesn't it?
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Old 02-25-2014, 07:12 AM   #919
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How's your electricity bill? N not AC model? Why do you hate the future?
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Old 02-25-2014, 07:36 AM   #920
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Quote:
Originally Posted by Panda Lover View Post
Two stories:

http://money.cnn.com/2014/02/24/tech...mtgox-bitcoin/



This one is from an Anonymous account I follow on Twitter that has many "legitimate" followers...

http://two-bit-idiot.tumblr.com/post...-may-have-lost

http://gigaom.com/2014/02/24/this-co...leas-for-calm/

Quote:
“This could be the end of Bitcoin”: leak shows massive theft at Mt. Gox, price falls below $500 amid pleas for calm



The world of Bitcoin is being rocked by a cascade of events related to the final collapse of Mt. Gox, which a leaked crisis document says could be “the end” of the currency in the public realm for years.

The Bitcoin community is on edge as a leaked document shows that the Mt. Gox exchange, a longtime pillar of the virtual currency, is missing hundreds of millions of dollars worth of customer money and is heading for bankruptcy.

Meanwhile, the leaders of high profile Bitcoin companies, including Coinbase and Circle, issued a public letter promising to re-establish the trust “squandered” by Mt. Gox even as the value of bitcoin continues to fall. As the Winkdex shows, it’s off more than 17 percent in the last 24 hours:

These are just some of the facts that came to light during a fast-moving series of events on Monday that also saw Mt. Gox’s website and Twitter account go blank, and that come on the heels of the CEO of Mt. Gox leaving the Board of the Bitcoin Foundation.

Taken together, the events represent an existential crisis for Bitcoin at a time when the virtual currency is starting to get mainstream consumer adoption, and governments are granting it cautious approval. As the leaked document, which is a crisis management guide for Mt. Gox, noted:

with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly. At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public

The provenance of the document, titled “Crisis Strategy Draft” (embedded below) and leaked by a Bitcoin blogger, is unclear but a source has confirmed to Gigaom that it is authentic. It says that Mt. Gox has lost 744,408 bitcoins due to theft, and includes this table that says the company is in the red for tens of millions of dollars in fiat currencies (such as dollars or yen) as well as millions of bitcoins:

The documents also contains slides that propose ways to reassure the public, such as the orderly resignation of CEO Mark Karpeles and his replacement by a team of technocrats. It also states that the “damage has already been done” as a result of “transaction malleability” — a weakness that permits bad actors to tamper with transaction records (Mt. Gox had been alerted about the vulnerability but failed to fix it, leaving its ledgers a muddle).

As with so many things Bitcion, it’s hard to tell what’s really going on here: Who stole the Mt. Gox money? And are they, as has happened in past crashes, exploiting the current crisis? Conversely, are figures like Cirle’s Jeremy Allaire or the Winklevoss twins, who own millions of bitcoins, stepping in to halt the currency’s current slide — much like a central bank would do?

I’ll report more soon but, for now, it’s enough to repeat my recent argument (“Is this any way to run Bitcoin?”) calling for proper governance from the Bitcoin Foundation and other self-styled leaders of the virtual currency. They better hurry before this thing gets even worse.


Oh-oh. I guess that's the price one pays for unregulated currencies.
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Old 02-25-2014, 08:19 AM   #921
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But it's immune to theft!
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Old 02-25-2014, 09:28 AM   #922
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Edit: didnt read
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Old 02-25-2014, 10:49 AM   #923
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so glad I didn't buy that rig I've been thinking about for a week (and even again sunday)
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Old 02-25-2014, 11:13 AM   #924
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Honestly, if you used Mt. Gox you're an idiot anyway. Still, a good time to buy.
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Old 02-25-2014, 11:20 AM   #925
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If you haven't been mining Cagecoin in the past week you've been missing out.
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