We gonna talk about BitCoin?

wsuffa said:
How much you get burned for?
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Depends how you look at it. I used two exchanges but MtGox was by far the easier to deal with so I moved my coins there. Total I've only put around $250 of my own money into it and at one point owned just over 3 coins when the value was around $1200 each.

So, I either lost $250 or $3600 depending on your view.
 
txflyer said:
Yeah, it hurts to watch your money get swindled and then imagining some guy is laughing at you while he's doing the best coke off a bunch of gorgeous hookers tits with your money.

. . . . .
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That was a fairly vivid image you just now conjured up.
 
Captain said:
Depends how you look at it. I used two exchanges but MtGox was by far the easier to deal with so I moved my coins there. Total I've only put around $250 of my own money into it and at one point owned just over 3 coins when the value was around $1200 each.

So, I either lost $250 or $3600 depending on your view.
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No different than being up at Vegas and then losing it all in the final bet. Call it $250 of entertainment and you're good!
 
Captain said:
Depends how you look at it. I used two exchanges but MtGox was by far the easier to deal with so I moved my coins there. Total I've only put around $250 of my own money into it and at one point owned just over 3 coins when the value was around $1200 each.

So, I either lost $250 or $3600 depending on your view.
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Sorry you lost your money Captain. My understanding of the present bitcoin standard, and I am far from expert, is that the key to your coins remains in your possession at all times and is nearly impossible to hack or steal. From what I understand, with exchanges like Mt Gox, your key is stored and managed by them, which may have been an older method of handling bitcoin. You are completely dependent on the Gox security and honesty, which is antithetic to the bitcoin scheme.

My son has some money in this and is still whole, even after this problem, as of last night anyway. Personally I thought it was a ponzi scheme, but now I am not so sure what to think of it as I learn more about it, as with most things, time will tell.
 
Using an exchange like Mt. Gox (or BitStamp, BTC-E, etc.) as a bank (i.e., storing your coins there) is a bad idea. GOX going down, while painful for many, hopefully ends a chapter in a less than stellar few months in bitcoin history.
 
Heard a new term today and it applies to me. I "got Goxed".
 
Captain said:
Heard a new term today and it applies to me. I "got Goxed".
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:lol::lol: I'm not laughing at you, I'm laughing with you!

Oh wait a minute, I am just laughing, if you are I am laughing with you, otherwise I am laughing at you! :D
 
If every investment decision I had made were correct, then maybe I would be entitled to laugh at someone who got burned by a bitcoin exchange. :redface:
 
Richard, you know we make fun of other peoples misfortunes on here, whether it's when they crash an airplane or lose money on a flaky investment.:yes::yes: Because we KNOW it could never happen to us!! :D

Palmpilot said:
If every investment decision I had made were correct, then maybe I would be entitled to laugh at someone who got burned by a bitcoin exchange. :redface:
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What ever happened to "wet Willy" or whatever his name was? You know the 20yr old Bitcoin millionaire guy that wanted to buy a GTR or airplane? I wonder if he still has millions? Lmao!'
 
Pinstriper said:
What ever happened to "wet Willy" or whatever his name was? You know the 20yr old Bitcoin millionaire guy that wanted to buy a GTR or airplane? I wonder if he still has millions? Lmao!'
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If he cashed in back then he would have been fine.
 
Pinstriper said:
What ever happened to "wet Willy" or whatever his name was? You know the 20yr old Bitcoin millionaire guy that wanted to buy a GTR or airplane? I wonder if he still has millions? Lmao!'
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I wondered the same thing, but couldn't remember his name. I couldn't help but chuckle as he spoke of being an "investor" :rofl::rofl: I know at one time he claimed to have over $1 million in bit coins, I wonder if he bailed or hung around to double his money, you know like a smart investor. :D

Edit: I looked up the old thread and he said he sold at $1K or so per coin after buying at $.01 per coin.
 
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"Buy when there's blood running in the streets."

I'm tempted to take a $5K flyer on BC, just to see how fast I can lose it, or turn it into ten million dollars.

Call it an additional 'complimentary strategy.' ;):rolleyes:
 
I prefer trading in real currency like the Yapese rai.
 
u3uharut.jpg
 
I gets kick out of those saying it's a "revolutionary new currency!" and then asking how much it's worth in USD in the same sentence. Heh. If you need to reference it to another currency, it's the same worthless paper any other fiat currency is. You're just asking "how much do you trust it today?" Just like any other.
 
It will be the same as other currencies when you can deposit it in FDIC-insured bank accounts, IMO.
 
Captain said:
Jokes aside, anyone know what this means?

mtgox.com
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It sounds like they might be looking for a way to keep the company going. In the U.S., there are two types of bankruptcy. One involves closing the company, and the other involves "reoganization." Maybe Japan has something similar.
 
denverpilot said:
FDIC has been close to bankruptcy numerous times.
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I don't think it would be politically feasible for Congress to let that happen.

Also, FDIC insurance is not the only benefit of being able to use the established banking system. There are also regulatory safeguards.

I'm not saying any store of wealth is absolutely safe, because nothing is, but there is a big difference in the risk level, IMO.
 
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Quote from the Business section of today's paper:

"There is some delicious irony in seeing Bitcoin investors seeking government help in recovering their potentially lost money. Umm, what part of "unregulated" wasn't clear to you? That, you told us, was a feature, not a bug."
 
Non Compos Mentis said:
Quote from the Business section of today's paper:

"There is some delicious irony in seeing Bitcoin investors seeking government help in recovering their potentially lost money. Umm, what part of "unregulated" wasn't clear to you? That, you told us, was a feature, not a bug."
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This is a problem today, everyone who experiences a disaster expects to have hit the lottery now or at a minimum have the government bail them out. Bitcoin is a huge risk right now. These exchanges, where you give your key to your coins to someone else fly in the face of how bitcoin is supposed to work. Caveat emptor.
 
PaulS said:
This is a problem today, everyone who experiences a disaster expects to have hit the lottery now or at a minimum have the government bail them out. Bitcoin is a huge risk right now. These exchanges, where you give your key to your coins to someone else fly in the face of how bitcoin is supposed to work. Caveat emptor.
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That tactic of expecting a bailout only works if you were "too big to fail" and had made special low interest loans to politicians.

Do that, they'll even make sure your bondholders get screwed.

Basically they just start making up new rules for the game when their buddies call and say they've bankrupted the country.

Why not? What would the average Joe do about it? Stop them? Not vote for them? Bwahahaha! Yeah right.

There's a reason people WANT to believe an un-regulated currency could work. They see the games being played with the recognized one.

And the security of regulatory law is a farce for most folks. Seriously. They'll change whatever rule they like to make sure they win. Any AIG execs in jail yet? ROFLMAO.
 
I bet it's the same guy/s or group that hot mtgox
 
All insider work. Funny, cause it was Business "Insider" that reported in this case. Those guys with the trader/banking sites are sitting in Bermuda with a cold one and a lap dance.
 
Saw an article where the 28 year old CEO of one of the failing exchanges committed suicide. Or they think it's suicide anyway.
 
denverpilot said:
Saw an article where the 28 year old CEO of one of the failing exchanges committed suicide. Or they think it's suicide anyway.
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Or was it like when the Chief Geologist of Bre-X "fell out" of the helicopter in Indonesia...
 
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