The end of Bitcoin?

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G

gut

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15,058 posts
Feb 25, 2014 1:07 AM
http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html

Interesting as this was starting to get some momentum - and notice from govts and banks - that it has suffered several major setbacks over the past year or so. Which was totally, completely and absolutely unforeseeable :RpS_flapper:

And, now, conspiracy theorists can regal us with stories of the shadow govt/banking system.



http://www.marketwatch.com/story/regulator-to-sound-alarm-on-bitcoin-2014-02-24?link=MW_latest_news

I'm struggling to understand why an EXCHANGE would become insolvent, especially with such high transaction fees. I've been suspicious price & volume wasn't being manipulated...well, ponzi schemes finally collapse when there's not enough new money coming in to fund redemptions.
Feb 25, 2014 1:07am
G

gut

Senior Member

15,058 posts
Feb 25, 2014 1:08 AM
meant to add a "?" at the end of the thread title "The End of Bitcoin?"
Feb 25, 2014 1:08am
I

I Wear Pants

Senior Member

16,223 posts
Feb 25, 2014 7:38 AM
Shocking, you're telling me a completely unregulated "currency" has problems with massive price fluctuations and dubious behavior? Who would have ever guessed?

But seriously, Bitcoin was/is/and will be a shitty currency. I don't want the cost of a gallon of milk to be 1/2 hour of work today and 10 hours of work tomorrow. That would suck.
Feb 25, 2014 7:38am
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derek bomar

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3,722 posts
Feb 25, 2014 8:44 AM
tulip bubble
Feb 25, 2014 8:44am
SportsAndLady's avatar

SportsAndLady

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35,632 posts
Feb 25, 2014 8:48 AM
But Me? Told us bitcoin is here to stay?
Feb 25, 2014 8:48am
gorocks99's avatar

gorocks99

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10,760 posts
Feb 25, 2014 9:24 AM
Bitcoin is not a currency, or at least it is not treated as such. It is treated as a commodity, which makes for a pretty shitty currency.

Now dogecoin, there's a crytocurrency you can get behind. To the moon!
Feb 25, 2014 9:24am
M

MontyBrunswick

Feb 25, 2014 9:30 AM
gorocks99;1584271 wrote:Bitcoin is not a currency, or at least it is not treated as such. It is treated as a commodity, which makes for a pretty shitty currency.

Now dogecoin, there's a crytocurrency you can get behind. To the moon!
wow

much value
Feb 25, 2014 9:30am
G

gut

Senior Member

15,058 posts
Feb 25, 2014 12:36 PM
Cyprtocurrency may very well be the future, but there are obvious major problems/issues with Bitcoin and some of the other current players.

Assuming the security issues will eventually be solved, the idea of competing currencies as alternatives to the Dollar, Euro, etc.. isn't exactly new and has the support of some pretty major economists.

The problem I see is two-fold: Mom & Pop aren't sophisticated enough to manage currency risk, and it's challenging even for large multinationals. So if you had the major banks create 6 new currencies the marketplace becomes that more complicated.

And the biggest hurdle is I just don't see govts, particularly the US, giving up control over their monopoly on money.
Feb 25, 2014 12:36pm
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GOONx19

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7,147 posts
Feb 25, 2014 9:16 PM
Lol'd. Reps to both of you when I get a chance.
Feb 25, 2014 9:16pm
GOONx19's avatar

GOONx19

An exceptional poster.

7,147 posts
Feb 25, 2014 9:17 PM
gorocks99;1584271 wrote:Bitcoin is not a currency, or at least it is not treated as such. It is treated as a commodity, which makes for a pretty shitty currency.

Now dogecoin, there's a crytocurrency you can get behind. To the moon!
dlazz;1584274 wrote:wow

much value
Lol'd. Reps to both of you when I get a chance.
Feb 25, 2014 9:17pm
M

MontyBrunswick

Feb 26, 2014 11:06 AM
GOONx19;1584589 wrote:Lol'd. Reps to both of you when I get a chance.
I tried mining dogecoin once. The verb they used in the client is "dig". I lol'd.
Feb 26, 2014 11:06am
B

BoatShoes

Senior Member

5,703 posts
Feb 27, 2014 10:11 AM
I just think it is incredibly ironic how theft by private hackers are what its threatening its survival, thus demonstrating the very reason we have governments in the first place.

Bitcoin will never be anything more than a fancy type of Poker Chip. Poker Chips are tokens that are effectively used as currency within casinos. Bitcoins are currencies that people use for illicit activities.

So long as National Government's only accept their own currencies to alleviate tax liabilities and have competent taxing powers, they will, never, ever be threatened by any cryptocurrency. Period.
Feb 27, 2014 10:11am
V

vball10set

paying it forward

24,795 posts
Mar 5, 2014 2:38 PM
http://www.nbcnews.com/business/business-news/head-online-currency-exchange-found-dead-singapore-n45101
[h=1]Head of Online Currency Exchange Found Dead in Singapore[/h]
collapse story


<address class="stack-byline">By Javier E. David </address> Autumn Radtke, the CEO of an upstart online currency exchange, died last week under mysterious circumstances at her home in Singapore.
Radtke, the U.S.-born head of First Meta, was found dead by local police Feb. 28, with the cause of death yet to be determined. In a statement on its website, First Meta said the company "was shocked and saddened by the tragic loss of our friend and CEO Autumn Radtke."
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In an interview with The Wall Street Journal, the company's director and nonexecutive chairman, Douglas Abrams, said the exact cause of Radtke's death was "still under investigation."
Prior to taking the reins at First Meta in 2012, the 28-year-old Radtke had once closely worked with technology giant Apple, to bring cloud-computing software to Johns Hopkins University, Los Alamos Labs and the Aerospace Corp., according to her biography. She then took up business development roles at tech start-ups Xfire and Geodelic Systems, according to information on her LinkedIn profile.
First Meta bills itself as a clearinghouse for the purchase and exchange of virtual currencies, including bitcoin.
Her death comes as troubles swirl around the nascent cryptocurrency industry, and amid a rash of suicides in the financial industry as a whole.
Last week, the world's largest bitcoin exchange, Mt.Gox, imploded; meanwhile, nearly $500 million in client funds vanished overnight. Elsewhere, untimely demises unrelated to bitcoin have claimed the lives of bankers at JPMorgan, Deutsche Bank and Zurich Insurance Group
.
Mar 5, 2014 2:38pm
I

I Wear Pants

Senior Member

16,223 posts
Mar 5, 2014 2:42 PM
sleeper has invested all his funds in bitcoin. It is unregulated and therefore the answer to everything.
Mar 5, 2014 2:42pm
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justincredible

Nick Mangold

32,056 posts
Mar 5, 2014 3:20 PM
Dude, c'mon. (reference to bases_loaded's post that was unapproved)
Mar 5, 2014 3:20pm
I

I Wear Pants

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16,223 posts
Mar 5, 2014 3:21 PM
justincredible;1587300 wrote:Dude, c'mon. (reference to bases_loaded's post that was unapproved)
Should I be glad I didn't click it when I saw it?
Mar 5, 2014 3:21pm
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Mar 5, 2014 3:24 PM
Yeah.
Mar 5, 2014 3:24pm
bases_loaded's avatar

bases_loaded

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6,912 posts
Mar 5, 2014 3:34 PM
Don't blame me, blame google. 4th picture on the google image search
Mar 5, 2014 3:34pm
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Mar 5, 2014 3:41 PM
bases_loaded;1587311 wrote:Don't blame me, blame google. 4th picture on the google image search
Google didn't post it on here.
Mar 5, 2014 3:41pm
I

I Wear Pants

Senior Member

16,223 posts
Mar 5, 2014 3:50 PM
justincredible;1587312 wrote:Google didn't post it on here.
I found this picture called goatse on Google Image search. I'm going to post it here. Don't blame me if you don't like it though, blame Google.

SMH
Mar 5, 2014 3:50pm
bases_loaded's avatar

bases_loaded

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6,912 posts
Mar 5, 2014 5:31 PM
justincredible;1587312 wrote:Google didn't post it on here.
The beauty of childbirth...at home...done by yourself is frowned upon?
Mar 5, 2014 5:31pm
bases_loaded's avatar

bases_loaded

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6,912 posts
Mar 5, 2014 5:32 PM
I Wear Pants;1587314 wrote:I found this picture called goatse on Google Image search. I'm going to post it here. Don't blame me if you don't like it though, blame Google.

SMH
If goatse was a 28 year old who just killed herself and you were checking out if she was hot or not, you'd have a point.
Mar 5, 2014 5:32pm
ts1227's avatar

ts1227

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12,319 posts
May 1, 2014 11:43 PM
gorocks99;1584271 wrote:Bitcoin is not a currency, or at least it is not treated as such. It is treated as a commodity, which makes for a pretty shitty currency.

Now dogecoin, there's a crytocurrency you can get behind. To the moon!
Dogecoin is sponsoring a car at the NASCAR race this weekend
http://www.jayski.com/cupnews.htm#20140501g
May 1, 2014 11:43pm
I

I Wear Pants

Senior Member

16,223 posts
May 2, 2014 11:03 AM
ts1227;1611820 wrote:Dogecoin is sponsoring a car at the NASCAR race this weekend
http://www.jayski.com/cupnews.htm#20140501g
Doge> Bitcoin
May 2, 2014 11:03am