Bitcoins Bankruptcy

JunkBear · Feb 28, 2014

Just like the title says. http://online.wsj.com/news/articles/SB10001424052702303936904579178362553003276

Read the news. It was just a short dream and gimmick. Also Imagine all the sellers like on E-Bay that sell Bitcoins mining stuff and people who paid primes to get it.

the54thvoid · Feb 28, 2014

JunkBear said:
Just like the title says. http://online.wsj.com/news/articles/SB10001424052702303936904579178362553003276

Read the news. It was just a short dream and gimmick. Also Imagine all the sellers like on E-Bay that sell Bitcoins mining stuff and people who paid primes to get it.

Umm, that article is from November last year....

More important is Mt.Gox going under (mismanagement or fraud? who knows)

And from what I read, MT.Gox is an anacronym for "Magic The Gathering Online Exchange". Awesome.

CrackerJack · Feb 28, 2014

the54thvoid said:
Umm, that article is from November last year....

More important is Mt.Gox going under (mismanagement or fraud? who knows)

http://www.usatoday.com/story/money/markets/2014/02/28/bitcoin-mt-gox-collapse-japan/5891841/

JunkBear · Feb 28, 2014

Man I did not saw it hehehe On MSN website they posted it yesterday so I tought it was recent. Is it still under bankruptcy then?

Octopuss · Feb 28, 2014

Just because one scam trade went offline doesn't mean bitcoin is in the shit. People will still mine it and trade it - just somewhere else.

Steevo · Feb 28, 2014

The might of money is dependent on the actual value being backed in physical object values or the might of the ability to pay off said debt with goods and or services, which is why the USD is failing as the world stabilizing currency as well, its only backed by the might of the US and its ability to pay off debt or deliver comparable goods to cover its debts,which we are slowly losing that ability.

So bitcoin itself is worthless except to the few who place value on and in it, but be it by design or flaws its a pyramid scheme, requiring X number of dollars to prop it up, and only becoming more valuable by the desire of the top tier and complacency of the lower tier to place value on it. These ups and downs are most likely the push by many who are in control of the market to purchase more back from scared investors and then push to the next level and sell some off to newbies on the way up. What a way to do it too, offer a pittance in actual return for most "miners" who run the transactions on such a scale.

Besides most of the birth of the bitcoin was caused by the desire to have an untraceable currency to purchase illegal goods and or services.

Jetster · Feb 28, 2014

the54thvoid said:
And from what I read, MT.Gox is an anacronym for "Magic The Gathering Online Exchange". Awesome.

The business started out as a Magic Card trading company. And a couple of billion in Bitcoins came up missing. And know one cares

FordGT90Concept · Feb 28, 2014

Octopuss said:
Just because one scam trade went offline doesn't mean bitcoin is in the shit. People will still mine it and trade it - just somewhere else.

It wasn't a scam...at least that is yet to be determined. Mt. Gox discovered that a lot of bitcoins transferred out of their possession without consent of the rightful owner. In short, they didn't have strong enough security in place to combat fraud. I think Mt. Gox held about 10% of the bitcoins so it's a blow to the bitcoin economy but they're not worthless yet.

Another source:
http://www.reuters.com/article/2014/02/28/us-bitcoin-mtgox-bankruptcy-idUSBREA1R0FX20140228

Scheich · Feb 28, 2014

From pole position to just 20% market share within a few years, dunno what happened to them, but its quite an achievement. There are new exchanges, none of them is great, but it will do. So you will prob see more coins in the future. Oh and btw, trading at ebay, thats just people throwing their money away, at least with coins.

Jetster · Feb 28, 2014

It should actually make the value increase. But will scare away some people

buildzoid · Feb 28, 2014

I don't believe that bitcoin and the like will go they just have to get easier to use with better tutorials(Dogecoin has the best IMO) in order to get more popular and become more than a investment opportunity.
I like crypto currencies as they are much easier to move around than actual money. For example I'm not 18 yet so for me to have a bank account for taking payments/donations(I have a few things that I want to put up on the internet they just aren't ready yet) is a pain so I'd much rather take (Doge)coins as they are much much easier to move around.

Peter1986C · Mar 2, 2014

Teens can get a payment account as well, sometimes even with interest (to encourage decent spending behaviour, although payment accounts usually do not have interest). You only need your parents permission (and brains when using a "T-pass").

Dogecoins are unstable in their value, BTW, Peercoins may be better.

R-T-B · Mar 2, 2014

Bitcoin literally can't just "go bankrupt." It doesn't even need a dollar value to work. Mt Gox however can do what they usually do, and drive the value down...

Peter1986C · Mar 2, 2014

After they drove it up. Never noticed they had way higher prices compared to other exchanges? I just knew I should have avoided them (and did), even though I am new to this I knew to tread lightly.

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Bitcoins Bankruptcy

JunkBear

the54thvoid

Intoxicated Moderator

CrackerJack

JunkBear

Octopuss

Steevo

Jetster

FordGT90Concept

"I go fast!1!11!1!"

Scheich

Jetster

buildzoid

Peter1986C

R-T-B

Peter1986C

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