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mtgock lost an estimated $.5B at the time of the hack. there "bank" must have sucked. the guy who started was into gaming. think he got convicted in Japan
mt gox wiki article reports almost 25% was "recovered". so the ledger kind of works. i thought I understood the concepts
here we go:
On 19 June 2011, a security breach of the Mt. Gox bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker allegedly used credentials from a Mt. Gox auditor's compromised computer to transfer a large number of bitcoins illegally to himself. He used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes the price corrected to its correct user-traded value.[24][25][26][27][28][29] Accounts with the equivalent of more than $8,750,000 were affected.[26] In order to prove that Mt. Gox still had control of the coins, the move of 424,242 bitcoins from "cold storage" to a Mt. Gox address was announced beforehand, and executed in Block 132749.[30]
In October 2011, about two dozen transactions appeared in the block chain (Block 150951)[31] that sent a total of 2,609 BTC to invalid addresses. As no private key could ever be assigned to them, these bitcoins were effectively lost. While the standard client would check for such an error and reject the transactions, nodes on the network would not, exposing a weakness in the protocol.
if you are a believer it was an immature technology poorly executed by mt.gox. if you are not, the system is hackable and slow and not really what it purports itself to be
I think crypto currencies are here to stay. the illegal drug market alone will drive it. then people in some countries will buy because of politics/economics. I don't think the chinese are going to forsake cyrpto currencies.
Lots of risk... is the potential upside worth it when another crypto currency can appear. the barriers to market seem really low to me
hey smokey!
what do you think? momentum investor - LOL - is that muppet thing them singing I am a timer on a ponzi scheme?
Merry xmas ...
http://cryptomaps.org/
Was just skiing with 3 people yesterday who have all been in the space for about 5 years now. Combined I am guessing they have close to 100 BTC.
The consensus has and will always be with early adopters: Making a bunch of money is just a perk of being an early adopter of this major revolution in store of value, banking, financial sovereignty, etc. I will reiterate what I have said before in these threads.
There are people who want a quick buck and care less about the future of money. Some of these people made alot of money trading. Many of them are freaking out because the "bubble" burst and they didn't plan their trades well. Others....namely hodlers/early adopters see the incredible value in blockchain technology, realize as a currency it is still quite cumbersome, have the foresight to understand that the technology has and will continue to improve and that we are still well into the pre-dawn twilight of this thing. Patience.
The people scoffing now are like a group of physicists calling Einstein shit because he hadn't figured out relativity already by age 3.
^you are clueless - friends in the space - awsome
they have seen the currency tank multiple times means they understand the value of the currency?
crypto currencies are a mean of facilitating transactions, not a measure of value
And every tank has been followed by a bigger peak then ever before. The fact that it just keeps coming back is a testament to the staying power of the technology.
FIFY...What now?Quote:
Originally Posted by DBdude
I have a reasonable handle on public/private key encryption and what needs to stay private vs what can be publicly transmitted. If you get that as a basic starting point, is it valid to say that the block chain is encrypted and requires the BTC (a la private key) to decrypt? Or is that backwards?
Yet you don't know if it's a govt operation, which it likely isQuote:
Originally Posted by Whiteroom_Guardian
Nothing the rich would like more than To ban cash and have people on credits and bits and whatnot
Btw if three different chair riders talked about bitcoin if probably toss me self off
Im not sure why people feel the need to warn everyone? It's not your money I'm playing with.Quote:
Originally Posted by DBdude
I make money renting apartments and selling cars. That's my area of expertise. I have a financial planner that does all my investing for me.
As I have said before, this is akin to putting it on a roulette wheel.
There are people who think this has peaked and they wont buy in. There are others who don't think that. No level of understanding the technology behind it will change what the value will become.
I know that I have almost doubled the money I put in. I could pull out my principle and play on profit, but I dont need to.
EOS, invest and hold
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This is certainly true since the value will be determined by people who don't understand it. Same logic can be used anytime you want to dive in on any investment you don't understand, too, so that's pretty cool.Quote:
Originally Posted by Bobby Stainless
Rogue AI.
Do you ever gamble?Quote:
Originally Posted by jono
If not, then you won't understand the mentality. I've already accepted in my mind that the money is gone.
This isn't investing in the same sense that I use a financial planner for. Not even close.
Depends on the type of gambling.Quote:
Originally Posted by Bobby Stainless
On sports the Vig is built in and plainly transparent.
In Casinos you know the house has the advantage on all the games and again pretty transparent.
Poker or other card games of skill where it is you against other players, that I understand.
The Stock Market? Too many ways to cheat but it is the one way to make money long term without the hassle or encumbrance of RE.
Crypto may be the future, who knows, right now it is in its infancy and prone to too many vagaries for my level of risk acceptance.
Help me with this, if I want to buy a pair of skis online can I use Crypto to pay for them? I am guessing it depends on the seller. If I want to buy a tank of gas I am pretty sure the local Town Pump won't accept them. If they mature to the point that they are readily exchangeable then I get it. Until that time. Not so much.
It's used in Japan. Most of that tech makes its way to us dullards a few years later.
Maybe I should equate it to buying a lottery ticket.
I play quite a bit of poker, and that's not really gambling.
Now that I understand.Quote:
Originally Posted by Bobby Stainless
Was buying a Powerball ticket (what a waste of money but what a cheap way to fantasize) on Saturday and the clerk punched it out without a Powerplay even though I had asked for that.
He set it aside and rang me up the correct ticket.
No way in hell I was going to leave that mistake on the counter and blow my brains out if it should win. So it was a 5 dollar fantasy instead of a 3 dollar fantasy. Is that what you mean?:wink:
I view poker as lessons into human nature as well as a great way to kill some time.Quote:
I play quite a bit of poker, and that's not really gambling.
Playing a sit n go right now.Quote:
Originally Posted by Not bunion
edit: 1st place
Or it could go up....Quote:
Originally Posted by Dromontana
Lot of talk about it around the dinner tables + Xmas Money = New Buyers.
at 15,429 up 10%
I'll take a little up.
Got some BCH this AM. Seemed cheap.
Stunning convergence in price among the various exchanges.