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   Author  Topic: Bitcoin digital currency  (Read 205073 times)
Arimabuff
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Re: Bitcoin digital currency
« Reply #150 on: Feb 17th, 2014, 1:17am »
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I hear there has been a massive bitcoin robbery. It seems that it isn't a very safe currency after all.
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mistre
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Re: Bitcoin digital currency
« Reply #151 on: Feb 18th, 2014, 9:07am »
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This appears to be an issue with Mt.gox and not bitcoin itself.
 
http://www.businessinsider.com/mt-gox-2014-2
 
http://www.businessinsider.com/bitcoin-crashes-to-220-on-mtgox-2014-2
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Janzert
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Re: Bitcoin digital currency
« Reply #152 on: Feb 18th, 2014, 10:17am »
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My guess is Arimaabuff was refering to the supposed Silk Road 2 hack/theft. Of course when you're dealing in an anonymous black market of illegal goods I'm not sure what protections you really expect no matter the currency used.
 
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Fritzlein
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Re: Bitcoin digital currency
« Reply #153 on: Feb 18th, 2014, 10:52am »
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I understand that there was a technical issue with Mtgox, but is it really so bad that Bitcoins should trade at half off there?  I see they are selling for $300 on MtGox and $600 on BitStamp.  Why wouldn't I buy them for $300 and turn around and sell them for $600?  This is the weirdest arbitrage opportunity I have ever seen.  I can only assume that people who buy Bitcoins on MtGox are afraid they aren't actually getting what they pay for.
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Janzert
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Re: Bitcoin digital currency
« Reply #154 on: Feb 18th, 2014, 11:20am »
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Currently, and for the past couple of weeks, nothing is getting out of mtgox. Not regular currencies, not bitcoin. Regular currencies haven't been getting out reliably since last summer.
 
If you believe mtgox over this whole course this is simply due to a technical glitch that will be solved any day real soon now real soon now and starting with limited withdrawals.
 
If you believe the popular rumors this is because mtgox is actually insolvent, has been since the US government seized all their funds in US accounts last summer, and they finally also ran out of bitcoins to cover withdrawals of that as well.
 
In either case any arbitrage opportunity at the moment is across time instead of directly between exchanges.
 
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« Last Edit: Feb 18th, 2014, 11:21am by Janzert » IP Logged
mistre
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Re: Bitcoin digital currency
« Reply #155 on: Feb 25th, 2014, 8:43am »
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More news on Mt. Gox today... looks like if you had bitcoins on Mt. Gox, you now have nothing to show for it...
 
http://www.reuters.com/article/2014/02/25/us-mtgox-website-idUSBREA1O079 20140225
 
http://www.usatoday.com/story/tech/2014/02/25/mt-gox-offline/5801093/
 
http://www.telegraph.co.uk/finance/currency/10659768/mtgox-down.html
 
Also found this....  http://mattvukas.com/2014/02/24/breaking-mt-gox-dead-long-live-mt-gox/
 
very interesting.
 
« Last Edit: Feb 25th, 2014, 8:48am by mistre » IP Logged

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Re: Bitcoin digital currency
« Reply #156 on: Feb 28th, 2014, 10:43am »
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And... Mt. Gox Files for Bankruptcy Protection
 
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omar
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Re: Bitcoin digital currency
« Reply #157 on: Mar 7th, 2014, 7:14am »
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There was a Newsweek article yesterday claiming to have found Sathoshi Nakamoto, the mysterious creator of Bitcoin.  
 
http://mag.newsweek.com/2014/03/14/bitcoin-satoshi-nakamoto.html
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Re: Bitcoin digital currency
« Reply #158 on: Mar 7th, 2014, 11:50am »
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Clearly the Dorian Garay account was a pseudonym for Dorian S. Nakamoto.
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omar
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Re: Bitcoin digital currency
« Reply #159 on: Mar 7th, 2014, 1:07pm »
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However, the real Sathoshi Nakamoto has spoken again after all these years and claims this guys is not him. But should you believe that Smiley
 
http://p2pfoundation.ning.com/forum/topic/listForContributor?user=0ye0gn cqg772o
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Arimabuff
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Re: Bitcoin digital currency
« Reply #160 on: Mar 8th, 2014, 5:58am »
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on Mar 7th, 2014, 11:50am, Fritzlein wrote:
Clearly the Dorian Garay account was a pseudonym for Dorian S. Nakamoto.

Actually, that's an old account of mine.
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Re: Bitcoin digital currency
« Reply #161 on: Oct 4th, 2014, 2:38pm »
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on Jun 4th, 2011, 2:45pm, Fritzlein wrote:
Yes, I made Katie sell her silver in January on the same principle.  Along the drive to school I started seeing billboards advertising "We buy Gold!".  Selling at $29/oz was in some sense way early compared to the April high of $48/oz, and even after the May selloff it's still $36/oz.  Well, if I had some special insight for knowing which day would be the peak of the silver market (or any market), I would be getting so rich it would be more efficient for me to hire someone to brush my teeth than do it myself.  Since I don't have that insight, I use rules of thumb like Ururam Tururam suggests.  I remain convinced that $29/oz was already overvalued.  I'm not kicking myself at all for selling, because I still expect silver to drop to half that price, even if I don't know when.

Update on the price of silver: now $16.85 per ounce.  If the price dropping in half is proof of a bubble, then I have almost been proven right for calling it a bubble at $29, even though it went to $48 in the interim.
 
on Jun 4th, 2011, 5:18pm, Fritzlein wrote:
My intuition, however, is that the faith is often an excuse to justify to ourselves some behavior that we would otherwise recognize as irrational.  I might buy gold at $1500 and claim that I do so because I am convinced that all the major currencies of the world will shortly turn into toilet paper as every government tries to inflate away its debt.  That explanation sounds a lot more rational than explaining that six years ago my cousin Larry bought gold for $450, more than tripling his investment since then, whereas I bought a stock index fund that has returned 3% a year, which is darned near a zero real return when inflation is taken out.  Who has the guts to admit that he is buying gold because of an all-consuming jealousy of the people who have already gotten rich by buying gold?

I thought gold was a bubble at $1500 per ounce.  It went over $1900 but today is back down to $1191.  Since today's price is only 20% below where I called it a bubble, I haven't yet been proven correct, but I have hope. Smiley
 
on Aug 23rd, 2011, 7:30am, omar wrote:
One of the bitcoin developers has started a fork of bitcoin called SolidCoin.

Update on SolidCoin: it was a bust that turned into a scam.  If you bought and held for use value (as opposed to buying and selling for speculation) you now have nothing.
 
And finally, an update on Bitcoins: today they are trading for $350 after trading for as much at $1150.  By the rule of double/half, there have been multiple bubbles, but by any standard of prediction I have been completely wrong about Bitcoin.  Yet despite my huge predctive failures, being correct about silver and becoming more correct about gold make me optimistic once again.  I repeat my prediction that Bitcoin will go back below $1, and now I'll put a time frame on it: below $1 by 2020.
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aaaa
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Re: Bitcoin digital currency
« Reply #162 on: Oct 5th, 2014, 11:29pm »
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If you're going to champion a cryptocurrency, why not one whose mining at least has (supposedly) useful side effects, like Primecoin?
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Re: Bitcoin digital currency
« Reply #163 on: Aug 26th, 2017, 7:55am »
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Wow this is a one great topic  Wink
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Amber Necklaces
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Re: Bitcoin digital currency
« Reply #164 on: Dec 10th, 2017, 1:21pm »
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Only 6 and a half years after this thread began, bitcoin seems to be growing faster than ever.
 
99of9's prediction of bytecoin came true. There is now a coin called bytecoin.
 
It will be interesting to see if Fritz prediction will come true: "I repeat my prediction that Bitcoin will go back below $1, and now I'll put a time frame on it: below $1 by 2020."
 
I actually think there is a possibility for this to happen if another coin over takes bitcoin, pulling away the hashing power and causing bitcoin to go into a death spiral. I wouldn't rule out bitcoin going to zero, but there is also a chance that bitcoin would be trading at $1,000,000 by 2020. Bitcoin is so unpredictable and volatile.  
 
Which is probably why Wall Street is now launching futures contracts on bitcoin. Crazy thing is the contracts are cash settled, so neither the buyer or seller has to touch bitcoin and more bitcoin can be traded than there are bitcoin. Pretty soon the futures contract daily volume is going to be many times more than the 16 million bitcoins already mined. So much for not double spending bitcoin Smiley
 
http://bitcoinandtheblockchain.blogspot.ca/2017/08/chain-death-spiral-fa tal-bitcoin.html
 
https://www.theguardian.com/technology/2017/dec/10/traders-brace-for-bit coin-futures-launch-after-wild-week-for-currency-chicago-board-options-e xchange
 
Bitcoin is not without its conspiracy theories either. In 1988 The Economist magazine published an article titled "Get Ready for a World Currency". The cover of the magazine shows a Pheonix wearing a gold medallion around its neck and all the fiat currencies of the world burning up below its feet. The gold medallion has a date of 2018. The article basically says that national currencies are a hindrance to globalization and it would be better to have a single currency used all over the world. The article goes on to say that nation states will not want to give up the power to issue their own currencies and so there should be a period during which the global currency is used along side the national currencies and the people are allowed to vote with their wallets Wink It gets more interesting when you look at who owns The Economist magazine.
 
http://www.zerohedge.com/news/2017-07-09/economist-get-ready-world-curre ncy-2018
 
https://en.wikipedia.org/wiki/The_Economist
 
Bitcoin has also had a time traveler from 2025 return to the year 2013 to warn people to stay away from bitcoin. His prediction that bitcoin would hit $10,000 in 2017 has come true. It will be interesting to see if his predictions for 2019 and 2021 will also come true.
 
https://www.reddit.com/r/Bitcoin/comments/1lfobc/i_am_a_timetraveler_fro m_the_future_here_to_beg/
 
« Last Edit: Dec 10th, 2017, 1:25pm by omar » IP Logged
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