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Old 02-07-2014, 11:14 AM
rriley rriley is offline
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Default Adios Bitcoin?



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Today, Mt Gox suspended withdrawals.

The suspension caused a decline in Bitcoin prices of close to eight percent, so far today!

If you recall, the US Government seized $5 million of Mt Gox bank accounts that were carried in the US.
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Old 02-07-2014, 11:21 AM
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Wayson Wayson is offline
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Unpossible. Bitcoin is the future. Bitcoin is perfect. Bitcoin is better than gold. You can eat bitcoin. Bitcoin is EMP proof. Bitcoin is untraceable. Bitcoin is better than fiat because there is a finite supply. BItcoin is divisible into tiny fractions. Bitcoin is easy to carry. Bitcoin is anonymous. Etc

/sarc

You do realize though that the Bitjunkies will eventually post here saying that there are other exchanges, this is a minor setback, and Bitcoin will eventually reign supreme.
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Old 02-07-2014, 04:54 PM
txprep txprep is online now
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Quote:
Originally Posted by Wayson View Post
Unpossible. Bitcoin is the future. Bitcoin is perfect. Bitcoin is better than gold. You can eat bitcoin. Bitcoin is EMP proof. Bitcoin is untraceable. Bitcoin is better than fiat because there is a finite supply. BItcoin is divisible into tiny fractions. Bitcoin is easy to carry. Bitcoin is anonymous. Etc

/sarc

You do realize though that the Bitjunkies will eventually post here saying that there are other exchanges, this is a minor setback, and Bitcoin will eventually reign supreme.
The main reason I never got into bitcoin is because I thought governments would view bitcoin as a threat and they would stop people from converting their bitcoin to cash via regular banks.

Bitcoin is all of the things you state and thats why governments are so threatened by it.

Long term entities will form that allow those conversions, but in the short term there will be instability. That is when fortunes are made.
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Old 02-07-2014, 06:35 PM
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I'm not so sure that it's completely untraceable. We don't know what data the Feds got from, say, Silk Road when they took it down. Were transactions with IP addresses retained on the servers? For peer-to-peer transactions it may well be perfectly untraceable, but any time an exchange gets involved I suspect that the anonymity factor is lost. This fact, to my mind at least, means that Bitcoin's chief selling point is heavily flawed: the currency will never achieve viable large-scale use if it is no better than fiat, yet also unbacked by any nation's 'good faith' (which is worth about $0.02 and some pocket lint, but better than nothing).
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Old 02-07-2014, 07:00 PM
Desertlion Desertlion is offline
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i would not get in now but it seems like there was a lot of money to be made...
wasn't it like at 50 cent one time?
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Old 02-08-2014, 01:34 PM
txprep txprep is online now
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Quote:
Originally Posted by Wayson View Post
I'm not so sure that it's completely untraceable. We don't know what data the Feds got from, say, Silk Road when they took it down. Were transactions with IP addresses retained on the servers? For peer-to-peer transactions it may well be perfectly untraceable, but any time an exchange gets involved I suspect that the anonymity factor is lost. This fact, to my mind at least, means that Bitcoin's chief selling point is heavily flawed: the currency will never achieve viable large-scale use if it is no better than fiat, yet also unbacked by any nation's 'good faith' (which is worth about $0.02 and some pocket lint, but better than nothing).
it is traceable in that every transaction is completely public. You can align those transactions with other identifiable activities to find the originator. If you stay in bitcoin and dont convert to cash via banks, then you are good. Im sure a bitcoin ATM would make it possible for people to get cash without being identified. I think the model is that anyone can act as a bitcoin atm by running ATM software. Therefore you can get your cash from anyone running the software without them knowing who you are.

https://bitcoinatm.com/

The best thing about bitcoin is that a government cant inflate it.
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Old 02-08-2014, 01:37 PM
Quite1walksalone Quite1walksalone is offline
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Greetings!
Just doing my 5 required posts!
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Old 02-08-2014, 01:41 PM
Quite1walksalone Quite1walksalone is offline
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Quote:
Originally Posted by txprep View Post
it is traceable in that every transaction is completely public. You can align those transactions with other identifiable activities to find the originator. If you stay in bitcoin and dont convert to cash via banks, then you are good. Im sure a bitcoin ATM would make it possible for people to get cash without being identified. I think the model is that anyone can act as a bitcoin atm by running ATM software. Therefore you can get your cash from anyone running the software without them knowing who you are.

https://bitcoinatm.com/

The best thing about bitcoin is that a government cant inflate it.
Greetings,
I don't think it is wise to invest in any form of fiat currency
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Old 02-08-2014, 01:44 PM
Quite1walksalone Quite1walksalone is offline
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Originally Posted by rriley View Post
Today, Mt Gox suspended withdrawals.

The suspension caused a decline in Bitcoin prices of close to eight percent, so far today!

If you recall, the US Government seized $5 million of Mt Gox bank accounts that were carried in the US.
It sounds like there is much risk in this type of "Value Exchange".
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Old 02-08-2014, 01:46 PM
Quite1walksalone Quite1walksalone is offline
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Quote:
Originally Posted by txprep View Post
it is traceable in that every transaction is completely public. You can align those transactions with other identifiable activities to find the originator. If you stay in bitcoin and dont convert to cash via banks, then you are good. Im sure a bitcoin ATM would make it possible for people to get cash without being identified. I think the model is that anyone can act as a bitcoin atm by running ATM software. Therefore you can get your cash from anyone running the software without them knowing who you are.

https://bitcoinatm.com/

The best thing about bitcoin is that a government cant inflate it.
Respectfully,
I do not agree with you.
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Old 02-08-2014, 06:24 PM
countryfree countryfree is offline
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MtGox, a Japanese company, has been the world's largest exchange service for a while, but its troubles shall not sink bitcoin.

What's wrong is that many people have bought bitcoins through MtGox and they didn't do anything with them. They just left them "sitting" in their MtGox account. They are in trouble now, bitcoin isn't.
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