11–20 of 262 posts
i must admit i'm somewhat impressed how fast the hackers and cheaters managed to take over bitcoin trading. i think it's kind of cute. people hoped for an economy no government could control, and got exactly that: anarchy and a burning world.
So for someone who doesn't understand economics that much, what does this mean? Have bitcoins finally failed?
Sample of one: I have for about 100 USD in Bitcoins at MtGox, if they got stolen today, I will leave the project.
i must admit i'm somewhat impressed how fast the hackers and cheaters managed to take over bitcoin trading. i think it's kind of cute. people hoped for an economy no government could control, and got exactly that: anarchy and a burning world.
It just mean that the market is really small.
mtgox.com is offline. Did they shut trading down?
That's about 7% of the total number of bitcoins in circulation. Anyone have details on how this happened? http://blockexplorer.com/q/totalbc
according to the guy running the exchange: user with 500k bitcoins was hacked (probably password bruteforce or csrf). they'll probably reverse all transactions since then
As far as I understood bitcoin, there is no authority. Nobody can do anything about a user having 500k of his coins hacked, and nobody can do anything about the market crash either.
If the 500K Bitcoins sold are the total of the Bitcoins in all MtGox wallets, than Bitcoin is over. Sample of one: I have for about 100 USD in Bitcoins at MtGox, if they got stolen today, I will leave the project.
Figured worst case scenario I'd lose half in a single day. But hopefully that's not what happened!
