MtGox launches Bitcoins.com, an information site for all things Bitcoin

Post by GhotiFish » Thu, Nov 28, 2013, 10:51 PM UTC

jonknee wrote: post #51

alexro wrote: post #30

Earlier quoted context omitted.

How about having your funds sliced by sort of Cyprus scenario? How about getting ill for half a year and finding out that the inflation has eaten most of your savings away?

I'll take my chances on a major currency (Euro/USD/GBP) over BTC in terms of volatility any day. You could find out that your BTC savings have become nearly worthless in six months. Or if you are unlucky enough to have a debt in BTC you could find out your debt has skyrocketed because of more BTC speculation (imagine you had a 1000BTC loan back when it was $10 a coin).

Post by bobbles » Thu, Nov 28, 2013, 10:57 PM UTC

jellicle wrote: post #91

oleganza wrote: post #3

They do not emphasize wallet security issues enough. Before buying any serious amount of BTC user must ensure: 1. Software that he uses actually encrypts wallets (BitcoinQT by default does not!). 2. His wallet is backed up in 3 places. 3. Backups actually work and he tried them. 4. His computer is not infested with malware. 5. He has multiple wallets and money is spread across all of them. So that if he one days make…

People applying to YCombinator should adopt your approach. "Of course our startup is user-unfriendly! We hate users! People should just get used to it." And your goal (after precautions!) of "not losing everything" - wondrous! Every day I wake up and I haven't lost everything is a good day. This revolutionary approach will certainly succeed.

Post by hcarvalhoalves » Fri, Nov 29, 2013, 3:21 AM UTC

giarc wrote: post #57

canistr wrote: post #53

The idea of using Bitcoin at this point in time to physically purchase goods and services is ridiculous given the speed of speculation. Hypothetically, why should I pay someone 0.5 BTC at $1000/BTC if in a couple of days I know it's going to rise to $1000+/BTC? Obviously the seller is betting on their value going up, but at this point, there's no reason to do anything except hold onto your BTC until the market actual…

In 2010 a guy paid 10,000 BTC for 2 pizza's, probably roughly equivalent to $40. 10,000 BTC today = $10.5 million USD.

Post by sireat » Fri, Nov 29, 2013, 9:09 AM UTC

mobweb wrote: post #93

bernatfp wrote: post #66

Earlier quoted context omitted.

I'm also from the EU and used to have BTC (now I'm into LTC), so here is how I do it: Register in Bitstamp or Kraken (my favourite exchanges). Validate your account. You have to provide some sort of proof of identity and address. This is asked by governments and if they don't comply with them they can be closed without any previous notice, like it happened with the exchange bitcoin24. It can take up to 1 week. Deposi…

The main thing that's kept me from making a deposit with one of these services is the fact that I have to hand over a complete proof of my identity. Seeing how many of these services seem to get hacked lately I'd be too worried about somebody stealing my documents and a hacker getting ahold of these personal documents that could easily be used to impersonate me... But on the other hand I also understand that these se…

Post by taigeair » Fri, Nov 29, 2013, 2:44 PM UTC

taigeair wrote: post #109

gaadd33 wrote: post #96

Earlier quoted context omitted.

How do they take a position in BTC? Or is it just a casino? i.e. if I put 50K into an account there and used it to buy $250K of BTC, that should have a pretty drastic impact on the market looking at mt gox's order books, does that actually happen?

My understanding is they net it if someone takes an opposing position and if not, they hedge by buying contracts or BTC outright.