31–40 of 84 posts
Wow. Check out the people who lost serious money on MtGox: http://www.reddit.com/r/Bitcoin/comments/1yv26o/gox_horror_s... One person lost 1998 btc. That was anywhere from $500,000 to a million bucks.
It's interesting to watch ordinary people attempt to dabble in currency. How many criminal organizations, governments, and financial institutions (redundant?) the world over have people who wake up everyday just to manipulate the value of currency? For example, a common criticism of China is that they purposely manipulate their currency to devalue the US dollar. In which ways could such organizations impact a new cur…
Not to be nitpicking but a common criticism of China is that they manipulate their currency to _increase_ the value of dollar not devalue it.
(Or to be more accurately, entries in a data base.)
hypothetical question for someone who is knowledgeable about bitcoin: since bitcoin is an experiment, what happens if it completely fails? what does a total failure scenario even look like, in terms of symptoms? where does all the 'real' money go? i don't understand how 6% of bitcoin can disappear when one of the supposed selling points is that you can verify all the transactions.
You don't need to be knowledgeable about bitcoin specifically to know what happens, at the last financial crisis we got the same lesson. Value is perceived, and value can evaporate. If bitcoin completely fails, the value evaporates. It's a bit like buying a house in Detroit a decade ago for a hefty price, and trying to sell it today. Your money wasn't eaten by the house, no-one ran away with it, but it's now worth si…
Wow. Check out the people who lost serious money on MtGox: http://www.reddit.com/r/Bitcoin/comments/1yv26o/gox_horror_s... One person lost 1998 btc. That was anywhere from $500,000 to a million bucks.
http://www.reddit.com/r/Bitcoin/comments/1yscsq/mtgox_lets_t...
This is a bit bigger than Silk Road in terms of the amount of money people will probably lose but it wouldn't surprise me if something similar to the rally that followed the Silk Road take down happens. It's going to put Bitcoin in the news, this is the best entry price in the past 4 months, and Mt.Gox going under means the unethical players continue to shake out which can only be good.
I'm not completely clear on the details (likely no one is), but it seems to me that the unethical players stole a lot of money and got away scot free. Lots of innocent people lost money, and yes mtgox, an incompetent player, will get shaken out. That doesn't exactly seem like a stellar outcome.
I really wish I had some BTC just to separate some fools from their money. Either through trading on the market or some sort of BTC based gambling. BTC isn't very liquid but I'd bet you could extract 50K in USD from it a year without too much trouble.
So go and buy some
I hope the people who lost bitcoin learn not to keep them anywhere but in their own wallets.
I should add that I only plan to spend perhaps 1% of my money available for saving/investing in bitcoin. I think it's a good investment but the risk is too high to risk more.
Saw this coming a mile off. I hope the people who lost bitcoin learn not to keep them anywhere but in their own wallets.