This might make you SERIOUSLY RECONSIDER 'BITCOINS'

[brian0918]

http://thenextweb.com/industry/2011/06/15/close-to-us500k-stolen-in-first-major-bitcoin-theft/

500k worth of bitcoin stolen, NOTHING they can apparently do about it....

A fool and his money are soon parted.

Would you keep $500,000 in cash on your front porch, in plain view from the busy street on which you live? That is basically what this guy did. Even the most basic tips that people follow for locking down their bitcoin wallet would have prevented this - e.g. keeping the wallet on a computer you don't use for regular activity, or *gasp* securing the wallet in any way.

[aloneibreak]

bad news for mtgox users....

https://support.mtgox.com/entries/20208 ... t-rollback

[aloneibreak]

and the flash crash...

http://www.youtube.com/watch?v=T1X6qQt9ONg

[neilgin1]

consider anything on the NET compromised, and why anyone, in my humble opinion, would have anything to with something called "bitcoin", that is both cyber and electronic is beyond. its like asking for 3 milion nightmares.

the old paths are always the best.

[barrytrot]

It looks like they plan to roll back ALL TRADES back to the $17.50 point.

Interesting strategy

The stock market should do that. "Sorry folks it was a down day, we are going to roll back and start fresh tomorrow."

[Neckro]

Considering MtGox isn't offically Bitcoins, only a side enterprise.

[barrytrot]

Considering MtGox isn't offically Bitcoins, only a side enterprise.

Right since bitcoins is technically "no one".

Although MtGox sets the "official price" that everyone bases the "value" of Bitcoins with.

[Neckro]

There are other exchanges. So them rolling back the price will not effect the market. If no one wants it at 17, no one will buy it. So prices will adjust.

[brian0918]

Considering MtGox isn't offically Bitcoins, only a side enterprise.

Although MtGox sets the "official price" that everyone bases the "value" of Bitcoins with.

How does MtGox set a price? They facilitate users trading between USD and BTC. Users determine the price based on the amount they are willing to pay, as with the price of any other good or commodity.

The trades that MtGox is reversing are all of the Sells made by the compromised account that someone with a Hong Kong IP was attempting to offload all at once. It is certainly a proper roll of an exchange to help prevent fraudulent trading, no?

[coppernicus]

Bitcoins are apparently back in play...up to 372

[scyther]

I wish these things were easier to buy. I was going to buy a couple after the last run up ended. I could have doubled my money by now. Damn it...

[TXBullion]

I wish these things were easier to buy. I was going to buy a couple after the last run up ended. I could have doubled my money by now. Damn it...

You could have also lost half your money as I don't think there was an accurate method to know that would happen

[scyther]

I wish these things were easier to buy. I was going to buy a couple after the last run up ended. I could have doubled my money by now. Damn it...

You could have also lost half your money as I don't think there was an accurate method to know that would happen

There wasn't, of course... you can never know for sure... but my point was that I would have bought some (I was planning to) and I would have made money on it by now...

[TXBullion]

I wish these things were easier to buy. I was going to buy a couple after the last run up ended. I could have doubled my money by now. Damn it...

You could have also lost half your money as I don't think there was an accurate method to know that would happen

There wasn't, of course... you can never know for sure... but my point was that I would have bought some (I was planning to) and I would have made money on it by now...

if you would have bought some, you would have made money. Take it as a lesson that action is an essential part of the success equation. When there is an opportunity, you need to go for it. (Note this is not specify to bit coin as I don't know much about it but more as a general principle for success

[christostock]

.

[fansubs_ca]

There is a Canadian Bitcoin Exchange now:

https://www.cavirtex.com/home

Might be a little easier to deal with than MT Gox for some people.

They don't have a way to fund your account by mailing in a check, money order,
or cash, just several somewhat expensive electronic transfer methods. Pulling
CDN$ out is quite a bit less costly than getting them in.

If you ever get to Vancouver there is an over the counter Bitcoin broker now:

http://www.bitcoiniacs.com/

[johnbrickner]

I wish these things were easier to buy. I was going to buy a couple after the last run up ended. I could have doubled my money by now. Damn it...

I have found investing to make money entails a bit of risk. On the other side of the coin, I've found putting my money in "investments" that preserve value and wealth of much less risk. And way less frustrating.

[scyther]

I wish these things were easier to buy. I was going to buy a couple after the last run up ended. I could have doubled my money by now. Damn it...

I have found investing to make money entails a bit of risk. On the other side of the coin, I've found putting my money in "investments" that preserve value and wealth of much less risk. And way less frustrating.

Well, the fact that they sell silver at coin shops does make it less frustrating, yes.

[johnbrickner]

I don't know, created out of . . . I have no idea. New kid on the currency block. No intrinsic value. Difficult to trace transactions. Wildly fluctuating value. Naaa, I can't see it yet as a source of diversification.

That being said, I now put bitcoins in the same category I did "Magic the Gathering". They will flourish because I don't see a future in them.

[barrytrot]

That being said, I now put bitcoins in the same category I did "Magic the Gathering". They will flourish because I don't see a future in them.

That's hilarious and is exactly the same as my ability to predict the masses also

The things that people decide "are valuable" is baffling.

[InfleXion]

I was considering buying BitCoins at $3 USD. Even knowing what I know now I still wouldn't have bought them. It's easier for a camel to pass through the eye of a needle than for a rich man to enter the kingdom of heaven. If your goal for stacking is to get rich more so than having tangible assets and sound money then IMO you're doing it for the wrong reason. Ultimately nobody knows what will happen tomorrow, and BitCoin is not a safe place to be. Even if we ignore that it is dependent on electricity and the internet to function, it is a complete speculator's market, and the only free non-black market I am aware of in the world. For all we know one hand could own the majority of all the BitCoins and is getting ready to dump. This seems to happen frequently, and every time it does it gets more attention so there will probably be more blow off tops to come, but ultimately it's just another casino.

[scyther]

It's easier for a camel to pass through the eye of a needle than for a rich man to enter the kingdom of heaven.

And yet practically all Americans are rich by the standards of the time that was written...

[fansubs_ca]

I was considering buying BitCoins at $3 USD. Even knowing what I know now I still wouldn't have bought them. It's easier for a camel to pass through the eye of a needle than for a rich man to enter the kingdom of heaven.

I look at it this way, if good people have more money they can get more good done.
(That doesn't automatically mean they will but it opens up more opportunities to. ^_-)

Excessive gambling is a problem though...

This seems to happen frequently, and every time it does it gets more attention so there will probably be more blow off tops to come, but ultimately it's just another casino.

Ironically you reminded me to check my 6/49 ticket. (I went 50/50 with a friend on it
so I'd only be gambling half the amount. )

Even though I've been hearing about these things for about 2 years now am I just
starting to get the slightest idea of how Bitcoin even works, I'm one of those guys
that has to understand what's inside the black box. I recently found a really good
video explaining how the guts work:

http://www.youtube.com/watch?v=Lx9zgZCMqXE

Once my DNS/E-mail provider started accepting Bitcoins as payment earlier this year
I started to think they may gain a lot of traction. After all now if I got some I'd have
at least one place I could directly spend them now so it's a bit more transactional and
a bit less speculative. There is now a reason for a large number of people to keep a
small float for their "distance payments" even if it's still a poor "store of value" for
the bulk of your wealth. Unlike PAYPAL or eGold, BitCoin doesn't rely on any one
single organization to keep it running or to exchange in or out of the system.

Still not on the system myself but thinking about it.

The requirements of a stable internet and mass amounts of electricity to run the
mining rigs that maintain the ledgers are a concern though as is the big whale
dumping them in one shot. I kinda hope that they never get all of the "Dread
Pirate Roberts" stash because then the U.S. government may be that whale.

Basically BitCoin will have to be treated like PAYPAL, limit exposure to a few
hundred dollars at a time so a loss won't be catastrophic. Even if it develops a
steady following for distance payments that doesn't nessecarily mean it's going
much higher either.

[IdahoCopper]

I originally wanted 21 bitcoins, 1/1,000,000th of the total. While they were in the $16-$18 range I accumulated 18 BTC. Then they went up pretty quickly towards $265, life dealt its usual quirks and I needed cash, so I sold most of them around $100. Now I have 4 BTC, presently worth $1670. If I had stayed with my original intention of getting and holding 21 BTC, they would now be worth $8,760. Not a life-changing amount, but enough to take notice.

I firmly believe that bitcoin will be worth more than $1000 each in the short term and will probably be worth $10,000 each in the longer term. But that doesn't mean I'll sell any of the Ag stack to buy my way up to 21 BTC.

[tedandcam]

I originally wanted 21 bitcoins, 1/1,000,000th of the total. While they were in the $16-$18 range I accumulated 18 BTC. Then they went up pretty quickly towards $265, life dealt its usual quirks and I needed cash, so I sold most of them around $100. Now I have 4 BTC, presently worth $1670. If I had stayed with my original intention of getting and holding 21 BTC, they would now be worth $8,760. Not a life-changing amount, but enough to take notice.

I firmly believe that bitcoin will be worth more than $1000 each in the short term and will probably be worth $10,000 each in the longer term. But that doesn't mean I'll sell any of the Ag stack to buy my way up to 21 BTC.

+1 Idaho! I purchased mine when they were around $29 range. The hit the 265 range and flopped pretty fast. I held them cause i considered it a few hundred thrown away when I purchased them. It looked like a different generations game when i was trying to learn about them.

Between roll searching and bitcoins I have more than made up for the loss my stack has endured over the last 2+ years. I consider my bitcoins to be a part of my gold silver nickel copper. They are all a fun hobby to me and an insurance policy. That may not be a popular position in this community but, 1 individuals position none the less.

If it wasn't for finding this forum 2 1/2 or so years ago I wouldn't have any Au Ag Ni Cu or BTC. Who knows what I will keep, add or get rid of in the short or long of it. I enjoy doing what I do and hope to just give it all to my 3 kids when I pass on. Actually its gonna be my "elderly old widow"! OH NO...One of you guys are probably end up with it. I have shown her all the posts on elderly old widow and told her what not to do. She always says "OK thats what I'll do" She kills me! Ted