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The end of Bitcoin?

  • gut
    http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html

    Interesting as this was starting to get some momentum - and notice from govts and banks - that it has suffered several major setbacks over the past year or so. Which was totally, completely and absolutely unforeseeable :RpS_flapper:

    And, now, conspiracy theorists can regal us with stories of the shadow govt/banking system.



    http://www.marketwatch.com/story/regulator-to-sound-alarm-on-bitcoin-2014-02-24?link=MW_latest_news

    I'm struggling to understand why an EXCHANGE would become insolvent, especially with such high transaction fees. I've been suspicious price & volume wasn't being manipulated...well, ponzi schemes finally collapse when there's not enough new money coming in to fund redemptions.
  • gut
    meant to add a "?" at the end of the thread title "The End of Bitcoin?"
  • I Wear Pants
    Shocking, you're telling me a completely unregulated "currency" has problems with massive price fluctuations and dubious behavior? Who would have ever guessed?

    But seriously, Bitcoin was/is/and will be a shitty currency. I don't want the cost of a gallon of milk to be 1/2 hour of work today and 10 hours of work tomorrow. That would suck.
  • derek bomar
    tulip bubble
  • SportsAndLady
    But Me? Told us bitcoin is here to stay?
  • gorocks99
    Bitcoin is not a currency, or at least it is not treated as such. It is treated as a commodity, which makes for a pretty shitty currency.

    Now dogecoin, there's a crytocurrency you can get behind. To the moon!
  • dlazz
    gorocks99;1584271 wrote:Bitcoin is not a currency, or at least it is not treated as such. It is treated as a commodity, which makes for a pretty shitty currency.

    Now dogecoin, there's a crytocurrency you can get behind. To the moon!
    wow

    much value
  • gut
    Cyprtocurrency may very well be the future, but there are obvious major problems/issues with Bitcoin and some of the other current players.

    Assuming the security issues will eventually be solved, the idea of competing currencies as alternatives to the Dollar, Euro, etc.. isn't exactly new and has the support of some pretty major economists.

    The problem I see is two-fold: Mom & Pop aren't sophisticated enough to manage currency risk, and it's challenging even for large multinationals. So if you had the major banks create 6 new currencies the marketplace becomes that more complicated.

    And the biggest hurdle is I just don't see govts, particularly the US, giving up control over their monopoly on money.
  • GOONx19
    Lol'd. Reps to both of you when I get a chance.
  • GOONx19
    gorocks99;1584271 wrote:Bitcoin is not a currency, or at least it is not treated as such. It is treated as a commodity, which makes for a pretty shitty currency.

    Now dogecoin, there's a crytocurrency you can get behind. To the moon!
    dlazz;1584274 wrote:wow

    much value
    Lol'd. Reps to both of you when I get a chance.
  • dlazz
    GOONx19;1584589 wrote:Lol'd. Reps to both of you when I get a chance.
    I tried mining dogecoin once. The verb they used in the client is "dig". I lol'd.
  • BoatShoes
    I just think it is incredibly ironic how theft by private hackers are what its threatening its survival, thus demonstrating the very reason we have governments in the first place.

    Bitcoin will never be anything more than a fancy type of Poker Chip. Poker Chips are tokens that are effectively used as currency within casinos. Bitcoins are currencies that people use for illicit activities.

    So long as National Government's only accept their own currencies to alleviate tax liabilities and have competent taxing powers, they will, never, ever be threatened by any cryptocurrency. Period.
  • vball10set
    http://www.nbcnews.com/business/business-news/head-online-currency-exchange-found-dead-singapore-n45101
    [h=1]Head of Online Currency Exchange Found Dead in Singapore[/h]
    collapse story


    <address class="stack-byline">By Javier E. David </address> Autumn Radtke, the CEO of an upstart online currency exchange, died last week under mysterious circumstances at her home in Singapore.
    Radtke, the U.S.-born head of First Meta, was found dead by local police Feb. 28, with the cause of death yet to be determined. In a statement on its website, First Meta said the company "was shocked and saddened by the tragic loss of our friend and CEO Autumn Radtke."
    advertisement
    <!-- empty -->



    In an interview with The Wall Street Journal, the company's director and nonexecutive chairman, Douglas Abrams, said the exact cause of Radtke's death was "still under investigation."
    Prior to taking the reins at First Meta in 2012, the 28-year-old Radtke had once closely worked with technology giant Apple, to bring cloud-computing software to Johns Hopkins University, Los Alamos Labs and the Aerospace Corp., according to her biography. She then took up business development roles at tech start-ups Xfire and Geodelic Systems, according to information on her LinkedIn profile.
    First Meta bills itself as a clearinghouse for the purchase and exchange of virtual currencies, including bitcoin.
    Her death comes as troubles swirl around the nascent cryptocurrency industry, and amid a rash of suicides in the financial industry as a whole.
    Last week, the world's largest bitcoin exchange, Mt.Gox, imploded; meanwhile, nearly $500 million in client funds vanished overnight. Elsewhere, untimely demises unrelated to bitcoin have claimed the lives of bankers at JPMorgan, Deutsche Bank and Zurich Insurance Group
    .
  • I Wear Pants
    sleeper has invested all his funds in bitcoin. It is unregulated and therefore the answer to everything.
  • bases_loaded
    Google imaged her...came up with this http://2.bp.blogspot.com/-s0H75CtZfH8/UPSIB6gzrAI/AAAAAAAAAg0/sfpmP6dfPJo/s1600/262.jpg
  • justincredible
    Dude, c'mon. (reference to bases_loaded's post that was unapproved)
  • I Wear Pants
    justincredible;1587300 wrote:Dude, c'mon. (reference to bases_loaded's post that was unapproved)
    Should I be glad I didn't click it when I saw it?
  • justincredible
    Yeah.
  • bases_loaded
    Don't blame me, blame google. 4th picture on the google image search
  • justincredible
    bases_loaded;1587311 wrote:Don't blame me, blame google. 4th picture on the google image search
    Google didn't post it on here.
  • I Wear Pants
    justincredible;1587312 wrote:Google didn't post it on here.
    I found this picture called goatse on Google Image search. I'm going to post it here. Don't blame me if you don't like it though, blame Google.

    SMH
  • bases_loaded
    justincredible;1587312 wrote:Google didn't post it on here.
    The beauty of childbirth...at home...done by yourself is frowned upon?
  • bases_loaded
    I Wear Pants;1587314 wrote:I found this picture called goatse on Google Image search. I'm going to post it here. Don't blame me if you don't like it though, blame Google.

    SMH
    If goatse was a 28 year old who just killed herself and you were checking out if she was hot or not, you'd have a point.
  • ts1227
    gorocks99;1584271 wrote:Bitcoin is not a currency, or at least it is not treated as such. It is treated as a commodity, which makes for a pretty shitty currency.

    Now dogecoin, there's a crytocurrency you can get behind. To the moon!
    Dogecoin is sponsoring a car at the NASCAR race this weekend
    http://www.jayski.com/cupnews.htm#20140501g
  • I Wear Pants
    ts1227;1611820 wrote:Dogecoin is sponsoring a car at the NASCAR race this weekend
    http://www.jayski.com/cupnews.htm#20140501g
    Doge> Bitcoin