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Old 02-25-2014, 09:21 AM   #1 (permalink)
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Default Bitcoins go missing.

https://news.yahoo.com/bitcoin-excha...1--sector.html

Wow
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Old 02-25-2014, 09:25 AM   #2 (permalink)
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Not surprised.
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Old 02-25-2014, 10:07 AM   #3 (permalink)
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#firstworldproblems
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Old 02-25-2014, 10:12 AM   #4 (permalink)
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What is bitcoin?
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Old 02-25-2014, 10:12 AM   #5 (permalink)
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what the hell are bitcoins?

i know bittorrent
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Old 02-25-2014, 10:17 AM   #6 (permalink)
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it is a virtual currency that is very volatile as far as how much it's worth.
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Old 02-25-2014, 10:20 AM   #7 (permalink)
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Bitcoins has been ripe for abuse for such a long time and not sure why this hasn't happened sooner. Anytime you have something that can have cash value sitting on an unsecured website is ripe for the picking.
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Old 02-25-2014, 10:23 AM   #8 (permalink)
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good riddance
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Old 02-25-2014, 10:47 AM   #9 (permalink)
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How can something that doesn't exist go missing?

Ponzi scheme for the Participation Ribbon generation
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Old 02-25-2014, 11:07 AM   #10 (permalink)
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I think I am going to start selling Vanilla flavored air
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Old 02-25-2014, 11:14 AM   #11 (permalink)
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Why are people still pretending that news like this is surprising? Or shocking? I mean, really? A friggin company (Mt.Gox) that used to operate as a trading card exchange that "rebranded" to trade god damn "virtual currency"? And people are actually surprised. This is the biggest joke I've ever heard of. People are fools and if they are upset at the notion of losing money they invested into this "currency" then they really need to wake up.
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Old 02-25-2014, 11:17 AM   #12 (permalink)
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Quote:
Originally Posted by chipmaster View Post
I think I am going to start selling Vanilla flavored air
You've been beaten to the punch: Oxygen bar - Wikipedia, the free encyclopedia

Bitcoin is a joke. The only people upset are those holding bitcoin. My understanding is that it was a "dark net" currency used to purchase pedophiles porn, drugs and "hits." I don't feel the slightest bit sorry for those clowns.
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Old 02-25-2014, 11:44 AM   #13 (permalink)
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You've been beaten to the punch: Oxygen bar - Wikipedia, the free encyclopedia
DAMNIT!

OK I guess I'll start selling a pill that makes your farts smell like apples and cupcakes then
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Old 02-25-2014, 12:00 PM   #14 (permalink)
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DAMNIT!

OK I guess I'll start selling a pill that makes your farts smell like apples and cupcakes then
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Old 02-25-2014, 12:39 PM   #15 (permalink)
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from my understanding the theft started years ago with withdrawinig out little amounts at a time then bigger than bigger as the months went on, up to $350 million worth. can anyone say office space? lmao

also the ceo or was ceo is now missing.
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Old 02-25-2014, 12:42 PM   #16 (permalink)
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Originally Posted by pickle86 View Post
from my understanding the theft started years ago with withdrawinig out little amounts at a time then bigger than bigger as the months went on, up to $350 million worth. can anyone say office space? lmao

also the ceo or was ceo is now missing.
That's actually pretty good!
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Old 02-25-2014, 12:43 PM   #17 (permalink)
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the time to get in on this was at the ground floor and the time to sell was right after the news broke about that guy that forgot he had some and realized he now had a fortune. That would have been the time to pull out.
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Old 02-25-2014, 12:46 PM   #18 (permalink)
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the time to get in on this was at the ground floor and the time to sell was right after the news broke about that guy that forgot he had some and realized he now had a fortune. That would have been the time to pull out.
He he he....
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Old 02-25-2014, 01:01 PM   #19 (permalink)
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That would have been the time to pull out.
That's what my wife said

Then we had another one!
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Old 02-25-2014, 02:00 PM   #20 (permalink)
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Man I must be stupid. I read the article and still don't know Wtf these things are. Can you even spend them on real things or is it for like a computer game?
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Old 02-25-2014, 02:12 PM   #21 (permalink)
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Man I must be stupid. I read the article and still don't know Wtf these things are. Can you even spend them on real things or is it for like a computer game?
It is a crypto-currency, a virtual currency, one that does not physically exist but that has a store of value in a virtual sense. They exist amongst networks of computers that are equipped to exchange/trade/use them. They can be created, but there is apparently a finite number of them that can exist, and the value of a single bitcoin (or fraction thereof) changes based on laws of supply and demand. The reason for the creation of this and other virtual currencies (there have been many others, there are many others) is the notion that their supply cannot be manipulated (increased) by central banks and governments. Believe me, this is a joke to even write, but this is the truth. They have grown in popularity and to answer your question, yes, they can be spent, but only at vendors (whether in person at physical stores or virtually at online stores) that accept Bitcoin as a form of payment. This goes back to the whole supply and demand notion, because as more and more accept this form of payment, the greater the demand.

This whole thing is BS and I think it is a joke.
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Old 02-25-2014, 02:18 PM   #22 (permalink)
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Man I must be stupid. I read the article and still don't know Wtf these things are. Can you even spend them on real things or is it for like a computer game?
Read this one (text below): http://www.marketwatch.com/story/how...8-00212803FAD6

How bitcoin can turn it around
Opinion: Mt. Gox illustrates why financial systems need rules, regulation

The sudden disappearance of bitcoin exchange Mt. Gox late Monday underscored the cryptic hazards of the new, unregulated cryptocurrency. The price of bitcoin tumbled 22%. Customers of Tokyo-based Mt. Gox are searching for recourse and wondering what happened.

Bitcoin was supposed to be a new, subversive alternative to a financial system that had been exposed as fragile, dangerous and too big to fail in the financial crisis of 2008. Instead, bitcoin and its purveyors now, too, have shattered the essential ingredients for a money system: confidence and trust.

It may be awhile before we know the full details of what happened at Mt. Gox. There is suspicion that hackers made off with bitcoin valued at more than $316 million. Perhaps it was an inside job. Perhaps Mt. Gox got caught on the wrong side of trading without adequate reserves. This is, after all, a five-year-old currency with exchanges even younger, run by people unknown and less understood.

The Mt. Gox debacle comes at a critical time for the currency. Even with its jarring volatility, bitcoin was inching closer to acceptance by ordinary folks. Overstock.com Inc. (NASDAQ:OSTK) began accepting it last year. And Ebay Inc. (NASDAQ:EBAY) and gaming company Zynga Inc. (NASDAQ:ZNGA) are close to honoring the currency.

If bitcoin survives, its proponents will have to ensure that a Mt. Gox won’t happen again. That could mean some form of regulation and adequate capital at exchanges which are essentially run as banks. That will cost money and those costs will have to be passed on to users of the system — the same way MasterCard Inc. (NYSE:MA) and Visa Inc. (NYSE:V) collect fees of 2% to 3% to make a profit and keep the system reliable.

Such moves, however, would take the thrill and allure out of bitcoin for many users and investors. Bitcoin, after all, is supposed to be free of the cumbersome and costly money system run by banks and monitored by governments. But there is a reason fair banking is boring. Protection such as insurance from the Federal Deposit Insurance Corp. and Securities Investors Protection Corp. gives commerce a foundation.

Bitcoin advocates are finding out what happens when a system doesn’t have a floor. You just keep falling.
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Old 02-25-2014, 02:21 PM   #23 (permalink)
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Originally Posted by TrueNE_09 View Post
Read this one (text below): How bitcoin can turn it around - MarketWatch

How bitcoin can turn it around
Opinion: Mt. Gox illustrates why financial systems need rules, regulation

The sudden disappearance of bitcoin exchange Mt. Gox late Monday underscored the cryptic hazards of the new, unregulated cryptocurrency. The price of bitcoin tumbled 22%. Customers of Tokyo-based Mt. Gox are searching for recourse and wondering what happened.

Bitcoin was supposed to be a new, subversive alternative to a financial system that had been exposed as fragile, dangerous and too big to fail in the financial crisis of 2008. Instead, bitcoin and its purveyors now, too, have shattered the essential ingredients for a money system: confidence and trust.

It may be awhile before we know the full details of what happened at Mt. Gox. There is suspicion that hackers made off with bitcoin valued at more than $316 million. Perhaps it was an inside job. Perhaps Mt. Gox got caught on the wrong side of trading without adequate reserves. This is, after all, a five-year-old currency with exchanges even younger, run by people unknown and less understood.

The Mt. Gox debacle comes at a critical time for the currency. Even with its jarring volatility, bitcoin was inching closer to acceptance by ordinary folks. Overstock.com Inc. (NASDAQ:OSTK) began accepting it last year. And Ebay Inc. (NASDAQ:EBAY) and gaming company Zynga Inc. (NASDAQ:ZNGA) are close to honoring the currency.

If bitcoin survives, its proponents will have to ensure that a Mt. Gox won’t happen again. That could mean some form of regulation and adequate capital at exchanges which are essentially run as banks. That will cost money and those costs will have to be passed on to users of the system — the same way MasterCard Inc. (NYSE:MA) and Visa Inc. (NYSE:V) collect fees of 2% to 3% to make a profit and keep the system reliable.

Such moves, however, would take the thrill and allure out of bitcoin for many users and investors. Bitcoin, after all, is supposed to be free of the cumbersome and costly money system run by banks and monitored by governments. But there is a reason fair banking is boring. Protection such as insurance from the Federal Deposit Insurance Corp. and Securities Investors Protection Corp. gives commerce a foundation.

Bitcoin advocates are finding out what happens when a system doesn’t have a floor. You just keep falling.
Great post. It seems like common sense but I guess it is not for some 'investors'.
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Old 02-25-2014, 03:53 PM   #24 (permalink)
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i believe i read that only 23 million bitcoins can be created and that it would only take untill 2032 to create all bitcoins. there are only 12 million right now.
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Old 02-25-2014, 04:51 PM   #25 (permalink)
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I like this for updates:

Bitcoin
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