simply supply and demand if the supply goes to zero the price approaches infinity
― iatee, Tuesday, 25 February 2014 15:52 (ten years ago) link
New message up:
Dear MtGox Customers,
In the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.
Best regards,MtGox Team
https://www.mtgox.com
― o. nate, Tuesday, 25 February 2014 15:53 (ten years ago) link
In the event of recent news reports
― i have the new brutal HOOS if you want it (BIG HOOS aka the steendriver), Tuesday, 25 February 2014 15:56 (ten years ago) link
Haha we got yr money, sucks to be you.
― sent as gassed to onto rt dominance (DJP), Tuesday, 25 February 2014 15:59 (ten years ago) link
the greatest opening clause in the history of the internet
― joe perry has been dead for years (underrated aerosmith bootlegs I have owned), Tuesday, 25 February 2014 16:01 (ten years ago) link
barnabus @othersome
Follow
this is the first sign that there may be a problem in keeping pretend dollars inside your computer
1:33 AM - 25 Feb 2014
― bi-polar uncle (its OK-he's dead) (Phil D.), Tuesday, 25 February 2014 16:01 (ten years ago) link
I personally believe that Mt Gox users are unable to do so because, uh, some, uh, people out there in our nation don't have bitcoin and, uh, I believe that our economy like such as in Mt Gox and, uh, the Coinbase, everywhere like such as, and, I believe that they should, our exchanges over here in the U.S. should help the U.S., uh, or, uh, should help Mt Gox and should help the Coinfloor and the Asian bitcoins, so we will be able to build up our future
― joe perry has been dead for years (underrated aerosmith bootlegs I have owned), Tuesday, 25 February 2014 16:03 (ten years ago) link
loll (under: "Gox's new ownership")
Here is the process we are going to put in place. We've set up a wallet here: 1EgQ4pz8bEBn2LNGxgSVcTNHyS5xm1fpxZ - If you send a small transaction to this wallet, using the wallet that originally sent coins to Gox, we will be able to trace back to your wallet once we have entered the recovery phase. Include a note in this transaction of your reddit username and leave a comment in the thread below. Think of this as a sort of Paypal verification step, we will send the amount back to you shortly after you've sent it and will then have your data on file to receive your Mt. Gox holdings after we've completed the recovery.The order of processing refunds will be determined by sorting the size of the sum total of transactions sent from your source address to the verification wallet in descending order. That way there is no unfair advantage to those who saw this message first, and those who have the strongest need to recover what was lost will recover their bitcoins or fiat first.
Include a note in this transaction of your reddit username and leave a comment in the thread below. Think of this as a sort of Paypal verification step, we will send the amount back to you shortly after you've sent it and will then have your data on file to receive your Mt. Gox holdings after we've completed the recovery.
The order of processing refunds will be determined by sorting the size of the sum total of transactions sent from your source address to the verification wallet in descending order. That way there is no unfair advantage to those who saw this message first, and those who have the strongest need to recover what was lost will recover their bitcoins or fiat first.
― frogbs, Tuesday, 25 February 2014 16:21 (ten years ago) link
bravo aero
― an enormous bolus of flatulence (jon /via/ chi 2.0), Tuesday, 25 February 2014 16:22 (ten years ago) link
Include a note in this transaction of your reddit username and leave a comment in the thread below.
So it Mt. Gox a reddit thing? Or do they just assume that the overlap ot bitcoin users and redditors is basically 100%?
ha i was guessing the latter
― i have the new brutal HOOS if you want it (BIG HOOS aka the steendriver), Tuesday, 25 February 2014 16:27 (ten years ago) link
I think that's a joke. Sort of like saying: "Anyone who lost Bitcoins please post your bank account number, routing information, social security number and credit card information and I'll make sure you get a refund."
― o. nate, Tuesday, 25 February 2014 16:27 (ten years ago) link
My friend has a mining machine that runs 24/7 and it is LOUD.
― Emperor Cos Dashit (Adam Bruneau), Tuesday, 25 February 2014 16:29 (ten years ago) link
the carbon footprint of dogecoin mining
― 4. Nels Cline and My Uncle Eat Soup at Panera Bread (3:37) (Sufjan Grafton), Tuesday, 25 February 2014 17:33 (ten years ago) link
good domain name for magic the gathering soon to be available
http://www.abugames.com/images/products/magic2014m14/pillarfieldox.jpg
Very fitting text too
― Vinnie, Tuesday, 25 February 2014 17:50 (ten years ago) link
XP: Cryptocoin mining is has brought a worldwide shortage of the high-to-medium range AMD graphics cards for the past 3 months.
AMD graphics card pricing skyrockets due to cryptocurrency mining, could kill AMD’s gaming efforts
A typical setup would be two cards (cost $1400-$3000) drawing 700-1000 watts for the machine.
Pretty much the first time cryptocurrencies have effected me personally (I'm a big fan of Mackey's Extraordinary Popular Delusions and the Madness of Crowds), as AMD has an intriguing API (Mantle) and I'm about to build a new midrange gaming rig.
― disposable soma (Sanpaku), Tuesday, 25 February 2014 18:05 (ten years ago) link
i won like .0045 of a bitcoin but cant get it because i owl ended more to have it sent to a wallet
bitcoinplus
I think someone should invent the Obamacoin
― Brian Eno's Mother (Latham Green), Tuesday, 25 February 2014 19:55 (ten years ago) link
ok so there is a chance that MtGox literally just lost their private key
― frogbs, Thursday, 27 February 2014 21:56 (ten years ago) link
http://money.cnn.com/2014/02/28/investing/mt-gox-bankruptcy/index.html?hpt=hp_t2
this whole thing has been amazing to watch
― Wahaca Flocka Flame (DJP), Friday, 28 February 2014 15:01 (ten years ago) link
def feel p stupid for not getting in on this stealing bitcoins thing early
― lag∞n, Friday, 28 February 2014 15:02 (ten years ago) link
its about time this got the Taiwanese Animation treatment
https://www.youtube.com/watch?v=fVobjVZK6ho&noredirect=1
http://i.imgur.com/JFRz2QV.gif
― frogbs, Friday, 28 February 2014 15:05 (ten years ago) link
Comments on this - http://valleywag.gawker.com/bitcoin-kingpin-admits-everyones-money-is-gone-1533315083 - are pure gold. (As is the line Funny, how these people only want anything to do with the government after they've fucked themselves over into another dimension.) My favorite:
Here's how Bitcoin works - you give your money to a beefy libertarian video game company executive in a foreign country (who speaks damn good Japanese for a Gaijin), he does some bullshit computer razzmataz, you tell all your friends "I'm free of Fiat Money - John Galt Rules!".....and then your money is gone.
― bi-polar uncle (its OK-he's dead) (Phil D.), Friday, 28 February 2014 16:21 (ten years ago) link
OMG the "massive bitcoin boners" part
― james franco tur(oll)ing test (Hurting 2), Friday, 28 February 2014 16:40 (ten years ago) link
speculation!
anyway once you put your money in a bank it seems like its almost the same at a virtual currency - its just numbers in a database
― Brian Eno's Mother (Latham Green), Friday, 28 February 2014 16:55 (ten years ago) link
numbers in a database with FDIC protection
― anonanon, Friday, 28 February 2014 16:57 (ten years ago) link
oh yeah! (slaps forehead as bitcoins dissolve to thin air)
― Brian Eno's Mother (Latham Green), Friday, 28 February 2014 16:58 (ten years ago) link
fiat numbers
― °ㅇ๐ْ ° (gr8080), Friday, 28 February 2014 17:01 (ten years ago) link
disruption, innovation
― lag∞n, Friday, 28 February 2014 19:47 (ten years ago) link
its not much different I guess than the stock market - specualtion
― Brian Eno's Mother (Latham Green), Friday, 28 February 2014 20:55 (ten years ago) link
yeah, but no one is claiming stocks as a new form of currency that will usher in a libertarian utopia
― Wahaca Flocka Flame (DJP), Friday, 28 February 2014 20:58 (ten years ago) link
they should! "Can I buy a ham for three shares of Earthlink?"
YES
― Brian Eno's Mother (Latham Green), Friday, 28 February 2014 20:59 (ten years ago) link
its pretty differnt than stocks
― lag∞n, Friday, 28 February 2014 21:08 (ten years ago) link
xpost xpost - yes the irony is thick "we do not need the government to deal with money" --- "Oh wait - laws prevent crimes"
― Brian Eno's Mother (Latham Green), Friday, 28 February 2014 21:13 (ten years ago) link
seems more like a commodity than stock or currency, with all the speculation, constrained supply, wild spikes in value, like a virtual equivalent to a precious metal like gold
― anonanon, Friday, 28 February 2014 21:22 (ten years ago) link
I mean they even call it bitcoin mining
― anonanon, Friday, 28 February 2014 21:24 (ten years ago) link
its a fiat commodity
― lag∞n, Friday, 28 February 2014 21:28 (ten years ago) link
my other car is a fiat Fiat
― sXe & the banshees (upper mississippi sh@kedown), Friday, 28 February 2014 21:33 (ten years ago) link
Currencies are speculated on too, and occasionally a currency has wide swings in value. Hence, bitcoin is what I call a shitty currency.
― james franco tur(oll)ing test (Hurting 2), Friday, 28 February 2014 21:34 (ten years ago) link
its an IDEA!
― Brian Eno's Mother (Latham Green), Friday, 28 February 2014 21:35 (ten years ago) link
it's a fiscal Esperanto for the digital age!
it's an MMO auction house for IRL!
it's the future!
― sXe & the banshees (upper mississippi sh@kedown), Friday, 28 February 2014 21:38 (ten years ago) link
People with half a brain stopped using Mt.Gox nearly a year ago. We all moved to respectable exchanges such as Coinbase, Bitstamp, and CampBX who strive to be in line with regulators and are run by people who actually understand finance. It's also important for people to understand that Mt.Gox shutting down is about the same as some rural bank in North Dakota shutting down — it hardly affects the value of the currency in which it exchanged. BTC is still hovering arbound $550 and $750 and the blockchain shows there is a buying frenzy going on because, believe it or not, this is considered cheap at the moment.
― joe perry has been dead for years (underrated aerosmith bootlegs I have owned), Friday, 28 February 2014 21:53 (ten years ago) link
http://www.coindesk.com/bank-stops-working-bitcoin-exchange-campbx-regulatory-uncertainty/
― Wahaca Flocka Flame (DJP), Friday, 28 February 2014 21:57 (ten years ago) link
lol
― sleeve, Friday, 28 February 2014 22:11 (ten years ago) link
http://www.theverge.com/2014/2/15/5414610/bitstamp-restores-service-after-targeted-attack
The problems stem from a vulnerability known as "transaction malleability," which refers to an issue that would allow a user to alter transaction details to make it seem as if a transfer failed when it had actually succeeded. This week, Bitcoin core developer Jeff Garzik told The Verge that the issue is more widespread than the team initially realized. "It's mainly a nuisance," he said, "forcing everybody to stop and fix their website software and Bitcoin wallets."
I mean, if I were more cavalier about my spare money I could see throwing some into this just to see what would happen but given that until two weeks ago the whole process could be exploited by spoofing responses, it just feels like a fundamentally bad idea to view this as anything more than a crude gambling opportunity.
― Wahaca Flocka Flame (DJP), Friday, 28 February 2014 22:16 (ten years ago) link
― Kiarostami bag (milo z), Friday, 28 February 2014 22:18 (ten years ago) link
I thought about doing some kind of discount on Magic cards for people who could prove they'd lost money on MTGOX but I decided it would offend the few possible customers who got the joke.
― Kiarostami bag (milo z), Friday, 28 February 2014 22:19 (ten years ago) link
You should have done it anyway!
― Wahaca Flocka Flame (DJP), Friday, 28 February 2014 22:25 (ten years ago) link
Can't even remotely relate bitcoins to stocks. I mean, stocks represent something tangible, defined, and regulated, like say a tiny percentage of the market cap of General Electric, a 100+ year old company that has consistently made profits. Bitcoins represent a "currency" that a vast majority of merchants won't accept, whose value fluctuates wildly on a whim, that is not backed by anything considered valuable, that is still growing in supply daily by random ppl willing to burn up gabs of electricity with overworked computers, that you could lose if your hard drive crashes.
― Lee626, Friday, 28 February 2014 22:34 (ten years ago) link
this is a dumb question - but how is a bitcoin created? is there like a company that makes a bitcoin and puts it into circulation? or is the total number of bitcoins regulated?
― sXe & the banshees (upper mississippi sh@kedown), Friday, 28 February 2014 22:53 (ten years ago) link
its decentralized, theres a formula that controls their creation (they call the process mining lol), basically you run the mining program and then after a while u get some coins, you are m/l spending computer cycles on bitcoins, the more that are mined the more computer power it takes to mine new ones until eventually no more can be mined
― lag∞n, Friday, 28 February 2014 23:01 (ten years ago) link