bye bye bitcoin

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posted on Feb, 28 2014 @ 05:50 AM
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www.bbc.com...



The MtGox bitcoin exchange has filed for bankruptcy protection, reports say.

The application was made in Japan by lawyers acting on behalf of the exchange and comes only days after MtGox went offline.

On Tuesday, the exchange's boss said he was working hard to find a "solution to our recent issues".

Before going offline, technical troubles meant it prevented customers transferring digital cash to other exchanges on 7 February.


So its taken them 3 weeks to come out and say we're finished, we lost X amount of $.. sorry you couldn't save yourselves!



Reports suggested the site shut down after it discovered that an estimated 744,000 bitcoins - about $350m (£210m) - had been stolen due to a loophole in its security.


how convenient.. guess we'll never know who took $350 million dollars eh?

Bit coins trading at $564

where's it going to go, being countries are slowly starting to refuse its legitimacy?


Vietnam has banned its banks from from handling the crypto-currency saying the virtual cash is not legal tender.




posted on Feb, 28 2014 @ 05:54 AM
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reply to post by Agit8dChop
 


Bitcoin was in direct competition with big players such as PayPal and Friends. I wouldn't be surprised if the fall of Bitcoin was orchestrated by Bitcoin's competitors.



posted on Feb, 28 2014 @ 05:56 AM
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Why are people confusing mtgox with bitcoin?

Why not litecoin, or the once popular dogecoin?

why not any of the accepted cryptos?

bye bye bitcoin?

:/



posted on Feb, 28 2014 @ 05:57 AM
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swanne
reply to post by Agit8dChop
 


Bitcoin was in direct competition with big players such as PayPal and Friends. I wouldn't be surprised if the fall of Bitcoin was orchestrated by Bitcoin's competitors.



yeah it's going to be directly controlled by things that it competes against.

No one has any idea..



posted on Feb, 28 2014 @ 05:57 AM
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Agit8dChop
www.bbc.com...


So its taken them 3 weeks to come out and say we're finished, we lost X amount of $.. sorry you couldn't save yourselves!



Reports suggested the site shut down after it discovered that an estimated 744,000 bitcoins - about $350m (£210m) - had been stolen due to a loophole in its security.


how convenient.. guess we'll never know who took $350 million dollars eh?



In this world where many intelligent people (in the banking busines) are using their wit to steal and feed their greed it could well have been the reason for creating bitcoin in the first place...



posted on Feb, 28 2014 @ 05:58 AM
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I do not know about bitcoin, but MTGOX was a very well thought out scam that worked like a charm



posted on Feb, 28 2014 @ 06:02 AM
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This came sooner than i expected.

Shame, it was a really good idea overall.
edit on 28-2-2014 by Biigs because: comma



posted on Feb, 28 2014 @ 06:05 AM
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sn0rch
yeah it's going to be directly controlled by things that it competes against.


It's going to be infiltrated by things it competes against.



posted on Feb, 28 2014 @ 06:09 AM
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It's bye bye MT Gox, not bye bye bitcoin. It's still valued at nearly $600 for one bitcoin, which is pretty impressive for something undergoing an apparent crisis.



posted on Feb, 28 2014 @ 06:11 AM
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twfau
It's bye bye MT Gox, not bye bye bitcoin. It's still valued at nearly $600 for one bitcoin, which is pretty impressive for something undergoing an apparent crisis.


yeah this is true, one exchange is just one.

There are many more.

However, negative bitcoin news has always ended in a devaluation, which makes me think something fishy is going on with this possible 'scare' tactic from unknown interests.



posted on Feb, 28 2014 @ 06:15 AM
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reply to post by Biigs
 


Indeed. I'm telling you, this is Bitcoint's competitor's doings.


+5 more 
posted on Feb, 28 2014 @ 06:18 AM
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1) Create worthless virtual currency..
2) Publicize value of worthless currency by claiming it is in high demand
3) Entice suckers looking to risk legal (albeit worthless fiat) currency on the purchase of worthless virtual currency
4) Pull plug on server
5) Drain customer accounts and transfer funds to Bucharest
6) Blame computer glitch (conveniently losing all computer records)
7) File Bankruptcy in a court which knows nothing about virtual currencies
8) Pay Attorneys
9) Retire

Project Complete..... Fin
edit on 2/28/2014 by Nostradommie because: Numbering wrong



posted on Feb, 28 2014 @ 06:21 AM
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reply to post by Nostradommie
 


aka a cloaked ponzi



posted on Feb, 28 2014 @ 06:22 AM
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reply to post by Agit8dChop
 


Just you wait until the likes of google and ebay start accepting bitcoin....



posted on Feb, 28 2014 @ 06:23 AM
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Biigs

twfau
It's bye bye MT Gox, not bye bye bitcoin. It's still valued at nearly $600 for one bitcoin, which is pretty impressive for something undergoing an apparent crisis.


yeah this is true, one exchange is just one.

There are many more.

However, negative bitcoin news has always ended in a devaluation, which makes me think something fishy is going on with this possible 'scare' tactic from unknown interests.


Is there anyone here on ATS that has them, and has tried to cash out on their bitcoins recently?....the value in dollars is only known when you actually cash out. as far as Mt. Gox...the owners have cashed out into other currencies, and have it stashed in some offshore account, where it sits while they wait for all of this to die down.....these people are not stupid



posted on Feb, 28 2014 @ 06:31 AM
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Nostradommie
1) Create worthless virtual currency..
2) Publicize value of worthless currency by claiming it is in high demand
3) Entice suckers looking to risk legal (albeit worthless fiat) currency on the purchase of worthless virtual currency
4) Pull plug on server
5) Drain customer accounts and transfer funds to Bucharest
6) Blame computer glitch (conveniently losing all computer records)
7) File Bankruptcy in a court which knows nothing about virtual currencies
8) Pay Attorneys
9) Retire

Project Complete..... Fin
edit on 2/28/2014 by Nostradommie because: Numbering wrong


I agree completely....David Hannum said of P.T. Barnum when asked how Barnum made his money..."there's a sucker born every minute"
en.wikipedia.org...



posted on Feb, 28 2014 @ 06:52 AM
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twfau
It's bye bye MT Gox, not bye bye bitcoin. It's still valued at nearly $600 for one bitcoin, which is pretty impressive for something undergoing an apparent crisis.


Its almost halved in price in a month or so!

Its Japanese arm has proven it to be faulty, vulnerable to cheating and theft.
Vietnam has banned it declaring it illegitimate, what happens when a tidal wave of other nations do too?
Why would you invest $600 for a bit-coin now? What happens when another large broker of this finance asset declares bankruptcy and admits a major fraud/theft has occurred?

If its not dead in the water its definitely drowning..



posted on Feb, 28 2014 @ 06:55 AM
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swanne
reply to post by Agit8dChop
 


Bitcoin was in direct competition with big players such as PayPal and Friends. I wouldn't be surprised if the fall of Bitcoin was orchestrated by Bitcoin's competitors.


not really,

bitcoin is a currency
paypal and friends simply are middle men of trading the currency.

how can anyone trust a data byte to be currency?
Its a computer digit made in cyber space by the same people telling you its worth!



posted on Feb, 28 2014 @ 06:59 AM
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reply to post by combatmaster
 


trade is about what someone is willing to accept for their goods.
I don't think you'll ever meet someone on eBay who's willing to accept a fraction of your ''bit-coin'' for their hard, tangible good.
Its like offering the supermarket an I-pad in exchange for a shopping trolley of food.



posted on Feb, 28 2014 @ 07:09 AM
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combatmaster
reply to post by Agit8dChop
 


Just you wait until the likes of google and ebay start accepting bitcoin....


Yeah, keep holding your breath on that one.





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