bye bye bitcoin

Actually this is the opposite...hello bitcoin....bitcoin is going to do much better....you weed out the non serious guys....there are groups out there like coinbase that use your real identity....linked with your bank...so everyone knows the players....its companies like that that are going to rise to the top even more and work with the feds on running a safer bitcoin environment....

Those are my 2 cents...bitcoin hasnt even begun yet.

reply to post by Agit8dChop


The issue with MT Gox was not an issue with the currency, just with that particular website. It's like a bank going bust, the severe loss of money is going to affect the value of the currency temporarily, but the currency survives and recovers as people buy in on the dip. There are positive signs being shown in USA, politicians accept bitcoin for donations, and the New York Finance Department have said they're taking steps to regulate the currency and see it becoming an "integral part of the global financial system".

these sort of "currencies" were tried back in the U.S. during the 1800's, with solo banks, businesses, and even individual states printing their own money to be used for commerce...massive fraud, devaluation, runs on the banks and other lending institutions, all contributed to the creation of a national currency. and even with a national currency, there have been problems, but nothing like the boom and bust cycles of the 1800's. history details mans inclinations, as well as his progress.

Bye bye bitcoin?
Some of you even use the word 'was' rather than 'is'. OMG.
Let me tell you from someone who is very involved with BC [with a steady income from it].

Just because we are in the 'wild west' stage of a very much needed electronic currency that can hold its own against the ever increasing downward spiral of 'real' money doesn't mean it is at an end.
Quite the contrary, the two things that people thought would be the end for BC turned out to be very helpful in making bitcoin even more desirable.
First the closure of Silk Road, meant that the argument BC was used for illegal trade could be dismissed. Now that Mt Gox is gone and replaced by far superior and more stable companies is another step into the right direction.
In Germany [Berlin] whole areas are accepting bitcoin as payment, online shops such as Amazon are slowly pushed to accept BC and they will have to accept just the same way they had to accept PayPal once. Because people are demanding it and they don't want to lose out.
In Africa for example, BC use has increased madly, because of corruption and lack of trustworthy banks plus the fact that the majority uses mobile phones for money transfer, BC has proven to be a saviour. Much easier and far safer than Western Union or any other transfer option.

What we see is a very slow uphill struggle of a currency with many jealous enemies, trapped in the past.
A lot of people also do not understand BC and believe that 'real' money has gold to back it up whereas BC is just 'made up' on the computer.
This is total crap. 'Real' money has so little to back it up that it won't account for all the money in the world, which is actually 'made up' by banks as they go along. Do you think your loan is real? No, it is a hopeful number on a screen that if push came to shove and everyone would demand actual gold for it would be impossible. Your loan and your savings are nothing but digits.

BC on the other hand is not only limited to 21 Million but each one has an intrinsic value due to the way it was mined.
There can never be more than 21 Million BC. BC not being dependent on some metal that may well lose all its value once it can be made artificially, can withstand such scenarios.

Also BC is a very NEEDED currency for our computer age. Whilst savings are squandered, bankers abuse their customers savings and treat them like cattle, BC is truly the currency of the world without prejudice. Of course governments and banks are scared #less of such a thing.
They don't want the sheeple to have their own money, it would mean the end of banks [wohoo] and with that all their influence.
It is for that reason BC has a difficult start, they are trying their utmost to spread false rumours to dissuade you from using this brilliant new currency. Some of you [actually most by reading this thread] actually believe the negative propaganda.

Just because BC is at a low at the moment will NOT stop it. As a matter of fact [and you can quote me on that] it will rise again to higher levels than before. The box has been opened and it is impossible to stop electronic currencies, will they be BC or maybe one day another one.


BC is here to stay and I urge you to open a little wallet yourself, even if it is just £10 or so, you'll see a massive return one day.

Stop clinging onto outdated things and defend them. Stop believing the propaganda from those that will lose out the most when BC gets a foothold [banks and governments or just plain people who have no clue what they are talking about]; because it won't make any difference [apart from you missing the boat].

Instead open your mind and be part of the pioneers of this new and exciting thing that could really change the world

There does not seem to be many laws against scams. Let the buyer beware. The stock market and wall street are no exceptions to this.

Glad to see a few people here understand what Bitcoin and crypto-currencies are. The fact that MT. Gox is bankrupt is actually a good thing for BitCoin. They haven't been the largest exchange for quite sometime, they were just the oldest and it was run by a bunch of finance noobs. Mt. Gox started as a card trading website and found its way into Bitcoin. They have had serious problems over the past year and everything finally came to a headway. This passing of Mt. Gox will allow the coins to stabilize more and become a more viable currency.

Many companies are beginning to accept Bitcoin and Google has already announced it is looking into integration with Google Wallet without any expectation of when it may occur. These are the infancy stages of crypto currency and are very reminiscent of the early days of the Internet. The people in doubt have a right to be, but there is a lot of buzz surrounding crypto currency as of late. The federal government and financial institutions in the US and many countries are recognizing that it must find ways to co-exist with crypto currencies. Several hearings have been held that indicate a positive, or at the very least, neutral stance from these authorities. With proper implementation and some regulatory measures to keep investors safe from crooks like Mark Karpeles and Mt. Gox, I think we'll see a new paradigm of digital exchange.

The Mt. Gox scenario forces a hand to regulation instead of waiting around. This will legitimize the currency even more.

Its pretty good news for BTC, because the price gone lower
For MtGOX, who cares about another Paypal ?
For people who lose their deposit there. Sorry to you, just go hunt the MtGOX people. Gather around and sue them.


I'm suspecting some sort of government pressure that make them declare that. Money changer will never bankrupt because they are fully hedged, unless reserve stolen. The problem is MtGOX reserve is physical. If coins stolen/freeze they can always buy new one from others (a loss) but if reserve stolen/freeze, hmmm that really a problem.

With the logic above I believe its sort of pressure from government or financial entity that make MtGox fail.

Money changer that bankrupt - a real laughable scenario, because it should not and almost impossible to happen.

Agit8dChop
reply to post by combatmaster

 

Its like offering the supermarket an I-pad in exchange for a shopping trolley of food.

Or it's like offering printed paper in exchange for pure gold...

or offering bearer bonds (again, printed paper) in exchange for crude oil...

I could go on and on...

Bitcoin is the same, except for one little difference - it cannot be printed out of thin air. Now call me crazy, but isnt that a good thing?

bye bye bitcoin

Really? Hmm, let's see.

A year ago it was trading around a hundred bucks, today it's over five hundred.

Seriously, go learn something.

jimmyx

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

Yes... I do. I can tell you right now this is totally false. Start up an account at coinbase and test it yourself. The selling price will always be slightly (and I do mean slightly) higher than the buying price because they take their cut.

I never took the bitcoin seriously....it's a shame that there are so many rubes out there that did.

reply to post by Agit8dChop


Are those coins available? They are cool looking and maybe worth something in the future.

Long time lurker posting to give my two cents.

Saying that BitCoin is gone because Mt. Gox went down is like saying that if Gmail went down then email in general was gone. BitCoin is the protocol, Mt.Gox was the service. There are many other reputable exchanges out there.

Also for people who think this is a complete scam, if you just research a little you'd find the legitimacy of this digital currency. I've personally withdrawn a substantial amount of money via Coinbase by selling my BitCoin. Funds which reach my bank account just like any other kind of EFT. It's not all smoke and mirrors people. Mt. Gox was a poorly run exchange in an environment which is still in its infancy. REAL people have lost millions of REAL dollars because of this, try to empathize.

reply to post by Agit8dChop


Boy are you wrong!

I agree with other posters who say this makes BC stronger.

And look-

www.dailydot.com...

SecondMarket, an alternative online marketplace currently operating the world’s largest Bitcoin investment vehicle, declared its intention to introduce a fully regulated Bitcoin trading hub. The decision to announce, according to founder and CEO Barry Silbert, was directly influenced by the turmoil surrounding Mt. Gox.

Bitcoin can't go away for about a year. After that I won't care a lot.

freedom12
reply to post by Agit8dChop

 

SecondMarket, an alternative online marketplace currently operating the world’s largest Bitcoin investment vehicle, declared its intention to introduce a fully regulated Bitcoin trading hub. The decision to announce, according to founder and CEO Barry Silbert, was directly influenced by the turmoil surrounding Mt. Gox.

edit on 28-2-2014 by freedom12 because: (no reason given)

That word in bold is a bit sour, can you regulate internet ? - No you cant
Can you regulate bit coin ? - No you cant
Its just a marketing ploy, another exchange/MtGOX. To validate our point - MtGOX gone is not the end of BTC, will be other spring up to replace it. You cant kill internet, you cant kill BitCoin, but you make both weaker.

Anyone interested in my previous post ? Regarding MtGOX forced to declare bankrupt by higher authority.

No different to when JPMorgan, Bank of America or any number of "established" groups did the same thing. The only difference is MtGox won't be paid by any government to STAY in business!

You apes are hilarious...
Bickering like kids in a sandbox.

Heres my reality:

I never( or maybe rarly) see any
REAL money, like coins or paper...
Its ALL digital...
BC, $, £ whatever they may be is
all digital...

The medium is irrellevant.
Its ALL digital...

Miccey
You apes are hilarious...
Bickering like kids in a sandbox.

Heres my reality:

I never( or maybe rarly) see any
REAL money, like coins or paper...
Its ALL digital...
BC, $, £ whatever they may be is
all digital...

The medium is irrellevant.
Its ALL digital...

So , what are you trying to say? We all know that any currency can be transferred digitally, but in the case of MT Gox, and Bitcoin.... if this was the "medium" you were using, you got hosed, and is hardly "irrelevant"

You can put your Visa in an ATM, and get dollar bills. Bitcoin has no physical form, so your analysis is really pointless.

reply to post by Agit8dChop


I think the Company stole all that cash themselves and are blaming it on outsiders!