Ah fukk i meant to neg @Brady Hoke's Artery and ironically give a positive comment but repped him instead 
Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)
- Thread starter irishfury
- Start date
Worse (if it's true) :
http://www.reddit.com/r/Bitcoin/comments/1yv26o/gox_horror_story_thread_how_much_did_you_lose/
A few there lost thousands of BTC, most of them lost hundreds or dozens. Hopefully for them, they are early adopters.
People dealing with that kind of cash should not be leaving things to chance.Worse (if it's true) :
http://www.reddit.com/r/Bitcoin/comments/1yv26o/gox_horror_story_thread_how_much_did_you_lose/
A few there lost thousands of BTC, most of them lost hundreds or dozens. Hopefully for them, they are early adopters.
The beauty of cryptos is small transfer fees...so once you are done with trading you should really transfer out and put it in an offline wallet. It's ridiculous that people even take those chances without a well and established marketplace. I know the consensus was that MtGox was THE place to deal with Bitcoin, but the market is too new to trust any of them at this point IMO.
Kraken seems reliable from all the comments I read from various sources, thanks @heisenburrr for advising me that exchange. I'm on it for a couple of weeks and the service has been pretty solid, they haven't have any hiccups with the fukkery happening this month. But yeah, at the moment I'm trading small amounts so I keep my stash there but if (one day I hope) I have (more than) a few bitcoins, the lesson is learnt (at the expenses of others unfortunately), I will cold store 80% of them and continue trading with the remaining 20.
I'm reading stories of people losing their savings, and sometimes their wives' and even their families'. shyt's sad. But in their defense, they are trapped for months now, so it's not entirely their fault
Some may kill themselves from that Gox theft unfortunately.
http://www.nbcnews.com/#/tech/secur...ange-mt-gox-offline-amid-theft-reports-n37896
http://www.forbes.com/sites/andygre...s-mt-gox-goes-dark-with-massive-hack-rumored/
So, this is what happens when you have a baseless currency. People just trading it like homemade wampum. That what its original intent was. No big deal? Instead of maintaining a consistent value with minor fluctuations, it had a very low value for years, then all of a sudden, it multiplies in value from the $200s, to $400s to over $1200. The bubble started last year. Who can afford to pay off the over-valuation of bitcoin when a lot of people start using bitcoin as a "quick-money investment" implement instead of an e-bartering implement?
http://www.forbes.com/sites/andygre...s-mt-gox-goes-dark-with-massive-hack-rumored/
So, this is what happens when you have a baseless currency. People just trading it like homemade wampum. That what its original intent was. No big deal? Instead of maintaining a consistent value with minor fluctuations, it had a very low value for years, then all of a sudden, it multiplies in value from the $200s, to $400s to over $1200. The bubble started last year. Who can afford to pay off the over-valuation of bitcoin when a lot of people start using bitcoin as a "quick-money investment" implement instead of an e-bartering implement?
heisenburrr
Have Fun Staying Poor
heisenburrr
Have Fun Staying Poor
what the fukk is going on with this market
Well, bitcoin and other virtual currencies' values are being "boosted" by people treating it as investments and it is creating a bubble. There are other people who are using it as a virtual currency. When there's a lot of "investors", the value goes up and users can buy more. But when the investors sell, the value goes down and users can buy less. Retailers, like overstock.com, are going to pull out when the bottom drops and they aren't going to honor payments via bitcoin. That'll be in a year or less.See you in a year
heisenburrr
Have Fun Staying Poor
Retailers like overstock are not exposed to volatility risks
You have persistently shown you lack of understanding of Bitcoin throughout this thread. Every comment you make makes you look more and more like a clown.
Yes, they are.
If bitcoin is worth $1000 a share on Tuesday 2-25-2014 and if they receive payments of $1,000,000 via bitcoin on a Tuesday, and then the value of bitcoin drops $200 per share the next day. Overstock has $800,000 on Wednesday. That decreases their profit margin.
heisenburrr
Have Fun Staying Poor
Even if Overstock cashed out everyday the volatility still hurts them. This is one of the reasons why I keep looking for stability rather than popularity...been trying to tell you cats in the thread we are having.
You don't understand volatility. If bit coin drops to $1 a share, no intermediary repository, like a Mt. Gox, is going to allow that withdrawal at the previous day's value.
heisenburrr
Have Fun Staying Poor
You don't understand shyt
you both have a lot of reading to do.
Overstock NEVER holds BTC. The instant the customer check out and pays for his items, Bitpay uses the current exchange rate, charges the client accordingly so that the amount of BTC corresponds to the FIAT price. Overstock receives fiat instantly. BitPay holds the BTC.
heisenburrr
Have Fun Staying Poor
And i been trying to tell you that stability because of irrelevance is exactly that..... irrelevance.
Not one business is going to use an irrelevant coin. Volatility is a growing pain that is inevitable.
No altcoin is going to somehow escape that