So Mt Gox has closed shop, leaving over 400 million USD in liabilities and a crashed virtual currency that has never had any value outside of the hot air marketing it was based on anyway. The owners of Mt Gox have disappeared off the face of the earth, the offices in Tokyo and London have been vacated.
What caused this?
Simple: it was a scam, a ponzi-scheme, from the start, never at any time was there any value created, so there was never any value, so it was very hard to keep it going on. The owners of Mt Gox, that ran away with the real money value of the fictitious alternative currency that never represented any value, had to run now because the EU was moving in on them, and that leaked out this weekend. So they took off. But they won't get far, their bodies will be found somewhere in suspect circumstances, because that's what happens to people that don't belong to the family that pull off global heists like Bitcoin.
I just hope that the people of the world have learned something with the entire BitCoin fiasco... but yeah... probably not...
Pretty big scam. holy crap. All those bit coin miners. Maybe the gpus prices will come back to Earth.
They damn well better do.Either that,or you'll see used cards flooding the market.
And that kids is why you dont invest in magical free internet money,it still whont stop light coin,dogecoin or any outher bolx coin miners from mineing away.
all im hearing is crossfire setup woot
i find it hilarious the people that hacked the currency brought down it's value while at the same time reaping more coins that are basically worth nothing. like after they stole all those bitcoins how easily could they convert that into real goods.
"The Scientology of Currencies"
Yup, that's just it... all it took to take down bitcoin was for the EU to enable bitcoin trade through normal banks... it took exactly two weeks for the MtGox ponzi-schemers to take whatever money was left and run... lolz
The whole concept is so crazy... get paid for making calculations that nobody else is making... so what exactly is the value of that again?... lolz... the idea is pretty genial though... it started with infiniminer... some dude found a way to take that idea and make money with it... some other dude thought that maybe he could pretend as if digital mining was real and see if enough idiots would follow his scam... right... life is a video game... well, game over lolz
i still have hope for dogecoin cause i love doge
Lol, shady. Thankfully, I never bothered with Bitcoin, or any of the others. The way I see it, if you don't get in on things like this very early and then cash out when they start to become popular, you just shouldn't bother with it. It rarely ends well.
The whole concept is so crazy... get paid for making calculations that nobody else is making... so what exactly is the value of that again?
Yeah this is pretty much what i never understood.
Oh well. I used it as an excuse to upgrade my GPUs.
What do I do now?
Aaaaaand, problem solved.
Not surprised considering that MtGox was shady as hell to begin with. I'm not 100% sure that this is the end of bitcoin though.
I'll repeat what I said in the other post:
MtGox messed up. There was a screw up in their code, which is unique to MtGox and they took the biggest hit from the bitcoin malleability issue. I assume they were unable to pay back the bitcoin they owed after the malleability incident and just declared bankruptcy. The bitcoin code is as of today fixed. Because there is no regulation on bitcoin, the Japanese government are unable and/or unwilling to get involved. As for the future of bitcoin, these next few weeks will be critical. Depending on the reaction to these events, bitcoin will either recover stronger than ever having rid the plague of MtGox or die off completely.
As for the 290x prices, I wouldn't hold your breath just yet.
BTC-e posted a statement about the MtGox issue assuring users that it will continue to function and that bitcoin is stable despite of MtGox shutting down.
I feel bad for anyone who lost money because of MtGox, but let this be a lesson to investors: Do not keep your bitcoins on any website. Keep coins on a wallet. If you need extra security, put the .DAT file on an offline storage device and don't lose it.
I wanted to mine bitcoins when the thing started, but I felt that something was not right about it... In a way, I regret for not abusing it and then leave after a short period of time, but I'm also happy for not being scammed.
It's a little sad, though, that people actually go this far and abuse the world to gain some money. I know it's a lot of money, but still. It's the world we live in I guess.
i got in fairly early. i put in maybe 700$ and got about 10k worth of electronics and computer hardware out of it so i didn't lose a thing lol. but i feel that bitcoin well may be to poisoned to recover at this point.