You Fold.
has it all been a scam, fuck i've been saying that since the day i found out it exists
was mtgox making unfathomable amounts of currency on it, undoubtedly
but you seem to be under the impression that mt-gox invented bitcoin just to make a buck, not that they just seen something that already existed and profited the hell out of it
Wow. Glad I wasn't persistent enough to learn how it all worked or I would've been part of that lose. I gave up after I had to learn about the online wallets and all the kinds of mining programs. The pictures of those large bitcoin machines did a number on me as well. My video card wouldn't have gotten me anything lol
Because it's obligatory: I TOLD YOU SO! (ten months ago)
Tulipmania v2.0, speculative bubble, ponzi-scheme... "past performance is no guarantee of future results".... etc., etc., etc.
Edit to add: "I just hope that the people of the world have learned something with the entire BitCoin fiasco... but yeah... probably not..." ~Zoltan
^You got that right, dude. There will be another group of clueless suckers to come along for the next big scam, and they'll ignore all of us who warn them to be cautious because (wait for it...) "THIS TIME IT'S DIFFERENT!" <--- the battle cry of those who run up every speculative bubble throughout history
Most important quotes that apply to this whole fiasco (and people's willingness to allow greed to cloud their common sense): "There's a sucker born every minute" and "A fool and his money are soon parted."
a crashed virtual currency that has never had any value outside of the hot air marketing it was based on anyway
yeah, unlike cash. cash has real value. \s
Bitcoin is NOT stable. It dropped from 900 to around 300.
Shall we rejoice in the oh so glorious price drops in AMD cards together?
Red team is going to be mostly back to the good ol' "Pay less, more raw power" that I love them for.
Also, the people who bought things during the high market (like the guy in Alberta, iirc, who bought a house on BTC) will be laughing in glee that they got what they have, and that guy who bought that "million dollar pizza" now bought a pizza for free.
A solely internet meme created coin? Lol. Nothing bad will happen to it.
Cash has NO real value.
It's a promise note. We all have collectively agreed that this piece of smelly cotton is worth something. The only ting to have intrinsic value is gold and other physical resources.
Cash is simply a bartering tool.
The thing is that the cost of AMD GPUs was from litecoin, dogecoin, etc., not bitcoin. So unless this affects the other cryptocurrencies as well (which I'd guess it would, but it can't be known for sure), the prices will likely stay up.
I thought I was going to get rich off of my .00210207BTC ;_;
you cant even get a decent hand job for that much.
Lol
Even if a scam, did cryptocurrencies not bring some much needed anarchy to the world?
Pretty much what I predicted from the start. Government comes in looks like a hero, Than everyone becomes discouraged by alternative currencies.
What everyone should learn from this..
1. Currency must be physical otherwise insiders will manipulate the value.
2. Guard it with your own hands, If you send your money to some form of banking institution you had it coming. Falls in line with “Those who surrender freedom for security will not have, nor do they deserve, either one.”
BTW guys, This is how the Federal Reserve was institutionalized.
History repeating itself here..
"Those who don't learn from history are doomed to repeat it."
Whew I was just about to get into Bitcoin, glad I didn't...although it is an interesting journey to watch the drama around Bitcoin and how it will continue to survive, if it survives
Nope, read what's printed on your dollar bill: it's an IOU, it's a bearer title, it's signed by the governor of the National Bank, and by law, it represents a fractional value in gold, to be guaranteed by the National Bank. It's the only money that represents real value. Money on a bank account, is not real money, it's money created by banks, and not represented by titles against the state. Look up chartalism, and you'll see what money comes from. Bank account money is virtual enough, there is no need for more virtual currencies. There is a reason why cash is what it is, and why it's important: it directly represents the political mandate of the government, that's why politicians are trying so hard to substitute it with non-chartalist money...
The sad thing in all of this though is, We should probably be populating other planets within the galaxy by now but with all this useless banter we will probably not do that until the end of the century.
GMO is a sad part in all of this as well. It could be used to grow crop on other planets with less sunlight / water. Instead we are using it to sub humanize and control others.
MtGox is the only exchange that significantly dropped in value to the point where bitcoin was near worthless. Their horrid system lost a good majority of the coins it held due to an error in MtGox's proprietary code they use for exchanges. They took the biggest hit in terms of stolen bitcoin when the error in bitcoin's code was exposed and people took advantage of the malleable transactions.
As of right now, the value of bitcoin has levelled out at around $500 at many of the larger exchanges. The price of bitcoin is now economically stable at many of the major exchanges, while MtGox goes bankrupt. Again the price is volatile and can change at any point.
Now in terms of the error in the bitcoin code:
Here is the official bitcoin foundation statement:
https://bitcoinfoundation.org/blog/?p=422
The broken code that caused the malleability error has been acknowledged and that bitcoin is now allegedly fixed and functioning properly according to the BTC-e statement
https://btc-e.com/news/199
"The cryptocurrency maintains its stability and the network will continue to develop and exist as long as required by its users."
To be honest, I'm ready for cryptocurrency to die as well. I am however, hoping for a final spike in price so I can cash out the remaining bitcoin. I am happy that it did happen, as I made a decent amount mining, but I'm ready for AMD cards to go back down in price.