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Is anyone in the BITCOIN market?


Lambofan35
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When I look at the global hash (mining) rate when we first started talking about this versus the global rate now, I'm shocked at just how exponentially fast the mining aspect of the game has gotten.

 

Hardware that was fine a year ago is now obsolete/not worth the time to even run thanks to the spread of newer ASIC rigs, even with bitcoin's value increase over that span.

 

It's amazing, very interested to see where it all goes and whether it's all just a colossal waste of time and money.

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I have some tulips to sell :)

I know i should not make fun but the writing was on the wall and like a penny stock you either made your fortune and got out or you got slaughtered!

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I have some tulips to sell :)

I know i should not make fun but the writing was on the wall and like a penny stock you either made your fortune and got out or you got slaughtered!

 

I've invested in 10 dogecoins. I'm super rich now. :lol2:

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http://news.yahoo.com/bitcoin-exchange-mt-...71--sector.html

 

 

I didnt read that much into it, but what is Mt Gox - a person, place...?

 

the first sentence explains that "Mt. Gox, once the world's biggest bitcoin exchange"

 

Its a website that allowed you to buy or sell bitecoin for US dollars. Its a big deal because at one point it was trading 70% of all bitcoin volume.

 

Its name was an acronym of Magic: The Gathering Online eXchange. as originally it was used to trade playing cards for the game Magic the gathering.

 

News is reporting that it filed for bankruptcy protection http://www.bbc.com/news/technology-25233230

 

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So feel free to school me on this... but I thought they could be stored offline...? As in on an offline machine, on a hard drive somewhere. So how do they just... go missing?

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So feel free to school me on this... but I thought they could be stored offline...? As in on an offline machine, on a hard drive somewhere. So how do they just... go missing?

 

It's stored on your pc and as long as your online and vulnerable people can hack you.

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It's stored on your pc and as long as your online and vulnerable people can hack you.

 

Umm yeah that's not what happened with Mt. Gox at all. People kept money in the exchange instead of withdrawing it. Mt. Gox is was so incompetent with their bookkeeping they didn't notice they were missing a ton of coins. They kept the coins online instead of offline cold storage.

 

This wasn't a fault of bit coin at all, it was the fault of the Mt. Gox exchange. If Bank of America online portal had a bug that let people withdraw money from other people's account would you say the dollar has been hacked?

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It's stored on your pc and as long as your online and vulnerable people can hack you.

 

They can be kept offline, printed onto paper and kept in a safe for example.

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Another Bitcoin bank goes under:

 

http://www.cbc.ca/news/business/bitcoin-ba...theft-1.2559018

 

A second online bitcoin bank has shut down after a security breach allowed thieves to steal a large quantity of bitcoins.

 

Flexcoin, a bitcoin exchange based in Alberta, made the abrupt announcement on its website Tuesday, admitting that it had been robbed of 896 bitcoins after a thief or thieves managed to collect them from Flexcoins servers and transfer them to two bitcoin wallets — a unique string of numbers and letters that function similarly to an email address, and bitcoin's equivalent to individual bank accounts where customers store money.

 

At current market rates, the theft amounts to more than $600,000 US. The figure represents the bank's entire bitcoin holdings online, effectively wiping out any customers who held assets there.

 

 

"As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately," Flexcoin said in a statement.

 

The bank did say however, that any customers who had bitcoins held in so-called "cold storage" — not on the site online servers and therefore safe from digital attack — can still retrieve their funds free of charge.

 

Flexcoin also says it will work with law enforcement to decipher the source of the hack. The company said in a release the money was transferred to the following two bitcoin wallets:

1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu

1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6

 

 

Bitcoin is a digital cryptocurrency that isn't tied to any physical assets or controlled by any country's central bank. It's pitched as an alternative to the fiat money system and a way for users to do business online without detection or interference from governments or multinational corporations.

 

But it's been rocked by security concerns recently, especially after the world's largest bitcoin bank, Japanese-based Mt. Gox, announced that hackers had managed to steal several hundred million dollars from their reserves. Mt. Gox initially froze all accounts in the hopes of retrieving the money, but has subsequently begun bankruptcy proceedings.

 

In U.S. dollar terms, Flexcoin wasn't a major player in bitcoin, but a second security breach on the heels of Mt. Gox's demise will do little to assuage fears that bitcoin's existence outside government regulation leaves the currency open to criminal activities.

 

"While the MtGox closure is unfortunate, we at Flexcoin have not lost anything," Flexcoin said via their twitter account as recently as February 25th.

 

 

Also, another article on the Canadian gov't looking to record tax revenue from Bitcoin activities.

http://www.cbc.ca/news/business/revenue-ca...xempt-1.1395075

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"As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately," Flexcoin said in a statement.

 

This says it all, what a joke! You couldn't pay me to invest in this sort of business!

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I guess those bitcoins are worth the nothing they are printed on afterall :D

 

 

Exactly, I rate this kind of "business" alongside the Nigerian Prince schemes, some make money out of it and lots of if but most will end up with just dreams and aspirations.

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http://firstmetaexchange.com/home

 

Seems to me they sell virtual game currencies and have nothing to do with Bitcoin. I fail to see how her suicide has anything to do with Bitcoin. It seems the news media want to cash in on anything negative about bit coin. As soon as it drops they are all over it, as soon as there are any negative news they cover it. However positive news or rebounds after a drop don't get any coverage.

 

Just two weeks before her death, Radtke posted an essay entitled “The Psychological Price of Entrepreneurship” and in it she said that “everything has it’s price.”

 

I guess we should all get jobs at Walmart and sell the exotic cars cause this entrepreneur shit is just too stressful.

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Can someone please explain what happens when all the coins are mined? I seem to have forgotten my basic econ classes.

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Can someone please explain what happens when all the coins are mined? I seem to have forgotten my basic econ classes.

 

Miners will get transaction fees for solving blocks so they will continue mining. No new bit coins will be created, the existing ones will change hands and be used as a currency. Now if only the US government would stop printing dollars.

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supposed to take a 100+ years to mine them all... or 20,999,999.999999999496 of them....

 

 

 

Can someone please explain what happens when all the coins are mined? I seem to have forgotten my basic econ classes.

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Bitcoin was coded to last until 21 million bitcoins are mined.

At the time, the predicted it would take until 2140 to mine all the coins. I believe that with the advent of asic miners, it will not longer take that long.

I don't think we have to worry about what happens when the last coin is mined.

 

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The difficulty retargets to maintain the mining rate, but it's not perfectly accurate. 2140 will still be roughly when it finishes up, regardless of hash.

 

Bitcoin has been bouncing between roughly 500 and 1000 since late last year, it's climbing since the MtGox event just as it climbed back from every other problem, it's more resilient than the media makes it out to be, good news doesn't get ratings, bad news does.

 

I don't think Bitcoin is the answer to the worlds problems but it is not going to die as easily as people think.

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