General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRIP Bitcoin.
You died before I even had a chance to understand what the hell you were about.
You were survived by that one annoying libertarian friend that you have on Facebook.
In lieu of flowers, please send tulips.
dionysus
(26,467 posts)Tommy_Carcetti
(43,198 posts)Bitcoin Crash: Prices plunge as technical problems persist
Story by Chris Isidore / CNN Money
Bitcoin prices plunged again Monday morning after Mt.Gox, the major exchange for the virtual currency, said technical problems require it to continue its temporary ban on many customer withdrawals.
Mt.Gox said it has discovered a bug that causes problems when customers try to use their account to make a transfer or payment of bitcoins to a third party. It said the problem is not with Mt.Gox software but affects all transfers of bitcoins to third parties. It is allowing transfers to Mt.Gox bitcoin addresses as well as currency withdrawals. Trading in bitcoins also continues.
But the exchange said it was suspending transfers and third-party payments until the problem is fixed. A bug is allowing a third party receiving a bitcoin transfer to make it look as if the transfer did not go through, which can lead to improper multiple transfers, Mt.Gox said.
______________________________________________________________________________________
But wait a minute....I thought the only websites to have technical issues were government health insurance exchanges, and that private industry did it better.
(Just as an aside, I had to laugh that my spellchecker has yet to recognize "Bitcoin" as an official word. )
KamaAina
(78,249 posts)Or were they hacked?
http://www.democraticunderground.com/10024482670
Recursion
(56,582 posts)nadinbrzezinski
(154,021 posts)Orrex
(63,224 posts)That makes it... what? 58 days old?
nadinbrzezinski
(154,021 posts)close to a decade. What is funny is that my only direct contact with any user was a far right libertarian
Forgot to add, yup, gold standard, Ron Paul fan all the way. Which actually, makes sense, bless her heart.
On the Road
(20,783 posts)Bitcoin as a currency and the gold standard? How is it possible for one person to support both?
nadinbrzezinski
(154,021 posts)It is actually internally consistent.
These days I get my rice and quinoa, she has very high quality merch, and avoid the politics. Otherwise my head will hurt.
But pay her with US legal tender.
On the Road
(20,783 posts)but as a currency, which many people seem to think it is, it would seem to be the polar opposite of the gold standard.
nadinbrzezinski
(154,021 posts)She fears the Feds more than anything, and the control, illegal mind you, of the central bank. Pointing out that the central bank is a public private hybrid...
What is odd us they survive from state income, main bread winner works ( until he retires this year) at a public university. Don't get her started on unions and food control and chem trails and all that ...it is my personal look inside that world outside of the Ron Paul for President rally. (I covered it as media)
Sadly, my local food market has more than a few of these people, not just selling. So I have decided to just get my food and avoid conversation. Don't let the Birkenstock or the nuts fool you.
FSogol
(45,527 posts)closeupready
(29,503 posts)Or vastly overrated...?
Tommy_Carcetti
(43,198 posts)So in less than a week, it's lost half its value?
Imagine if the dollar lost half its value in a week's timespan. I think we'd be going into full Mad Max mode by that point.
closeupready
(29,503 posts)So, depending upon how you draw the chart, it's either down 50% from its high, or up approx. 5,000%, lol.
BlueStreak
(8,377 posts)that this is ever going to be suitable as a currency.
closeupready
(29,503 posts)a currency, but instead, as others have pointed out, its liquidity. That is, you buy some bitcoins with local currency, use them to support your local elected official anonymously in communist China; they turn the bitcoins into their own local currency.
It was as valuable for that purpose at $12/bitcoin as it is at $574/bitcoin.
NightWatcher
(39,343 posts)Is your friend named Rob too? He's always with the tired rhetoric that appeals to 16 year olds.
Tommy_Carcetti
(43,198 posts)Hmm, maybe you are my Facebook friend and I don't know it.
Nye Bevan
(25,406 posts)geek tragedy
(68,868 posts)bemildred
(90,061 posts)La Lioness Priyanka
(53,866 posts)JustAnotherGen
(31,899 posts)arely staircase
(12,482 posts)Rex
(65,616 posts)malware and viruses. No surprise it Bit the dust.
wandy
(3,539 posts)"Shop at Home", "Shop to Win", "Shop for Coupons" ,ConduitEngine, FreeCause and on and on into the night.
He says as he disinfects the laptop of someone who should have known better.
Oh well us old retired folk gotta pick up beer money somehow.
Rex
(65,616 posts)Win32/HackTool.WinActivator.I
Win32/Packed.ScrambleWrapper.C
Win32/Vittalia.H
Win32/Packed.VMProtect.AAA trojan
Win32/Conduit.SearchProtect.C
Win32/Conduit.SearchProtect.B
Win32/Conduit.SearchProtect.E
Win32/Conduit.SearchProtect.C
Win32/Conduit.SearchProtect.E
MSIL/Soft32Downloader.A
Win32/Wajam.F Win32/DownloadAdmin.G
Conduit was all over this poor PC.
EDIT - I was kinda sad really, I had to tell this guy he had a fake copy of Windows7 on his PC. He told me he got it off the Internet so thought it was legal.
wandy
(3,539 posts)Opening the way for other 'nasties'. "Shop for bla bla bla.........
On this guys poor beast their were key loggers.
You might want to tell yours to keep a close watch on his credit card and bank statements.
This thing was bad! I'm still not sure what was Addware/Bloteware/malware/Best Buy or who opened up the way for the rest of the mess.
You might want to look into this......
AdwCleaner
http://www.bleepingcomputer.com/download/adwcleaner/
It helped. Somewhat.
Best Buy was a real party. Had to regedit that bad boy out of there with my fingers.
And like I said. This guy should have known better.
He gonna get "whoppid supid"
Lancero
(3,015 posts)You've said it yourself - The copy of Win7 was fake.
Given that he thought software downloaded from the net was legal, he probably got some other peices of software from the net as well.
So, really - BC isn't to blame for these results. Pirating software is.
I've seen the all of these before when cleaning computers as well, and they were all directly related to pirated software.
Rex
(65,616 posts)And it looked all official, though he wouldn't know anything about that.
chrisa
(4,524 posts)to think that they're "Uber-elite PC users," giving them the confidence to do stupid things on the internet. Pirating software is a sure-fire way to get nasty viruses.
In fact, I wouldn't be shocked if the software companies, music producers, etc. purposefully those viruses out there.
Lancero
(3,015 posts)A lot of the times, the infections are false positives. It has to do a lot with how AV's detect viruses - A lot of the time they flag things that look suspicious as a virus, when it's not.
Thats not the say that virus's don't get spread around through pirating. They do, it's just hard to get a more precise number since people confuse a virus with a false positive. But most of the people who get hit with a virus tend to be new to pirating, and haven't had enough experience to know what downloads to avoid, and how to tell the difference between a false positive and a real virus.
Iggo
(47,568 posts)Bone Jur.
Rex
(65,616 posts)It is sad that there are some people that actually believe it!
dionysus
(26,467 posts)and yes, he posts about bitcoin on facebook.
Ikonoklast
(23,973 posts)secretive and beholden to unknown foreign powers love them some Bitcoin...invented by person or persons whose reaL identities are unknown, whose motives are secret, and can manipulate the currency for their own financial gain as they hold a large fraction of it..
Pump and Dump scheme, suckers are left holding the bag.
MADem
(135,425 posts)It always came off as a Ponzi scheme to me...
Tommy_Carcetti
(43,198 posts)Which are also an annoying fad, but which appear to have had a longer shelf life than Bitcoin.
Although Bitcoin and Bitstrips both appear to have a shorter lifespan than the Harlem Shake. Hey, remember that?
Nye Bevan
(25,406 posts)how can you be so sure that it is dead?
Tommy_Carcetti
(43,198 posts)msanthrope
(37,549 posts)randome
(34,845 posts)[hr][font color="blue"][center]A 10% chance of rain means the same as a 90% chance:
It might rain and it might not.[/center][/font][hr]
HappyMe
(20,277 posts)It seemed like a big scam to me.
Nye Bevan
(25,406 posts)without their government, or local law-enforcement, finding out. Bitcoin enables them to do this.
Too many people ridicule things just because they don't understand them.
Blue Idaho
(5,057 posts)And the imaginary bank closed its imaginary doors to keep people from withdrawing their pretend money?
There's got to be an object lesson in here somewhere...
tridim
(45,358 posts)gets to keep all the REAL money when he closes his fake bank. The people who gave him the money in exchange for bitcoin get nothing, and they have no legal recourse to recover it.
BITCOIN. IS. A. PYRAMID. SCHEME.
The people that run the exchanges are at the top, everyone else is on the bottom.
Blue Idaho
(5,057 posts)Shame about that unregulated banking scheme - looks like another win for the 1%...
Art_from_Ark
(27,247 posts)Back in the 1830s-1850s, basically anyone could set up a "bank" out in frontier areas "where the wildcats are". Many of those banks would require "hard money" (gold and silver) as deposits and in return, provide their own beautifully engraved, very official-looking banknotes to depositors to use as currency. Once the banksters got enough gold and silver (which could be used anywhere as money), they would suddenly close up shop, leaving depositors with paper that might be accepted at a huge discount in their own town, and which might not be accepted at all in neighboring towns.
BlueStreak
(8,377 posts)Your post ought to be the definition of Bitcoin on Wikipedia, Urban dictionary and everywhere else.
Laelth
(32,017 posts)-Laelth
Xyzse
(8,217 posts)The first time I've heard about bit coin a few years back... woah, now that I think about it, it was just at the beginning of the Obama presidency.
It was only a few buck to the dollar. I don't mind it going back to those levels.
If it goes further down, I'll consider it an investment opportunity and buy a bit.
DesMoinesDem
(1,569 posts)Do you realize that it is currently over $600? On this date last year it was $25. That one annoying libertarian friend is doing very, very well.
Tommy_Carcetti
(43,198 posts)Where was it a week ago?
DesMoinesDem
(1,569 posts)Most people don't invest in anything for one week. Every investment has ups and downs. Bitcoins up is far, far, far greater than its current down. Your claim that Bitcoin is dead is just idiotic.
Tommy_Carcetti
(43,198 posts)If, for example, the US dollar lost half its value in a week, I'm thinking this would be what we would see:
DesMoinesDem
(1,569 posts)You expect volatility when you get those gains. About two years ago it lost 70% of its value in a few days. It's up 1000% from then, and that's after this decline that you think killed it. Apple stock dropped from over 700 to less than 400 in 6 months. I don't think I need to tell even you that Apple is not dead.
Renew Deal
(81,872 posts)What is the real value? It's worth less than the paper used to print cash. At least you can burn the paper for heat.
DesMoinesDem
(1,569 posts)Renew Deal
(81,872 posts)It's a bunch of numbers on a screen
DesMoinesDem
(1,569 posts)or spend it at one of the hundreds of places that accepts it. Your argument is no diferent than saying dollars aren't worth anything because they're just paper with numbers printed on them. I don't really care if you don't believe dollars or bitcoins or copper or diamonds or Iphones aren't worth anything. It is a fact that they are. Your opinion has no effect on their actual value.
BTW, you asked what $600 gets you, and then said that $600 isn't actually $600. That makes no sense.
The_Commonist
(2,518 posts)That was frikkin' awesome.
LittleBlue
(10,362 posts)TheMathieu
(456 posts)Most of the advocacy for it comes from the far right and assorted shady groups with ties to criminal enterprises.
penultimate
(1,110 posts)based solely one political motivations, but I have yet to see anyone articulate exactly why... I mean, other than a couple people saying that they don't understand what it is, but that they dislike it because libertarians they know like it.
TampaAnimusVortex
(785 posts)and they certainly weren't hard core Christian conservatives...
Sounds like you have about 50 layers of preconceived notions piled on top of one another.
chrisa
(4,524 posts)Bit Coins are less traceable than normal cash, so it makes buying a full-automatic AK-47 or crack that much easier. On the other hand, they're not totally safe - they can be hacked and stolen.
central scrutinizer
(11,662 posts)nfm
kwassa
(23,340 posts)Courtesy Flush
(4,558 posts)woo me with science
(32,139 posts)as long as we have an economic system that is inherently corrupt and funnels money from the poor to the rich as part of its very structure, people will keep trying to develop alternatives.
Tommy_Carcetti
(43,198 posts)Newer is not always better.
Renew Deal
(81,872 posts)I think it shows that there are more suckers looking for fast cash than I thought.
woo me with science
(32,139 posts)It was clearly important to deny even the *suggestion* that experiments like Bitcoin arise in reaction to an inherently corrupt and predatory economic system.
In similar pro-corporate fashion, you also post reliably and prolifically to smear Greenwald or Snowden rather than focus on the criminal surveillance state, (e.g., http://www.democraticunderground.com/1014723670#post8), a tactic perfectly exposed and described in this superb OP:
Every single instance of a discussion instigated regarding Greenwald's character is an attempt to deflect attention from the NSA.
http://www.democraticunderground.com/10024473478
Similarly, rather than respond to specific posted and supported information about how the TPP will allow global corporations to supersede national regulations and destroy worker protections, you join other corporate posters in trying to smear by association those who have documented such dangers as right-wingers: http://www.democraticunderground.com/?com=view_post&forum=1002&pid=4376929
Based on your diligent pro-corporate activities here, I wouldn't expect you to respond to this post with anything other than denial of the predatory underpinnings of our current banking system and their obvious role in catalyzing experiments like Bitcoin.
arely staircase
(12,482 posts)There are no sharks left for you to jump.
Renew Deal
(81,872 posts)They think they can see evil one world government conspiracy that no one else can see.
Renew Deal
(81,872 posts)I stand by all of it, but I should clarify one thing. You misunderstood my point on that TPP thread. The title of that thread was "The Trans-Pacific Partnership looks like a giant step toward the end of sovereign nations." That's the same type of hysterics and paranoia used by right wing crazies to describe the "NAFTA Super Highway." But if you look at all three items you posted (Bitcoin, Snowden, and "the end of sovereign nations" , they are rooted in RW and libertarian paranoia about the government.
I don't think Bitcoin does ANYTHING to deal with "an inherently corrupt and predatory economic system." It's just another scheme to sucker libertarian morans (and sympathizers) out of their money. Same as the gold schemes that Glen Beck is involved with.
Aerows
(39,961 posts)made 83/hr by trading bitcoins. Go to my site www.pyramidripoff.com to see how she did it! She drives a yacht to work now! I went to her house for lunch and ate endangered species for lunch, got a pedicure next to a Kardashian, and when I dented her Porsche with my free Birkin bag she gave me, she just smiled, and said pay me later!!!!
NoGOPZone
(2,971 posts)anti partisan
(429 posts)At least you admit you don't understand it. It's now holding steady at over $600 per coin, even with the exchanges undergoing technical difficulties and the ban by Russia.
This is how I want to die. Won't even need a funeral cause I'll still be breathing, walking and talking.
William Seger
(10,779 posts)... I think it's safe to say that not many people really understand it, including myself. One thing I've learned from 35 years in software development is that the field is full of people much smarter than myself, and one thing I've learned from 63 years of living is that wherever there is money, there will be people trying to get their hands on it by any means.
Good luck to you in your gambling adventures, but I won't be buying any bitcoins.
Tommy_Carcetti
(43,198 posts)For example, how are we supposed to trust Bitcoin when we don't even know who or what is setting its value?
It's like people saw a problem, and instead of trying to improve on the situation, they did the opposite.
So after the Great Recession, there's an inherent mistrust in the banking industry. And the Bitcoin conversation could essentially be summed up like this:
"The problem is that the financial industry is subjected to regulations and oversight that are too lose."
"Yes, I agree! What we need is a financial industry that is subjected to no regulations or oversight whatsoever!"
"Wait, what?"
The thing is, I get gold. I'm inherently skeptical of gold too simply because I always hear it being hawked on AM talk radio and that alone gives me pause. But I understand that people would want something physical and tangible that they believe to have some inherent worth in the case of a currency crash or financial Armageddon.
But Bitcoin? It's just out there, in the electronic ether. And it's worth is calculated by who knows what. And worst of all, there's just no regulation to it whatsoever. No FDIC insurance, no guarantees.
You have to forgive me for just being incredibly skeptical about it. Even if I don't fully understand it, from what I do understand it sounds shady as hell.
JeffHead
(1,186 posts)anti partisan
(429 posts)Aerows
(39,961 posts)Which is the biggest complaint of bitcoin users, "fiat". Cash it in.
anti partisan
(429 posts)I like the idea of bitcoins, and don't look at them as a replacement for fiat. It just makes a lot of internet stuff a ton easier.
Renew Deal
(81,872 posts)Impressive. They couldn't even pay a quarter of Lebrons single season salary.
Aerows
(39,961 posts)it relied upon trading sites for drugs and guns.
That drove the price up.
Then opium got into play. And more guns.
Surprise! Fold.
defacto7
(13,485 posts)in a casino that offered 100x odds on a $100 minimum bet?
It's about the same thing.
Mosby
(16,358 posts)So yeah, governments are going after it.
My prediction is that it survives.
TampaAnimusVortex
(785 posts)There are places where you can put your money where your mouth is and short bitcoin... and if your right, you can make a lot of money.
Generally though, markets tend to run towards things right as they start to top out and away from things right as they start to start to turn around, so my guess is Bitcoin is due for a rally about now, so please do let me know how much money you intend to toss into a short bet and what the arrangements are.
Id love to check back on you in a month and giggle.
Tommy_Carcetti
(43,198 posts)Go ahead and check in a month.
http://money.cnn.com/2014/02/12/technology/security/bitcoin-attack/
I'm sorry, but when someone says, "Unregulated, uninsured virtual currency", it just doesn't install a whole lot of confidence in me.
TampaAnimusVortex
(785 posts)you obviously don't trust your own words enough to place the bet.
If your going to make financial predictions on a public forum, at least flip the coin a few times.
Oh - by the way, as of 8pm est... bitcoin has been trending up.
www.bitcoinwisdom.com
Tommy_Carcetti
(43,198 posts)TampaAnimusVortex
(785 posts)You are familiar with shorting right?
It's a very common financial play where you are essentially betting the market goes down and you make money. You do this through valid market organizations... see here.
http://finance.fortune.cnn.com/2013/12/05/betting-against-bitcoin-bubble/
Tommy_Carcetti
(43,198 posts)TampaAnimusVortex
(785 posts)or are you just blowing hot air?
Recursion
(56,582 posts)TampaAnimusVortex
(785 posts)There's lots of avenues to short bitcoin and make money... oh, and bitcoin just happens to be up since 8pm est last night, so good luck!
www.bitcoinwisdom.com