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Unread 1st March 2014, 06:46 PM   #1
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Default 850,000 Bitcoin Lost

This thing about bitcoin is scary. I don't think I will ever use bitcoin.
UPDATED: Mt.Gox Files For Bankruptcy Protection, Says 850,000 Bitcoin Lost | TechCrunch



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Unread 1st March 2014, 07:04 PM   #2
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Default Re: 850,000 Bitcoin Lost

I wouldn't write Bitcoin off completely, but definitely be very wary of it. I for one don't plan on investing any in it either, at least right now. Maybe in the future it will have some regulation, but that basically defeats the entire purpose of why Bitcoin exists in the first place. I really do feel for everyone who lost something in the Mt. Gox collapse. It's a terrible situation.
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Unread 1st March 2014, 07:31 PM   #3
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Default Re: 850,000 Bitcoin Lost

I'm watching Bitcoin and the crypto currency market cautiously but closely over the next year. I'll be interesting to see what it evolves/devolves to over time.

I just hope people don't lose their shirts investing into this stuff
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Unread 2nd March 2014, 12:19 AM   #4
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Default Re: 850,000 Bitcoin Lost

I would have liked to get in on the ground floor, but now it's just an interesting thing to watch from the sidelines as the price rollercoasters.
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Unread 2nd March 2014, 12:26 AM   #5
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Default Re: 850,000 Bitcoin Lost

Are these soon to become obsolete then? First Bitcoin ATMs in US raise virtual currency's profile and concerns | NDTV Gadgets

"The scientific theory I like best is that the rings of Saturn are composed entirely of lost airline luggage." - Mark Russell
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Unread 2nd March 2014, 01:09 AM   #6
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Default Re: 850,000 Bitcoin Lost

Quote:
Originally Posted by David Braybrooke View Post
I don't believe those are to become obsolete. The above story about filing for bankruptcy, I would like to believe that this is one minor setback that occur in any business. I don't think it will affect the currency in the long run. It is just a sign of poor business practice by MT. Gox but has nothing to do with the currency.

In my opinion, Bitcoin will just become stronger and now is the best time to invest in them.

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Unread 2nd March 2014, 01:18 AM   #7
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Default Re: 850,000 Bitcoin Lost

they are not lost,he ran away with them,if you've been in the btc scene you know what i'm talking about..
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Unread 2nd March 2014, 01:45 AM   #8
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Default Re: 850,000 Bitcoin Lost

My friend lost TENS of thousands of dollars because of this event. I'm never EVER touching bitcoin. Buyer beware.
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Unread 2nd March 2014, 02:07 AM   #9
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Default Re: 850,000 Bitcoin Lost

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Originally Posted by Geeked Labs View Post
My friend lost TENS of thousands of dollars because of this event. I'm never EVER touching bitcoin. Buyer beware.
That makes no sense. If Citibank went bankrupt, would you never be touching USD again?

Mtgox is a scam site, has nothing to do with Bitcoin protocol.

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Unread 2nd March 2014, 06:26 AM   #10
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Default Re: 850,000 Bitcoin Lost

Quote:
This thing about bitcoin is scary. I don't think I will ever use bitcoin.
The people who lost money were the ones who kept their bitcoins on mt gox instead of their own personal wallets.

Let's say I stuff my leather wallet full of $100 bills. Then I pour gasoline on it. Then I light it on fire. Just because I make a stupid move doesn't mean you're no longer going to want to use leather wallets or enjoy $100 bills.

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Unread 2nd March 2014, 06:53 AM   #11
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Default Re: 850,000 Bitcoin Lost

Actually Mt.gox's problems started long time ago.One of my friend used to trade there,and when I started trading he asked me to stay away from Gox.So I trade with Btc-e.
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Unread 2nd March 2014, 07:34 AM   #12
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Default Re: 850,000 Bitcoin Lost

All those people hyping up bitcoin .. none of them listened to the voice of reason when people told them about the risks or the fact that this was done before (and crashed before).

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Unread 2nd March 2014, 03:13 PM   #13
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Default Re: 850,000 Bitcoin Lost

Quote:
Originally Posted by pewpewpewmonkeys View Post
The people who lost money were the ones who kept their bitcoins on mt gox instead of their own personal wallets.

Let's say I stuff my leather wallet full of $100 bills. Then I pour gasoline on it. Then I light it on fire. Just because I make a stupid move doesn't mean you're no longer going to want to use leather wallets or enjoy $100 bills.
Exactly. Bitcoin protocol is fine.

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Unread 2nd March 2014, 03:44 PM   #14
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Default Re: 850,000 Bitcoin Lost

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Originally Posted by pewpewpewmonkeys View Post
The people who lost money were the ones who kept their bitcoins on mt gox instead of their own personal wallets.

Let's say I stuff my leather wallet full of $100 bills. Then I pour gasoline on it. Then I light it on fire. Just because I make a stupid move doesn't mean you're no longer going to want to use leather wallets or enjoy $100 bills.
That is an excellent comparison.

Just because people make stupid moves does not mean that everything is lost.
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Unread 2nd March 2014, 06:50 PM   #15
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Default Re: 850,000 Bitcoin Lost

As pointed out, nothing has disappeared. Someone robbed the bank (to put it in fiat vernacular). There is nothing wrong with Bitcoin itself. It was Mt. Gox (Magic: The Gathering Online eXchange). Originally a site for selling magic cards.

So people left their Bitcoin in Mt. Gox instead of transferring them to their own wallet, resident on their own computer and backed up properly.

Caution is required when using and investing in digital currency, just like if you were trading Forex or anything else.

People need to get their facts straight before starting threads like this.

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Unread 2nd March 2014, 08:23 PM   #16
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Default Re: 850,000 Bitcoin Lost

Be cautious but I think bitcoin protocol is fine as of the moment.

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Unread 2nd March 2014, 08:30 PM   #17
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Default Re: 850,000 Bitcoin Lost

This is just like Jon Corzine of MF Global stealing 1.5 billion in customer deposits to cover his own rogue trading losses.

Lesson, don't keep your digital bearer bond currency in someone elses account.

Kind of like keeping "allocated" gold accounts too.

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Unread 2nd March 2014, 08:33 PM   #18
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Default Re: 850,000 Bitcoin Lost

I think its too unstable to be a good currency for now and might be a better investment later.

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Unread 2nd March 2014, 09:19 PM   #19
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Default Re: 850,000 Bitcoin Lost

Bitcoin is not a currency and is not backed by any government and therefore is by definition, not a currency. It is a derivative market plain and simple. Like any derivative market it follows the same patterns and laws of supply and demand as any other. It is however, a very unregulated derivative market and is subject to easy abuse, much like FOREX was in the early 2000s and the Milken days before that. I have no problem with Bitcoin, just understand that is speculation and not investment.
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Unread 2nd March 2014, 11:08 PM   #20
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Default Re: 850,000 Bitcoin Lost

My money would be insured up to $250,000. So yes I would use them again. Bitcoin however? Not a chance.
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Unread 2nd March 2014, 11:26 PM   #21
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Default Re: 850,000 Bitcoin Lost

Quote:
Originally Posted by Adie View Post
This thing about bitcoin is scary. I don't think I will ever use bitcoin.
UPDATED: Mt.Gox Files For Bankruptcy Protection, Says 850,000 Bitcoin Lost | TechCrunch
This is an expensive lesson to learn.

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Unread 2nd March 2014, 11:44 PM   #22
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Default Re: 850,000 Bitcoin Lost

Quote:
Bitcoin is not a currency
It is, actually.

Quote:
and is not backed by any government and therefore is by definition, not a currency.
A "currency" does not have to be govment backed to be legitimate. Currency created by the govment has to be backed by the govment, but just because the sky is blue and a car is blue doesn't mean the car is made out of the sky.
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Unread 2nd March 2014, 11:52 PM   #23
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Default Re: 850,000 Bitcoin Lost

The biggest problem i see with cryptocurrencies is that they're potentially easy to manipulate by large, evil, megalomaniac Mr Burns type dudes...

Is it dead? I don't think so.

It's main benefit is buying stuff undetected, and is cool for small business transactions.

I sure as hell wouldn't put my life savings in anything that's not insured, though.

Just my $.02

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Unread 3rd March 2014, 12:24 AM   #24
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Default Re: 850,000 Bitcoin Lost

I think anyone who has ever had experience trading or even understanding economics knew that bitcoins were unstable. It just sucks for all those people that gave into that hype. The funniest part was that web developers were actually considering intergratigng it as a form of payment. For anyone thinking about getting involved with bit coin. My suggestion to you is to STAY THE HELL AWAY FROM IT! YOU ARE NOT GOING TO GET RICH.
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Unread 3rd March 2014, 12:33 AM   #25
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Default Re: 850,000 Bitcoin Lost

Quote:
I think anyone who has ever had experience trading or even understanding economics knew that bitcoins were unstable.
Based on what?

Quote:
The funniest part was that web developers were actually considering intergratigng it as a form of payment.
Web developers HAVE integrated crypto-s as a form of payment.

Quote:
For anyone thinking about getting involved with bit coin. My suggestion to you is to STAY THE HELL AWAY FROM IT! YOU ARE NOT GOING TO GET RICH.
Less money for you, then.

Let's say you sell hats and decide to accept crypto as a form of payment. Someone with bitcoin or litecoin, etc sees that you sell hats, has been wanting a hat, and loves the fact that he can spend his crypto at your store and now is super excited to use your store rather than a competitor's. So he buys a hat from you by using bitcoin. Now you transfer that bitcoin over to USD (or whatever) and you now have cash. Thus you are richer thanks to bitcoin.

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