850,000 Bitcoin Lost

Profile picture of the author Adie by Adie Posted: 03/02/2014
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
#850 #bitcoin #lost

  • Profile picture of the author dtul
    dtul
    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.
  • Profile picture of the author heavysm
    heavysm
    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
  • Profile picture of the author Shane12
    Shane12
    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.
  • Profile picture of the author David Braybrooke
    David Braybrooke
  • Profile picture of the author planetlubs
    planetlubs
    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.
  • Profile picture of the author Joshua P
    Joshua P
    they are not lost,he ran away with them,if you've been in the btc scene you know what i'm talking about..
  • Profile picture of the author Geeked Labs
    Geeked Labs
    My friend lost TENS of thousands of dollars because of this event. I'm never EVER touching bitcoin. Buyer beware.
  • Profile picture of the author LetsGoViral
    LetsGoViral
    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.
  • Profile picture of the author pewpewpewmonkeys
    pewpewpewmonkeys
    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.
  • Profile picture of the author ecstacy31
    ecstacy31
    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.
  • Profile picture of the author brutecky
    brutecky
    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).
  • Profile picture of the author LetsGoViral
    LetsGoViral
    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.
  • Profile picture of the author lotsofsnow
    lotsofsnow
    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.
  • Profile picture of the author Tim_Carter
    Tim_Carter
    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.
  • Profile picture of the author RockStar87
    RockStar87
    Be cautious but I think bitcoin protocol is fine as of the moment.
  • Profile picture of the author NewParadigm
    NewParadigm
    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.
  • Profile picture of the author 10kaday
    10kaday
    I think its too unstable to be a good currency for now and might be a better investment later.
  • Profile picture of the author smjconet
    smjconet
    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.
  • Profile picture of the author Geeked Labs
    Geeked Labs
    My money would be insured up to $250,000. So yes I would use them again. Bitcoin however? Not a chance.
  • Profile picture of the author fearlesspioneer
    fearlesspioneer
    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.

Related discussions

Next Topics on Trending Feed