Whoopsie, Bitcoin

[Gutenberg]

The best-known Bitcoin exchange is falling apart thanks to a massive fraud and theft. What this will mean to the other exchanges, and to Bitcoin itself, is unknown, but the price of Bitcoin is dropping like a stone and advocates are running for cover.

http://www.onthemedia.org/story/most-wel...-what-now/

[freeradical]

Buy gold...;-)

[vision63]

I think some form of Bitcoin is going to win. Hopefully their stock will become decimated and become purchasable by riffraff such as myself a' la Apple at $13.

[ztirffritz]

From what I can gather, it isn't the Bitcoin currency itself that is coming apart, it is the infrastructure used by the different exchanges to collect and disseminate the currency. In other words, the money works fine, but the lock on the vault is broken. In a sense, the interesting thing about bitcoin is it forces one to think about currency differently. Why do we value little green pieces of paper? They only hold value because we all collectively agree that they have a value. If we lose faith in that universal value, then its utility as currency disappears and it becomes just a piece of paper. Currently, BitCoin is suffering a similar crisis of value.

[pinion]

ztirffritz wrote:
From what I can gather, it isn't the Bitcoin currency itself that is coming apart, it is the infrastructure used by the different exchanges to collect and disseminate the currency. In other words, the money works fine, but the lock on the vault is broken. In a sense, the interesting thing about bitcoin is it forces one to think about currency differently. Why do we value little green pieces of paper? They only hold value because we all collectively agree that they have a value. If we lose faith in that universal value, then its utility as currency disappears and it becomes just a piece of paper. Currently, BitCoin is suffering a similar crisis of value.

Right, there is nothing wrong with botcoin itself. But if you've got your money in an online exchange I'd get it transfered to your own private bitcoin wallet NOW.

[N-OS X-tasy!]

ztirffritz wrote:
In a sense, the interesting thing about bitcoin is it forces one to think about currency differently. Why do we value little green pieces of paper? They only hold value because we all collectively agree that they have a value. If we lose faith in that universal value, then its utility as currency disappears and it becomes just a piece of paper.

I think about that quite frequently.

[Paul F.]

I have a few examples in my collection of what happens when the value of currency destabilizes....



A "milliarden" is a billion, by the way...
By October of 1923, that was enough for a loaf of bread. Barely.

[Speedy]

vision63 wrote:
I think some form of Bitcoin is going to win. Hopefully their stock will become decimated and become purchasable by riffraff such as myself a' la Apple at $13.

Bitcoin will eventually go to zero. Hopefully sooner rather than later.

[vision63]

Speedy wrote:
[quote=vision63]
I think some form of Bitcoin is going to win. Hopefully their stock will become decimated and become purchasable by riffraff such as myself a' la Apple at $13.

Bitcoin will eventually go to zero. Hopefully sooner rather than later.
I'll take a thousand shares. We can go in together. We can go into the uber plowing business. I'm willing to work hard Speedy.

[Paul F.]

vision63 wrote:
[quote=Speedy]
[quote=vision63]
I think some form of Bitcoin is going to win. Hopefully their stock will become decimated and become purchasable by riffraff such as myself a' la Apple at $13.

Bitcoin will eventually go to zero. Hopefully sooner rather than later.
I'll take a thousand shares. We can go in together. We can go into the uber plowing business. I'm willing to work hard Speedy.
You can take those BitCoins, and invest in raising Tulip Bulbs! It's the wave of the future!