/biz/ - Business & Finance

m8

I believe there was a exploit which allowed people to get bitcoins for free and Mt Gox closed off all withdrawls.

>>49623
Gox froze withdraws because trade volume was far too high for it to handle.

BUY BUY BUY

On Bitstamp it's still listed at $630.

Is this because Bitstamp actually werks or are they simply lying?

>>49402
1. Russia banned cryptocurrencies a little over a week ago.

2. A bug was found in Bitcoin's source code, causing investors to lose confidence.

3. Mt. Cocks slashed the price and gave some vague excuse for doing so.

See here for the reason.

http://www.coindesk.com/bitcoin-bug-guide-transaction-malleability/

>>50641
Bitstamp halted their withdrawals for 4 days because of the same transaction malleability. They fortunately have found a solution to the problem and have reopened withdrawals

>>50683
>2. A bug was found in Bitcoin's source code, causing investors to lose confidence.
This is not true. It's a lie made up by some exchanges, namely Gox, to cover for their incompetence. Everything that happened was listed as a known vulnerability and did not actually do anything other than slow down transactions. No one actually had coins stolen from them from an exploit, but maybe some people lost things due to a virus or other natural, unpreventable (from the protocol) environmental factors. Some also had their coins stolen from hidden marketplaces such as that new Silkroad and as this currency is irreversible, that means millions were lost.

Someone is basically DDoSing Bitcoin.

I was thinking about selling around $800, then $700. I always held out until the end because that's what made me a ton of money. But this time, after I woke up and saw it at $580, I figured enough was enough as the solutions weren't coming in and I panicked. It's been stagnant for months and is now on a distinctively downward trend and has been for such a long time that the future of Bitcoin, for the first time ever since its creation and first crash, seems uncertain.

We'll need to see what happens. I lucked out and had it bounce up to $630 before I sold, ending up getting around $650 or $660 per coin rather than $580 and was able to withdraw easily. For now, I am not comfortable with this market and until the solutions start rolling in and the dust settles, I don't think you should be either. We haven't seen something like this before. Buy in later at risk of missing out on a hundred bucks so you can know everything is going to be okay rather than betting on a downward trend hoping to milk a little extra.

Best case scenario: Gox and other shit exchanges are eliminated, good ones gain more traction, Bitcoin recovers. I can't imagine it ever going beyond a couple thousand though. There's just too many of them and the amount invested is already preposterous.

It's worth noting this is not "a bug with bitcoins source code", it's a bug with badly implemented custom wallets that the exchanges use to do transactions with.

Basically some exchanges have written a buggy implementations of their custom wallets making them make multiple payouts and have ceased trading until its fixed and they can sort out the mess.

Incredible amounts of Bitcoin have been stolen from Silkroad.
Also, it was one of the reasons Bitcoin rates were that high. There are other Darkmarkets now as well but they are not that widely known.

Try any other exchange. They're all at at least $600, except MtGox.

>>50864

Don't put any money into Mt Gox right now, they're not being very public about their issues, it's pretty obvious that they've lost a lot of money due to this issue and that they cannot afford for all investors to withdraw their funds right now, at least not at full market value, there's a protest outside their offices for more information and they're just being silent.

>>50912
Nobody with any brains has used MtGoy for at least two years. They've done this before.

>>49402
yeah mtgox has a shitty implementation and is getting DDOS'd basically

so they're shutting down and probably stealing bitcoins in the process, until they can upgrade

btw Silk Road is more ethical than MtGoy, at least silkroad is working on returning people's buttcoins after they got hacked

silkroad6ownowfk.onion 4 lyfe

>>50922
a lot of day traders used gox because the prices there were most volatile. They're in deep shit now tho

Mtgox got fucked -$100
Bitstamp got fucked -$100
SR2 shut down -$100

Bubble est boublé
Glad I never got involved in the bitcoin.

Last 30 days

>>55616
tell me when it's 3000% drop at least
http://planetbtc.com/Bitcoin_News/bitcoin-up-6000-since-start-of-year/

>>55782
>3000% drop

You are the cancer killing /biz/

btw
http://www.investing.com/news/forex-news/bitcoin-rebounds-60-on-mt.-gox-as-company-issues-announcement-266689

>>55782
>3000% drop
Dude...

Okay, let's analyze what you really meant. When you said "a 3000% drop" with a relative number of 6000%, what you're implying in English is a 50% drop.

A 67.41% drop is, in your terms, "a 3000% drop at least".
>responding to bait

It's over. Bitcoin is finished.

>>56620
There's a very obvious difference between people panicking over the first major crash and this very long, sustained crash we've been witnessing.

We've had many crashes like that first once since then, but we haven't experienced something quite like this yet. That doesn't mean Bitcoin is dying, but this is a very long, very sustained and gradual drop that's been happening for months. Unlike previous crashes, it never truly completely recovered from its December crash and has only gone downhill since.

>>49402
>Bitcoin

GET MY STOCKBROKER ON THE PHONE

BUY BITCOIN NOW

>>57030
>it will rebound again right
>right
>......
>;_;

>>49402

>>56991
>but we haven't experienced something quite like this yet.
Yes we did, in April 2013. Nothing new.

>>56991

also bitcoin is actually being priced now in amounts people care about, instead of in a few cents or dollars like it has been most of its lifespan

the only thing keeping bitcoin above $100 right now are the 50-100 hoarders who own most of the coins and the newbie speculators who are both too greedy to realize its vastly overvalued.

>>57119
No. In april the crash happened in minutes not in days.

>>56991
>>56620
I vividly remember people posting that image in April 2013, and yes, it did exactly fit the price graph at that point.

Then this happened, and yes, it fits the price graph exactly.
What does this mean?

Bitcoin will go up to 10000$ and crash back to the thousands in a year.

>>57158
I think what he means is that it took a while to recover.

But yes, the April crash was much more rapid. This one is definitely a downward trend and not just a quick moment of people freaking out. I think they'll stop freaking out after a while but who knows how low it'll drop until then? I think $400-500 is far from impossible or even more if they don't sort things out within a week or two.

>>49646
This. Gox is dead.

Bitcoin has been hovering between $600-$700 the past week on every other exchange.

>>57175
>betdoge
lol

It just doesn't fit the chart at all this time, though. And the chart clearly doesn't mean shit anyway because it's been wrong repeatedly. It pretty much ALWAYS fits if you scale it the right way. Just go to pretty much any peak ever.

>>57215
$600 is still a major drop (considering it's sustained) and it was over $800 in many places for a while.

>>49402


iirc

Gox stopped trades
bitstamp stopped trades
there was another heist and Shrem was arrested a while back

Heres a neat article
http://www.forbes.com/sites/billfrezza/2014/02/07/why-bitcoin-must-die-long-live-bitcoin-2-0/

>>50854

>Darkmarkets

Is that any different from the Black Market?

>>57076
Wow.

That graph actually fits the bubble phase thing perfectly right now as opposed to the one in >>56620

>>56991
I was actually talking about the last few days of MtGox being fucked, but I do think bitcoin will recover from the more gradual downtrend too.

>>57270
Dark markets are hard to find. Black markets are trades in illegal goods. Surviving black markets are also dark markets, but dark markets can be black or grey (or i guess they could sell legal goods legally, and be taxed legally, but then they can't be very well hidden).

>>57575
This is much more complex than that though. It's true, Gox is fucking itself hard and might have just sudoku'd with these recent acts. This might actually be the point where enough is enough for them.

However, people also had a ton stolen from them from Silkroad, the network is being spammed with fake transactions and exchanges are being fucked out of money because they're incompetent, and are only just now starting to fix it. It isn't just Mt. Gox's fault alone.

>>57659
They're not the only ones responsible and they're not the only ones hurt, but the price there does seem to be taking it in the pants more than anywhere else.

>>50765

Can you steal bitcoins or is it piracy/copyright infringement?

>>57721
That's irrelevant because it's theft. So to answer your question without taking it too literally, it's more like stealing than piracy because, in taking it, it is actually being removed from your person rather than just copied and slightly devalued as a result.

>>57721
It's theft. You're not copying them. The person who had them no longer has them. There's no way to copy a bitcoin.

>>57721

The ledger, shared across the network and verified against multiple nodes ensures that it doesn't.

But it was proven that major mining pools that possess more than 50% of the network processing power can corrupt this process and steal/create new Bitcoins.

That's why there is little long term confidence in BTC.

>>57780
>But it was proven that major mining pools that possess more than 50% of the network processing power can corrupt this process and steal/create new Bitcoins.

What mining pools have this much power?

>>57814
its spread out enough that this won't happen..but it could

>>57827
This is mentioned in the original bitcoin paper, I didn't think it is actually a credible threat to bitcoin.

And isn't the whole proof of work thing to prevent double spending? I did't think you can create or steal bitcoins if you are able to subvert the mining process?

>>57827

There are 2 mining pools that together share over 40% each.

It's a really bad situation and every few months they reach a point that shakes the market because one of the pools closes on 50%.

BTC is really amateur hour.

I'm waiting for Google to roll our their XRP.

>>57915
what do you mean roll it out? you can buy that shit right now
https://www.snapswap.us/#/welcome

I'm still holding a few litecoins that I bought like 2 month ago. The best choice right now is to just wait, huh?

>>57967

I don't see any potential for increase.

>>57915
not quite.

If the price falls do you think it will impact the amount that gets mined significantly? I assume we are still far above electricity costs so probably not.

>>57915
XRP will probably roll out of beta in a month or so but I am not sure I would wait that long to pick some up. When more people catch on to it I doubt it's going to be as easy to mine (technically not mining since its donating computing power through WCG) or cheap to buy

>>58118

I've wondered, do mining costs decrease when exchange volumes and values decrease?

>>58154
In a round about way, yes. When values decrease less people mine and the difficulty of mining lowers

>>58183

Who would mine less when the price is down though. It's not like an oil company where they have to stop spending money and production falls as a result of that. It doesn't cost shit to mine bitcoins

>>58238
Actually there are costs with mining. Electricity, the cost of mining rigs or video cards. People would rather use the GPU's processing power mining something more profitable. If the value of a certain crypto-currency is down miners jump ship and use the hashrate to mine something that yields more profit.

>>50924

You stupid fuck, Silk Road stole those bitcoins to begin with. The excuse that they gave about the BTC was pure bullshit.

>>57814
GHash.io had
They even attacked the network, double spending two transactions in november

>>50924
> silkroad is working on returning people's buttcoins after they got hacked
I thought silk road got shut down by the FBI and they seized all the bitcoins? How does silk road work on returning them if they are in possession of the US government?

Guys, the reason btc is down at mtgox, and notice it's mtgox alone who's way down, is because mtgox isn't processing USD withdraws, since the US is leaning on them.

What you're seeing is drug dealers trying to get their money out of mtgox. Mtgox is asking people for "additional ID" which nobody has since they bought black-market scans.

If other markets decided to stop looking the other way on ID verification you'd see their btc price drop too, for the same reasons.

>>61529
Except the actual reason they stopped allowing everybody to withdraw is because of the recent hacks.
>>61507
That was ages ago. We mean the new, distributed, raid-proof Silkroad, which was also hacked last week and had some money stolen.

>>49402
BUY
U
Y

>>61557
Interesting. I didn't know silk road was back up

>>61557
Go to the bitcointalk site and look at the million threads about nobody being able to get their USD out of mtgox over the last, oh, few months. Notice the assload of complaints about money being held up for ID verification.

Notice also the comments about dudes having large sums they just have to "let go" because they can't come up with legitimate ID as requested. Then come back to this thread and please explain to me another plausible reason for all this.

>>61589
How about the reason they actually gave in their official press release on the subject?
https://www.mtgox.com/press_release_20140210.html

>>61612
Explain what I asked about.

Then tell me why on earth you think they'd tell everyone in a press release on their site that the FBI knows they're one of the largest exchanges for drug dealers on the planet, and the reason there are literally hundreds of threads like the ones I mentioned is because everyone has accounts opened with scans they bought from Russians, which is why people can't get the money out, which is in turn causing a fire-sale of btc.

Do you not understand why they wouldn't put this in a press release?

>>61589
>because they can't come up with legitimate ID as requested
SO, DRUG DEALING MAFIA HACKER TAXDODGING CRIMINALS

SERVES THEM RIGHT

IF YOU'RE IN MURRIKA BETTER HAVE GOOD RECORDS OF YOUR CRYPTO ACTIVITIES. IRS HAS A NEW TASK FORCE SPECIFICALLY FOR CRYPTO

THEY'RE LOOKING TO MAKE EXAMPLES OUT OF PEOPLE SO DECLARE UR GAINZ

i bought 1 btc from coinbase 2 days ago and received it instantly but it never charged my bank account. what happened?

>>58070

>4 pools own over 75% of the mining power

>>57915
>There are 2 mining pools that together share over 40% each.


You could not have possibly written that sentence in a more confusing way. Bravo!

>>61657
Do you have to declare "gains" if you don't cash out? No, you don't. As long as you keep your money in BTC then you never have to pay tax on it, like a commodity. Amirite, guyz?

>>49402

Despair happened

>>57076
I was actually looking at something like this today, when all information goes public, it's time to sell.

>>65195
Two are sharing 4/10, but not with each other.

How does it feel to be in the middle of a bubble?