After MTGox, BitFinex $61million Hack drops Bitcoin price ...

Mtgox trustee: "Seeing how bitcoin price dropped it might be better to sell."

Apart from what is written on the report, the trustee mentioned that large claims in assessment could make it difficult for civil rehabilitation to continue moving forward, and also mentions that seeing how bitcoin price dropped it might be better to sell. He asked people in the room at the end who was for selling BTC (0% responded "for", ~20% responded "against") but mentioned he wouldn't be bound by this and would act in the interest of creditors with approval of the court.

Documents distributed during the creditors meeting are available from the MtGox.com website.
submitted by Flaynas to btc [link] [comments]

Price dips because banks use MTGox sell off situation, go short to drop price more and trying to buy back later cheap. /r/Bitcoin

Price dips because banks use MTGox sell off situation, go short to drop price more and trying to buy back later cheap. /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Connecting the dots? - A possible connection between the raise in November, MtGox disaster and recent price drop (self.Bitcoin)

When I read this article (sorry pay wall) I suddenly saw a connection between the price raise in November - the MtGox crash and the recent price drop. The article is about an investigation of the Gox case. It says that hackers managed to create fake account on MtGox with a fiat currency balance. They used this (newly created) fiat money to buy Bitcoin and withdraw them.
From the article: According to Mr Maurice, a 29-year-old native of Honolulu whose business card describes him as “chief hacking officer”, the most likely explanation for the disappearance of the bitcoins is a series of raids beginning last year, in which a hacker gained access to Mt Gox’s database of account holders, assigned himself new accounts with faked cash balances, then bought and withdrew the virtual currency at will.
This information changes my view on the price increase from $150 to > $1000 drastically since it could be mainly driven my hackers spending "not existing" fiat.
The recent price drop may be caused by people who realized this recently since it would mean that most of the demand that drove the price to its hight was not real.
What does not fit to the story told on ft.com is that from all what we have heard about MtGox mainly Bitcoins has been missing in their books. If the reported version is true it should have been only fiat that was missing.
However - I think the MtGox case is still very little understood by all of us but it should be to complete this chapter. This is the reason why coinsearcher (the guy how flew to Japan) and I set up some events on the Fairlay prediction market to try to get some reasonable numbers for the likelihood of some MtGox theories.
submitted by koeppelmann to Bitcoin [link] [comments]

How many of us are still bullish about crypto?

Like the title says, do you guys still throw whatever extra currency you can into bitcoin (or altcoin)?
I'm generally curious how many of us still look at crypto as something like a time sensitive thing where you should be buying whenever you can, and how many truly believe that this is just the beginning for bitcoin as it pertains to the global market and widespread adoption.
Alternately, how many were early-ish adopters who either already sold out, or are just holding what they have and watching.
For me, I once was an early adopter in 2009. I once had thousands of bitcoin on mtgox. No longer do I own those coins (and no, I'm not rich), but I still watch and buy whenever the price drops to or below ~5k.
submitted by t4keheart to Bitcoin [link] [comments]

What caused the crash to under $9300 today?

BTC dropped to $9050, and ETH to $700 today. Yesterday it was Mt. Gox news and Binance troubles. What happened today? Whales? Bots?
submitted by ericthedreamer to BitcoinMarkets [link] [comments]

I'm Mark Karpelès, ex-CEO of bankrupt MtGox. Ask me anything.

Dear community,
Many of you know or remember me, especially recently since the MtGox bankruptcy has been allegedly linked with Bitcoin price drops in December 2017 to February 2018. Since taking over the most active Bitcoin exchange in 2011, I ran MtGox until filing for civil rehabilitation on February 28th 2014 (which became bankruptcy less than 2 months later) because a large amount of Bitcoins went missing. Since then, four years have passed, and MtGox is still in bankruptcy today. I’ve been arrested, released under bail after a little less than one year, and am now trying to assist MtGox getting into civil rehabilitation.
I did my best trying to grow the ecosystem by running the biggest exchange at the time. It had big problems but still managed to hang in there. For a while. A quite long while, even, while the rest of the ecosystem caught up. At the end of the day, the methods I chose to try to get MtGox out of its trouble ended up being insufficient, insufficiently executed, or plain wrong.
I know I didn't handle the last, stressful days of the outdrawn and painful Gox collapse very well. I can only be humble about that in hindsight. Once again, I’m sorry.
Japanese bankruptcy law has a particularly nasty outcome here, and I want to address this up front. As creditors claims were registered, those claims were registered in the valuation of Japanese Yen on the bankruptcy date. That's the only way Japanese bankruptcy law can work (most bankruptcy laws around the world operate this way for that matter). This means that the claims can be paid back in full, and there will still be over 160,000 bitcoin and bitcoin cash in assets in the Gox estate. The way bankruptcy law works is that if there are any assets remaining after the creditors have been paid in full, then those assets are distributed to shareholders as part of the liquidation.
That's the only way any bankruptcy law can reasonably work. And yet, in this case, it produces an egregiously distasteful outcome in that the shareholders of MtGox would walk away with the value of over 160,000 bitcoin as a result of what happened.
I don't want this. I don't want this billion dollars. From day one I never expected to receive anything from this bankruptcy. The fact that today this is a possibility is an aberration and I believe it is my responsibility to make sure it doesn’t happen. One of the ways to do this would be civil rehabilitation, and as it seems most creditors agree with this, I am doing my best to help make it happen. I do not want to become instantly rich. I do not ask for forgiveness. I just want to see this end as soon as possible with everyone receiving their share of what they had on MtGox so everyone, myself included, can get some closure.
I’m an engineer at heart. I want to build things. I like seeing what I build being useful, and people being happy using what I build. My drive, from day one, has been to push the limits of what is technically possible, and this is the main reason I liked and have been involved with Bitcoin in the first place. When I took over MtGox, I never imagined things would end this way and I am forever sorry for everything that’s taken place and all the effect it had on everyone involved.
Hopefully, I can make what I’ve learned in this experience useful to the community as a whole, so there can at least be something positive in the end.
Ask me anything you like.
EDIT: With this coming to all there have been an overwhelming number of messages, questions etc. I will continue responding for a little while but probably won't be able to respond to new questions (it is starting to be late here and I've been spending the last few hours typing). Thank you very much to everyone.
submitted by MagicalTux to Bitcoin [link] [comments]

If price keeps rising MtGox may become solvent and distribute 200k BTC

Mark Karpeles is hoping to take MtGox out of bankruptcy if the price rises far enough. He would then be able to distribute most or all of the 202,185 BTC that MtGox holds to creditors. Could have a significant impact on the market if it happens.
Check out Karpeles's comments here: https://www.reddit.com/mtgoxinsolvency/comments/68rs4o/mtgox_reached_around_785_of_the_claims_value/dh13kua/
Edit: MagicalTux has posted his estimated minimum target price for MtGox exiting bankruptcy. It is 276,046¥ = $2418.15.
https://www.reddit.com/mtgoxinsolvency/comments/6a3sve/what_is_the_exact_price_btc_has_to_reach_so_that/dhbjl6w/
submitted by modeless to BitcoinMarkets [link] [comments]

[Daily Discussion] Tuesday, August 7th

Welcome to the /xmrtrader daily discussion thread!
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submitted by AutoModerator to xmrtrader [link] [comments]

I've been in since May 2017, lessons learned, and some real talk.

I've only been in the crypto game since mid 2017. I remember back then when I was assessing the market, BTC was below $1k a few months earlier, LTC was around $4 that January and by the time I finally got in BTC had more than doubled to around $2,500 and LTC was $30. I thought ETH and XRP (and everything else) were just shitcoins because I didn't know shit and I just listened to the herd (Back then the argument was "Bitcoin is digital gold and LTC is digital silver and everything else is a scam.") Now, I'm pretty invested in several coins, because this market is anything but rational.
Screw off if you think otherwise. Try to think logically in this market, and you're going to get smacked in the face.
After exchanging my first fiat for crypto, in the next couple of months the market "crashed" and I was fearful. By crashed, I mean BTC went from $2,800 to $1,800. I just decided to let my cryptos ride. I pretended that money was gone, but I'd check prices every day for whatever damn reason.
I wasn't even putting that much in. Hell, I would spend more eating out and going to the bars every weekend with friends or work colleagues than I was dropping into BTC. It was pretty common that I'd drop $100 a night on sushi, beers, and Sake Bombs. But, when money you could get back loses value, it makes you feel dumb for putting money in. Logic is out the window when I can't get that $100 back from my sushi and drink purchases, but my crypto dropped 30% that week, so I was dumb for investing in crypto but not for my $500+ per month on eating out and drinking with friends.
Several weeks later, I was back to even on my crypto investments. Well shit, that was fast. Then I was suddenly up 25%. "Fuck it, I'm just putting money in. I'm not missing out."
By the the winter of 2017, I was up over 10x with my crypto speculation. My initial LTC went from $30 to over $350; my BTC went from $2,500 to $20,000. I also just threw $300-$1,000 here and there on random sub-200 market cap coins only to see them 6x in a few weeks.
I remember thinking how stupid I was for not buying during that dip down to $1,800, but how good of an investor I was because my gains. What a fucking dope I was.
I was sitting there looking at my account on December 10th, 2017. I was about to sell because I could have paid off my car and 50% of my student loans. I wasn't even using my car because I was in another country traveling.
"Nah, I can't sell. This is just the beginning; let's wait until I can pay off all my student loans" my delusional self said.
I never cashed out. I remember sitting there with a dude who had his GDAX account open after BTC "crashed" from $20k to $13k two weeks later. We just got back from surfing.
He was still sitting at $250,000 in his account and was nervous as shit. "What should I do?" he asked rhetorically. Then immediately answered himself, "It will rebound," he said, "it always does." This guy had been through the MTGOX hack and gave me plenty of advice while we surfed.
And I listened as if he was prophetic.
What a fucking dope I was.
When hopium is in the air, we all get irrational.
I still wonder about that guy and his cryptos. He went north back home for the Christmas holiday, while I headed south for more traveling, and I've never seen him again.
February 2018 was both euphoric and scary as shit. "Holy shit! BTC is under $10k I never thought it would be down here again. But it could keep dropping. But it was just $20k a month ago."
I was skeptical that it wouldn't keep dropping so I waited. Then, I didn't want to miss out. BTC was making a run from $6,500 up to testing $10k. "If it breaks $10k, I'm getting back in."
A short time later, it did break $10k, only to be hit a wall at $12k, then again...then, the inevitable crash to $6,200 happened where it fluctuated in August - November of 2018 up until, what, November 10th-ish when BCH shitfork shat out and then BTC-Shit-Vision and BTC-LMNOP started paying miners to mine their forked fork of BTC and everyone shat themselves as the market tanked yet again.
That was it for me. That was the day I stopped caring. I remember thinking how stupid I was to invest so much time in this.
You can't predict this shit.
I didn't regret investing in crypto, I regret all the time spent looking at my portfolio, trying to time the market, pretending I was some guru in my head because I threw $300 at POE when it was less than a penny and weeks later it was selling for $0.21 and could buy another trip to whatever country I wanted.
Sure, you can use TA to see what support or resistance is there, but it's still a 50-50 chance whether Fake Satoshi is going to spoof trade or some rando is going to drop three 7,000 BTC market buys to break through resistance.
So, what did I learn through this whole experience?
Other than what I've already stated (You have no way to predict whether it's breaking through resistance or crashing through support).
I just remember the main thing that has persisted this last two years. "I wish I could go back in time to when BTC was around $3,000 and LTC was $30."
When BTC dropped below, $4k that was heaven. I never thought it would get back to when I was buying when I first got into the market in 2017.
So, I bought, and I bought hard.
This time around, I have strong buy strategies and sell strategies.
They are set; no question.
For me, I'm not selling until two weeks before the LTC halving in August.
Even then, I'm only selling my LTC for BTC. Then I'll sell 25% of my BTC for fiat 2 weeks before the BTC halving in 2020.
I will never have less than my preferred number of BTC's, ETH's, LTC's and a few others.
Don't follow my advice here, I'm just saying I know what I want and what my strategy is.
You need to have a strategy to buy and strategy to sell. Be reasonable. I previously had a "strategy." It was once I could pay off my student loans with all of my crypto gains minus taxes, I would sell. Yeah, well, looking back if I would have just sold when could pay off my car and 50% of my student loans, I would have been able to invest even more when BTC was down in $3,xxx range and LTC was $22-$35, etc from December 2018 through March 2019.
DCAing is the way to go. No question. You don't need to do TA, you don't need to check your portfolio, you don't need to do shit but either 1) setup an automatic buy order with your exchange or 2) login and buy whatever you want.
You have your buy strategy (DCA at x interval) and you have your sell strategy.
Figure it out. Don't pretend you're gonna time the market. Don't pretend you're some guru.
Those people, like me, learn the hard way.
No TA, no waiting for google searches of BTC to increase, no waiting for BAKKT, no waiting for Faktoshi to shut the fuck up.
Before November 2018, I would only throw money when BTC was on a run. "Oh, we're finally on the way up. It's time to buy!" Like when it went from $2,800 up to $6,200 in the summer 2017, then from $10k to $20k in late 2017. Or when it went from $6,200 back up to $10,000 then to $11,900 in February of 2018.
I would think I could time the market. What a pathetic loser, right?
Some people grow up in this market like the cable version of themselves only to transition to the directv version. Listen to us dopes that have been there and done that.
Learn from our mistakes, but also don't think that we have all the damn answers.
Anyone that comes in here acting like the 2nd coming of Craig Wright's dumpster twin, you can be rest assured they are as delusional as Justin Sun. The problem is, even if they are delusional, this market is anything but rational, so they might just be proven right enough for you to think you should follow their advice.
This shit is crazy. Stop acting like you've got it figured out.
Nobody does, but it feels good to have confidence in this random speculation, right?
I'm here to tell you this. My life has drastically improved since November 2018 when I started viewing Crypto investments like a bill. Every two weeks, I would send money from my paycheck to my exchange. Then, I'd buy a certain amount every single week after it had cleared.
That money, is all but "gone." It was a "bill" I paid.
When the market is going down, I send more fiat and I buy more crypto. When it is rising, I still buy, but not as much; I pull back. You may say I'm trying to catch a falling knife. I just learned that the way I was investing before was bad practice. I'd rather people think I'm trying to catch a falling knife than to feel that FOMO and only buy when the market is up.
Right now for example, I'm not buying this week. Not because I think I know what hell is going to happen, but because it's my strategy to not chase a run, and to spend more when it drops.
I'll wait until next weekend and see what the market is doing.
What happens in between now and next weekend, I don't give a shit.
Could I miss out on another run? Sure, but I don't give a shit. Maybe it's because I'm 2 years in and I've seen this shit before, or maybe it's because I've been buying BTC when it was around $3,000 both in 2017 and just about a month ago, so I feel fortunate to have gotten another chance at BTC at $3,xxx.
I also learned my lesson that fakeouts happen. I've been burned enough to not give a shit about being BTC going from $3500 to $5,200 in the last, what, 5 weeks?
Been here, done it, don't give a shit.
I don't know if this helps anyone, but seeing the last two years of this shit, I don't care about some random 30% pump. I also don't care that BCH is up 86%, or ADA is up whatever it is. I'm not into them, but if you made gains, I'm happy for you.
I'm serious too.
Maybe you're new to this game, or maybe you've only been in since $20k. If so, you're still here, and there are plenty others like you. I'm not a BTC maximalist, I don't think LTC is the truth, I don't think only ETH is the dApp platform.
I don't know shit. I'm just some speculator that is speculating on some of this sit.
There are also plenty of people that were like me in 2017 that are waiting in the wings, only to buy when the market is on the rise. There are plenty more that buy when it's rising then set stop losses that whales will fish for only to wreck the market in a day then to see a bounce back even stronger while those people FOMO back in.
Also, the turd version of satoshi could start shitting in public this week and the media could write about how Satoshi is literally shitting on a physical Bitcoin as we speak and some shitcoin creator then posts a Twitter video that goes viral about how the hashrate and energy consumption of the satoshi shit-pile is not sustainable and then some whale market sells down to below the new TA shit-support level of $4,400 and then all the dopes with stop losses in that range get shit fucked only to see a spoof limit order set at $4,400 of 10,000 BTC and everyone's dick shrinks into their stomach as they hurry to Tether as BTC drops back down to $3,500 before whale #2 shit fucks your emotions with a $1,500 green dildo in a 15 minute span sees the "sell wall" disappear which starts the next FOMO run on up to $6,200 a few weeks later while TAers say "We broke out on great volume" then other TAers agree and the self-fulling prophecy starts another run only to get hit with more whale fuckers.
You can't predict this shit. Give it up.
Market goes up, market goes down, can't explain that.
With the LTC halving in August, the BTC halving in May 2020, I think we are about to get into the 2017 euphoria again though. We are getting closeTM to the point you could just thrown money at any coin and get 10x your investment.
What does "close" mean? I have no idea. Eff anyone that thinks they know. Someone could predict it is this week, next month, or after this current fakeout bull run, or in December, or next Spring, and someone will be right.
The only advice I have is to do your best to not get emotional about your money or crypto. It's going to do the exact opposite of what you think it will. Even when you try to do the opposite, crypto will shit-fuck you in your sleep.
If you believe that the sentiment is changing, and let's be real, we are in speculation phase and this is all based on hopium and belief, then DCA at certain intervals.
This isn't some cult. It's all based on sentiment. If you think people are starting to get interested, then that is a sign speculation is about to be in our favor.
If you are putting money in that needs to be rent money, do yourself a favor and just walk into a casino and put it all on red. If you win, then put your winnings in crypto. If you lose, I saved you the anguish of checking your portfolio every hour only wish you would have done the opposite of what you did.
You're welcome...
Or, do the opposite. Check the market every hour for the next 12 months only to look back and realize that you kept buying on the way up, got scared and sold on the way down, and then FUD yourself in your sleep because of your stop loss sells were triggered while whales were fishing for fear.
So, there are all of my shit thoughts. What are yours?
What are your strategies?
There are plenty of people that have been in longer than me, what are your strategies?
Are we heading for a the next bull run? Is the bottom in? Do we still have a massive, short-lived capitulation event coming?
Let's chat.
TL;DR: You can't predict this shit, just DCA, live your life, get a buy strategy, choose a sell point, make this shit as simple as possible. If you try to complicate things by predicting the next run, the next drop, the next consolidation, then you're probably going to be wrong like 99% of people. And don't be that guy that ends up $250,000 in your account in the next bull run only to see it drop down $67,000 literally a week later.
submitted by KnownCoder to CryptoCurrency [link] [comments]

I'm Mark Karpelès, ex-CEO of bankrupt MtGox. Ask me anything.

Dear community,
Many of you know or remember me, especially recently since the MtGox bankruptcy has been allegedly linked with Bitcoin price drops in December 2017 to February 2018. Since taking over the most active Bitcoin exchange in 2011, I ran MtGox until filing for civil rehabilitation on February 28th 2014 (which became bankruptcy less than 2 months later) because a large amount of Bitcoins went missing. Since then, four years have passed, and MtGox is still in bankruptcy today. I’ve been arrested, released under bail after a little less than one year, and am now trying to assist MtGox getting into civil rehabilitation.
I did my best trying to grow the ecosystem by running the biggest exchange at the time. It had big problems but still managed to hang in there. For a while. A quite long while, even, while the rest of the ecosystem caught up. At the end of the day, the methods I chose to try to get MtGox out of its trouble ended up being insufficient, insufficiently executed, or plain wrong.
I know I didn't handle the last, stressful days of the outdrawn and painful Gox collapse very well. I can only be humble about that in hindsight. Once again, I’m sorry.
Japanese bankruptcy law has a particularly nasty outcome here, and I want to address this up front. As creditors claims were registered, those claims were registered in the valuation of Japanese Yen on the bankruptcy date. That's the only way Japanese bankruptcy law can work (most bankruptcy laws around the world operate this way for that matter). This means that the claims can be paid back in full, and there will still be over 160,000 bitcoin and bitcoin cash in assets in the Gox estate. The way bankruptcy law works is that if there are any assets remaining after the creditors have been paid in full, then those assets are distributed to shareholders as part of the liquidation.
That's the only way any bankruptcy law can reasonably work. And yet, in this case, it produces an egregiously distasteful outcome in that the shareholders of MtGox would walk away with the value of over 160,000 bitcoin as a result of what happened.
I don't want this. I don't want this billion dollars. From day one I never expected to receive anything from this bankruptcy. The fact that today this is a possibility is an aberration and I believe it is my responsibility to make sure it doesn’t happen. One of the ways to do this would be civil rehabilitation, and as it seems most creditors agree with this, I am doing my best to help make it happen. I do not want to become instantly rich. I do not ask for forgiveness. I just want to see this end as soon as possible with everyone receiving their share of what they had on MtGox so everyone, myself included, can get some closure.
I’m an engineer at heart. I want to build things. I like seeing what I build being useful, and people being happy using what I build. My drive, from day one, has been to push the limits of what is technically possible, and this is the main reason I liked and have been involved with Bitcoin in the first place. When I took over MtGox, I never imagined things would end this way and I am forever sorry for everything that’s taken place and all the effect it had on everyone involved.
Hopefully, I can make what I’ve learned in this experience useful to the community as a whole, so there can at least be something positive in the end.
Ask me anything you like.
EDIT: With this coming to all there have been an overwhelming number of messages, questions etc. I will continue responding for a little while but probably won't be able to respond to new questions (it is starting to be late here and I've been spending the last few hours typing). Thank you very much to everyone.
submitted by MagicalTux to btc [link] [comments]

March 20th 2019 Creditors Meeting Q&A

As usual the documents distributed during the creditors meeting are available from the MtGox.com website.
Meeting started at 13:30, Q&A at 14:02. Next creditors meeting will be held October 1st 2019 at 13:30.
Apart from what is written on the report, the trustee mentioned that large claims in assessment could make it difficult for civil rehabilitation to continue moving forward, and also mentions that seeing how bitcoin price dropped it might be better to sell. He asked people in the room at the end who was for selling BTC (0% responded "for", ~20% responded "against") but mentioned he wouldn't be bound by this and would act in the interest of creditors with approval of the court.
submitted by MagicalTux to mtgoxinsolvency [link] [comments]

[Daily Discussion] Tuesday, February 25, 2014 - Part 2

← [Daily Discussion] Tuesday, February 25, 2014 - Part 1
Welcome to part 2 of the /BitcoinMarkets daily discussion thread!
By popular demand, when a daily discussion thread reaches 300 comments in its first 12 hours, a second thread is created. Please use modmail to quickly report any problems with thread creation.
Thread topics include, but are not limited to:
  • General discussion related to the days events
  • Technical analysis
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  • Questions that do not warrant a separate post
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  • Be excellent to each other.
  • Please do not create separate posts for the types of discussion mentioned above outside of the daily thread. If you do, your post may be removed and/or heavily downvoted.
  • News that may have a big impact on the market may be posted as a separate thread.
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submitted by BitcoinMarkets to BitcoinMarkets [link] [comments]

While everyone is panicking, I'm buying!

Seriously! I seem to be the only know buying Bitcoins now! Anyone who's been around long enough will know why it is a good idea to buy!
submitted by anthonykantara to Bitcoin [link] [comments]

[Daily Discussion] Friday, February 07, 2014

Welcome to the /BitcoinMarkets daily discussion thread!
Thread topics include, but are not limited to:
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submitted by AutoModerator to BitcoinMarkets [link] [comments]

Tuesday, November 12th 2013

Can we please get some order on this sub?
Don't whine about your technical problems.
Keep your questions in the day's thread and don't make separate posts to get more attention.
And most of all don't KEEP POSTING THAT SAME HORRIBLE CHART from your high school economics textbook!
See previous if you are a noob here: BitcoinMarkets is not SlightlySmarterBitcoin.
TLDR: TECHNICAL ANALYSIS OR GTFO
AS for me, I'm still bullish. Banks are open around the world once again. We might be able to see some action from completed wired transfers. EMAs crossed over around 17:30. BTCChina is looking a bit bearish at this moment in time, tbh, but I don't think that's anything to worry about - especially after testing that 300 support this past weekend. We got fresh money and fresh blood waiting to enter these markets.
submitted by rabidmonkey1 to BitcoinMarkets [link] [comments]

r/Bitcoin recap - March 2018

Hi Bitcoiners!
I’m back with the fifteenth monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
And a lot has happened. It's easy to forget with so much focus on the price. Take a moment and scroll through the list below. You'll find an incredibly eventful month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in March 2018
submitted by SamWouters to Bitcoin [link] [comments]

Why Bitcoin is NOT a scam / lottery / bubble / Tulip mania / whatever

So, another thread has hit /all and brought another influx of people new to Bitcoin. I usually don't pay much attention to all negative comments, but since I have some extra time today and nothing better to do... I wanted to address the main thing that often pops up in these threads. Namely: is Bitcoin a scam?
First of all, if you asked me this question in few years back (2015 when price crashed back to $200)... I would've said: maybe. At that point jury was still out - I often like to quote Satoshi's genius observation:

In twenty years, Bitcoin will either be worth quite a lot or nothing

With marketcap below $4B Bitcoin was still an easy target. We all remember MtGox scandal, government dumping Bitcoin seized from Silk Road for $48m (boy... did they dropped the ball with that one ;), discussions in Senate etc. etc. Meaning - at that point - it was still possible for rogue actor to pump and dump and break the whole system beyond repair.
But, it is end of 2017 now... and Bitcoin is worth over $7000 (boy, will it be fun when it's over 9000 ;). All this results in Bitcoin ecosystem being way more powerful now than few years back. Not only there is daily trading volume of over $3 BILLION going through Bitcoin... There are now Bitcoin companies that are worth over $1B. Hell, there are people who are Bitcoin billionaires. Which brings us to the main point:

Bitcoin is genuine technological revolution, accompanied by tangible merits. In a nutshell, Bitcoin is a scam in 2010s as much as Internet was a scam in 1990s.

1 Bitcoin is valuable because you can do "technologically new" things with it. Never before in the history of humanity we had TRULY DECENTRALIZED "asset" that had properties traditionally associated with currencies (previously always backed by someone / government) or commodities (like gold).
I hope this overview gave you good insight into why it's pretty much impossible for Bitcoin to be scam at this point. Like, I understand that recent HUGE price jump can influence people to see Bitcoin as Tulip mania. But Tulip mania was a scam because nothing substantial changed with tulips over night. People just started paying more and more for them. Plus, you could always produce more Tulips.
With Bitcoin you have genuine technological revolution behind. If you own Bitcoin you can do stuff you never could do before in various parts of the world. It's like banking infrastructure on steroids really. Plus, unlike Tulips, Bitcoin supply is limited. Hell, even gold - you can always mine more of it. Bitcoin is fixed at 21 million, for all eternity.
Any question - fell free to hit me up. Always glad to help newcomers to Bitcoin!
EDIT: One of the responses says - OK, we can agree Bitcoin is obviously not a scam. But, is it a bubble? Consider that Bitcoin has been a bubble for last 8 years. It was bubble when it was $2. It was bubble when it was $30. I thought it was bubble when it broke $2000. Hell, to me stock market is in the bubble. I like to compare Bitcoin to Internet... lots of people thought "Internet is a bubble"... yet 20 years later, here it is... completely changing humanity. In that sense I think Internet is best comparison to Bitcoin... time will tell whether or not Bitcoin is right now in the bubble... but I strongly believe that in 20 years Bitcoin will be above today's levels.
Now, if you share my long term prospects - then "Bitcoin bubble" will never be too much of an issue for you. Like - I don't buy in batches... I dollar cost average my BTC investment (you can look through my history for more info). See also Max_Thunder nice observation of using Bitcoin as vehicle for protection against inflation...
EDIT: I've incorrectly presented amount of money pumped into Bitcoin... read this for explanation.
EDIT: I also want to emphasize one thing:

DO NOT go ALL IN hoping that Bitcoin will hit whatever mark. Especially DO NOT BORROW MONEY and GO ALL IN unless you are ready to forget about whatever money you've invested for next 20 years.

95% of people I know that have been trading Bitcoin have LOST most of their money. I know bunch of people who bought at $20 and then sold at $2. Then there is a group that bought at $800 and sold at $200. There are also those on other side of equation... there was short worth tens of millions of $$$ earlier this year when BTC was breaking $1100. Crazy thing - Bitcoin price did drop few days later... but that was AFTER short was wiped out and whoever did it lost TENS OF MILLIONS of $$$.
Profiting is not only about being right about eventual price... it's also about knowing when it'll happen.
Final EDIT: Blow away by all the feedback. That's why I like to post here - I get interact with people and in the process learn something new. I'll be monitoring my Inbox so if you have more questions just drop them here. And if you like my writing, visit my motivational / various blog that I update occasionally.
submitted by howtoaddict to Bitcoin [link] [comments]

Mt Gox UPDATE

https://www.mtgox.com/press_release_20140210.html
Original message from their website:
Dear MtGox Customers and Bitcoiners,
As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.
The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party. We believe that the changes required for addressing this issue will be positive over the long term for the whole community. As a result we took the necessary action of suspending bitcoin withdrawals until this technical issue has been resolved.
Addressing Transaction Malleability MtGox has detected unusual activity on its Bitcoin wallets and performed investigations during the past weeks. This confirmed the presence of transactions which need to be examined more closely.
Non-technical Explanation: A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue.
Technical Explanation: Bitcoin transactions are subject to a design issue that has been largely ignored, while known to at least a part of the Bitcoin core developers and mentioned on the BitcoinTalk forums. This defect, known as "transaction malleability" makes it possible for a third party to alter the hash of any freshly issued transaction without invalidating the signature, hence resulting in a similar transaction under a different hash. Of course only one of the two transactions can be validated. However, if the party who altered the transaction is fast enough, for example with a direct connection to different mining pools, or has even a small amount of mining power, it can easily cause the transaction hash alteration to be committed to the blockchain.
The bitcoin api "sendtoaddress" broadly used to send bitcoins to a given bitcoin address will return a transaction hash as a way to track the transaction's insertion in the blockchain. Most wallet and exchange services will keep a record of this said hash in order to be able to respond to users should they inquire about their transaction. It is likely that these services will assume the transaction was not sent if it doesn't appear in the blockchain with the original hash and have currently no means to recognize the alternative transactions as theirs in an efficient way.
This means that an individual could request bitcoins from an exchange or wallet service, alter the resulting transaction's hash before inclusion in the blockchain, then contact the issuing service while claiming the transaction did not proceed. If the alteration fails, the user can simply send the bitcoins back and try again until successful.
We believe this can be addressed by using a different hash for transaction tracking purposes. While the network will continue to use the current hash for the purpose of inclusion in each block's Merkle Tree, the new hash's purpose will be to track a given transaction and can be computed and indexed by hashing the exact signed string via SHA256 (in the same way transactions are currently hashed).
This new transaction hash will allow signing parties to keep track of any transaction they have signed and can easily be computed, even for past transactions.
We have discussed this solution with the Bitcoin core developers and will allow Bitcoin withdrawals again once it has been approved and standardized.
In the meantime, exchanges and wallet services - and any service sending coins directly to third parties - should be extremely careful with anyone claiming their transaction did not go through.
Note that this will also affect any other crypto-currency using the same transaction scheme as Bitcoin.
Conclusion To put things in perspective, it's important to remember that Bitcoin is a very new technology and still very much in its early stages. What MtGox and the Bitcoin community have experienced in the past year has been an incredible and exciting challenge, and there is still much to do to further improve.
MtGox will resume bitcoin withdrawals to outside wallets once the issue outlined above has been properly addressed in a manner that will best serve our customers.
More information on the status of this issue will be released as soon as possible.
We thank you for taking the time to read this, and especially for your patience.
Best Regards, MtGox Team
submitted by Chilltyperiod to Bitcoin [link] [comments]

bitcoin can crash

I just wonder if all those giddy advocates of bitcoin on the bitcoin pub realize that bitcoin went from 1k in Dec 2013 and dropped all the way down to $168 in Jan 2015 . Did those faithful bitcoin investors still keep the faith insisting bitcoin will crawl its way back up the leader board? Some invested their entire 401k or their entier life savings only to watch it crumble before their very eyes . They panicked sold it for a huge loss and that was that . Some even commited suicide but the very savvy investors too few to mention rode out the category 5 hurricane and lived to tell it
submitted by quality333 to Bitcoin [link] [comments]

Which happens next: $400 or $800 on BitStamp?

We are slightly south of $600 right now but I imagine there is going to be some major support around the $450 - $425 level. Good news is likely to propel the price right back to the $700+ levels.
What's your wager? Above $800 or below $400 first?
submitted by verneer to BitcoinMarkets [link] [comments]

Media: "Hackers caused a 20% drop in Bitcoin value" is totally misleading

Media: submitted by 17chk4u to Bitcoin [link] [comments]

The Conspiracy Continues - Bitcoinity.org

I am admitting now, that this is completely a conspiracy theory, so please spare the flaming.
But bitcoinity.org is open 24/7 on my computer and I've never seen it go down. Who thinks that the DDOS jerk-asses decided that the MTGOX DDOSing wasn't profitable enough, so are now trying to break us in other ways...For example, by hitting our information sources?
submitted by Qannyen to Bitcoin [link] [comments]

Bitcoin mtgox $600 USD / 1 BTC price breakthrough and 'flash crash' 12hr elapsed Nov 17-18 2013 Bitcoin Price CRASH! Ethereum Analysis! MT Gox Settlement!? Risk Management Tutorial! Bitcoin TA Bitcoin Price Mt Gox Site Disappears Could This Be The Secret Behind Bitcoin Price Drops? Mt. Gox Bitcoin Delay, Ripple + Justin Bieber, Monero Futures & Bitcoin Price Bounce

This isn't the first time its happening, MTGox got hacked in 2014 and affected the bitcoin price. The recent hack made Bitcoin slumped 5.5 percent against the dollar as of 2:30pm on Wednesday in Tokyo, bringing its two-day drop to 13 percent. Prices also sank 6.2 percent on Monday, although it was not clear if that initial move was related to the hack. Hong Kong-based exchange Bitfinex said ... Mt. Gox, called "Mount Gox" or simply "Gox", was the most widely used bitcoin currency exchange market from shortly after its inception in 2010 to its insolvency late 2013. The market was closed February 25, 2014 and has since filed for bankruptcy protection in Japan and the United States, after losing 640 thousand bitcoins.. A registrant on Mt. Gox had at least two sub-accounts: one for ... 150,000 Bitcoin Coming Back to Mt. Gox Creditors in 10 Days; Will BTC Price Drop? But No Need to Worry about Any “Catastrophic Impact" by AnTy. October 5, 2020. Home Exchanges Mt Gox. Facebook. Twitter. Telegram. ReddIt . Linkedin. Email. After being postponed several times, the hacked Mt. Gox Bitcoin will finally be sent to the rightful owners of those BTC in 10 days' time, i.e., October 15 ... Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue. The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party. We believe that the changes required for addressing this issue will be positive over the ... Mt Gox Trustee: $400 Million Sale Didn’t Drop Bitcoin Price The trustee overseeing the bankruptcy of the defunct Mt. Gox cryptocurrency exchange has denied being the cause of the decline in ...

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Bitcoin mtgox $600 USD / 1 BTC price breakthrough and 'flash crash' 12hr elapsed Nov 17-18 2013

Bitcoin Donations Address: ... Ripple(XRP) Price Prediction The Price Can Hit $8.10 (Not a Clickbait) - Duration: 10:05. Aimstone 80,939 views. 10:05. Bitcoin Flash Crash, Why Did Bitcoin Drop ... Break happens at about 3 seconds in, note the flash crash dropping to $540 support floor around :10 and quickly rebounding within 5 hours. Big Bitcoin price drop due to withdrawal halt ordered at Mt. Gox.-----OUR WEBSITE IS BACK: www.billstill.com Please consider supporting us for as little as $1 per month. If he carries on like this, he will likely sell into any decent Bitcoin rally which will result in a series of false starts where the price looks to be recovering and will then drop back down again. Could This Be The Secret Behind Bitcoin Price Drops? 📉 - Duration: 4:23. The Cryptoverse 5,619 views. 4:23. Will Bitcoin keep crashing? ... #883 J K Rowling Bitcoin Twitter Debakel, Bitcoin ...

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