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12 comments

1 Eclectic Cyborg  Mon, Feb 24, 2014 9:08:40pm

I sense a great disturbance in the Force…as if millions of dudebros cried out in agony and then went silent.

2 Kragar  Tue, Feb 25, 2014 1:45:19am

You know, call me crazy, but this bitcoin thing might not be the greatest idea ever after all

3 wheat-dogghazi  Tue, Feb 25, 2014 2:30:45am

The experts on reddit’s Bitcoin sub say the Mt.Gox was a kludge just waiting to crash. It was originally not designed to be an exchange, trading “real money,” like dollars and yen, for Bitcoin. It was poorly run, if the events of the last three months are any indication. Withdrawals were slow, then finally stopped altogether. It’s not Bitcoin to blame, but the site’s operators, who apparently didn’t know WTF they were doing.

Meanwhile, Bitcoin prices elsewhere are hovering around $500, and trading is still pretty active. Ya gotta have faith, baby! Or something.

4 Decatur Deb  Tue, Feb 25, 2014 2:59:51am

re: #3 wheat-dogghazi

The experts on reddit’s Bitcoin sub say the Mt.Gox was a kludge just waiting to crash. It was originally not designed to be an exchange, trading “real money,” like dollars and yen, for Bitcoin. It was poorly run, if the events of the last three months are any indication. Withdrawals were slow, then finally stopped altogether. It’s not Bitcoin to blame, but the site’s operators, who apparently didn’t know WTF they were doing.

Meanwhile, Bitcoin prices elsewhere are hovering around $500, and trading is still pretty active. Ya gotta have faith, baby! Or something.

Sounds like a great opportunity to buy gold bitcoin!!

5 wheat-dogghazi  Tue, Feb 25, 2014 3:02:34am

re: #4 Decatur Deb

Many people are, betting that the price won’t drop further. Me, I’m not so sanguine, not yet anyway.

6 Decatur Deb  Tue, Feb 25, 2014 3:14:33am

re: #5 wheat-dogghazi

Many people are, betting that the price won’t drop further. Me, I’m not so sanguine, not yet anyway.

I watch the Dow and, recently, Bitcoin as bootleg metrics on social psychology. It is fascinating to see the Bitcoin faithful holding on to their beliefs even while they watched Mt. GOX writhe like a decapitated snake. Classically, they should have paniced some weeks ago.

7 wheat-dogghazi  Tue, Feb 25, 2014 4:09:28am

re: #6 Decatur Deb

I watch the Dow and, recently, Bitcoin as bootleg metrics on social psychology. It is fascinating to see the Bitcoin faithful holding on to their beliefs even while they watched Mt. GOX writhe like a decapitated snake. Classically, they should have paniced some weeks ago.

Me, too. Mt. Gox was sending all the signals of a ship going down, taking all hands with it. Many of the bitcoiners with assets in Mt. Gox were in denial, I think, and judging from the subreddit, others had the vain belief it was still a viable exchange. But Mt. Gox made it almost impossible for clients to withdraw funds in a prompt fashion, I suppose to prevent a bank run, or maybe to save its ass.

Anyway, I have about 0.3 bitcoins, but I never did business with Mt. Gox. I opened an account there, but never followed through with the ID verification. Glad I avoided them.

8 Skip Intro  Tue, Feb 25, 2014 7:23:00am

re: #2 Kragar

You know, call me crazy, but this bitcoin thing might not be the greatest idea ever after all

Ponzi had a much better idea years ago.

9 Dark_Falcon  Tue, Feb 25, 2014 9:42:03am

So, is this collapse like 1929 or more like Enron?

10 ausador  Tue, Feb 25, 2014 10:21:58am

re: #9 Dark_Falcon

So, is this collapse like 1929 or more like Enron?

Too small to be compared to either, in the worst case scenario being reported so far something like $350 million was stolen. It remains to be seen whether it was done by the Mt.Gox operators themselves or by hackers. Still it makes the recent revelation of the close to $3 million stolen from or by the Silk Road 2 operators seem like chickenfeed.

Let us just say that since the beginning of February the image of the security and trustworthiness of Bitcoin and its site operators has been severely undermined. (not that they enjoyed much of a widespread positive reputation previous to February)

I simply cannot imagine why a completely anonymous currency that is being used by the majority of its adherents for transactions that are illegal in their own countries would attract so many thieves. :p

/

11 Rev_Arthur_Belling  Tue, Feb 25, 2014 7:11:28pm

re: #9 Dark_Falcon

Some site was calling it Bitcoin’s “Lehman moment.” FWIW.

12 wheat-dogghazi  Tue, Feb 25, 2014 7:38:10pm
Let us just say that since the beginning of February the image of the security and trustworthiness of Bitcoin and its site operators has been severely undermined. (not that they enjoyed much of a widespread positive reputation previous to February)

To be accurate, there is no single “Bitcoin site.” Mt. Gox is just one of several Bitcoin exchanges, and the latest to go down in flames. The rest of the network seems OK.


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