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So seeing how even a few thousand dollars can shift the value greatly, as soon as someone with a lot of money in bitcoins decides to cut and run the whole thing will start spiraling down right? This is what some of my friends have been so smugly superior about? It looks like baby's first bubble to me.
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Jun 8, 2011 16:01
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evensevenone posted:Who would your counterparty be for all these transactions at non-market prices? What's in it for them, selling for below what the market does or buying for more than the market? I think what he is saying is that the other parties involved would have no idea that is what your intention is. They don't see the dark pool transaction and it doesnt affect the market price. Which is very exploitable. In fact something like that HAS been exploited in the past on the NYSE. I'm pretty sure it is illegal now since it is essentially a loophole allowing someone to keep moving money in a circle, making the total amount bigger each time around.
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Jun 10, 2011 00:40
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It occurs to me that might be exactly why the value of bitcoins keeps going up. People exploiting this loophole to keep buying them for USD which drives the price up and cashing them out using the dark pool which does not drive the price down. Considering mtgox recently raised the minimum amount for using their dark pool I bet quite a few people are taking advantage of it. If someone (or someones, though it would only take one person on a market like this) is doing this then the value of a bitcoin is far over what it really is. Only mtgox knows for sure though and they are making thousands a day in USD by not telling since the price of a bitcoin keeps going up.
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Jun 10, 2011 00:54
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There are unironically people who did dump their whole life's savings into this.
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Jun 12, 2011 11:33
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Gamesguy posted:That's honestly a terrible idea. In these kinds of bubbles where the underlying asset is frankly worthless, it's never going to recover. Yeah I realized that right after I hit submit so I edited it out real quick. This thing will never recover like that. Also I took a stroll through the bitcoin forum and counted at least 2 people who put everything they had into bitcoins.
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Jun 12, 2011 11:39
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Rabid Koala posted:Take some screen caps. I don't want to have to slog through that sewer to find sweet, sweet treasure. http://forum.bitcoin.org/index.php?topic=13165.0 That's the big one. Dude made a thread just to announce that he was "all in".
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Jun 12, 2011 11:44
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Fatkraken posted:Has trading been suspended or something? Price has been completely static for about half an hour. MTgox stopped allowing anything through. I find this all very amusing so I'm starting to listen in on bitcoin dudes and some of the speculation is wild. A guy was saying that it's someone cashing out BIG so it choked the system.
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Jun 12, 2011 11:48
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Haha someone made .bit as a new top level domain. Of course no big DNS supports it. http://forum.bitcoin.org/index.php?topic=10826.0
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Jun 12, 2011 12:08
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The CIA invited someone to come speak at a conference to tell them about bitcoins. I don't think they understand how little that means. They invite someone from virtually every new thing to come speak if it has more than 500 people interested/involved in it. They operate on the "throw everything at the wall and see if anything sticks" principle. It's why they have those conferences, to parade a few dozen speakers across a stage and see if anything is remotely interesting.
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Jun 13, 2011 01:12
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Lolie posted:Oh goody, an IPO. I love the last post so much. Why are you donating money to charity? Who benefits? Shine on crazy libertarians. Shine on.
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Jun 14, 2011 10:42
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Oh god oh god. Some of them want to create a bitcoin banking service to protect people's bitcoins in light of all the recent wallet theft. It's like they are fast-forwarding through 100s of years of economics and seeing exactly how the currencies they hate got the way they are.  Speaking of wallet theft. My not at all scientific estimation is that at current prices over a million dollars with of bitcoins have been stolen by hackers using some kind of trojan in the past week.
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Jun 14, 2011 10:49
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Just from watching the fun unfold it seems like the latest drop in value came right as the hacker who made off with $500,000usd of bitcoins started cashing out through mtgox. Now I have to wonder if mtgox tried to stop them and the ddos is the hacker throwing a fit over it.
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Jun 14, 2011 16:24
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Hbomberguy posted:So is there anything stopping people from selling a product for bitcoins and just never sending the product? Or will the would-be buyer then have to call the police and get laughed at for trying to get them to rescue their internet monopoly money? It's already been happening, they don't even bother offering a phony product because that's too much effort. They just grab a person's wallet.dat file, transfer all the money to their account and it's gone. There is no way to get it back short of doing the same back to them. The very features they use bitcoin for make the coins impossible to recover. And you can't ever totally secure your wallet.dat file. Every new copy to defend against hard drive failure is another potential way to lose all your money. Even if you encrypt it it must still be decrypted and loaded into your bitcoin program to use it, opening it to attack.
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Jun 14, 2011 17:31
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Been reading more of their forums because I can't stay away. The creator apparently holds 33% of the current bitcoins which have been generated and no one knows who he or she really is. The early adopters jumped on board because the person appeared out of nowhere, wrote an essay about how bitcoins are going to be the ultimate future currency and then launched it. Everything just screams scam to me at this point.
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Jun 14, 2011 21:06
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ChubbyEmoBabe posted:Satoshi is the code name for radeon HD lines and Nakamoto is the code name for the 6990 series. Seriously? So it probably is all just a scheme to sell their cards.
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Jun 14, 2011 22:52
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A Fancy 400 lbs posted:The HD6XXX line is the Northern Islands series. They're all named after islands. It took me 30 seconds to check that on Wikipedia. So no, not seriously. I'm not willing to google anything about bitcoin anymore. I'd believe it if someone told me they were using bitcoins to buy the Brooklyn Bridge at this point, it's such a joke to me.
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Jun 14, 2011 22:57
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If only I had invested in bitcoin when I had the chance. I could have filled a swimming pool with slimjims and finally fulfilled my dream of rolling around in a million greasy logs of meat.
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Jun 15, 2011 09:25
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The way bitcoins work makes it impossible to verify if any transaction is legit or not. It comes down to pointing fingers.
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Jun 16, 2011 00:37
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Maybe, but I wouldn't want them. Not only have they been running 24/7 under high load and possibly in high heat conditions the cards which are best for bitcoin mining aren't even that good at graphics rendering compared to what else is around.
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Jun 16, 2011 01:35
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The invisible hand of the free market.
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Jun 16, 2011 02:55
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Welp. A RL friend just told me his savings wallet.dat file was stolen somehow and the thief made off with almost 600 bitcoins he had been mining and saving for a long time.
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Jun 16, 2011 04:38
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Shasta Orange Soda posted:I'm sure that's a real knee-slapper if you have a degree in computer science or whatever, but I fell asleep about halfway down the page. Floating points don't round accurately all the time. http://en.wikipedia.org/wiki/Floating_point#Accuracy_problems
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Jun 16, 2011 11:14
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The forum that has had several megathreads laughing at how horrible pyramid schemes, ponzi schemes and speaker vans are seems like the wrong place to get all smug about making money off bitcoins.
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Jun 17, 2011 20:06
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Diogines posted:Surely I am not the only person standing in shere and unadulturated awe at the stupidity of Bitcoin? I cannot believe anyone is paying real life value for these. I am stuck speachless. Three servers for games I play on just started accepting bitcoins to pay for server fees. Right now people accept bitcoins hoping that thanks to speculators the price will bubble up again so they can sell it off, making FAR more than they would have if they just took USD. But where does the money come from? The failure speculators who keep buying at the edge of the bubble and take large losses. A few have posted in this thread and on the bitcoin forum but most probably wallow in quiet shame for being duped.
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Jun 18, 2011 12:59
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They are primarily motivated by greed. Isn't that obvious by now? Nothing makes sense to them unless you attach money to it. Nothing is valuable to them unless you attach money to it.
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Jun 19, 2011 11:58
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I get annoyed at myself for letting my room get messy but it's not that bad. Makes me feel a little better.
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Jun 27, 2011 20:25
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I notice a lot of people from here are still pushing the "bitcions are legit" line here and in other places. What you guys need to understand is that all the money you are making off them are coming from somewhere, you are not just withdrawing them. You're selling them to people who are buying them. People who probably think they are getting in on the ground floor of something that is going to make them money. We've seen remorseful buyers post in this very thread already, admitting they were duped by all the buzz and bought in. I'd wager that there are many, many others who are not going to speak up because they find it too shameful that they bought bitcoins off people and realize they can't do poo poo with it except hope to dupe someone else when the price on the market spikes above what they paid. So what you have is the commodity version of hot potato. Keep trying to pass it along down the line and whatever you do don't be the last person left holding it because then you lose. If you're going to participate in this at least be honest, you are contributing to screwing people who don't know any better out of their money for your personal gain.
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Jun 28, 2011 13:41
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iSuck posted:You're making the assumption that people scamming money is somehow weighing on them morally even though it seems most of them don't give a poo poo about how fair the scheme is as long as it's profitable. I realize there are people like that in the world, I deal with them constantly when working. Doesn't mean I can't hold on to a glimmer of hope though. 
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Jun 28, 2011 14:51
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I don't think Atlas is crazy. I think he is a white, middle class male and around 16 or 17 years old. If you have ever been that think back to how dumb you were.
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Jun 30, 2011 14:27
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Is there a website where I can buy reputable hitmen with bitcoins yet?
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Jul 8, 2011 00:18
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Woah. He's going to run them for 28 days or whatever the return period -2 is at high stress and probably high heat then just return them? Some poor schmuck is going to buy a refurbished card and wonder why it randomly dies after a year.
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Jul 9, 2011 22:37
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When I want a chuckle I just think about all the people who bought a bunch of bitcoins when they were at >$20.
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Jul 15, 2011 02:51
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Shimrra Jamaane posted:Something that has always bothered me, why doesn't Satoshi come back and cash out his huge collection of bitcoins? Since he got them for nothing way back when he could probably make thousands. If he were going to do it then he would have done it back during the period with the overabundance of buying which drove the price up. Right now it's a bit too late since there are more people selling than buying. Could be that he is a real true believer and wants it to become the currency of the future. Having a big stash like that could be used to enforce market stability behind the scenes if he wants to do that OR he could be playing it totally straight and has no intention of touching the hundreds of thousands of coins. If it's the latter then maybe he even shredded the wallet file.
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Jul 15, 2011 04:07
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There is some  posting on the Bitcoin forums about how anything bad said about magic the gathering online exchange is deleted/moderated and the people who run the Bitcoin community and the guy who runs mtgox are really friendly, doing each other favors a lot.Take it another step and look at how Satoishi is supposed to be Japanese and mtgox is based in Japan and well... it could all be one big glorious scam and they don't give two shits about bitcoins themselves or how many they have, they just want to get all the lovely transaction fees in real money.
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Jul 15, 2011 04:14
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Lolie posted:Even the true believers seem skeptical about any claims that Satoshi is Japanese. His white paper definitely doesn't read like it and the techy people over there keep saying that he doesn't code like a Japanese coder. That means very little to me since I know a Swedish guy and a Chinese guy who write and speak better English than I do. And coders from around the world who learned off tutorials online which teach primarily in an American style so that's how they code.
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Jul 15, 2011 04:31
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Orange Sunshine posted:What do you mean by generating address? In the early days there were 10ish(?) people mining and collectively they amassed 100s of thousands of bitcoins. You can look at the addresses in block explorer and someone linked one which is apparently known to belong to whoever satoishi is and iirc it had 200k or something silly like that which hadn't moved since it was mined.
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Jul 15, 2011 05:42
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http://forum.bitcoin.org/index.php?topic=15747.0 I guess he got tired of seeing his forum totally dead except for himself and his bot.
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Jul 16, 2011 07:38
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Herpus posted:the buttcoin forums. Where else do you expect it to come from?
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Jul 18, 2011 07:04
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Herpus posted:Libertarians wouldn't rob me of my right to internet self-determination. Only looters do that. Libertarian is just a front for being a greedy motherfucker.
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Jul 18, 2011 07:15
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No way I am going on anything bitcoin related now. So I guess they won!? Or maybe they lost if word spreads that there is a goddamn bitcoin virus out there.
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Jul 18, 2011 07:38
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