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Okay, so say one of the guys who owns tons of these bitcoins dies in a fiery car wreck or his house burns down and he loses his wallet.bat file. Are all those millions of bitcoins he has been hoarding lost forever?
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May 31, 2011 02:55
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So, hrm, does anyone know if that number on the website is actually Bruce's number? Also, what the gently caress chat is he monitoring? He seems to be responding to poo poo from another chat room.
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Jun 24, 2011 21:40
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Chuck Boone posted:There's a chat beside the live feed on onlyonetv.com. That's the chat he's responding to. That's the one I'm in. There must be a netsplit or something wacky.
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Jun 24, 2011 21:44
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RedTeam posted:I don't think it's particularly secret information or anything. I think it's on 5th Ave if I remember right. Yea, he even just said you can schedule a tour with them if you want. It's on 5th Ave.
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Jun 24, 2011 22:12
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homeless snail posted:He really became self aware today, he's interacting with the chat a lot more and he's starting to repeat some of our retarded memes. The sad thing is, I think he thinks we're laughing with him, not at him. Even sadder is that NONE of the other folks have caught onto it either. They're all just like "Oh wow, all those people are watching. Oh they said 'hi'. Hi guys!"
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Jun 24, 2011 23:14
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I got banned as JJ. Why Catalonia? Why? I am the nicest guy and I even don't swear. I am as sad as the pizza guy now.
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Jun 25, 2011 04:27
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JJ Feore (banned) I'll be back as something more horrible I guess
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Jun 25, 2011 04:37
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Delthalaz posted:I think posting our chat names is a bad idea in case someone actually reads the thread and wants to ban everyone involved. It's pretty obvious who the goons are already (everyone) and it's simple enough to make another BS account.
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Jun 25, 2011 04:42
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Seriously, someone tell Cata to unban JJ Feore. I am pretty much the sweetest dude and I'm too lazy to bother making another FB account.
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Jun 25, 2011 06:03
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The main thing is just that it's kind of lovely to all these delivery dudes and their companies. Let's try and think of some pranks that don't require we screw over a bunch of broke delivery guys. Seriously, the guy leaves his number on the website. How about normal prank calls? Has anyone tried calling him and pretending to work for a major news network? I still want to call him while pretending to be Jim Cramer and play lots of noises in the background.
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Jun 25, 2011 21:47
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TC_ posted:It's an IP ban, you have to ask them to unban you. I don't think so. I got banned the other day out of nowhere and just made a new Facebook account. I had to give it some time, but I can login with the other account now.
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Jun 25, 2011 22:14
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Bruce is on the phone with his cousin (?) now and they're talking about how much they've each invested into BTC. He apparently convinced this poor guy to buy heavy into them, and now this guy is convincing his wife in turn. From the sounds of it, Bruce has been telling all his family and friends about this and talking them into buying.
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Jul 1, 2011 23:24
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So I had to step away a computer for 4 days and now there is 400 more posts. What's new since Friday? I see that BTC prices have been on a pretty steady decline.
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Jul 13, 2011 05:58
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Manny just agreed to interview Jessy Kang on the BTC Show.
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Jul 13, 2011 21:31
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Vegetta posted:You really have no idea what your talking about. You are arguing with an industry expert here bud. If it weren't for the fact that he apparently has a decent amount of BitCoins, I would just peg Vegetta as a troll. Unfortunately, I think he's actually just this naive and megalomaniacal.
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Jul 16, 2011 08:21
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So, I'm thinking of actually registering for TweetForums to post on their Bitcoin subforum to discuss how bad of an "investment" Bitcoins are. I guess whatever threads we make will be tweeted to all his many followers, so that's cool.
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Jul 17, 2011 19:34
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ClosedBSD posted:It's hilarious that you think one of the mods is a plant there are at least two Not anymore Atlas got de-modded because he started playing too crazy. It's tough walking that line between crazy forum member and obvious troll.
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Jul 18, 2011 06:21
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Chlorus posted:Ladies and gentlemen, feast your eyes on this: This is honestly the best use of Bitcoins someone has come up with so far. Basically, it's a gambling website that you can still play with in the US. Most of the others have been shut down, but because of the nature of Bitcoins, you can use them to play from the US. They're essentially just money laundering like the other casino websites, except they're doing it directly through Bitcoins instead of a more roundabout method (though easier on the players) of transferring to offshore banks.
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Jul 20, 2011 06:05
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The entire scenario just makes no sense at all. Why not back up the wallet before leaving the house? Why choose to make the transfer in some seedy back alley in the middle of the night? Why was he so concerned about them stealing his USB key but made no plans for when he was going to have to return with 10 grand in USD? It all strikes me as pointless wannabe spycraft and skullduggery just for the hell of it.
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Aug 1, 2011 06:02
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Also, I am going to join ranks with the folks who have (so far unsuccessfully) predicted a crash. BTC is floating on a humongous bubble right now. If what TH is saying is about the Dwolla chargebacks is correct, than the overwhelming bulk of BTC sales for the past month have been funded entirely through fraud. This means that MT Gox simply does not have the USD reserves necessary to back any large sales of bitcoins at this point. The only thing keeping this from becoming apparent is that no one has tried transferring a sufficiently large sum out of MT Gox yet. Once that happens, they'll have to default on the withdrawal, and the price will collapse once folks realize that the money they've supposedly built up is all illusory. The other numerous issues with MyBitcoin, the Polish exchange, and all of MT Gox's other fuckery are just icing on the cake. I can't say when it will collapse, I just know that when BTC goes down it won't be with a whimper but with a hard crash. Edit: Asks literally outnumber bids 2:1 on MT Gox right now. Crazy.
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Aug 1, 2011 06:10
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NihilCredo posted:
drat, sorry bro. I should have noticed that it was from a ridiculous fakepost on a satirical website as opposed to one of the many posts that are so stupid they read like fakeposts from the so-dumb-it's-almost-satirical bitcoin forums.
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Aug 1, 2011 15:21
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Kavros posted:I mentioned earlier (on at least two separate points) that I could not imagine any scenarios in which there was continued stability, but then I realized that this was sort of like not being able to imagine that Scientology could become more popular in a given year as opposed to hemorrhaging members due to being ridiculous. The truth is though, most of the real money tied into Bitcoin isn't from fanatics, it's from speculators. With Mt Gox now insolvent, it'll only be a matter of time before it can't pay out people's withdrawals anymore, and once that happens, the speculators will pull out. Sure, we might not see if crash all the way to 10 cents or something, but it's about to plummet in a big way.
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Aug 2, 2011 00:42
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Seriously, asks now outnumber bids 3:1 on MT Gox. Essentially, what's happened is the speculators have already stopped speculating. Right now, all they're doing is holding on to what they have and praying it ticks back up. If it starts to plunge at this point, Bitcoins are done. Edit: Literally, in the last 30 mins, this ratio has increased to 4:1. There are now 80000 asks to 20000 bids.
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Aug 2, 2011 00:46
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Here's some math to show you how bad things are. MT Gox has done 14 million USD in trades over the last month. Even forgetting the fact that many of those trades have been done with no transaction fee due to their mea culpa, that would only result in 91000 USD in revenue at a 0.65% transaction rate. Assuming that they take all the Bitcoins they got in transaction fees and sold those for an equivalent amount, that comes out to just 182000 USD in total revenue. Tradehill has done 1 million USD in trades over the last 30 days. With their 0.5% transaction fee, that amounts to $5000 in revenue. Even if they sell all the Bitcoins they collected in transactions at a similar rate, that just brings them to 10000 USD. Tradehill estimated the total chargeback fraud via Dwolla to be on the order of 1.5 million USD. They claimed to have been affected by 50000 USD of that fraud. Essentially, that means that TH, the second largest exchange, has already admitted to being 40000 USD in the hole. Even assuming that the Dwolla fraud wasn't nearly as large as TH claimed, and that MT Gox was just affected by a level of fraud proportional to their volume. That would amount to approximately 14 times the loss of TH or 700000 USD. That would mean that MT Gox is now 518000 USD in the hole. They are hosed. The entire BTC economy at this point is literally based on money that doesn't exist.
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Aug 2, 2011 01:03
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Lolie posted:I can't wrap my head around why anyone would continue doing business with enterprises who've had their PayPal and bank accounts frozen or who openly admit to being unable to cover Liberty Reserve withdrawals - things which had already happened before the Dwolla debacle, the Mybitcoin fiasco, and Gox's latest technical clusterfuck. https://bitcointalk.org/index.php?topic=33504.0 Check that thread out. It's even better. Here's a website that has been completely out of communication for a month now, been down for three days, and has stolen tens of thousands of Bitcoins. This dudes response is, "Come on guys, give em a chance."
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Aug 2, 2011 05:10
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Think of it this way. Let's say people transfer $500k in real USD from their Dwolla accounts to MT Gox and trade all that money for Bitcoins. By the end of the day, there is still $500k (minus $3250 in transaction fees) floating in user accounts on MT Gox. Now, say that $200k of those Dwolla transfers were actually reversed after people trading those dollars for bitcoins. Now the scammers have $200k in bitcoins and the user account pages on MT Gox of the sellers tell them they have $200k in Bitcoins, but that $200k doesn't actually exist. Instead, all that really exists is the $300k that was transferred into and kept in MT Gox. That is what has happened. MT Gox has been the victim of between 0.5-1.5 million USD in chargeback fraud. They aren't admitting this right now. What that means though is that if you add up all the user bank accounts on MT Gox now, it would equal 30 million USD (just to throw out a random number), but the amount MT Gox actually has in its real bank account that it can return is only $29 million. By my estimate and math from a couple pages back, MT Gox is probably short on around $518k.
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Aug 2, 2011 20:29
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I looked at the market depth and I thought for a second that a bunch of huge buy walls had come up. Nope, still only about 20k in buy orders, it's just that so many people have sold out that the graph has shrunk. There are only 30k in sells now, versus 80k yesterday.
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Aug 2, 2011 20:32
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shuriken posted:So what happens when it starts collapsing and there's a run on mtgox? Are they going to be held accountable for the loss, or does the whole thing just disperse and the traders eat the difference?
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Aug 2, 2011 20:34
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Well Bitcoin prices have "rallied", but it's a false rally. Look at the market depth. 60000 sells to 15000 buy orders. There is no real backing for the current price beyond people's sheer reluctance to sell.
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Aug 3, 2011 00:09
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makomk posted:The market's been like that for weeks, though, hasn't it? It's certainly not healthy but it's probably not evidence Bitcoin's going to die in the next few days either... No, the ratio hasn't dropped below 3:2 in the past except right before price crashes. In fact, it has been a good indicator for them so far, and a good indicator for rallies. The problem is that the ratio went over 2:1 a couple days ago and has only gotten worse since then. The fact that the sell:buy ratio hasn't improved even with the price this low says a lot about the chances of it recovering.
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Aug 3, 2011 01:07
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Three-Phase posted:Mt. Gox trading is back below $12. Wouldn't be surprised to see it rally to around $12.80 or so. There's not too much support for the current price. But it will be staying below $13 now.
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Aug 3, 2011 02:02
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Three Olives posted:Given all the shady trading and what appears to be blatent market manipulation coupled with questions over Dowalla chargebacks and withdraw limits, is anyone else getting the feeling that MtGox might be an obvious ponzi scheme at this point? Eh, I just think it's a horribly run site. If it was just a scam site, they'd have run after the "hacking". That would have been the perfect excuse, and it was when they still had the most cash in their coffers.
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Aug 3, 2011 02:25
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homeless snail posted:I wouldn't necessarily call it a ponzi site, but its certainly a sham of an exchange. What other market lies about their depth to artificially prop up the value of a commodity? Going back over 12 was a sure thing as thin as the market was. But 13 is literally $135,000 away. It'll stay in the 12s and probably stabilize a bit under $13.
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Aug 3, 2011 02:36
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DBlue135 posted:I guess I'm still not clear on how the Dwolla chargeback issue is a MtGox issue. It seems like Dwolla should be the ones to eat the cost of the charge-back, not MtGox. Are they giving the fraudulently purchased bitcoins that were traded on MtGox back to Dwolla or something? Well, TH has already volunteered to eat the costs on their end. MT Gox's response has been to DENY DENY DENY. So they can't exactly recoup losses they say they never took. Honestly, this is one case where the markets should have been rolled back. I think MT Gox would have if it weren't for TH volunteering to somehow eat the difference (they literally don't have the funds to cover this, but people don't seem to realize this for whatever reason). That backs them into a corner and since they can't admit to having taken hundreds of thousands of dollars in losses, they'll instead pretend like it never happened. Edit: To explain it again for those people who are still confused. TH admitted the other week to have suffered $50k in losses due to chargeback fraud. They say they'll cover the losses, but given that they've only generated $5k in revenue over the past 30 days, that's BS. Essentially, they've admitted to being $35k in the hole ($30k if they sell all the BTCs they got through transactions at a similar rate to their USD). TH's owner said they spoke with another exchange operator who had lost over $500k to the fraud, but they said they wouldn't name the exchange (there is literally only one other exchange this could have been, MT Gox). MT Gox just denied the fraud ever took place. Still, knowing that they're the other party we now know that they've suffered at least $500k in fraud. Since they've only made $91k in revenue over the last 30 days ($182k if they sold all their BTC at a similar USD rate), we know they are in the hole a minimum of $408k (or $318k). It's probably a lot worse than that though since a lot of the trades they processed were at a 0% transaction fee (so they have less than max revenue) and $500k is the low end of what they suffered in losses.
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Aug 3, 2011 02:38
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Dwolla wasn't defrauded though. MT Gox/users were. Now, it isn't the user's responsibility to ensure that the money and BTC they're trading for in MT Gox are real. So it is MT Gox's responsibility to get that cash from Dwolla. Since MT Gox is pretending it never happened for some crazy reason, and TH has chosen to assume the liability for some crazy reason (this wouldn't help MT Gox's case if they did bring it to court) then that means that the fraud is essentially going unpunished. In the end, the users/traders are going to be the ones who get boned once they find they can't withdraw all their money from MT Gox.
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Aug 3, 2011 02:51
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mr. nazi posted:Money in, chargeback, money out 1:1. No. You're really not understanding this. The guy who does the chargeback fraud ends up with free BTC for no money, right? Meanwhile, the guy who he bought the BTC from gets "paid" a certain amount of cash for those Bitcoins and has that cash supposedly sitting in his Mt Gox account. At some point, the seller tries to pull out the cash he was "paid", but Mt Gox doesn't actually have that money in the master account. End result is that they can't cover the money that this guy thinks he has. Edit: To be clear that you understand, Mt Gox doesn't owe anyone any Bitcoins. Instead, they owe people the money that they supposedly received when they sold those Bitcoins in the first place. If they sold 500 Bitcoins at $14 a week back, they don't want 500 Bitcoins back now, they want the $7000 they sold it for back then.
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Aug 3, 2011 04:46
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The market is so incredibly thin right now. Not only is the sell:buy ratio at 3:1, but there are only 5000 or so buy orders on the market total. Two or three large trades could literally wipe out all the buy orders at this point.
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Aug 3, 2011 20:30
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themrguy posted:So when the show was dark i sent a pm to bruce just loving around saying "Bruce, if the show does not start soon I will be taking my investors elsewhere". Then after the show is over he PM'd me back, I messed around wiht him a little just for the hell of it, and now he thinks that a new york based venture capital firm wants to invest in onlyonetv and wants me to email him Pretend you are a guy named Thomas Williams looking to reinvest a lot of money that you recently acquired through "banking".
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Aug 4, 2011 01:40
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The thing that tells me that MT Gox is running a deficit from chargeback fraud, more than anything else, is the fact that they adamantly refuse to admit they suffered any fraud at all. Tradehill has come out and admitted to having taken tens of thousands of dollars in fraudulent funds. For some reason though, we're expected to believe that the scammers didn't feel the need to scam on MT Gox though, even though they have every reason to (can process more volume, lowers the chance of their chargebacks being noticed, allows them to make free transactions if they have an older account, etc). The fact that MT Gox is still accepting Dwolla transfers with the excuse of "Don't worry, Dwolla's got our back" (link) just shows how far in the hole they are. Essentially, they're pretending to somehow be immune to chargeback fraud in order to drum up more business, so that when they do raid the coffers there's more to raid. Even if the fraudsters weren't using MT Gox before, you can bet they are doing so now (since it's the only exchange to still accept Dwolla transfers).
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Aug 5, 2011 00:53
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| # ¿ Apr 28, 2024 06:49 |
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Inevitable posted:Meanwhile, Mt. Gox's weekly sell party is in full swing: the price has gone from 11 to 9.7 in just a few hours. It's the weekend too, so no new money is getting into the system. It'll probably drop another dollar over the weekend.
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Aug 5, 2011 23:51
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