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Sundae posted:Clearly, the solution is to get SH/SC involved and invent AwfulBucks. Talk up how much harder the hashing is and how it'll prolong the stability of the currency by (bullshit percent) over BitCoins and you've got your next bubble. Hell, you've probably got 130,000 people willing to endorse it purely for the eventual giggles. Obviously the profits from this project would be used to buy an aircraft carrier, or even an island!
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Jun 11, 2011 19:51
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quote:I agree with this. I believe if space aliens took over the Earth, they'd use gold in industry, burn dollar bills and use bitcoins as money. This is the exact plot of Battlefield Earth by the way. The aliens even have to invent a way to explain their magic space currency which humans cannot possible understand with their primitive currencies tied to commodity exchange. Also, in Battlefield Earth, this fails and the humans return to a barter system 
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Jun 11, 2011 22:00
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You really expect people to be smart enough to figure out that a market can't sustain 400% growth, but from the bitcoin forums it really appears that this understanding escaped dozens of people.
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Jun 11, 2011 23:14
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The Brown Menace posted:Unless he had a shitton of bitcoin accounts. Patashu posted:There's a huge transaction with 340 different wallets giving a single one 50 bitcoins for a total of 17000 moved. Not sure of the significance though. I'm gonna guess he had about 340 bitcoin accounts.
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Jun 12, 2011 00:51
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juliuspringle posted:Can someone nutshell this? I understand the imaginary money part but I dont want to read like 57 pages just to find out how it fell apart. Some of the early adopters decided that $30 was maybe an unrealistic price for monopoly money and started cashing out their stashes, triggering a panic. ayekappy posted:I thought they could use darkpools for amounts greater than $1000? Only if they can find other darkpool buyers.
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Jun 12, 2011 03:42
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Chlorus posted:Hold on, why is a forum that espouses a currency for the sole purpose of freedom censoring your free speech? There are already posts about how the correct response is to just ignore the trolls instead of clamping down with moderation. Their forum is a non-ironic version of LF. No mods, no masters!
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Jun 12, 2011 04:11
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I notice that there hasn't been a single story about this today on Hacker News, despite them being the biggest cheerleaders of bitcoins a week ago.
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Jun 12, 2011 04:28
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ReidRansom posted:I find it kind of hard to believe that buyers exist to unload that much at once. They do when the price is $30+ and you're suddenly selling at $20.
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Jun 12, 2011 05:02
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Barudak posted:But if there is no short selling why would you do this? 33% is a massive single day loss. Looks pretty smart now that the price is $11 and falling. Also, there is bitcoin short selling http://bitoption.org/
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Jun 12, 2011 05:06
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Barudak posted:Sorry, I meant why would you buy at 20, not why would you sell at 20. Probably because you're an aspie libertarian who thinks your monopoly money is worth $10 more than that price.
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Jun 12, 2011 05:08
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Barudak posted:I can't speak for libertarians, but you'd think they of all people would know this is a terrible bubble and that when things lose 33% value in a day you might wanna consider getting out before you shirt is ripped off your body rather than buying more of the stuff. You'd think they'd behave rationally, since their entire economic philosophy is based on that, but you forget that their entire economic philosophy is also really, really stupid.
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Jun 12, 2011 05:13
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I'll give bitcoin credit for at least creating the first m'-m commodity exchange.
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Jun 12, 2011 05:32
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Apparently the exchange froze earlier today when MySQL crashed: http://www.reddit.com/r/Bitcoin/comments/hxpim/trading_at_mtgox_just_froze_cant_place_new_trades/ Rock solid currency!
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Jun 12, 2011 14:47
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VanSandman posted:Any bets on when it'll crash fully? As soon as the DoJ shuts down Silk Road.
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Jun 12, 2011 16:36
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mysteryberto posted:While it's interesting to watch the market I can't believe anyone has invested serious money into this. Your options for buying real items with bitcoins is Alpaca socks and illegal drugs? http://bitmunchies.com/product_info.php?cPath=29&products_id=182
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Jun 12, 2011 16:50
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The ticker is having trouble getting the data because the exchange got backed up massively when someone executed a huge buy order at $23 just now. I'm pretty sure the whole exchange is running on a single rack server with no database redundancy.
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Jun 12, 2011 17:52
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Harminoff posted:So to the people that actually did make a bunch of money on this, how do you legitimately file tax's for it? Do you just file it as part of your income, or gambling winnings or what? If you're stupid, you report it as normal income and pay tax on it. If you're smart, you report it as capital gains and pay significantly less tax on it. If you're a complete idiot, you buy more bitcoins with it.
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Jun 12, 2011 18:37
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The Gasmask posted:Did they lock down trading or something? The exchange has been down for almost an hour now. Earlier this afternoon someone posted a large buy order above market price, which would normally be great, but the exchange is hosted on a single server and can't handle the volume.
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Jun 12, 2011 18:46
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HighClassSwankyTime posted:I take it the poor server can't handle a little light high frequency trading either? Looks like it. One of their funniest policies is that the exchange has to operate 24/7 because closing exchanges is something only forced upon the free market by EVIL GOVERNMENT REGULATION. That poor, poor machine 
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Jun 12, 2011 19:06
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Garfu posted:Yeah, with the hack thing I was just being Well, some people apparently think that the receiver of that 430,000 BTC transaction is the guy who runs Mt. Gox, which if true is pretty  indeed.http://forum.bitcoin.org/index.php?topic=15998.0
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Jun 12, 2011 21:58
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OddOne posted:I see that as proof of the idea that a currency actually needs a central authority in order to work, and that if there isn't one, the market will elect one on its own. It's a common pattern in markets. Barring regulation, a monopoly interest will naturally emerge.
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Jun 13, 2011 00:12
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The US economy today suffered minor brain damage from heat stroke.
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Jun 13, 2011 00:23
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raezr posted:I think this is the first time I've seen the Freemasons blamed for a forum invasion. Well, usually they're better at covering their tracks.
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Jun 13, 2011 01:08
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The price "spike" to $24 was some guy issuing a large buy order this afternoon at that price, which immediately collapsed the server hosting Mt. Gox. Very few orders got filled at that price before it reset to the $18-20 rate it's been hovering at all day. I suspect a lot of that is that there's not much confidence in the exchange at this point with the big traders because it's crashed multiple times today and the guy who runs it shifted 6% of the total currency into a single account right after one of the crashes. And since it's the weekend, the smaller traders can't move USD into the market because the wire services are closed. Will be really interesting to see what happens tomorrow morning.
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Jun 13, 2011 01:47
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Also you should obviously trust the PHP app they initially wrote to trade Magic: the Gathering cards to be a fully functional and stable currency exchange with your life savings.
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Jun 18, 2011 01:29
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The discordians pretended to be libertarians as a pseudo-front. Just sayin'. hail eris
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Jun 18, 2011 01:49
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A A 2 3 5 8 K posted:Guys I don't think we can discount the theory that Bitcoin is being manipulated by a non-telepathic arm of the Second Foundation. I've been conducting such conspiracy research for 377 years. The name of bitcoin's Japanese inventor is an anagram for R. Daneel Olivaw!!!!
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Jun 18, 2011 02:28
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t3ch3 posted:Also you should obviously trust the PHP app they initially wrote to trade Magic: the Gathering cards to be a fully functional and stable currency exchange with your life savings. Wait, now there's a security flaw in this software, well how surprising. 
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Jun 18, 2011 03:22
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Agreed posted:It hurts my brain that this 17-year-old kid has his mind made up. Fortunately, most people grow up to be completely different than their 17 year old selves. Then again, Libertarianism.
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Jun 18, 2011 17:32
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Agreed posted:I have a friend who has decided libertarianism is a great idea, and I'm trying really hard to explain as carefully as possible why most of the basic assumptions made aren't tenable in real-world scenarios Next time you have a conversation with him, send him an invoice for your time.
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Jun 18, 2011 17:59
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I still think the guy who lost his neckbeard to the graphics card fan is the funniest.
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Jun 18, 2011 19:16
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You know, for something that's supposed to point out the flaws in central banking and fiat currency, Bitcoin isn't really earning its keep. Imagine if your currency lost half it's value every weekend.
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Jun 19, 2011 18:53
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I just...  edit: the Y-axis on that is like 2 minutes total.
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Jun 19, 2011 18:55
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Pretty sure the exchange just crashed and any numbers you're seeing out of it now are anomalies and echoes.
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Jun 19, 2011 19:02
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Fox1 posted:Mt Gox now has half a million BTC in volume, huge sell off yet the price seems to have bounced back instantly, how can that be? Because the exchange is really lovely software that can't handle the load that occurred immediately after someone bought up all the coins. There are only a couple buy orders that were put in maybe 15 minutes ago and those are being used to factor the average. People can't even post orders right now, so there's no way to tell what the market price might be.
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Jun 19, 2011 19:09
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Yeah, couldn't possibly be a rational actor who just decided Bitcoins are dumb or someone making a typo on the exchange. Because that would mean that Bitcoins are dumb.
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Jun 19, 2011 19:22
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From Bitcoin forum user "Durr":quote:If MtGox got hacked then the owner will go to jail.
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Jun 19, 2011 19:27
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Hbomberguy posted:The site could be down due to hacking, but I prefer to think it's because hundreds of goons rushed in at once to buy cheap Bitcoins and they can't handle that many visitors. Oh it's definitely down because too many people are trying to BUY/SELL right now. Same thing happened last Sunday when a massive buy order was posted that took the exchange down for a couple hours. It's really, really, really obvious that MtGox is hosted on a single machine, probably a cheap hosting account, with no redundancy.
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Jun 19, 2011 19:47
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Nenonen posted:Yes, in all likelihood the Bitcoin will bounce back and a week later it crashes again. Monkeys are being pumped out of their moneys, these cycles could continue for eternity. There is no crisis of capital, only cycles resulting in 3% compound growth forever and ever.
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Jun 19, 2011 20:05
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So, confirmation then that anyone who cashed out before the site died gets to keep their money. It's actually a good idea to go and set up a ton of $0.01 buy orders on MtGox because, if you can sell those off before the site goes down the next time someone hacks an account, you can get $1,000 of your own.i am not zach posted:Is that what mtgox stands for? Yes.
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Jun 19, 2011 20:18
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