$900 Bitcoin

[revelations]

Ah positive rumours.... thats why my trading algorithms bought this morning

[ZenOps]

Yup, looks like its turning the corner.

People might look back on this day as "I coulda got in on the $99 bitcoin sale".

[revelations]

I dont think its a big turn yet - I expect sideways movement now - until the next positive/negative news comes out.

[Kobe]

Originally posted by revelations
I dont think its a big turn yet - I expect sideways movement now - until the next positive/negative news comes out.

it's pretty big news knowing that people are now getting paid on money that they prob thought they wouldn't see ever again..

[revelations]

BTC prices have now stabilized to pre-Gox crash level (BTC-e) ....

[UndrgroundRider]

Originally posted by revelations
BTC prices have now stabilized to pre-Gox crash level (BTC-e) ....

Huh? Pre-crash was stable at 800-850 on btc-e.

[revelations]

rumour has it now Mt Gox is done .... massive Mt Gox sell off, affecting all other alt coins as well.

Good riddance IMO.

[AudiPWR]

How the hell does the average person buy bitcoin?

[Modelexis]

Originally posted by AudiPWR
How the hell does the average person buy bitcoin?

https://www.cavirtex.com/home

sign up and read the directions.

[AudiPWR]

^ Thanks.

Fuck me.. I wish I would of known that bitcoin would be worth something when I had access to silkroad back in 2010.. I'd be stinking rich. All of the drug dealers on SR must just rolling in cash now.

[UndrgroundRider]

Originally posted by revelations
rumour has it now Mt Gox is done .... massive Mt Gox sell off, affecting all other alt coins as well.

Good riddance IMO.

Not just rumour. There was a joint statement released by a bunch of the exchanges. http://www.circle.com/2014/02/24/joi...lvency-mt-gox/

They changed some of the wording since the initial release. Here is the changed portion from the original text:

Original paragraph
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading. It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.

Some people have tracked down an allegedly "leaked" action plan from MtGox that outlines their strategy. Seems fairly legit, but who knows. It's downright appalling.

Here is the document:
http://bitcoinhistory.net/Gox_Crisis_Draft/gox1.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox2.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox3.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox4.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox5.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox6.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox7.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox8.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox9.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox10.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox11.jpg

Basically, the claim is that over 700k bitcoins were stolen using the malleability issue. Apparently it had been ongoing for months or years. At the moment Gox has virtually no bitcoins left and only enough cash to cover half of its cash liabilities. Long story short, 32 million USD in assets, 55 million usd in liabilities and 744k missing bitcoins.

The "plan" is to rebrand and relaunch Gox in a different country. I somehow don't see that working out for them.

[TYMSMNY]

Originally posted by AudiPWR
How the hell does the average person buy bitcoin?

Depends on how many you're looking to buy. small quantities... can buy from local people that you can meet up with.

[revelations]

Originally posted by UndrgroundRider


Not just rumour. There was a joint statement released by a bunch of the exchanges. http://www.circle.com/2014/02/24/joi...lvency-mt-gox/

They changed some of the wording since the initial release. Here is the changed portion from the original text:



Some people have tracked down an allegedly "leaked" action plan from MtGox that outlines their strategy. Seems fairly legit, but who knows. It's downright appalling.

Here is the document:
http://bitcoinhistory.net/Gox_Crisis_Draft/gox1.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox2.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox3.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox4.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox5.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox6.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox7.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox8.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox9.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox10.jpg
http://bitcoinhistory.net/Gox_Crisis_Draft/gox11.jpg

Basically, the claim is that over 700k bitcoins were stolen using the malleability issue. Apparently it had been ongoing for months or years. At the moment Gox has virtually no bitcoins left and only enough cash to cover half of its cash liabilities. Long story short, 32 million USD in assets, 55 million usd in liabilities and 744k missing bitcoins.

The "plan" is to rebrand and relaunch Gox in a different country. I somehow don't see that working out for them.

Great source, missed that. I think in a month well see a sudden spike up as people have short memories.

[UndrgroundRider]

Originally posted by revelations


Great source, missed that. I think in a month well see a sudden spike up as people have short memories.

I completely agree. Not only do people have short memories, but this news has already been priced into the market. It's just official now and the panic will subside soon. A lot of the drop was actually from insiders dumping thousands of coins before the news broke. There's going to be a big rebound once this trend bottoms out and everyone rebuys. Call me crazy, but I think we'll be north of $600 again in a week.

I'm long on crypto currencies, always have been. The principle of it makes so much sense it's hard to imagine the future without them. I'm not sure if Bitcoin is the flavour of cyrpto currency to get us there though.

[89coupe]

Mt.Gox site disappears, Bitcoin future in doubt

http://money.cnn.com/2014/02/25/tech...html?hpt=hp_t2

What was once the world's largest trading platform for bitcoins is now a blank page.
The Bitcoin-trading website Mt.Gox was taken offline late Monday, putting at risk millions of dollars put there by investors who gambled on the digital currency. The exchange alsodeleted all of its tweets, and Mt.Gox CEO Mark Karpeles resigned from the Bitcoin Foundation's board of directors on Sunday.

The news frightened Bitcoin investors elsewhere, knocking the price down about 3% to $490 -- its lowest level since November.
For now, there's no telling what's behind the shutdown. Mt.Gox did not respond to requests for comment.
However, an unverified document called "Crisis Strategy Draft" that is being circulated online claims Mt.Gox has lost 744,408 of its users' bitcoins, worth nearly $367 million. It also claims Mt.Gox is planning to rebrand itself as Gox.
Share your story: Do you have bitcoins?
Mt.Gox has been mired in problems ever since Feb. 7, when it halted withdrawals from its trading accounts. The company's computer programmers hadn't accounted for a quirk in the way Bitcoin works, allowing cyber attackers to dupe Mt.Gox with a scheme resembling receipt fraud. When Mt.Gox discovered it was under attack, it stopped any investors from pulling their money out of their trading platform -- but it has yet to allow them access to their money.
By the time trading at Mt.Gox was halted entirely late Monday, the price of a Bitcoin there had dropped significantly, to $130. Meanwhile it was trading for more than four times that on other exchanges.
Late on Monday, several other Bitcoin exchanges sought to reassure investors and took a harder line with Mt. Gox.
"This tragic violation of the trust of users of Mt.Gox was the result of one company's abhorrent actions and does not reflect the resilience or value of Bitcoin and the digital currency industry," the groups said in a statement.
The executives who signed the joint statement cast Mt.Gox's downfall as the typical industry evolution that weeds out bad actors.


Trading bitcoins the old-fashioned way
Although Mt.Gox's shutdown was unexpected, its piling troubles were no surprise.
Evan Rose, president of Bitcoin ATM company Genesis, said that the kinds of problems seen at Mt.Gox and other exchanges show that Bitcoin is in flux.
"The people running the systems right now are not necessarily business men," Rose said. "For the most part, they're people who came into this digital project without grasping the value or risk of it. The ecosystem is maturing, but it's a little scary for everyone involved."

[89coupe]

Guess that's what happens when you deal with criminals, haha.

[GTS4tw]

Originally posted by Modelexis


https://www.cavirtex.com/home

sign up and read the directions.

Good sign, just clicked there for the first time and the site isnt working. Seems like a reliable place to trust with your money!

[Kobe]

30 Minute video based on Bitcoin.


Really good video I think everyone should watch it..


http://www.youtube.com/watch?v=teNzIFu5L70


Even talks about Mt.Gox way before it happened...

[jacky4566]

Originally posted by AudiPWR
How the hell does the average person buy bitcoin?

I would also look into
https://www.vaultofsatoshi.com/

They are a new company but much better run than the scam company CaVirtex.

-0 downtime (yet)
-1% fees
-and a $99 dollar no fee trade account
-trade much more currencies
-Tech support will actually call you.

[max_boost]

So what? Everyone lost their bitcoin (money) ????