Bitcoin

[nowaysj]

What is supporting that $600 floor? Why won't it drop further?

[m8son666]

nerds

[nowaysj]

Is it me you're looking for?

[Phigure]

What is supporting that $600 floor? Why won't it drop further?

it could, and it probably will on Gox, but thats cause its sort of disconnected from the rest of the market. bitcoin pretty much never crashes lower than the bottom of a previous crash (which peaked for a few transactions at ~400 but was actually more around 500)

[bmilner]

HODL

[Phigure]

uh yeah so all the coins on silk road 2 were taken (mods are saying they were hacked but its a pretty blatant lie for multiple reasons), so what i said about that 600 floor obviously no longer holds true

millions worth of coins flooding the market is gonna put a lot of downward pressure on the price. even if they hold on to them or sell off-market, just the thought of the possibility is gonna have the same effect. ~450 is probably the lowest i could see it going.


so yeah, like i said before, CHEAP COINS!

[Phigure]

nerds

im out here gettin this internet paper, youre the one who had the doge avatar

[nowaysj]

[wub]

Understand Bitcoin a lot more than I did previously after listening to an interview with Andreas Antonopoulos

[bmilner]

Yeh he's a very good spokesperson for Bitcoin

http://www.forbes.com/sites/andygreenbe ... ds-stolen/

I'm hoping the true figure is around 4,000, but either way not overly fussed, it's just another blip in Bitcoins progression. Will pick up some cheap coins if a higher amount becomes apparent. Its been teasing the 600 wall all night, and now the Chinese are up it will be interesting to see which way it swings.

[garethom]

I've got about 4000 bit coins for sale, £2 each, PM me for paypal details.

For proof, here is a photo of one bitcoin:

[Phigure]

Paypal doesn't allow payments for virtual goods

I'll give you 3 big ups per BTC tho?

[garethom]

Paypal doesn't allow payments for virtual goods

I'll give you 3 big ups per BTC tho?

Seems fair to me mate, how many do you want?

[nowaysj]

What's going on phig?

[Phigure]

Paypal doesn't allow payments for virtual goods

I'll give you 3 big ups per BTC tho?

Seems fair to me mate, how many do you want?

all 4000, might have to put the big ups on a payment plan though, my fingers gonna get tired

What's going on phig?

mtgox still hasnt processed btc or usd withdrawals, people's confidence is reflected by the price of ~$300 for coins on gox versus 600-650 on other exchanges. pricewise i think it's gonna keep dragging it downwards and sideways for a while

long term: somethingsomething about pictures and 1000 words


(this is a logarithmic chart fyi)

basically we're in the middle of a downturn for about another month, then gradual growth for another 3-4 until we're near the previous all time high (~1200). the excitement of once again hitting the high will lead to another huge spike up to as much as 10k if youre optimistic (followed by a crash to 50%, bounce to 70-80%, slow drop to ~50% for a month or two, and then you're basically where we are now again)

[Shum]

10001100101000

[dub-ray]

Good JRE about Bitcoin with "Bitcoin Jesus"

[Phigure]

so gox went belly up...

worse than anyone could have ever imagined though... up to 750,000 BTC gone. i can't even describe the level of incompetence it takes to keep your entire customer base's funds in the "hot wallet". it's like the equivalent of a bank keeping its entire reserves in the hands of one teller at one branch, as opposed to in a secure vault (ie, bitcoins in offline cold storage)

joint statement from the biggest exchanges / bitcoin services
http://www.circle.com/2014/02/24/joint- ... cy-mt-gox/

Joint Statement Regarding the Insolvency of Mt.Gox
The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of 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. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.
We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.
In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following exchanges will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
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.
The following industry leaders stand by this statement:
Fred Ehrsam — Co-founder of Coinbase
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle

next week (probably month) will be pretty hellish pricewise i think, media is gonna go into a frenzy and people will declare it dead like they dead in april

feels go out to anyone who had money on there but with their track record people should have been a lot more cautious...

[murky21]

pretty fucked

[nowaysj]