Mt. Gox (Bitcoin) goes down

Discussion in 'BS Forum' started by soxxx, Feb 25, 2014.

  1. SOXXX2

    SOXXX2 Well-Known Member

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    Neither does the US Dollar, J Powell said it on 60 minutes himself last sunday.

    Well if I was carrying around twenty thousand dollars in my pocket and I lost it, who would I go to again to get my money back? FYI I failed to mention there are 3rd party businesses that will hold your private keys for you. However personally I would never use them because when Bitcoin is going up tens of thousands of dollars in a day, and they suddenly don't have your Bitcoin keys, how exactly would they afford to buy new Bitcoin for you?
     
  2. SOXXX2

    SOXXX2 Well-Known Member

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    Those people learned a hard lesson, not your keys, not your Bitcoin. Besides, most of them are getting the US dollar amount back, they wouldn't have all held their Bitcoin for 6 years to today, and if they were in the Bitcoin game in 2014, they have had plenty of time to buy up more Bitcoin at much lower prices.

    I feel bad for them, but they were taught a lesson, they are/have been compensated, they have had plenty of years to reacquire more Bitcoin.
     
  3. Ralebird

    Ralebird Well-Known Member

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    So is there a way to totally erase this unfortunate episode from the annals of economic history and the minds of those affected so the possibility of a recurrence never occurs to those who might be tempted to invest in this scheme?

    Or maybe it should be on page one so that we are assisted in learning from history.
     
  4. Ralebird

    Ralebird Well-Known Member

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    If you actually drop twenty grand in cash out of your pocket you can report it to the cops but you're pretty much on your own. On the other hand, if twenty grand disappears from your account at Citibank or Merrill Lynch there are plenty of avenues to recoup your losses. Now, I've asked this before, if twenty grand disappears from your Bitcoin account who you gonna call?
     
  5. SOXXX2

    SOXXX2 Well-Known Member

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    Can't call anyone unless you gave your crypto keys to a third-party, which you can do!

    There are two sides to this though.....while if you lose your crypto, it can't be printed back off...........however governments wont be able to print Bitcoin to fund wars, political agendas, etc. I think the good outweighs the bad.
     
  6. The Waterboy

    The Waterboy Well-Known Member

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    Well soxxx prediction for bitcoin was only off by $991,000.00
     
  7. Ralebird

    Ralebird Well-Known Member

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    Would you think that if you had been sitting up there on Mt Gox for the past nine years still trying to get your money back?
     
  8. SOXXX2

    SOXXX2 Well-Known Member

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    Its frustrating but there is another dynamic to it:

    "There are now 137,892 Bitcoin, 162,106 Bitcoin Cash, and some other forked coins in Mt. Gox’s holdings, along with $630 million cash from the sale of 25 percent of the Bitcoin that Kobayashi handled at a prescient price point above where it is today."

    All these victims are going to walk away with much more US Dollar value than what was stolen from them. There is no guarantee that they all would have held their Bitcoin to today, most of them would have sold it years ago if they stil had it. They practically got a gift, and when Bitcoin is a $100,000 in a few years and they start receiving there Bitcoin back, it will be the greatest blessing in disguise they have ever had. Does it suck for them? Yes, but they learned a lesson and a lot of them will end up a lot wealthier than they were if that hack never happened.
     
  9. Ralebird

    Ralebird Well-Known Member

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    They may get their money back; they may make money on the deal. They may continue to get fucked. Get back to me when that happens, it sure is taking a long time.
    Never heard the old saying "don't count your chickens before they hatch" I guess.

    What is the lesson that they learned? That there is a colossal risk in Bitcoin? Do you think that any of the victims care one iota about your quote above? Do you think some may be dead before they get the "windfall" you're so happy for them about? Have some lost homes and families, not been able to send their kids to college?

    How would you feel if your account was emptied today and all you could find were anonymous quotes on the internet telling you to wait a decade or so and you could possibly get a windfall or completely screwed. Don't tell us it can't happen; it already has.
     
  10. SOXXX2

    SOXXX2 Well-Known Member

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    They were irresponsible. Not your keys, not your Bitcoin. The world will be a lot better when central banks cant print out money.

    Also you can critique Bitcoin, its fair, I dont really disagree with a lot of your critique, however Bitcoin is far better than the central banking system we have now. Bitcoin has established itself as the black hole for central banks because of the finite supply of Bitcoin vs the infinite supply of fiat that central banks can create. We are heading toward hyperbitcoinization, it is inevitable. Bitcoin cannot be stopped, cannot be shut down, cannot be banned, and any country or entity that attempts to stop will suffer economic damage the likes of which they have never seen before.
     
    #690 SOXXX2, May 23, 2020
    Last edited: May 23, 2020
  11. SOXXX2

    SOXXX2 Well-Known Member

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    Where Bitcoin is currently:
     
  12. Ralebird

    Ralebird Well-Known Member

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    Do the Chinese, the Russians, the Venezuelans or Iranis fear the "economic damage" you tout enough to test what you say cannot be done. Do all those Nigerian princes who still send me emails respect them enough to leave Bitcoin alone?
     
  13. SOXXX2

    SOXXX2 Well-Known Member

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    Bitcoin continues to dominate all asset classes as chaos and unrest unfolds on the entire world. Bitcoin needs to break $10,500 which would be its first macro-high in over a year, and would likely begin the next bull run.
     
    #693 SOXXX2, Jun 1, 2020
    Last edited: Jun 2, 2020
  14. HomeoftheJets

    HomeoftheJets Well-Known Member

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    That's a bit of a stretch.
     
  15. SOXXX2

    SOXXX2 Well-Known Member

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    People questioned how Bitcoin would perform in a chaotic environment, I wasn't even sure.....it has outperformed all asset classes including Gold.

    It needs to break $10500 now.
     
  16. HomeoftheJets

    HomeoftheJets Well-Known Member

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    Why does it need to break a certain price? If it has substantial real value, why would you care what price it's currently trading at?
     
  17. SOXXX2

    SOXXX2 Well-Known Member

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    I dont, its still in price discovery.
     
  18. SOXXX2

    SOXXX2 Well-Known Member

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    Grayscale continues to buy up all newly mined Bitcoin

     
  19. DRevisIsland24

    DRevisIsland24 New Member

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    When people buy GBTC are they actually buying BTC?
     
  20. SOXXX2

    SOXXX2 Well-Known Member

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    GBTC is holding the Bitcoin for you, its a Custody service. Essentially its Wall Streets way of buying up Bitcoin currently. An ETF hasn't been approved. It would be smarter to just hold Bitcoin yourself, but if you are large hedge fund, it probably would make more sense to go through GBTC. They also have ETHE, which is the Ethereum Trust.

    https://www.investopedia.com/news/why-buy-expensive-bitcoin-etf-instead-actual-bitcoin/

    "Andrew Left of Citron Research has publicly criticized the Grayscale Investment Trust, and Citron has tweeted that GBTC is the "most dangerous way to own Bitcoin." Possible disadvantages of investing in the Trust include paying high premiums along with the annual fee, along with the risk factors associated with the overall volatility in the cryptocurrency market, as well as with investments vehicles that aren't required to register with the SEC."
     

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