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Bitcoin in BIG trouble
Novena:
W. C. Fields:
"You can't cheat an honest man; never give a sucker an even break, or smarten up a chump."
The issuing of currency is the purview of sovereign nations.
2Thick:
Buffett says it's a joke, and I'm inclined to agree. Even Fortress lost money on it.
Of course I'm sure at least one or 2 getbiggers who claim Buffett is a crappy investor who knows shit will claim they've been buying it at the bottoms and selling and shorting it at the tops and are making billions off it. ::)
It's too volatile and unregulated to be suitable for currency, and there's the problem of valuation as far as using it as an investment vehicle. Either stay clear or use it purely as a speculative play with a very minimal portion of your portfolio if you're a real gunslinger.
24KT:
--- Quote from: 2Thick on March 19, 2014, 11:13:17 AM ---Buffett says it's a joke, and I'm inclined to agree. Even Fortress lost money on it.
Of course I'm sure at least one or 2 getbiggers who claim Buffett is a crappy investor who knows shit will claim they've been buying it at the bottoms and selling and shorting it at the tops and are making billions off it. ::)
It's too volatile and unregulated to be suitable for currency, and there's the problem of valuation as far as using it as an investment vehicle. Either stay clear or use it purely as a speculative play with a very minimal portion of your portfolio if you're a real gunslinger.
--- End quote ---
Completely Agree. I've stayed far away from BitCoin. Don't trust it, wouldn't use it.
In my opinion it's volatile, insecure, lacks integrity.
24KT:
Last updated: April 19, 2015 4:54 pm
MtGox ‘lost coins’ long before collapse
Ben McLannahan in New York
MtGox, once the world’s most popular venue for trading and storing bitcoin, was in effect insolvent long before it collapsed, according to a report that claims thieves were routinely stealing the digital currency from its thinly protected vaults.
When the Tokyo-based exchange pulled down the shutters in February 2014, saying it had lost track of 850,000 coins worth about $500m, it triggered thousands of claims from creditors, many of whom had been using the platform up until its demise.
But findings by a team of independent investigators suggest that raids had begun more than two years earlier, in late 2011, and that MtGox was practically cleaned out of coins by the summer of 2013. Most or all of the missing coins were stolen straight from an online pool held for settling daily transactions — the “hot wallet”.
The investigators trawled millions of entries on the blockchain, the central ledger that logs all transfers between bitcoin addresses, and found a recurring pattern: MtGox-related bitcoins would periodically be sent to a new non-MtGox address, without a withdrawal log entry, often in lots of a few hundred coins at a time.... (Continue Reading at FT)
http://www.ft.com/cms/s/0/0694b99c-e647-11e4-ab4e-00144feab7de.html#ixzz3XuP3RUSR
Goldilox:
--- Quote from: 24KT on March 19, 2014, 12:26:51 PM ---Completely Agree. I've stayed far away from BitCoin. Don't trust it, wouldn't use it.
In my opinion it's volatile, insecure, lacks integrity.
--- End quote ---
This comment was made from a completely ignorant & biased perspective. A lot can happen in 10 years, including understanding the fundamentals behind Bitcoin, it's value proposition, and why it is the world's perfect money.
Officially and Irretrievably Orange Pilled
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