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2
Posted on 2/10/14 at 4:58 pm to MFn GIMP
How many brick and mortar stores in Louisiana accept btc?
Posted on 2/10/14 at 4:59 pm to LSURussian
quote:
Aren't ALL bitcoins manufactured out of thin air?
Well yeah
quote:
Why didn't the verification of the blockchain fail when the btc were placed in the account?
It does not go through the blockchain when it is transferred from customer's wallet on an exchange to another wallet on the same exchange when a transaction is made. If I buy 1 btc from you on an exchange, then that BTC is automatically credited to my account and deleted from yours. An exchange's wallet is broken into sections. One for every customer. Just like a bank accounts are. It all goes to the same wallet, so it actually isn't even leaving the wallet. It's just transferred into another customer's account. Since it doesn't actually leave the wallet, then it doesn't have to cross the blockchain.
lots of rambling. hope it makes sense.
This post was edited on 2/10/14 at 5:02 pm
Posted on 2/10/14 at 4:59 pm to LSURussian
you and broke always sound like such whiny bitches in these threads. it's great
Posted on 2/10/14 at 5:01 pm to TH03
quote:
thank god I've never used mt gox
I used them a good bit, but that was years ago when you could still use Dwolla for USD transfers and things were running smoothly (and they were essentially the only exchange that mattered).
I think it's time for their CEO to commit seppuku.
Posted on 2/10/14 at 5:05 pm to brucevilanch
quote:Are all exchanges like that?
Since it doesn't actually leave the wallet, then it doesn't have to cross the blockchain.
If so, that sure sounds like customers are at the complete mercy of the exchange.
If not, what prevents any exchange from "double selling" to customers' accounts?
Posted on 2/10/14 at 5:06 pm to TH03
If your opinion mattered to me I'd be sad.....
Posted on 2/10/14 at 5:06 pm to Broke
quote:
LIES!!!!!!
Love, WikiTiger
Posted on 2/10/14 at 5:10 pm to brucevilanch
quote:
Mt.Gox is full of shite. They halted trading due to them having 40k BTC in queue that they wouldn't release them to anyone, because they were scared they were about to have a run on them. No one in the US can get money out of Mt.Gox, and now they've started resorting to doing really shady shite to try and get people to stop transferring BTC out. Speculation is that Gox was having a liquidity problem. They've been accused using the BTC that is in queue(their customer's)to pump the price to make Gox look more appealing. Gox was buying BTC that didn't exist on their exchange. Doing that is what would cause the liquidity problem, because they have essentially manufactured BTC out of thin air(the btc that they were buying) and then when they sold it to someone else, the btc wasn't actually there. It showed up in their account, but it wasn't true. Thus, when a lot of BTC tried to get moved out, they closed the gates because they new that the blockchain could not verify BTC that wasn't there. I hope that sort of makes sense. Gox is as corrupt as it gets. It's not a BTC problem, it's a GOX problem. The double spending issue has been around, and the majority of the problem was fixed months ago. The new wallet has just fixed the rest of the exploits.
All that wall of text told me is that there is a way for someone like Mt Gox to frick up the system and cause the price of BTC to plummet. That may be a Mt Gox problem but it has now turned into a BTC problem because of the price plummet.
Regardless, it affected BTC across the board obviously. That itself is a reason to stay the frick away from BTC. If one place like Mt Gox can affect the entire system like then then its way too damn fragile for me to be fricking with
Posted on 2/10/14 at 5:11 pm to LSURussian
quote:
Are all exchanges like that?
yup, although everyone does have their own individual address to the wallet. Think of it like an account number, but you can change it whenever you want.
quote:
If so, that sure sounds like customers are at the complete mercy of the exchange.
yup, but the only part of that scenario that scares me is an exchange closing it's doors unannounced and stealing all of it's customer's BTC and various other cryptocurrencies. It's unlikely that will happen, but it's completely possible.
Posted on 2/10/14 at 5:15 pm to MFn GIMP
quote:
Link
Cool an article about bit coins being able to buy items in June, or your ability to spend them on other worthless items (zynga games)
Do you think If it continues to have issues and the price continues to plummet that they will meet that June deadline of accepting bit coin?
Posted on 2/10/14 at 5:16 pm to brucevilanch
quote:In addition to MtGox wasn't there two other btc exchanges that closed without returning their customers' money?
but the only part of that scenario that scares me is an exchange closing it's doors unannounced and stealing all of it's customer's BTC and various other cryptocurrencies. It's unlikely that will happen,
Posted on 2/10/14 at 5:18 pm to ThaKaptin
quote:
All that wall of text told me is that there is a way for someone like Mt Gox to frick up the system and cause the price of BTC to plummet. That may be a Mt Gox problem but it has now turned into a BTC problem because of the price plummet.
Regardless, it affected BTC across the board obviously. That itself is a reason to stay the frick away from BTC. If one place like Mt Gox can affect the entire system like then then its way too damn fragile for me to be fricking with
Sure, if you're investing actual money into it. You have to have a little gamble in you to deal with the swings and to figure out where you are. I actually enjoy the drop at the moment. It allowed me to get a lot better of a BTC exchange rate on the alt coins that I mine. That means I'm getting more BTC, and when BTC rises again, I'll make more money.
The drop this morning actually has to do with human error. Someone sold 6000 BTC for $102 each on BTC-e. People are saying it was a trading bot that did it, others are saying it was a typo in the sell column that was overlooked.
Posted on 2/10/14 at 5:22 pm to LSURussian
quote:
In addition to MtGox wasn't there two other btc exchanges that closed without returning their customers' money?
I vaguely remember that something like that happening, but I can't remember if it was them closing or if they were just out right stealing from their customers. The name of the exchange escapes me. I don't frick with any exchanges outside of BTC-e/Coinex/Cryptsy. I would prefer not do deal with cryptsy, but sometimes they're the only ones that deal with some of the more obscure alts.
Posted on 2/10/14 at 5:25 pm to Mizzoufan26
quote:
Cool an article about bit coins being able to buy items in June, or your ability to spend them on other worthless items (zynga games)
Do you think If it continues to have issues and the price continues to plummet that they will meet that June deadline of accepting bit coin?
I buy things all time with BTC. Tigerdirect, overstock.com, several other larger websites accept it. I buy stuff off of Amazon with gift cards that I bought with BTC.
Posted on 2/10/14 at 5:30 pm to brucevilanch
So you got lucky and were able to make money off this but most people actually lost money. A great deal of it actually if they were heavily invested. That can be a frick ton of money to lose just because some frick stick made a typo when he sold some.
Posted on 2/10/14 at 5:42 pm to ThaKaptin
quote:
So you got lucky and were able to make money off this but most people actually lost money. A great deal of it actually if they were heavily invested. That can be a frick ton of money to lose just because some frick stick made a typo when he sold some.
No, I didn't get lucky. I don't have faith in BTC to hold it's price. It fluctuates at the drop of a pin, and I'm aware of this. I don't keep money in BTC for this reason. I only buy it to use it as a median of transfer. Those are the risks of it, you cannot trade on these markets without being aware of how violent the swings can be or you'll be eaten alive.
Posted on 2/10/14 at 5:44 pm to alexman
Posted on 2/10/14 at 5:45 pm to ThaKaptin
quote:
just because some frick stick made a typo when he sold some.
Well, technically, the frick stick was the only one who lost money on that. Immediately after that $102 bot/typo sale, the price went back to where it was (mid-$500s) -- so the current price has nothing to do with said frick stick and everything to do with the Mt. Gox issues (which is still a scary thought that one exchange can cause this much short-term FUD).
Posted on 2/10/14 at 5:48 pm to brucevilanch
quote:Does that mean someone thought he had an order in to buy 6k btc at $102 but he actually had an order in to SELL 6k btc at that price? If so, that's an expensive mistake.
others are saying it was a typo in the sell column that was overlooked.
And that was on btc-e, right, not MtGox?
That sounds like a thinly traded btc book led to the crash.
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