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Started By
Message
Another large bitcoin exchange suspends operations....
Posted on 1/5/15 at 6:55 pm
Posted on 1/5/15 at 6:55 pm
Remember this thread?
WikiTiger's bitcoin price prediction thread
In that thread the bitcoin exchange website known as "Bitcoin.net" is referenced several times as being the most dependable website for trading bitcoins.
It's out of business....at least temporarily. Here is the notice posted on their website's official homepage...
LINK
WikiTiger's bitcoin price prediction thread
In that thread the bitcoin exchange website known as "Bitcoin.net" is referenced several times as being the most dependable website for trading bitcoins.
It's out of business....at least temporarily. Here is the notice posted on their website's official homepage...
quote:
January 6, 2015, 12:34am UTC: We have temporarily suspended Bitstamp services. Bitstamp customers can rest assured that their bitcoins held with us prior to temporary suspension of services on January 5th (at 9am UTC) are completely safe and will be honored in full.
On January 4th, some of Bitstamp’s operational wallets were compromised, resulting in a loss of less than 19,000 BTC. Upon learning of the breach, we immediately notified all customers that they should no longer make deposits to previously issued bitcoin deposit addresses. To repeat, customers should NOT make any deposits to previously issued bitcoin deposit addresses. As an additional security measure, we suspended our systems while we fully investigate the incident and actively engage with law enforcement officials.
LINK
3
Posted on 1/5/15 at 7:23 pm to LSURussian
It's ok though... Those 19000 bitcoins were backed by the FDIC, right???
Posted on 1/5/15 at 9:01 pm to LSURussian
So, basically, bitcoins (I refuse to call them money) were stolen?
I've gone to several CPA conferences in the last year or so where are told bitcoins are the future, we better learn about them, we better be ready to advise clients about them, etc?
Am I the only one that thinks bitcoins are simply fool's gold?
I've gone to several CPA conferences in the last year or so where are told bitcoins are the future, we better learn about them, we better be ready to advise clients about them, etc?
Am I the only one that thinks bitcoins are simply fool's gold?
Posted on 1/5/15 at 9:09 pm to LSUFanHouston
You are not the only one. Bitcoins are hi-tech Beanie Babies......or tulips bulbs.
Posted on 1/5/15 at 9:11 pm to LSUFanHouston
why do people keep their bitcoins in these exchanges instead of on their own storage devices?
Posted on 1/5/15 at 9:29 pm to diat150
Can you trade bitcoins on a currency exchange for USD?
Posted on 1/5/15 at 10:36 pm to LSUFanHouston
quote:
Can you trade bitcoins on a currency exchange for USD?
Apparently, right up until the point someone steals "less than 19,000" of them. Then, they shut down the exchange.
Never fear, though. There will soon enough be a new greatest and bestest exchange that'll pop up where you, too, can take part in this once in a lifetime investment opportunity. (Until someone steals the bitcoin or the operators of the exchange disappear about the same time a huge number of the bitcoins on the exchange disappear. Your mileage may vary.)
This post was edited on 1/5/15 at 10:40 pm
Posted on 1/6/15 at 12:41 am to LSUFanHouston
quote:
Am I the only one that thinks bitcoins are simply fool's gold?
That is revolutionary thinking
Posted on 1/6/15 at 5:51 am to LSURussian
What exactly is a "bitcoin"? Is it a unique piece of code that can only be used on certain systems?
Posted on 1/6/15 at 6:07 am to Azazello
It's touted as a virtual currency that is "mined" by solving complex equations. You probably need to google it to get a thorough and more accurate explanation.
Posted on 1/6/15 at 6:47 am to LSURussian
Wait, I thought they were theft-proof 
Posted on 1/6/15 at 12:49 pm to LSUFanHouston
Why any U.S. merchant would accept payment in Bitcoins is a mystery to me? The accounting issues involved are not simple, and the cost to record every transaction are onerous. For tax purposes every transaction is a barter transaction rather than a sale since Bitcoins are not money. Thus, there is the requirement to obtain all information necessary to issue a 1099-B to properly report the proceeds from the transaction. And every conversion of Bitcoins to U.S. dollars must also be reported to determine gain/loss on the conversion. The only businesses likely to tolerate the administrative costs will be the third party payment processing companies.
With the lack of security demonstrated by the most popular exchanges, how can the third party processers avoid high fees to their customers?
With the lack of security demonstrated by the most popular exchanges, how can the third party processers avoid high fees to their customers?
Posted on 1/6/15 at 2:12 pm to Poodlebrain
I've only had one client ask me about accepting them, and it was a tech startup that I think was just wanting to learn more about it then actually taking them.
I don't recommend things I don't understand, and I don't understand bit coins. It just seems like monopoly paper to me. It is generated by computers solving equations? What? It would be as if I created my own "money" - we'll call it LSUFanHoustonBucks, and gave a bunch of it away to my friends and associates, and we all started buying stuff with it, but only from each other.
I guess the IRS feels the same way, which is why they are treating it as a barter transaction.
But even in traditional barter transactions, or the more common trade exchange transactions, the script isn't just created... people trade goods and services creating balances.
I don't recommend things I don't understand, and I don't understand bit coins. It just seems like monopoly paper to me. It is generated by computers solving equations? What? It would be as if I created my own "money" - we'll call it LSUFanHoustonBucks, and gave a bunch of it away to my friends and associates, and we all started buying stuff with it, but only from each other.
I guess the IRS feels the same way, which is why they are treating it as a barter transaction.
But even in traditional barter transactions, or the more common trade exchange transactions, the script isn't just created... people trade goods and services creating balances.
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