The Bitcoin Tracking Thread

Quote:

---

Originally Posted by chad

why does bitcoin have capital controls?

https://mtgox.com/press_release_20130313.html

this makes me suspicious.

---

Bitcoin doesn't have capital controls. It looks like Mt. Gox, one of many bitcoin exchanges, is enacting capital controls. The solution is, don't use Mt. Gox. They are about to get a lesson in free markets. By restricting withdrawals, people will move away from using them and move towards other exchanges.

Well said, buddy.

Wonder who is going to be the next [ex GSUS] Silver Shield/Chris Duane? Maybe the guy who's selling his house in Edm. for BTC.

Quote:

---

Originally Posted by madfranks

I get your sarcasm, but actually, it is different this time, because this is the first time in human history a crypto-currency has taken hold of the world economy. This truly is uncharted grounds here. Consider that the audience and potential users of bitcoin is everyone in the world. It's not a local currency or even a national currency, it's a world wide currency.

For the erecord, gold and silver are also world wide currencies.

---

Sure, it was different with the Internet bubble 2000 also, Internet companies were not to be valued according to how other companies were valued according to assets and profits, it was called a paradigm shift... With bitcoins you really have the ultimate bubble product, cause there is absolutely no way of determining its proper value, it could be $100,000 or it could be $1/100,000, it is all in the eye of the beholder. Right now the holders are probably the very few that started it, and mined millions of it when it was easy a couple of years ago, and a bunch of young people who don't have much money, but put what they could scrape together into bitcoins. The first group is making a killing, selling to the speculators coming in now. VERY unstable market!

Quote:

---

Originally Posted by Neuro

Sure, it was different with the Internet bubble 2000 also, Internet companies were not to be valued according to how other companies were valued according to assets and profits, it was called a paradigm shift... With bitcoins you really have the ultimate bubble product, cause there is absolutely no way of determining its proper value, it could be $100,000 or it could be $1/100,000, it is all in the eye of the beholder. Right now the holders are probably the very few that started it, and mined millions of it when it was easy a couple of years ago, and a bunch of young people who don't have much money, but put what they could scrape together into bitcoins. The first group is making a killing, selling to the speculators coming in now. VERY unstable market!

---

Your thoughts are valued and should be given due consideration. One should not throw life-savings around willy-nilly.

Bitcoin is a gamble, but it is still a faaaar better bet than the lottery. Perhaps the members here should view it as such, and not necessarily as a digital rival to gold.


Also, the original Bitcoin whitepaper is here: http://bitcoin.org/bitcoin.pdf

It's only 9 pages long.

If one wants to attack Bitcoin as a protocol, then the whitepaper (and of course the open source code as well) is the place to start finding flaws.

Check it out, bitcoins are settling lower into $117 range.

http://bitcoinmonitor.com/ Fun to watch the transactions.

BTC price currently $ 128.80 usd

mtgox or whatever it is called was "hacked" last night.

135 was 142 earlier.

Quote:

---

Originally Posted by chad

mtgox or whatever it is called "hacked..."

---

Nah, it wasn't hacked. They suffered a DDoS attack. That's equivalent to say if I owned a botnet of a million or so nodes. I tell each one to visit gold-silver.us all at once and just keep refreshing the page to flood the server with millions of request. You'll choke any server with that type of an attack.

DDoS is a denial of service attack. Whoever was targeting Mtgox was doing it to interrupt bitcoin transactions is my guess.