The Bitcoin Tracking Thread

[1970 silver art]

Wow that is around $5 a week! Not bad for 50-60 hours a week, and you still have time to post your progress here...

I do not do this for 50-60 hours a week. I spend my free time (after leaving my full-time job) at home getting free bitcoin from the internet faucets. During the week I might spend about 1-2 hrs in the morning before i go to work and after I get home from from my job, I will spend 3-4 hours at night getting free bitcoin while listening to Internet talk radio. During the weekend, I will spend about 6 to 7 hours on sat and 8 to 9 hours on Sunday doing this. Of course that will vary on the weekends if I go out of town or just spend time outside.

[Neuro]

I do not do this for 50-60 hours a week. I spend my free time (after leaving my full-time job) at home getting free bitcoin from the internet faucets. During the week I might spend about 1-2 hrs in the morning before i go to work and after I get home from from my job, I will spend 3-4 hours at night getting free bitcoin while listening to Internet talk radio. During the weekend, I will spend about 6 to 7 hours on sat and 8 to 9 hours on Sunday doing this. Of course that will vary on the weekends if I go out of town or just spend time outside.

Ok so only 35-45 hours a week...

[madfranks]

Hey, everyone needs a hobby. Most other people spend their free time and get nothing for it, Josie at least gets some bitcoins and silver!

[1970 silver art]

Hey, everyone needs a hobby. Most other people spend their free time and get nothing for it, Josie at least gets some bitcoins and silver!

That is exactly it. I am making that free time work for me and this is how I am going about doing that while still doing the things that I usually do on the Internet. Essentially I am getting free bitcoins for spending my free time surfing the internet and listening to internet talk radio which eventually results in me getting some "free silver". Free silver in the sense that I did not have to spend any FRNs out of my wallet but gained a few oz's to add to my collection. A win-win for me as far as I am concerned and will continue to obtain free bitcoins from the faucets since it works for me. Jmho.

[osoab]

Chicago's CME Group bites on bitcoin, will publish daily price

[Jewboo]

Mt. Gox Creditors Seek Trillions Where There Are Only Millions


$2,411,412,137,427.

That figure — $2.4 trillion for those with an untrained eye for very large numbers — is in the same ballpark as the annual economic output of France.

It is also exactly the amount that people around the world claim they lost when Mt. Gox, the Tokyo-based virtual currency exchange, collapsed into bankruptcy in 2014, after huge, unexplained losses of the volatile digital currency Bitcoin.

As with most of the people who lost money with Bernard L. Madoff, the investment manager who was convicted of running a Ponzi scheme, most of those who put their Bitcoin in Mt. Gox will be disappointed: The Japanese trustee overseeing the case said on Wednesday that only $91 million in assets has been tracked down to distribute to claimants — a small portion of the more than $500 million in assets that Mt. Gox claimed it had in the weeks before it went bankrupt in February 2014, and a tiny portion of the amount that claimants have requested.

The giant gaps between those numbers are an indication, if nothing else, of the sheer number of dishonest people who have been drawn to the fiasco around Mt. Gox and Bitcoin. They are also the latest reminders of the topsy-turvy nature of the digital-currency realm. A currency designed to bring computer precision and traceability to money has been marked by multiple unsolved mysteries swirling around it.

Journalists and others have made many unsuccessful attempts to determine the true identity of the creator of the Bitcoin technology, a programmer or group of programmers going by the name Satoshi Nakamoto.

Bitcoin experts and law enforcement officials have spent over two years trying to figure out how hundreds of thousands of Bitcoins disappeared from the Mt. Gox exchange. There have been lots of conspiracy theories but few solid answers.

The amount that claimants have requested from the Mt. Gox bankruptcy estate is absurd on its face, given that all the Bitcoins in the world today are worth about $7 billion, or 0.3 percent of the $2.4 trillion being claimed.

Most of that huge number is an outsize claim by one individual — but even after that is taken out, the rest of the claimants said they lost some $27 billion, or 54 times what the exchange claimed it held before it went under.

The trustee said on Wednesday at a meeting with creditors that $414 million of the claims appeared to be legitimate and have been approved. Each of those claimants will get some portion of the $91 million. It is not yet clear how much because of outstanding lawsuits and investigations.
Bitcoin investors have complained about how long it has taken to work through the claims, not to mention the legal and accounting costs. The trustee reports that those costs have added up to about $55 million so far.

“I am disturbed by the amount of money which the bankruptcy process has burned through,” Kolin Burges, one of the most outspoken creditors, said on Wednesday. “We have seen very poor results from the investigations, and the details have been constantly shrouded from the creditors.”

http://www.nytimes.com/2016/05/26/bu...ions.html?_r=0

[Neuro]

Mt. Gox Creditors Seek Trillions Where There Are Only Millions


$2,411,412,137,427.

That figure — $2.4 trillion for those with an untrained eye for very large numbers — is in the same ballpark as the annual economic output of France.

It is also exactly the amount that people around the world claim they lost when Mt. Gox, the Tokyo-based virtual currency exchange, collapsed into bankruptcy in 2014, after huge, unexplained losses of the volatile digital currency Bitcoin.

As with most of the people who lost money with Bernard L. Madoff, the investment manager who was convicted of running a Ponzi scheme, most of those who put their Bitcoin in Mt. Gox will be disappointed: The Japanese trustee overseeing the case said on Wednesday that only $91 million in assets has been tracked down to distribute to claimants — a small portion of the more than $500 million in assets that Mt. Gox claimed it had in the weeks before it went bankrupt in February 2014, and a tiny portion of the amount that claimants have requested.

The giant gaps between those numbers are an indication, if nothing else, of the sheer number of dishonest people who have been drawn to the fiasco around Mt. Gox and Bitcoin. They are also the latest reminders of the topsy-turvy nature of the digital-currency realm. A currency designed to bring computer precision and traceability to money has been marked by multiple unsolved mysteries swirling around it.

Journalists and others have made many unsuccessful attempts to determine the true identity of the creator of the Bitcoin technology, a programmer or group of programmers going by the name Satoshi Nakamoto.

Bitcoin experts and law enforcement officials have spent over two years trying to figure out how hundreds of thousands of Bitcoins disappeared from the Mt. Gox exchange. There have been lots of conspiracy theories but few solid answers.

The amount that claimants have requested from the Mt. Gox bankruptcy estate is absurd on its face, given that all the Bitcoins in the world today are worth about $7 billion, or 0.3 percent of the $2.4 trillion being claimed.

Most of that huge number is an outsize claim by one individual — but even after that is taken out, the rest of the claimants said they lost some $27 billion, or 54 times what the exchange claimed it held before it went under.

The trustee said on Wednesday at a meeting with creditors that $414 million of the claims appeared to be legitimate and have been approved. Each of those claimants will get some portion of the $91 million. It is not yet clear how much because of outstanding lawsuits and investigations.
Bitcoin investors have complained about how long it has taken to work through the claims, not to mention the legal and accounting costs. The trustee reports that those costs have added up to about $55 million so far.

“I am disturbed by the amount of money which the bankruptcy process has burned through,”

Seems like the lawyers will get the remaining 91 million instead of the Bitcoin account holders at Mt Gox. First Mt Gox defrauded them, then the lawyers...

[Glass]

how would you verify your claim? What physical evidence could you muster to establish your standing as a claimant?

so the single claim of 99.3% amounted to 2.393 trillion? Clearly included in the report for titillation purposes. My guess is people valued it based on the price they paid, not the trading value.

I wonder if anyone just walked away and are not included in the claim? I guess there will be people in that category. Too risky or too open to being contacted by the local tax people for a please explain.

And did Gox actually have the number their are claiming they had? I assume these people bought paper and not actual bits?

I've been planing my own digital currency. I'm going to call them Tinkerbits. They come with special sparklie dust. The best part is, to get them all you need is my soon to be patented Tinkerbits stick. It has a little star on the end and when you wave it around you can make new Tinkerbits.

[madfranks]

how would you verify your claim? What physical evidence could you muster to establish your standing as a claimant?

so the single claim of 99.3% amounted to 2.393 trillion? Clearly included in the report for titillation purposes. My guess is people valued it based on the price they paid, not the trading value.

I wonder if anyone just walked away and are not included in the claim? I guess there will be people in that category. Too risky or too open to being contacted by the local tax people for a please explain.

And did Gox actually have the number their are claiming they had? I assume these people bought paper and not actual bits?

I've been planing my own digital currency. I'm going to call them Tinkerbits. They come with special sparklie dust. The best part is, to get them all you need is my soon to be patented Tinkerbits stick. It has a little star on the end and when you wave it around you can make new Tinkerbits.

Good luck getting your tinkerbits to trade on the open market for ~$450 each.

[Glass]

Good luck getting your tinkerbits to trade on the open market for ~$450 each.

A lot of people believe in never never land. If they can believe in bitcoins they can believe in anything.