Bitcoins

[helloworld]

Average price is $600

The price on MtGox is low cause you cant cash out.

Whether gox will return to normal is anyone's bet. I'm tempted to buy in at gox and wait to see if they sort their shit. But hard to say

 

[Chris.C]

Unfortunately I think Bitcoin is a good old fashioned high profile hacking away from going to $0.

I hate to say "I told you so", actually no wait... I love getting to say "I told you so".

Panic. This one word sticks in the back of everybody’s mind when assessing what’s been going on in the Bitcoin market for the past couple of days. It might be hard to get one’s head around the fact that the currency was at $900 on Feb. 5, only to almost reach $300 today. The sell-off continues, today coinciding with news of another hacker attack.

TechCrunch reported yesterday, that around 4,500 bitcoins, worth upwards of $2,700,000 had been stolen from Silk Road 2, the successor of the black marketplace shut down last year. It is perhaps no wonder that engaging in possibly illegal activities may result in problems, in this case those of the financial nature. Worrying is the fact that the hackers exploited the same bug which had earlier caused severe problems for Mt. Gox, Bitstamp and BTC-e.

This bug, called “transaction malleability”, has been known for some time, but only now did it actually become a burning issue for the Bitcoin community. The accounts of Silk Road 2 were completely wiped out. Around 95% of the coins are supposed to have been stolen by one person or entity.

To be fair, if this hacking issue can be resolved quickly, there is a chance that BTC prices might bounce back in the next couple of weeks, and they might be good buying right now.

I still think the longer term outlook for BTC is poor, but if you have high risk tolerance, a liking for alternative investments and a short time horizon with solid trading guidelines you operate to - now might be your chance.

I, for one, won't be investing.

 

[helloworld]

I haven't lost anything so it's no skin off my back.

If you can take the risk getting in on mtgox is the way to go but very risky. The price everywhere else is still 600-700 so we will see.


I think it's to early to start boasting

 

[Chris.C]

HAHA I was just having a bit a of a laugh. I'm sure BTC coins will survive this event. I just found it funny that the priced plunged 60% because of one hacking...

That's like the equivalent of the Australian dollar plunging to $0.40 because there was a bank robbery at one of the ANZ branches.

I think it's to early to start boasting

I'm not calling this the end of BTC. I'm not even saying BTC prices won't go up from here. They probably will.

But I'm sure if a hacker just made himself an easy $2.7M hacking some bitcoins, more hackings will follow, and who's going to keep their life savings in a medium that isn't secure.

What's worse is I doubt most governments will been keen to catch the BTC thieves, because they have a vested interest in seeing the currency fail...

 

[snoopy]

I haven't lost anything so it's no skin off my back.

If you can take the risk getting in on mtgox is the way to go but very risky. The price everywhere else is still 600-700 so we will see.


I think it's to early to start boasting

Given the price is down 50-80% depending on the exchange how can that be no skin off your back?

 

[helloworld]

It's 30%-35%. The exchanges are not the only places to buy and sell.

I will make this is as simple for you as possible, Snoopy.
If you buy 10 apples for $10 and sell 5 apples for $100 what is remaining ?

It's not real until it's cashed out. Just like any other commodity - shares, domains, a house.

 

[Shane]

It's not real until it's cashed out. Just like any other commodity - shares, domains, a house.

That's just something that stockbrokers tell you to make you feel better.

The loss is very much real, it just hasn't been crystallised yet.

For example I have a couple of small mining stocks in my SMSF which have dropped like 90%. I haven't sold them yet, but as far as I'm concerned that money is lost.

Sure the ATO don't consider the money as lost yet, but in reality, I know it is...

 

[snoopy]

It's 30%-35%.

$1300 aud. Crazy

Average price is $600

The price on MtGox is low cause you cant cash out.

Price on Mt Gox (formerly largest exchange) $275 USD, Price elsewhere, $600.

So how does that make for a 30-35% fall?

The largest exchange is down 80% and the rest have halved.

The exchanges are not the only places to buy and sell.

You've been talking for weeks about prices on exchanges now you'd like to start talking about prices somewhere else?

I will make this is as simple for you as possible, Snoopy.
If you buy 10 apples for $10 and sell 5 apples for $100 what is remaining ?

It's not real until it's cashed out. Just like any other commodity - shares, domains, a house.

It is real when the price changes, "not selling" doesn't change this. It is stockbroker talk as shane said.

 

[helloworld]

I'm not a stockbroker. However I have played my fair share of poker and yeah same rules apply.

 

[Chris.C]

Summary of yesterday...

On Monday evening the price of Bitcoin on Mt Gox staged a recovery from its daily low of $220, rising as high as $390 after an announcement from the company that a fix was in hand, and that withdrawals “at a moderated pace” should be resumed “soon.”

 

[FirstPageResults]

After weeks of speculation over its financial health, the beleaguered Bitcoin exchange Mt. Gox has filed for bankruptcy protection

http://mobile.theverge.com/2014/2/28/5456202/mt-gox-files-for-bankruptcy

 

[findtim]

on a different note views of this thread are up 1000% at 1220 views

tim

 

[Ash]

Just saw this xplosm comic on reddit last night - http://explosm.net/comics/3479/http://explosm.net/comics/3479/

 

[Alex]

Anyone heard of dodge coin?

 

[snoopy]

Now down to $182, down 85% from the peak ($1242), seems to have been mostly falling for a year or more.
http://www.coindesk.com/price/
Would expect a lot of bitcoin startups to fold over the next year or so.

 

[helloworld]

It's certainly dropped in the arse over the past 2 months or so (also declining over the past year). I assume there are a lot of people who got in at the top end who have been selling en masse. Several mining operations have shut down. I read one datacenter is suing a miner for $5million on unpaid server fees.

My credit card numbers were stolen recently. The hacker bought up products on second life. I guess that is where the real money is hah

 

[Chris.C]

Now down to $182, down 85% from the peak ($1242), seems to have been mostly falling for a year or more.

Ouch... this shakeout will no doubt test the faithful.

 

[Data Glasses]

I dropped into the bookshop in fitzroy today and they have a sign up for them but have not done a trade in a while she said, the lady also mentioned they got in early and grabbed at 8 cents? I asked how much they go for now and she said 272, i thought she meant $2.72

 

[snoopy]

I dropped into the bookshop in fitzroy today and they have a sign up for them but have not done a trade in a while she said, the lady also mentioned they got in early and grabbed at 8 cents? I asked how much they go for now and she said 272, i thought she meant $2.72

Bit weird that the lady in the bookshop would have been buying at 8 cents, good luck to her if true. Even $100 worth would now be would 200k USD.

 

[Data Glasses]

i guess timing is everything, interesting she said that was in the shops name, but she has her own separately from the shop