Mt. Gox goes down, future of Bitcoin in doubt

**igotrhythm** · 02-25-2014, 08:12 PM

http://money.cnn.com/2014/02/25/tech...oin/index.html

Ten years ago it was the dot-com boom and bust. Five years ago it was the housing market. Are we seeing a similar occurrence here?

**arcnmx** · 02-25-2014, 08:21 PM

It sucks, people have lost a lot because of it, but it's not surprising and I don't see why it should have any real long-term affect on bitcoin itself. Mt.gox has been incompetent for years, I'm really not sure how they even managed to retain their popularity for this long.

Maybe now's a decent time to buy in...

Arntonach · 02-25-2014, 08:39 PM

Mt.gox had one person have complete access to the people's money. What did you think was going to happen? Bitcoin ain't dead yet, but it's sure at a low point.

Zapmeister · 02-25-2014, 08:41 PM

people were saying bitcoin was going to die in 2011 when the price slowly fell from $31 to $2 over a few months.

then people said bitcoin was going to die last april when it fell from $266 to $54 because mtgox couldn't cope with site traffic, and at that time it was processing 70% (?) of all bitcoin volume.

then people said bitcoin was going to die in december when it fell from $1200 to $500 after china banned businesses from using it as a means of currency, only to later rise to $1000 in january.

yeah sure there have been people who lost loads of money on mtgox and that is a genuine shame, even though part of me wants to point a finger and laugh at them like nelson muntz for storing their money on an exchange that was known to have pressing issues for a few months. i am a horrible person. however, bitcoin moves on. mtgox is not the be-all-and-end-all, you've got tons of other exchanges as well, including this one, and they've recently fixed the malleability issue that caused mtgox to allegedly leak coins out of storage. people's awareness of bitcoin is rapidly increasing, there are ATMs popping up all over the place, some businesses are embracing it, people are getting into it because it's cool. or even because the name sounds cool. maybe that last bit's just me.

even if - specifically - bitcoin somehow self implodes, the technology behind this is a revolutionary new concept where you can completely safely secure your money as long as you know what you're doing, rather than relying on a bank or government or the underside of a mattress or whatever, and transactions are very easy and cheap. the technology here is definitely not going to die.

finally according to this link: "digital currencies give clever people who lack the interpersonal skills to make it in business a chance to make a quick million bucks". yep, that's how i like to see it myself.

i bought some cheap coins three hours ago

bitcoins are amazing

Snowcrafta · 02-25-2014, 09:01 PM

I told my ex that even if she might brag about making more money than me, I'll laugh when the tech bubble pops and I'm still sitting pretty

Tech is toxic. Sign up for a quick buck followed by years of oppression.

**Guest15937** · 02-26-2014, 02:43 AM

Even if bitcoin dies, litecoin and dogecoin will live on :P

I know Cryptsy is trying to get legal permission to trade currencies for USD; if they actually manage it, it will be bigger than mtgox ever was. So this really shouldn't kill bitcoins. Kinda sucks that 750k btc are effectively wiped from the market though, especially considering that's like 3.5% of all the btc there will ever be...

02-25-2014, 08:21 PM	#2
arcnmx nanodesu~ Join Date: Jan 2013 Location: Ontario, Canada Posts: 503	Re: Mt. Gox goes down, future of Bitcoin in doubt It sucks, people have lost a lot because of it, but it's not surprising and I don't see why it should have any real long-term affect on bitcoin itself. Mt.gox has been incompetent for years, I'm really not sure how they even managed to retain their popularity for this long. Maybe now's a decent time to buy in... __________________ FMO AAAs (1): Within Life :: FGO AAAs (1): Einstein-Rosen Bridge Last edited by arcnmx; 02-25-2014 at 08:23 PM..

02-25-2014, 08:39 PM	#3
Arntonach Owlbears Rock! Join Date: Mar 2012 Location: The coldest place in hell Age: 35 Posts: 2,494	Re: Mt. Gox goes down, future of Bitcoin in doubt Mt.gox had one person have complete access to the people's money. What did you think was going to happen? Bitcoin ain't dead yet, but it's sure at a low point. __________________ pack of hard stuffs pack of my stuffs

02-25-2014, 08:41 PM	#4
Zapmeister FFR Player Join Date: Sep 2012 Location: England Posts: 466	Re: Mt. Gox goes down, future of Bitcoin in doubt people were saying bitcoin was going to die in 2011 when the price slowly fell from $31 to $2 over a few months. then people said bitcoin was going to die last april when it fell from $266 to $54 because mtgox couldn't cope with site traffic, and at that time it was processing 70% (?) of all bitcoin volume. then people said bitcoin was going to die in december when it fell from $1200 to $500 after china banned businesses from using it as a means of currency, only to later rise to $1000 in january. yeah sure there have been people who lost loads of money on mtgox and that is a genuine shame, even though part of me wants to point a finger and laugh at them like nelson muntz for storing their money on an exchange that was known to have pressing issues for a few months. i am a horrible person. however, bitcoin moves on. mtgox is not the be-all-and-end-all, you've got tons of other exchanges as well, including this one, and they've recently fixed the malleability issue that caused mtgox to allegedly leak coins out of storage. people's awareness of bitcoin is rapidly increasing, there are ATMs popping up all over the place, some businesses are embracing it, people are getting into it because it's cool. or even because the name sounds cool. maybe that last bit's just me. even if - specifically - bitcoin somehow self implodes, the technology behind this is a revolutionary new concept where you can completely safely secure your money as long as you know what you're doing, rather than relying on a bank or government or the underside of a mattress or whatever, and transactions are very easy and cheap. the technology here is definitely not going to die. finally according to this link: "digital currencies give clever people who lack the interpersonal skills to make it in business a chance to make a quick million bucks". yep, that's how i like to see it myself. i bought some cheap coins three hours ago bitcoins are amazing __________________ Theorem: If you have a large enough number of monkeys, and a large enough number of computer keyboards, one of them will sight-read AAA death piano on stealth. And the ffr community will forever worship it. Proof Example ask me anything here mashed FCs: 329 r1: 5 r2: 4 r3: 6 r4: 8 r5: 3 r6: 5 r7: 15 final position: 4th Last edited by Zapmeister; 02-25-2014 at 08:47 PM..

02-25-2014, 09:01 PM	#5
Snowcrafta V's beta-male entourage Join Date: May 2005 Location: Boise, ID Age: 38 Posts: 2,873	Re: Mt. Gox goes down, future of Bitcoin in doubt I told my ex that even if she might brag about making more money than me, I'll laugh when the tech bubble pops and I'm still sitting pretty Tech is toxic. Sign up for a quick buck followed by years of oppression. __________________

02-26-2014, 02:43 AM	#6
Guest15937 One-handed elite Join Date: May 2008 Posts: 1,464	Re: Mt. Gox goes down, future of Bitcoin in doubt Even if bitcoin dies, litecoin and dogecoin will live on :P I know Cryptsy is trying to get legal permission to trade currencies for USD; if they actually manage it, it will be bigger than mtgox ever was. So this really shouldn't kill bitcoins. Kinda sucks that 750k btc are effectively wiped from the market though, especially considering that's like 3.5% of all the btc there will ever be... __________________ The renegade has betrayed me.

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