Discussion in 'Financial Cents' started by Yard Dart, Apr 4, 2013.
Bitcoin Exchange Bombarded By Another Massive Cyber Attack | Fox Business
let see, what was that saying? hmm.
first they ignore you
then they ridicule you
then they fight you
then you win.
I think someone is fighting.
I'm not a smart guy, but the bitcoin craze seems every bit as nonsensical as skinny jeans or Jersey Shore reruns.
I am not very familiar with Bitcoin but know many here are participating with it quite a bit. To me it is essentially another way of "money" just disappearing under certain circumstances, just like any investment in a stock per se. For those knowledgeable in this area, what is the benefit of Bitcoin over traditional PM's for your financial well being and how do you protect your intrest?
Never her of botcoin, I buy a bunch of equiptment, and parts from China and the bank charges me 80$ and they sometimes loose the money.
I bet the hack originated from the FBI on behalf of the FED
Definitely government sponsored.
The amount of computer processing power alone needed to take control over the legitimate hosts is only something actual supercomputers could be capable of because it would have to be more powerful than the entire collective p2p network that BitCoin runs on.
FAQ - Bitcoin
MtGox got DDOS'ed today. Price dropped over 160 USD down to 105. As of now, price has recovered to 180. We will see where it goes from here.
Bitcoin hacker currency bursts into mainstream - Yahoo! News
Yes, but geeky geeks have know about it for years.
Nobody has answered yet my earlier question- what makes the Bitcoin different post-SHTF and you can not access the internet, just as the stock's you may hold. Is there a benefit over PM's or is this more of a pre-SHTF method of avoiding the US or other countries currency? Legitimate question I think- may be wrong but please school me...
Let me give it a whirl.
BitCoin can be stored on a memorychip, written on a piece of paper, or memorized. You get your hands on a computer and you are back in bizness .. If there is at least a few miners still running on the internet or fragments thereof in a mesh you are good to go. The block chain is distributed globally and reconcile ledger entries.
But, Post SHTF .. internet down, banking system in disarray, globally. Key is globally, yep, it's probably worth less than the device holding your electronic wallet, even if it were worth hundreds or maybe thousands of dollars.
I look at Bitcoin as a super high risk venture if you are a speculator. Today, I lost nearly 2k on it, but that was just a paper loss from it's highest recorded value. To me, no big as my cost basis is zero as I recouped my initial investment in the form of purchasing Night Vision and Encryption gear with it well over a month ago.
BitCoin is NOT for those that watch the daily, hourly or minute changes. You'll go mad.
But, post apocalyptic, internet down, banks dry, bitcoin will be worth pretty much nothing. It's just a means to get other stuff if you can stomach the risk
Oh you can also buy PM's with BitCoin if you find the right trader. BitCoin has a value only if a seller and a willing buyer agree on said value. It's just High Tech Bartering my friend.
That is what I thought, essentially a bartering tool for things, services and currency protection in general. I understand stocks and speculation well and the potential value of Bitcoin, just wanted to understand better the limitations if things go bad. Thanks @VisuTrac!!
Looking at the evidence of todays wild ride, I'm thinking that a number of individuals were unable to get to MtGox .. the major exchange for BitCoin at the moment. Those that could started selling, but were unable to complete the transaction at their prices, they wanted to either take some profit out of their positions but when were unable to started to panic. Lowering their sell prices until transaction went through.
Looking at the Volume, Total transactions really don't support a wide spread sell off. It was maybe 20-25% higher volume than a typical day. So to me, meh. Just another day.
Euro Based transactions were substantially higher than normal. maybe 100 - 150%. But considering that USD based transactions make up the bulk, I'm surmizing that the europeans blinked.
Price is now rising. What does that mean? Not a damn thing to most people.
This is basically the Wild West. And if one doesn't have their base preps in place, one bad trade in BitCoin can make you very very sad. Once you click the button to sell or buy or trade. It's done. There is no bank or regulatory system or credit card provider to call to undo it. It's irreversable.
a couple of days ago, I saw a trade on an exchange were someone sold 152 bitcoins for 1.00 each for a total of 152.00 USD. Actually, they were worth, 30,400.00USD. You click that button, it's done. No recourse for the seller. They set the price and said submit. Done.
Not for the faint of heart nor those that don't know what they are doing.
BitCoin does not come with warning labels about the contents of the coffee cup being scalding hot, nor those about not using plastic bags as a childs toy, not even that there is an airbag in the steering wheel that explodes on collision and may seriously injury or kill you.
No training wheels here folks, we toss you out of the plane, and you'd better figure out how to get the parachute on and deployed as the ground is coming up fast.
My 2 Satoshis ( 1/100 000 000th of a BitCoin, yes it's divisible that small .. try to do that with a dollar)
1's and 0's.
Just like "intellectual Property".
I think I'll just stick to my original plan of buying PMs with cash.
Stumbled over this :
Bitcoin bubble may have burst - Apr. 12, 2013
Back 2 work
It sounds like an electronic medium of exchange. Not a store of value. Don't really have my head around it yet. On the other hand, the dollar is pretty much an electronic medium of exchange. At the moment the physical currency has value, can be exchanged for real goods. That might change in the future. We might be looking at the future of value exchange. Solely electronic, and not under the control of any government. Governments should probably fear the widespread adoption of Bitcoin.
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