Bitcoins are officially donkdown

[Salty_Aus]

Mt Gox payment issues fixed?

I notice today all the other exchanges have a pretty much steady price and Mt Gox price has dropped.

[DRK Star]

http://www.coindesk.com/butterfly-la...lfilled-order/


Butterfly Labs Faces $5m Lawsuit Over Unfulfilled Order

[Dan Druff]

In one day, the generally accepted btc rate (not MtGox) has fallen about 10%.

Also to me it really does look like Butterfly Labs used pre-order money for R&D.

[sonatine]

Their scam/history is well documented somewhere in this thread.

They take massive pre-orders, ship a handful of units, and pocket the remainder while setting aside a small portion for advertising the next generation chipset unit benchmarks. Its been hypothesized that they hang onto the majority of their units to mine with internally and only release them to the public once they are ready to "roll" out the next gen units.

[Dan Druff]

Does anyone know reasons for:

1) The recent bitcoin mini-crash (currently sitting around 710, after being stable around 800 for a long time)

2) MtGox now being about equivalent in price to everywhere else

I own 0.1 BTC and have lost about $9 from this.

[sonatine]

gox published the following:

In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state.
In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.
We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers.
Our team will resolve this problem as soon as possible and will provide an update on Monday, February 10, 2014 (JST).


the market did not respond enthusiastically.

its my opinion that mtgox got hacked or at the very least suffered a significant breach, and they are determining the extent of the incident before they restore transactions.

[BetCheckBet]

Gox on verge of big collapse right now. Selling orders completely crushing the buys (10:1) with bitcoin falling below 700

[NaturalBornHustler]

Should have sold off at 12 hundo.

GG Micon, "long term position" refuse to sell off looking real good right now.

[WillieMcFML]

Does anyone know reasons for:

1) The recent bitcoin mini-crash (currently sitting around 710, after being stable around 800 for a long time)

2) MtGox now being about equivalent in price to everywhere else

I own 0.1 BTC and have lost about $9 from this.

druff, can you start a pfa bitcoin exchange where i can just send you cash in envelope for bitcoins?

[simpdog]

I own 0.1 BTC and have lost about $9 from this.

From when Micon used to give out SwC coupon codes?

[BetCheckBet]

Does anyone know reasons for:

1) The recent bitcoin mini-crash (currently sitting around 710, after being stable around 800 for a long time)

2) MtGox now being about equivalent in price to everywhere else

I own 0.1 BTC and have lost about $9 from this.

You bought in at 800?

[Pooh]

Does anyone know reasons for:

1) The recent bitcoin mini-crash (currently sitting around 710, after being stable around 800 for a long time)

2) MtGox now being about equivalent in price to everywhere else

I own 0.1 BTC and have lost about $9 from this.

You bought in at 800?

Druff never claimed to be an astute investor. He's risk averse and an overthinker. Neither will make you much money.

[bottomset_69]

You bought in at 800?

Druff never claimed to be an astute investor. He's risk averse and an overthinker. Neither will make you much money.

He is not going to lose a lot of money either being conservative.

The DOW is heading straight south the next couple years. Probably below 10,000. Obama does have a point, the gap between the wealthy and poor has exploded under his administration, which is ironic but a fact.

It's not sustainable. Thank God I have no debt and plenty of cash. I will be doing just fine in the next recession.

[Salty_Aus]

Gox on verge of big collapse right now. Selling orders completely crushing the buys (10:1) with bitcoin falling below 700

I can't see Gox going under, they make so much money everyday.
Less of course there has been a large theft of coins, or the Government has stepped in and frozen a large chunk of their cash..

I think the problems over the last month have been exasperated by the Japanese New Year and holidays.

Price on Mt Gox has reached parity in the last couple of days, in fact Gox price is a few dollars less then the other main exchanges.

Might actually be a buying opportunity?

[BetCheckBet]

Gox on verge of big collapse right now. Selling orders completely crushing the buys (10:1) with bitcoin falling below 700

I can't see Gox going under, they make so much money everyday.
Less of course there has been a large theft of coins, or the Government has stepped in and frozen a large chunk of their cash..

I think the problems over the last month have been exasperated by the Japanese New Year and holidays.

Price on Mt Gox has reached parity in the last couple of days, in fact Gox price is a few dollars less then the other main exchanges.

Might actually be a buying opportunity?

Why bother using gox when people who have money trapped on there right now are literally selling at 90%?
(over 100k from multiple users). Pretty interesting how many people have put their life savings into this. Absolutely scary reading some posts on bitcointalk

[Walter Sobchak]

You bought in at 800?

Druff never claimed to be an astute investor. He's risk averse and an overthinker. Neither will make you much money.

You can make plenty of money being risk averse. Invest what you can every month in low-cost index funds, large cap dividend stocks, investment grade bonds. This is a very low-risk strategy that will make money long term and will make more long-term than any "market beating strategy."

[Salty_Aus]

I can't see Gox going under, they make so much money everyday.
Less of course there has been a large theft of coins, or the Government has stepped in and frozen a large chunk of their cash..

I think the problems over the last month have been exasperated by the Japanese New Year and holidays.

Price on Mt Gox has reached parity in the last couple of days, in fact Gox price is a few dollars less then the other main exchanges.

Might actually be a buying opportunity?

Why bother using gox when people who have money trapped on there right now are literally selling at 90%?
(over 100k from multiple users). Pretty interesting how many people have put their life savings into this. Absolutely scary reading some posts on bitcointalk

Agree wholeheartedly. With the issues at Mt Gox you'd be a chump to use them.
Anyone who has their life savings in Bitcoin is a retard!
I've NEVER put a single penny of real money into Bitcoins, but I still think this could be a good buying opportunity as Bitcoins are only just starting to go mainstream

[Pooh]

Druff never claimed to be an astute investor. He's risk averse and an overthinker. Neither will make you much money.

You can make plenty of money being risk averse. Invest what you can every month in low-cost index funds, large cap dividend stocks, investment grade bonds. This is a very low-risk strategy that will make money long term and will make more long-term than any "market beating strategy."

I'm talking about Druff here, my friend. The guy who said stay away from Bitcoin from $2 to $1200 then all of a sudden thought it might be a good investment. A man so certain of his investment strategy that he bought 0.1 fucking Bitcoin. The guy who gives real estate investing advice yet has never owned a piece of real estate in his life. The man who tells every business owner how to run their business yet has never owned a successful business himself.

Druff is the type of guy who is so afraid of failure that he can't even stand himself. His biggest fear in life is having to enter the workforce and be productive once again. It's great for him that he doesn't need to work but I couldn't do it personally. In other words, Druff is the type of guy who needs to be in cash AKA the money market.

I'm not talking about you or I.

[Dan Druff]

You can make plenty of money being risk averse. Invest what you can every month in low-cost index funds, large cap dividend stocks, investment grade bonds. This is a very low-risk strategy that will make money long term and will make more long-term than any "market beating strategy."

I'm talking about Druff here, my friend. The guy who said stay away from Bitcoin from $2 to $1200 then all of a sudden thought it might be a good investment. A man so certain of his investment strategy that he bought 0.1 fucking Bitcoin. The guy who gives real estate investing advice yet has never owned a piece of real estate in his life. The man who tells every business owner how to run their business yet has never owned a successful business himself.

Druff is the type of guy who is so afraid of failure that he can't even stand himself. His biggest fear in life is having to enter the workforce and be productive once again. It's great for him that he doesn't need to work but I couldn't do it personally. In other words, Druff is the type of guy who needs to be in cash AKA the money market.

I'm not talking about you or I.

I love when people make idiotic statements about me, like the above, and have no clue what they're talking about.

Someone who is risk-averse wouldn't have played poker games wiith high-5-figure swings during the poker boom, often in spots where there were 5 pros and 1 donk at the table.

Did you bother asking why I bought 0.1 BTC? No. You just jumped to retarded assumptions about it.

I bought 0.1 BTC because the exchange I use requires a "cleared transaction" (which takes 30 days) before they up your limits to buy any sizable amount of coin. I want to be ready to buy a lot if I see a good "jump in" opportunity (and no, $800 is not that), so I bought a tiny amount just to establish my limits higher. I didn't care that $800 wasn't the ideal entry point, because I was risking a whopping $80 maximum on the whole thing.

Who said I never owned real estate? I simply told a few stories about times I could have bought but didn't, but never made any statements as to when (or if) I actually did buy.

The only thing you're correct about is the fact that I don't want to enter the workforce again, but that's because most jobs suck, as you are a slave to someone else's hours, deadlines, and projects. Sure, there are some wonderful, interesting, well-paying dream jobs out there, but they are few and far between. If I got a job that I truly enjoyed (such as running a legalized online poker room), I would be happy to do it, but most jobs are just a means to supporting yourself. How many people truly look forward to going to work? It's really more of something you have to do rather than should want to do. I do understand that certain people derive satisfaction from regular work, as they both feel productive and avoid boredom. I don't feel bored or unproductive without working. On the contrary, I am happy that I get to spend this much time with my son.

[sonatine]

Can we please not hijack this thread about how bitcoins are donkdown?


Which in case anyone hasnt noticed they totally are.