Bitcoins are officially donkdown

[IAmProfessionalTalk]

The counterargument is that an uncapped block size will explode the size of the blockchain such that it will be untenable for average users to run the client. The number of active nodes will plummet, leading to an unstable, poorly distributed network.

There is a free market solution already in place and that is transaction fees. Those fees, negligible up until now, are essentially gratuity for miners. As blocks fill up, the biggest tippers will get their transactions confirmed first. More fees attract more miners to compete, strengthening the network, increasing speed and driving down fees. It's a dynamic system.

[Dan Druff]

Just cleaned out 13 shitposts from this thread (from last week), and moved into a separate thread.

Carry on...

Oh, and it's back up to $405.

[Starbucks Spunk Bucket]

Down to $394 from recent high of $415...

[Sanlmar]

Coin at $371

I'm debating buying some at $350.

That was a pretty good feel. Hero call, right?

I thought more selling was would occur and argued against it, wanting $310+\-

You were in an especially good spot as you could cash out some ACR into Bitcoin. When you felt the bounce was done ... redeposit. Don't ya like that play?

Sry.

[Starbucks Spunk Bucket]

$383

[4Dragons]

Debated on giving this its own thread

Founder of Liberty Reserve Pleads Guilty to Laundering More Than $250 Million through His Digital Currency Business

The founder of Liberty Reserve, a virtual currency once used by cybercriminals around the world to launder the proceeds of their illegal activity, pleaded guilty today to running a massive money laundering enterprise, announced Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division and U.S. Attorney Preet Bharara of the Southern District of New York.

Arthur Budovsky, 42, pleaded guilty to one count of conspiring to commit money laundering before U.S. District Judge Denise L. Cote of the Southern District of New York. He is scheduled to be sentenced on May 6, 2016.
“After a prior conviction for operating an unlicensed money transmitting business, Budovsky developed Liberty Reserve, which quickly became a premier service used by criminals around the world to launder their criminal proceeds,” said Assistant Attorney General Caldwell. “As a result of this global investigation, however, Budovsky was returned to the United States to face justice once again.”
“Arthur Budovsky founded and operated Liberty Reserve, an underworld cyber-banking system that laundered hundreds of millions of dollars in illicit proceeds for criminals around the world,” said U.S. Attorney Bharara. “The only liberty that Budovsky and Liberty Reserve promoted was the freedom to commit and profit from crime. Thanks to this truly global investigation that included cooperation from 17 countries, Liberty Reserve has been shut down, and its founder Arthur Budovsky stands convicted in an American court of law, facing the loss of his own liberty.”
According to the indictment filed against Liberty Reserve, Budovsky and six co-defendants and Budovsky’s admissions at today’s hearing:
Budovsky specifically designed Liberty Reserve, which billed itself as the Internet’s “largest payment processor and money transfer system,” to help users conduct anonymous and untraceable illegal transactions and launder the proceeds of their crimes. From its inception in or about 2006, Budovsky directed and supervised Liberty Reserve’s operations, finances and business strategy. To grow the business and evade the scrutiny and reach of U.S. law enforcement, Budovsky emigrated to Costa Rica, where he and other defendants began operating Liberty Reserve, and in 2011, Budovsky renounced his U.S. citizenship and became a Costa Rican citizen. Budovsky told U.S. immigration authorities that his company was developing a software that “might open him up to liability in the U.S.”
Liberty Reserve became one of the principal money-transmitting services used by cybercriminals around the world to amass, distribute, store and launder the proceeds of their illegal activity, including proceeds of investment fraud, credit card fraud, identity theft and computer hacking. Before the U.S. government shut down Liberty Reserve in May 2013, it had more than 5 million user accounts worldwide, including more than 600,000 accounts associated with users in the United States, and had processed millions of transactions. Budovsky admitted in his plea agreement to laundering more than $250 million in criminal proceeds.

More:
http://www.justice.gov/opa/pr/founde...gh-his-digital

[sonatine]

huge buy volume, price at 405+ and rising.

i definitely think there is a correlation between mainstream economic doomsday article saturation to btc price.

[donkdowndonedied]

Just dropping in to bask in how right I was again.

Enjoy your digital beanie babies.

:lgwc

If by "right" you actually meant "completely devoid of any correctness while solely existing in the realm of cluelessness with regards to Bitcoin" then yes, "right again".

[Starbucks Spunk Bucket]

The current price rise seems to be because of trading volume in China. There are still big problems with BTC not least the scalability debate and centralised nature of the network, and plenty of uncertainty surrounding regulation etc. I do think it has potential but they need to increase the block size for the price to go up and the network to be able to compete with current payment systems. That said my btc transactions last night went through super fast.

[ftpjesus]

Are we sure the price rise isn't from hospitals buying up in case they have to pay off teenage hackers overseas for their ransomware demands.. (the fact it took that idiot IT dept 2 weeks and still couldn't fix anything and still paid them off is pathetic. They should all be immediately fired for incompetence.. If the shit was really locked down and out for 2 weeks they had plenty of time to completely reformat reinstall and reupload the backups in that time frame. Hell I'm betting Druff could've single handedly fixed their problem himself in under 2 weeks and he'd still have time to play Bovada and run PFA Radio).

[sonatine]

Its just China being China.

[MumblesBadly]

Sonatine and Baron:

By when exactly will Bitcoin fall below $100 for a month? Next month? End of the year? End of next year? Within five years? Within ten years?

[BeerAndPoker]

$445 atm. It seems like it's got to this place and above some several times over the past months then dropped about $100 then back up.

[Starbucks Spunk Bucket]

No chance in hell I'd be buying at the current price.

[sonatine]

Pretty sure the train just ran out of steam, I expect we will see a drop to 390'ish in the coming days with a brief rally followed by a good old fashioned slide to 360 or so.

[DRK Star]

Here is what concerns me about MTGOX.


If you are ownership, and the entire market is talking about your issues, and your customers (at least a majority of them) are all talking about pulling their money out once things are working, what motivation does ownership have in keeping that business operating? If these guys are shady, they might be thinking, fuck it, everyone is just going to leave once we give them their access to their coins/money, lets just say there was a crash or hack, everything is gone, we are truly sorry, we never would do something like this to our account base who we love, and then just fuck everyone over and move to a country where they cant be prosecuted and live like hogs?

I lost track, but whatever happened in the case with MtGox?

[wrenchjockey]

Here is what concerns me about MTGOX.


If you are ownership, and the entire market is talking about your issues, and your customers (at least a majority of them) are all talking about pulling their money out once things are working, what motivation does ownership have in keeping that business operating? If these guys are shady, they might be thinking, fuck it, everyone is just going to leave once we give them their access to their coins/money, lets just say there was a crash or hack, everything is gone, we are truly sorry, we never would do something like this to our account base who we love, and then just fuck everyone over and move to a country where they cant be prosecuted and live like hogs?

I lost track, but whatever happened in the case with MtGox?

Just got this email last night on the subject as a matter of fact.

To all creditors,

On the date of the investigation of claims which took place on February 17, 2016, I approved or disapproved a portion of the claims against to MtGox Co., Ltd. (“MTGOX”) regarding the refund of BTC and money which were filed by the users of MTGOX’s Bitcoin exchange (the “Bankruptcy Claims Related to Exchange”).
On the other hand, this time, I reserved my right to approve or disapprove filed claims which need further investigation or those for which the filed amounts of the Bankruptcy Claims Related to Exchange that was filed are greater than the amounts of the deposit balance that we are aware of. In addition, I reserved my right to approve or disapprove all claims filed by creditors who filed Bankruptcy Claims Related to Exchange based on the deposits of money (including creditors who filed Bankruptcy Claims Related to Exchange based on deposits of BTC), since it is necessary to further verify user information, etc. remaining at MTGOX and, at present, I am not in a position where I can approve or disapprove the above. I uploaded the results of the approval or disapproval given on the date of the investigation of claims to the system under which you can file Bankruptcy Claims Related to Exchange through the website (https://claims.mtgox.com/assets/index.html#/), so please confirm the results by clicking the icon which states “Confirm the Results of Approval or Disapproval of the Claims” after logging into the said system. In addition, if you click the link to the PDF file of the “List of Approval or Disapproval of the Claims” after logging into the system, you will be able to browse through my statements of approval or disapproval that set forth the contents of filings and the contents of approval or disapproval thereto with respect to all Bankruptcy Claims Related to Exchange (they are partly masked).

If the table of results of approval or disapproval that is displayed by clicking the icon that states “Confirm the Results of Approval or Disapproval of the Claims” after logging into such system shows that all the amounts that you filed have been approved, all claims that you filed have been approved and you do not have to do anything in particular at this stage. I will contact you with respect to future procedures when we have progressed to the stage of making distributions.
On the other hand, if you cannot find your results of approval or disapproval even if you click the icon that states “Confirm the Results of Approval or Disapproval of the Claims”, I reserve my right to approve or disapprove the claims that you filed. I will conduct further investigations in the future in respect of the Bankruptcy Claims Related to Exchange for which I reserved my right to approve or disapprove this time, by the date of the next investigation of claims that is scheduled for May 25, 2016. The reason for the reservation of my right to approve or disapprove the claims that you filed may be due to the possibility that the filed amount is greater than the amount of the deposit balance that we are aware of, and in such case, I may request you to change it by decreasing the filed amount. If I make such a request, I will approve the filed amount after decreasing it as of the date of the next investigation of claims that is scheduled for May 25, 2016, if you change the filed amount by decreasing it in accordance with such request.

Please also refer to the website (https://www.mtgox.com/ ) with respect to approvals and disapprovals.

Bankrupt Entity: MtGox Co., Ltd.
Bankruptcy Trustee: Nobuaki Kobayashi, Attorney-at-law

[sonatine]

My slide seemed to be taking off in earnest ... until it didnt. Jumped like 5% in the last hour. Shit is cray.

[Dan Druff]

Lost 8% of its value in past 2 days

[BeerAndPoker]

Lost 8% of its value in past 2 days

This trend is very standard and has been going on a lot the past several months with the coin bouncing up and down in the $350 to $450 range usually settling back in in the lower $400s.