Mt. Gox Bankruptcy: What Bitcoin Owners Need to Know

[teknic111]

Here is what bitcoin owners need to know... DO NOT LEAVE YOUR BITCOINS OR FIAT ON ANY EXCHANGE!

 

[GMPoisoN]

Hopefully we can see the prices of AMD GPUs fall to reasonable prices very soon.

Why do you all think the price of AMD cards will fall soon? You think mining is dead? Far from it, lmao! Bitcoin fixes all of the problems that USD has, and the problem here wasn't in Bitcoin, it was in the exchange.

 

[w8gaming]

The issue about bitcoins is not just unique to Mt.Gox. The problem is all the exchanges dealing with bitcoins can easily go bankcrupt at any time and cause others to lose money. These exchanges are supposed to be self-regulated as no government actually has authority over them at this point. It is like a stranger walking up to you and ask you to give him money for safe-keeping, or to exchange with something else. You knows nothing about this stranger except a name card he gives you, and the fact that this stranger will not return any money to you if he declares bankcruptcy. Still feel safe to convert actual money to bitcoins? Or to pay for lots of electricity to mine the coins?

 

[clownbaby]

To those of you who think this is the end of bitcoin, you have NO understanding of what bitcoin is and how it works and why it works well and is worthwhile.Mt. Gox should NEVER have been doing banking transactions on any scale, let alone on the huge level that they were. The fact that they're gone is the best thing yet for bitcoin. Now, legitimate, investment backed traders will take over.Bitcoin is inherently secure. Nothing about bitcoin made Mt Gox's mistakes easy or inevitable. MTGOX was simply a company in over its head.

 

[ubercake]

No bitcoin's value is backed by anything.

 

[Steveymoo]

For all those whining about AMD GPU prices. Consider the unintended consequences of AMD's crazy sales figures - More money for RnD, more money to invest in new fab-plants and technology, and an all round boost to the amount of money available for the graphics card / gaming industry. Hopefully this will contribute towards AMD's next gen GPUs providing even more viable competition for Nv. AMD appear to be the GGG of the GPU world, after all.

 

[jabliese]

So, once every bitcoin in the world has been stolen, can we declare bitcoins dead and worthless?

 

[tabascosauz]

I feel a tinge of sympathy for all those guys who bought specialized BTC rigs (whatever they're called nowadays now that PC hardware won't fetch any bitcoin profits), but really, who still does BTC big-time? I thought bitcoin was dead over the Silk Road affair...Anyways, sorry to hear about the bitcoin crash (the end was bound to come some time). Now we await the fate of Litecoin...so Litecoin miners will banish themselves forever from the online realms of NCIX and Newegg.

 

[EddieLomax]

This article is long winded, I suggest that Mt.Gox people check out this article to tell them everything they need to know https/www.youtube.com/watch?v=-DT7bX-B1Mg

 

[EddieLomax]

Hopefully we can see the prices of AMD GPUs fall to reasonable prices very soon.

Why do you all think the price of AMD cards will fall soon? You think mining is dead? Far from it, lmao! Bitcoin fixes all of the problems that USD has, and the problem here wasn't in Bitcoin, it was in the exchange.

There is no way that bitcoins are going to be this viable currency, while the idea of a non-printable currency makes sense somewhere, and bitcoins are easier to trade than physical gold they have problems.1. The blockchain is ludicriously long now, and it is going up exponentially even with this poor takeup, the transaction delay time too makes them impractical for your credit card style transactions relegating them only useful for slow purchases (like ordering 1 ton of Cocaine from your international supplier...).2. For these sort of transactions there are dozens of different virtual coins that could be used and an infinite number that could be developed, since they only need to be stable for a short time while the trade is completed then the actual amount of the virtual coin held is small at any time for these sorts of trades.3. If there is no transaction cost benefit for trading in it, in fact it costs a heck of a lot in electricity now to do any transaction, if security is required then people will want the currency backed by something - taxes/guns. And if stability is required then bitcoin and these other currencies clearly have not got it, but even if they did show stability then why would they be better than investing in a pile of something physical like gold after the trade is done?In short it does not appeal to me on many levels.