r/Bitcoin - TIL - Mt.Gox was Magic the Gathering online ...

Bitcoin Phenomenon 'Scares' Governments and Banks, Creating New Open Society: Experts

Bitcoin Phenomenon 'Scares' Governments and Banks, Creating New Open Society: Experts submitted by hietheiy to conspiracy [link] [comments]

How I read EthTrader _and_ get a good night's sleep

If you make money shorting ETH, holding it leveraged long, or are able to dart in and out based on timing, I'm impressed and I wish you well. But this post is not for you. Instead, this post is for people like me who enjoy reading about the drama (Exhibit A: Kraken DDOS) but don't need any more drama in their own lives. Me? I like to get a good night's sleep. I thought I'd share few things that work for me in hopes that maybe you'll find a good idea or two. And, maybe you'll share some of your good ideas with me. (I love good ideas. Exhibit B: Ethereum.)
  1. Avoid panic selling. I'm not immune to the emotions that make other people panic sell. But I don't panic sell because I can't. You see, all of my ether is locked inside a safe deposit box in my bank. And not just my bank, but a branch that's about an hour's drive from here in a location that I otherwise never go to. So, to panic sell I would need to find my safe deposit box key, drive an hour over there, wait for the bank to open, grab my stuff, drive an hour back, and then panic sell. Oh, there have been times when I've been tempted to dump it all. (Exhibits C-M: bad shit that happened around the DAO and Ethereum DDOS and chain split and ...) But I had to wait for the bank to open. Heck, I never even made the panic sell drive over there. By then rationality had kicked in, and I'm still happily hodling.
  2. Buy hardware wallet or generate a paper wallet in a secure way. Honestly, I can't tell which is ultimately safer: a Ledger Nano S or a securely generated paper wallet. Does it matter? Both are like Fort Knox while keeping your coins on an exchange is like a coat check in Grand Central Station. Think of it this way: if you invested in mutual funds, you'd be paying 1.5% on all your money every year. Put your ether on a Ledger, and it's free forever after just your initial purchase. And, everyone can afford a piece of paper for a paper wallet. I had a Mt. Gox account and didn't lose anything. It seemed shady AF and I didn't keep anything there.
  3. Don't employ leverage or sell short. Warren Buffet is totally right: the reason why smart young investors go bankrupt is leverage. With margin, you can be 100% right in your investment thesis and still lose everything. I remember the post about the guy that was totally right about the bitcoin etf being denied. So, he took out a big short position ahead of the SEC announcement. But he got wrecked because of a price spike right before the announcement and he got called. This space is waaay to volatile to use leverage without a very good chance that you will be suddenly wrecked. For the same reason, short selling is (in my view) insane. So, we recently heard that a billionaire has 10% of his holdings in crypto. Imagine you've just sold short and are browsing the Lamborghini catalog for leather interiors. Meanwhile one of the billionaire's buddies gets jealous, reads the mauve paper, gets a bit overly excited and fat fingers a couple hundred million into the most promising cryptocurrency. (Hint: it rhymes with "breather.") You'd be in a world of hurt. Or, maybe you're fast enough to escape unscathed, I dunno. But I do know I'm not that fast or that smart.
Okay, so those are my thoughts. Peace.
Edits: spelling and grammar sigh
submitted by superleolion to ethtrader [link] [comments]

I decided to go 'all-in' and dump $10,000 in near the peak...

I caught the action as it was starting to rise up in March before the media and Cyprus hype took hold. I bought one, then another, then a few more through services like Bitfloor and Bitinstant. At that point my cost basis was under $1,000.
So I decided to take the serious plunge and buy $10,000 through MtGox. That was just hours before yesterday's crash when it went from $235 to $260 in about an hour. I even had to replace my order a few times because it was rising too fast.
I am currently 72% down from my cost-basis of all bitcoin bought, and quite frankly I am pissed and feel like I've been manipulated by the hype and pretty obvious pump-and-dumper schemers.
The technology and protocol might be secure, there are very obvious failures within the system.
1) The entire exchange infrastructure, and not just Magic The Gathering, but all of them are prone to hacking attacks. All of them are under-staffed. And all of them cost way too much in fees (I don't think I would pay as much as I did to get into mutual funds, but I got caught in the hype).
2) The system is too easily prone to manipulation. Twenty-one million coins, with a bunch of people owning over ten thousand, makes the system too prone to a sell-off. Imagine what would happen to the price of Gold if the U.S. decided to dump Fort Knox onto the market at market prices? While we can feel confident to trust the U.S. won't do this, there is absolutely no assurance that the other holders won't. The whole system is easily manipulated like the Hunt brother's silver market cornering of 1980.
And in any other regulated market, if there were an IPO the initial investors are locked in to prevent this type of sell off from happening. But this is "unregulated" which is promoted as a benefit, but I am going to say it isn't. The reason regulations were implemented is exactly because of this type of pump-and-dump and market manipulation.
Virtual currencies are a fucking joke. I'd have been better off buying Linden Dollars or blowing my money on blackjack and hookers.
Edit: The bitcoin apologists just don't stop do they. Listen to all of them in here, trying to still extoll the virtues of their bullshit.
submitted by GreaterBitcoinFool to Bitcoin [link] [comments]

The most effective attack against Bitcoin may be the simplest. What would happen if an exchange's data center were destroyed?

As we all know, a large percentage of all BTC in circulation is owned by exchanges. What would happen if an event like the Oklahoma City Bombing occurred and physically destroyed the data center(s) where MtGox, Bitstamp, Coinbase, etc. had their coins stored? How confident are we in the reliability of off-site backups of the exchanges, or if they have any at all?
Should we start demanding that exchanges put their servers in highly protected areas to prevent this, i.e. a Bitcoin Fort Knox?
submitted by BLEAOURGH to Bitcoin [link] [comments]

Can someone ELI5 why mt gox failure is some kind of fatal blow to bitcoin?

poster: ButtAllTheThings, original conspiracy link
I have followed bitcoin passively and even considered building a machine for mining but after doing a cost benifitt thought it was too risky. I have a basic understanding of how bit coin works. Mt. Gox failure does not seem to me to point out a weakness in the bitcoin system but rather a failure in mt gox administration. to me it is like saying that gold is somehow less valuable because someone stole gold from ft. knox. there is a paradox here i cannot wrap my head around. serious anaylisis only please i would prefer not to filter through a bunch of damn the man and fight the system rhetoric wihotut substantive addition to this particular dialouge. *edit spelling
Discourse level: 100%
Shills: 0%
submitted by conspirobot to conspiro [link] [comments]

1000 FREE APL'S! APOLLO FINTECH KNOX CEX REGISTER WITH TOPTECH REFERRAL CODE-DIRECTIONS BELOW! Mt. Gox Trustee Selling Bitcoin Again On Exchanges- CONFIRMED April 27 Will the $5.5 billion Mt Gox payments due crash bitcoin? CRYPTO NEWS:KNOX CEX UPDATE-APOLLO FINTECH SOCIAL ECOSYSTEM-15 NEW PRODUCTS - APOLLO CASH! Mark Karpeles Mt. Gox Bitcoin Documentary 2019

Kryptoverwahrung : Das Stuttgarter „Fort Knox für Bitcoin“ öffnet sich für Großkunden . von Christopher Klee. Am 18. Februar 2020 23. April 2020 · Lesezeit: 3 Minuten. Christopher Klee. Christopher Klee hat Literatur- und Medienwissenschaften sowie Informatik an der Universität Konstanz studiert. Seit 2017 beschäftigt sich ... The partnership between CoinLab and MtGox that had been met with great fanfare when it was first announced at the end of February has now rapidly turned sour, as Coinlab opened a lawsuit against MtGox seeking $75 million in damages. The original plan had been for Coinlab to take over all of MtGox’s operations in Canada and the United States, using its business relationships and marketing ... TIL - Mt.Gox was Magic the Gathering online eXchange, traded cards before trading Bitcoin This blew my mind as I happen to play a bit of MTG. So I've been talking about Bitcoin nonstop to nearly everyone I know, and this happens to include a bunch of Magic players. > The thing that sucks is, it was impossible to tell any of this was going on. It was impossible to know the details of this exact bug - but it was possible to know that something was wrong at MtGox before the takedown.. Of the two-dozen or so people I know who held Bitcoin at the time only one lost funds on MtGox - the rest had long left Gox or were never comfortable using it. The Mt Gox bitcoin scandal is the best thing to happen to bitcoin in years. Mt.Gox v Fort Knox: What happens when a bitcoin exchange collapses. Published: 26 Feb 2014 .

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