BitCoin and Cryptocurrencies - Will they fail? My 3 Predictions!
- Thread starter Wilson Grant Fisk
- Start date
Wilson Grant Fisk
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- Nov 10, 2012
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sitesofray
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- Oct 10, 2011
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mtgox is done for
Wilson Grant Fisk
Elite Member
- Nov 10, 2012
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Regulator sounds alarm on bitcoin
A warning to some users to stop trading in the virtual currency
http://www.marketwatch.com/story/regulator-to-sound-alarm-on-bitcoin-2014-02-24?link=MW_latest_news
https://www.google.com/#q=bitcoin&tbm=nws
http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?_r=0
http://www.bbc.co.uk/news/technology-26333661
'Pony' botnet steals bitcoins, digital currencies: Trustwave
http://www.reuters.com/article/2014/02/24/us-bitcoin-security-idUSBREA1N1JO20140224
A warning to some users to stop trading in the virtual currency
http://www.marketwatch.com/story/regulator-to-sound-alarm-on-bitcoin-2014-02-24?link=MW_latest_news
https://www.google.com/#q=bitcoin&tbm=nws
http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?_r=0
http://www.bbc.co.uk/news/technology-26333661
'Pony' botnet steals bitcoins, digital currencies: Trustwave
http://www.reuters.com/article/2014/02/24/us-bitcoin-security-idUSBREA1N1JO20140224
Wilson Grant Fisk
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I don't recall the thread but it was probably deleted for being bullshit.
Patel
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Wilson Grant Fisk
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No one talking about Mtgox going down ? Or the newest events ? Whats your opinion on this ? BTC prices fall down but it is rising quickly...
Patel
Senior Member
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Sorry Mate, I didn't realise the guy was referring to your thread.
No worries, I figured since you said you didn't recall
It's a big sh**storm to say the least, but it will blow over soon enough. I feel bad for anyone who had money stuck in Gox. The only argument I have against Bitcoin is the thefts and losses. If I had to guess, I would say at least 5-10% of coins have been lost (private keys lost), and I would consider this MtGox debacle to fit under the theft category. There is no way a financial company would be that incompetent, that they wouldn't periododically check their balances. I think they ran with the coins and blamed it on the malleability issue in their own software. People have been warning Gox for months before this all happened that Gox's internal software could be exploited for fraudalent withdrawals but Gox didn't bother fixing it. For all we know, they could have left the exploit open for something to blame.
Although the 750k btc (unconfirmed) may have been stolen, at least they are not lost. More than likely, those 750k were probably sold for USD, so they are still circulating in the bitcoin economy. The only bad part is for the people who lost btc at MtGox.
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Last edited:
cryptopsy
Junior Member
- Jan 25, 2013
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No worries, I figured since you said you didn't recall
It's a big sh**storm to say the least, but it will blow over soon enough. I feel bad for anyone who had money stuck in Gox. The only argument I have against Bitcoin is the thefts and losses. If I had to guess, I would say at least 5-10% of coins have been lost (private keys lost), and I would consider this MtGox debacle to fit under the theft category. There is no way a financial company would be that incompetent, that they wouldn't periododically check their balances. I think they ran with the coins and blamed it on the malleability issue in their own software. People have been warning Gox for months before this all happened that Gox's internal software could be exploited for fraudalent withdrawals but Gox didn't bother fixing it. For all we know, they could have left the exploit open for something to blame.
Although the 750k btc (unconfirmed) may have been stolen, at least they are not lost. More than likely, those 750k were probably sold for USD, so they are still circulating in the bitcoin economy. The only bad part is for the people who lost btc at MtGox.
==
Yeah its amazing how many people predicted that gox is going down and i feel sorry for everyone that had money in there..
btw you think this is just bullshitting or they are really trying to sort things out ?
It sounds like a load of crap to me, like they just want to buy more time and ease the attention they are getting. Everyone that lost their money on gox should fly over there and find Mark to confront him on what is actually going on, they deserve at least that if hi isint already somewhere on the Bahamas..
- Mar 21, 2013
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Damn I wish I'd bought for $400....
Wilson Grant Fisk
Elite Member
- Nov 10, 2012
- 15,677
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[h=1]Bitcoin investors call for legal action on MtGox[/h]
Tokyo: Anxious Bitcoin investors in Tokyo called on Thursday for legal action against the chief executive of an exchange where hundreds of millions of dollars' worth of the virtual currency appear to have vanished.
Dozens of members of "Bitcoin Tokyo" gathered in a restaurant in the Japanese capital, some nursing possible six-figure losses after an apparent grand theft from the digital vaults of the MtGox exchange.
American IT engineer Aaron Gotman said he had 463 bitcoins at MtGox, worth well over $200,000.
"What happened at MtGox was first incompetence, but then it could have gone to fraud at the end if they were knowing they didn't have the bitcoins they were selling," he said.
"If that's true, (MtGox CEO Mark) Karpeles should face justice and go to jail," he said.
"Now only a miracle could give me back my bitcoins."
Gotman, 35, is one of a reported one million people who had an account at MtGox, the first exchange for the crypto-currency.
Bitcoin continued its rollercoaster ride Thursday, trading around $577 at 1330 GMT, according to the Coindesk index, which showed it had been around $20 lower at one point on Thursday.
The value swing is characteristic of a currency that began life worth a few cents and topped out last year well above $1,000.
The MtGox website, which went dark on Tuesday, remained largely empty, save for a message from Karpeles, the France-born chief executive who has not been seen in public for several days.
"As there is a lot of speculation regarding MtGox and its future, I would like to use this opportunity to reassure everyone that I am still in Japan, and working very hard with the support of different parties to find a solution to our recent issues," he said.
"Furthermore I would like to kindly ask that people refrain from asking questions to our staff: they have been instructed not to give any response or information. Please visit this page for further announcements and updates."
Bitcoin derivatives
A Bitcoin derivatives company said it was suspending trading "due to the current closure of our main partner exchange".
The company, which allows investors to carry out leveraged trades against the future price of a Bitcoin, said: "All customer balances are secure and we will honour any withdrawal requests."
Founder Joe Lee is described on the company website as "a Bitcoin enthusiast whos (sic) parallel interest in finance and technology took him on a journey ending up in MtGox's Tokyo offices".
Despite the farrago that seems to have wiped out previously-healthy Bitcoin balances, many of those at the meeting in Tokyo said they had not lost faith in the virtual currency.
Student Khalil Dahbi said he had four Bitcoins in MtGox and was eager to explore possible legal moves against the exchange.
But, he said, the failure of one exchange was not enough to damn the whole project.
"The Bitcoin itself, it's technology, it's the future," he said.
A young Japanese mother who only gave her family name of Inoue, echoed that sentiment, despite having lost 1,000 Bitcoins.
"I will keep on investing in Bitcoin elsewhere," she said. "If a Japanese bank failed, you would not dump the yen, right? It's the same thing."
The crisis at MtGox first gained wide recognition on February 7 when the company halted withdrawals, citing a flaw in the software that supports Bitcoins, which it said could allow hackers to steal them.
Other exchanges said the problem was not with Bitcoin, but rather with MtGox, which critics say was not robust enough to handle the volume of transactions it was getting.
In the weeks after the suspension the price of a Bitcoin on MtGox dropped and sat at around a quarter of the global average before the website went offline on Tuesday.
A document circulating on the Internet and purporting to be a MtGox "crisis strategy" said the firm might have lost more than 744,400 Bitcoins in a theft that had gone unnoticed for years.
That number of Bitcoins would be worth more than $400 million at present rates and represents around five percent of all the Bitcoins in existence.
http://www.ndtv.com/article/world/bitcoin-investors-call-for-legal-action-on-mtgox-489234
The more problems like this that BTC faces then legislation and regulation WILL follow.
Tokyo: Anxious Bitcoin investors in Tokyo called on Thursday for legal action against the chief executive of an exchange where hundreds of millions of dollars' worth of the virtual currency appear to have vanished.
Dozens of members of "Bitcoin Tokyo" gathered in a restaurant in the Japanese capital, some nursing possible six-figure losses after an apparent grand theft from the digital vaults of the MtGox exchange.
American IT engineer Aaron Gotman said he had 463 bitcoins at MtGox, worth well over $200,000.
"What happened at MtGox was first incompetence, but then it could have gone to fraud at the end if they were knowing they didn't have the bitcoins they were selling," he said.
"If that's true, (MtGox CEO Mark) Karpeles should face justice and go to jail," he said.
"Now only a miracle could give me back my bitcoins."
Gotman, 35, is one of a reported one million people who had an account at MtGox, the first exchange for the crypto-currency.
Bitcoin continued its rollercoaster ride Thursday, trading around $577 at 1330 GMT, according to the Coindesk index, which showed it had been around $20 lower at one point on Thursday.
The value swing is characteristic of a currency that began life worth a few cents and topped out last year well above $1,000.
The MtGox website, which went dark on Tuesday, remained largely empty, save for a message from Karpeles, the France-born chief executive who has not been seen in public for several days.
"As there is a lot of speculation regarding MtGox and its future, I would like to use this opportunity to reassure everyone that I am still in Japan, and working very hard with the support of different parties to find a solution to our recent issues," he said.
"Furthermore I would like to kindly ask that people refrain from asking questions to our staff: they have been instructed not to give any response or information. Please visit this page for further announcements and updates."
Bitcoin derivatives
A Bitcoin derivatives company said it was suspending trading "due to the current closure of our main partner exchange".
The company, which allows investors to carry out leveraged trades against the future price of a Bitcoin, said: "All customer balances are secure and we will honour any withdrawal requests."
Founder Joe Lee is described on the company website as "a Bitcoin enthusiast whos (sic) parallel interest in finance and technology took him on a journey ending up in MtGox's Tokyo offices".
Despite the farrago that seems to have wiped out previously-healthy Bitcoin balances, many of those at the meeting in Tokyo said they had not lost faith in the virtual currency.
Student Khalil Dahbi said he had four Bitcoins in MtGox and was eager to explore possible legal moves against the exchange.
But, he said, the failure of one exchange was not enough to damn the whole project.
"The Bitcoin itself, it's technology, it's the future," he said.
A young Japanese mother who only gave her family name of Inoue, echoed that sentiment, despite having lost 1,000 Bitcoins.
"I will keep on investing in Bitcoin elsewhere," she said. "If a Japanese bank failed, you would not dump the yen, right? It's the same thing."
The crisis at MtGox first gained wide recognition on February 7 when the company halted withdrawals, citing a flaw in the software that supports Bitcoins, which it said could allow hackers to steal them.
Other exchanges said the problem was not with Bitcoin, but rather with MtGox, which critics say was not robust enough to handle the volume of transactions it was getting.
In the weeks after the suspension the price of a Bitcoin on MtGox dropped and sat at around a quarter of the global average before the website went offline on Tuesday.
A document circulating on the Internet and purporting to be a MtGox "crisis strategy" said the firm might have lost more than 744,400 Bitcoins in a theft that had gone unnoticed for years.
That number of Bitcoins would be worth more than $400 million at present rates and represents around five percent of all the Bitcoins in existence.
http://www.ndtv.com/article/world/bitcoin-investors-call-for-legal-action-on-mtgox-489234
The more problems like this that BTC faces then legislation and regulation WILL follow.
small_town_boy
BANNED
- Aug 14, 2008
- 763
- 218
Semi-legit. Some governments will, some won't. USA so far is relatively pro-bitcoin and it's the main market. Also, Bitcoin can be controlled by controlling the exchanges. They already require proof of ID.
So? Yes, I remember the gold rush, but gold is still valuable. "Bubble" is too wide of a term. You saw Bitcoin crash to 400 a few days ago. Now it's pushing 600. The intrinsic value of the protocol functionality is still there and people realize this.
Cracks what? The only thing that can happen is that the pools start messing around, but that would not be profitable to any of the parties involved. That's the only real risk. Bitcoin protocol is open and public. If there were such issues they would have been found already.
I think that Bitcoin will thrive long term.
Patel
Senior Member
- Mar 1, 2011
- 1,154
- 1,519
Here is the changes going into Bitcoin 0.9 (copied from BCT)
[h=1]0.9.0rc2 Release notes[/h] RPC:
Command-line options:
Block-chain handling and storage:
Wallet:
Mining:
Protocol and network:
Validation:
Build system:
GUI:
Miscellaneous:
[h=1]0.9.0rc2 Release notes[/h] RPC:
- New notion of 'conflicted' transactions, reported as confirmations: -1
- 'listreceivedbyaddress' now provides tx ids
- Add raw transaction hex to 'gettransaction' output
- Updated help and tests for 'getreceivedby(account|address)'
- In 'getblock', accept 2nd 'verbose' parameter, similar to getrawtransaction, but defaulting to 1 for backward compatibility
- Add 'verifychain', to verify chain database at runtime
- Add 'dumpwallet' and 'importwallet' RPCs
- 'keypoolrefill' gains optional size parameter
- Add 'getbestblockhash', to return tip of best chain
- Add 'chainwork' (the total work done by all blocks since the genesis block) to 'getblock' output
- Make RPC password resistant to timing attacks
- Clarify help messages and add examples
- Add 'getrawchangeaddress' call for raw transaction change destinations
- Reject insanely high fees by default in 'sendrawtransaction'
- Add RPC call 'decodescript' to decode a hex-encoded transaction script
- Make 'validateaddress' provide redeemScript
- Add 'getnetworkhashps' to get the calculated network hashrate
- New RPC 'ping' command to request ping, new 'pingtime' and 'pingwait' fields in 'getpeerinfo' output
- Adding new 'addrlocal' field to 'getpeerinfo' output
- Add verbose boolean to 'getrawmempool'
- Add rpc command 'getunconfirmedbalance' to obtain total unconfirmed balance
- Explicitly ensure that wallet is unlocked in importprivkey
- Add check for valid keys in importprivkey
Command-line options:
- New option: -nospendzeroconfchange to never spend unconfirmed change outputs
- New option: -zapwallettxes to rebuild the wallet's transaction information
- Rename option '-tor' to '-onion' to better reflect what it does
- Add '-disablewallet' mode to let bitcoind run entirely without wallet (when built with wallet)
- Update default '-rpcsslciphers' to include TLSv1.2
- make '-logtimestamps' default on and rework help-message
- RPC client option: '-rpcwait', to wait for server start
- Remove '-logtodebugger'
- Allow -noserver with bitcoind
Block-chain handling and storage:
- Update leveldb to 1.15
- Check for correct genesis (prevent cases where a datadir from the wrong network is accidentally loaded)
- Allow txindex to be removed and add a reindex dialog
- Log aborted block database rebuilds
- Store orphan blocks in serialized form, to save memory
- Limit the number of orphan blocks in memory to 750
- Fix non-standard disconnected transactions causing mempool orphans
- Add a new checkpoint at block 279,000
Wallet:
- Bug fixes and new regression tests to correctly compute the balance of wallets containing double-spent (or mutated) transactions
- Store key creation time. Calculate whole-wallet birthday.
- Optimize rescan to skip blocks prior to birthday
- Let user select wallet file with -wallet=foo.dat
- Consider generated coins mature at 101 instead of 120 blocks
- Improve wallet load time
- Don't count txins for priority to encourage sweeping
- Don't create empty transactions when reading a corrupted wallet
- Fix rescan to start from beginning after importprivkey
- Only create signatures with low S values.
Mining:
- Increase default -blockmaxsize/prioritysize to 750K/50K
- 'getblocktemplate' does not require a key to create a block template
Protocol and network:
- Drop the fee required to relay a transaction to 0.01mBTC per kilobyte
- Send tx relay flag with version
- New 'reject' P2P message (BIP 0061, see https://gist.github.com/gavinandresen/7079034 for draft)
- Dump addresses every 15 minutes instead of 10 seconds
- Relay OP_RETURN data TxOut as standard transaction type
- Remove CENT-output free transaction rule when relaying
- Lower maximum size for free transaction creation
- Send multiple inv messages if mempool.size > MAX_INV_SZ
- Split MIN_PROTO_VERSION into INIT_PROTO_VERSION and MIN_PEER_PROTO_VERSION
- Do not treat fFromMe transaction differently when broadcasting
- Process received messages one at a time without sleeping between messages
- Improve logging of failed connections
- Bump protocol version to 70002
- Add some additional logging to give extra network insight
- Added new DNS seed from bitcoinstats.com
Validation:
- Log reason for non-standard transaction rejection
- Prune provably-unspendable outputs, and adapt consistency check for it.
- Detect any sufficiently long fork and add a warning
- Call the -alertnotify script when we see a long or invalid fork
- Fix multi-block reorg transaction resurrection
- Reject non-canonically-encoded serialization sizes
- Reject dust amounts during validation
- Accept nLockTime transactions that finalize in the next block
Build system:
- Switch to autotools-based build system
- Build without wallet by passing --disable-wallet to configure, this removes the BerkeleyDB dependency
- Upgrade gitian dependencies (libpng, libz, libupnpc, boost, openssl) to more recent versions
- Windows 64-bit build support
- Solaris compatibility fixes
- Check integrity of gitian input source tarballs
- Enable full GCC Stack-smashing protection for all OSes
GUI:
- Switch to Qt 5.2.0 for Windows build
- Add payment request (BIP 0070) support
- Improve options dialog
- Show transaction fee in new send confirmation dialog
- Add total balance in overview page
- Allow user to choose data directory on first start, when data directory is missing, or when the -choosedatadir option is passed
- Save and restore window positions
- Add vout index to transaction id in transactions details dialog
- Add network traffic graph in debug window
- Add open URI dialog
- Add Coin Control Features
- Improve receive coins workflow: make the 'Receive' tab into a form to request payments, and move historical address list functionality to File menu.
- Rebrand to Bitcoin Core
- Move initialization/shutdown to a thread. This prevents "Not responding" messages during startup. Also show a window during shutdown.
- Don't regenerate autostart link on every client startup
- Show and store message of normal bitcoin:URI
- Fix richtext detection hang issue on very old Qt versions
- osx: Make use of the 10.8+ user notification center to display growl like notifications
- osx: Added NSHighResolutionCapable flag to Info.plist for better font rendering on Retina displays.
- osx: Fix bitcoin-qt startup crash when clicking dock icon
- linux: Fix Gnome bitcoin: URI handler
Miscellaneous:
- Add Linux script (contrib/qos/tc.sh) to limit outgoing bandwidth
- Add '-regtest' mode, similar to testnet but private with instant block generation with 'setgenerate' RPC.
- Add 'linearize.py' script to contrib, for creating bootstrap.dat
- Add separate bitcoin-cli client
Last edited:
playerup
Newbie
- Feb 21, 2014
- 5
- 5
My first post here.
Bitcoin has had some rough times over the last 8 weeks. If people believe in it, it will stay strong. If people use it to exploit others, then it's going to surely die overtime. It's still very early so it's hard to tell the true outcome of Bitcoin.
As for the other coins, it's debatable that bitcoin alone can survive. The fate they have rests on bitcoin.
Bitcoin has had some rough times over the last 8 weeks. If people believe in it, it will stay strong. If people use it to exploit others, then it's going to surely die overtime. It's still very early so it's hard to tell the true outcome of Bitcoin.
As for the other coins, it's debatable that bitcoin alone can survive. The fate they have rests on bitcoin.