What Happened to Mt. Gox? History of the Bitcoin Exchange ...
What Happened to Mt. Gox? History of the Bitcoin Exchange ...
Bitcoin Exchange MtGox Shutdown Permanently!
Bitcoin world shaken by Mt.Gox crash - BusinessTech
Bitcoin Records 2nd Largest Crash in History After Mt. Gox
Bitcoin price crashes spectacularly, losing 20 per cent of ...
Today when the "crash" happened, all the bitcoins in my mtgox account got sold with out me placing a sell order... the same thing happened to my friend. Did this happenen to anyone else?
I had 81 btc in my account, 0 usd. and no orders what so ever. at 1:33 central time I had 14Kusd in my account and 0 bitcoins. the same thing happened to my friend (he got hit worse, 200 btc) did this happen to anyone else?
ETX officially announced to change the algorithm, here is a straightforward analysis about the influence
More dispersed computing power, which means that the coins will be further dispersed, and the value will be less controlled and influenced by a few people who controlled many coins. From the above examples of Monero and Monero Classic , we can see that changing the algorithm is a great positive signal for ordinary community users
According to the latest announcement on the official website of Ethereumx·NET (ETX), "Notice about the upcoming change of ETX algorithm and the opening of the testnet '', ETX will change the algorithm within the next 1-2 months. The reason is that the current large computing power miners pose a threat to ETX's long-term ecological planning in the future, because the large computing power mining has caused a very high concentration of chips. This can be seen through the blockchain browser. The future It may take time to balance the number of head coin holders and slowly digest with price space and time. https://preview.redd.it/xtfbx9wbe6b51.png?width=624&format=png&auto=webp&s=386ccbcb51a658db2db07609152406df1c0927e3 Just like Bitcoin, there were only a few people digging with a computer at the beginning. Later, as the market slowly became aware, and then derived the ASIC algorithm mining machine, as the price increased, some head currency holders slowly reduced their holdings, and slowly reduced the threat they posed to Bitcoin. But even so, there are still an unsolved 200,000 bitcoins in MtGox. Some people even predict that when MtGox closes the case, it will be the crash day of Bitcoin. It’s impossible for a new currency to go the way which Bitcoin had passed. The market competition environment today is completely different. There are endless new currencies appearing every day, so at the appropriate time to avoid the risk of expanding and taking the lead is necessary. This may be the reason why the ETX development team decided to change the algorithm. There are many currencies that have changed the algorithm, and most of the results are relatively good. For example, Monero (XMR), Monero should be the most successful currency to resist the ASIC algorithm. In the process of fighting with ASIC repeatedly, without exception, the mining machine manufacturers were expelled from the door, ensuring many communities. But Monroe Classic has retained the ASIC-friendly algorithm because it has not changed the algorithm, and almost no one is interested today. We can get a glimpse of their straightforward price performance in the chart below.
XMC’s price with no algorithm changes, data source Coinmarketcap More decentralized computing power means that the coins are further dispersed, and the value can be less controlled and influenced by a few people. From the examples of Monroe and Monroe Classic above, we can see that changing the algorithm is a great positive signal to the ordinary community users. And the announcement on the official website mentioned that the testnet will be launched before the end of this month, and anyone who’s interested can go to have a look. ETX developers take precautionary measures ahead of time, which is a manifestation of responsibility for all community users. Refer to Ethereumx·NET " Notice about the upcoming change of ETX algorithm and the opening of the testnet " Coinmarketcap Monero: GetMonero *There are risks in the market, this article is not intended as investment advice
Investigating the $1B Bitcoins on the move from a SilkRoad related wallet
2 days ago, I reported that a SilkRoad related wallet containing about $1B worth of Bitcoins (111,114 $BTC and the same amount of $BCH and of other Bitcoin forks) was on the move after 4 years and 5 months of inactivity : https://www.reddit.com/Bitcoin/comments/9bfnff/near_1b_are_currently_on_the_move_from_a_silkroad/ Today, I will dig a little bit more into this wallet activity. Below you will find a graph representation of the transactions sent over time from the original 111,114-BTC wallet to the most recent wallets which have received some of the coins. Each branch represent a sequence of transactions sent through several wallets. Red nodes indicate the most recent transactions (< 1 month), blue nodes indicate quite recent ones (<1 year) and green nodes are the older ones ( > 1 year).
Picture 2: original coins are currently transferred on Binance wallet, in fact it is a major end-point/aggregate of transactions originated from the 111,114-BTC wallet (1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s).
Picture 4: funds are currently actively mixed, you can see a chain of red nodes with no other purpose than transferring n time the coins and splitting/mixing it a bit (3Ah15skNb8R1teRWs6h2Q2vRywkLJWUhhb).
Hi Bitcoiners! I’m back with the fifteenth monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. And a lot has happened. It's easy to forget with so much focus on the price. Take a moment and scroll through the list below. You'll find an incredibly eventful month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in March 2018
$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC price impact discussed
Preamble: it seems that my post was censored and removed on bitcoin... from now I will only publish my articles on btc and crosspost it. Freedom and freespeech matter to me. -- This is the 4th post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
The facts that part of this funds (>13%) have been transferred in the past month to Bitfinex, Binance and Bitmex exchanges is discussed here.
The origin of the bitcoins was originally discussed here.
A deep-dive into the wallet activity was discussed here.
Today I am writing a short update to discuss the origin of the funds and some events that could be related both to this wallet and yesterday's price crash. Wallet's origin This question has been discussed a lot by the crypto community in the past year. Here is a summary of the most probable hypothesis for the 1933p wallet's origin:
Wizsec, a prominent Bitcoin security expert, seems to be pretty sure that the wallet belongs to a MtGox hodler and early investor, who is not a DPR or a SilkRoad user, per his Twitter post: https://twitter.com/wizsecurity/status/1037030003068653569 Finally, Wizsec and I agree that this wallet is not CSW`'s wallet despite it is mentioned in several court documents. Wizsec spent a lot of time debunking CSW's ownership claims earlier this year: https://twitter.com/wizsecurity/status/968337084837781504 What do you think about this wallet origin? ` BTC price crash Also, I wanted to report some events that could be related to this 1933p wallet activity:
$100M USDT were transferred (reported by u/whalecheetah) while the 1933f wallet owner was in the process of transferring approximately the same amount to several exchanges.
10,000 BTC buy order was filed last night on Bitmex with 8,030 BTC transferred from a Bitfinex user wallet while the 1933p wallet owner transferred approximately the same amount of BTC to Bitfinex since August, 24th.
Why Bitcoin is NOT a scam / lottery / bubble / Tulip mania / whatever
So, another thread has hit /all and brought another influx of people new to Bitcoin. I usually don't pay much attention to all negative comments, but since I have some extra time today and nothing better to do... I wanted to address the main thing that often pops up in these threads. Namely: is Bitcoin a scam? First of all, if you asked me this question in few years back (2015 when price crashed back to $200)... I would've said: maybe. At that point jury was still out - I often like to quote Satoshi's genius observation:
In twenty years, Bitcoin will either be worth quite a lot or nothing
With marketcap below $4B Bitcoin was still an easy target. We all remember MtGox scandal, government dumping Bitcoin seized from Silk Road for $48m (boy... did they dropped the ball with that one ;), discussions in Senate etc. etc. Meaning - at that point - it was still possible for rogue actor to pump and dump and break the whole system beyond repair. But, it is end of 2017 now... and Bitcoin is worth over $7000 (boy, will it be fun when it's over 9000 ;). All this results in Bitcoin ecosystem being way more powerful now than few years back. Not only there is daily trading volume of over $3 BILLION going through Bitcoin... There are now Bitcoin companies that are worth over $1B. Hell, there are people who are Bitcoin billionaires. Which brings us to the main point:
Bitcoin is genuine technological revolution, accompanied by tangible merits. In a nutshell, Bitcoin is a scam in 2010s as much as Internet was a scam in 1990s.
1 Bitcoin is valuable because you can do "technologically new" things with it. Never before in the history of humanity we had TRULY DECENTRALIZED "asset" that had properties traditionally associated with currencies (previously always backed by someone / government) or commodities (like gold).
Bitcoin is a store of value. You can easily hold it with your private key and NOBODY can take it away from you. Compare that to having $1 in the bank - government can block it. If you have $1 and you hold it in cash, government can still take parts of it from you through inflation (dollar has lost 99% of it's value from 1950s). Also, compare Bitcoin to gold - it's MUCH easier to store. And much easier to turn into medium of exchange.
Bitcoin is medium of exchange. You can buy stuff directly in Bitcoin. Numerous websites and people around the globe now accept it. You can easily transfer it. Wherever you are in the world, you can instantly send Bitcoin to other people. This is not a big deal for people in first world countries as they have numerous options. But for majority of the world this is a HUGE deal. More than 50% of population is without bank account (let along online bank account) and have no way to participate in global economy.
Bitcoin is unit of account. If you have Bitcoin you can exchange it for whatever currency you want. In a sense Bitcoin is MORE VALUABLE than native currencies of MANY countries. If you are in Venezuela right now, would you rather hold Bolivar or Bitcoin? It's kinda no-brainer, right?
I hope this overview gave you good insight into why it's pretty much impossible for Bitcoin to be scam at this point. Like, I understand that recent HUGE price jump can influence people to see Bitcoin as Tulip mania. But Tulip mania was a scam because nothing substantial changed with tulips over night. People just started paying more and more for them. Plus, you could always produce more Tulips. With Bitcoin you have genuine technological revolution behind. If you own Bitcoin you can do stuff you never could do before in various parts of the world. It's like banking infrastructure on steroids really. Plus, unlike Tulips, Bitcoin supply is limited. Hell, even gold - you can always mine more of it. Bitcoin is fixed at 21 million, for all eternity. Any question - fell free to hit me up. Always glad to help newcomers to Bitcoin! EDIT: One of the responses says - OK, we can agree Bitcoin is obviously not a scam. But, is it a bubble? Consider that Bitcoin has been a bubble for last 8 years. It was bubble when it was $2. It was bubble when it was $30. I thought it was bubble when it broke $2000. Hell, to me stock market is in the bubble. I like to compare Bitcoin to Internet... lots of people thought "Internet is a bubble"... yet 20 years later, here it is... completely changing humanity. In that sense I think Internet is best comparison to Bitcoin... time will tell whether or not Bitcoin is right now in the bubble... but I strongly believe that in 20 years Bitcoin will be above today's levels. Now, if you share my long term prospects - then "Bitcoin bubble" will never be too much of an issue for you. Like - I don't buy in batches... I dollar cost average my BTC investment (you can look through my history for more info). See also Max_Thundernice observation of using Bitcoin as vehicle for protection against inflation... EDIT: I've incorrectly presented amount of money pumped into Bitcoin... read this for explanation. EDIT: I also want to emphasize one thing:
DO NOT go ALL IN hoping that Bitcoin will hit whatever mark. Especially DO NOT BORROW MONEY and GO ALL IN unless you are ready to forget about whatever money you've invested for next 20 years.
95% of people I know that have been trading Bitcoin have LOST most of their money. I know bunch of people who bought at $20 and then sold at $2. Then there is a group that bought at $800 and sold at $200. There are also those on other side of equation... there was short worth tens of millions of $$$ earlier this year when BTC was breaking $1100. Crazy thing - Bitcoin price did drop few days later... but that was AFTER short was wiped out and whoever did it lost TENS OF MILLIONS of $$$. Profiting is not only about being right about eventual price... it's also about knowing when it'll happen. Final EDIT: Blow away by all the feedback. That's why I like to post here - I get interact with people and in the process learn something new. I'll be monitoring my Inbox so if you have more questions just drop them here. And if you like my writing, visit my motivational / various blog that I update occasionally.
Why the "Trustee" sold YOUR BTC/BCH now in quiet and on open Markets..?
Dear Creditors! Finita la Commedia with the trustee's claims to act in the best interests of Mt.Gox creditors. RIP. We need to URGENTLY act collectively on this revelation in a manner that will make SURE creditors interests are upheld in this bankruptcy process and justice is made. As the matters stand now we are drifting in the wrong direction.
1. Mt.Gox trustee sells 35,841 Bitcoin and 34,008 Bitcoin Cash for a total of 42,988,044,343 JPY (~405,167,934 USD).
Why now and not before distribution in couple of years?
Why has he decided that $10K/btc is a "high" price? What if in a year 1BTC worth $100k? What he will say then?
Why not sell OTC to avoid market crash?
Why not disclose beforehand?
Why dump on market and not put limit sell order?
Why is this magic number? Why not sell 100,000 BTC?
This is because the total amount of claims that have been accepted until now is 45,609,593,503 JPY with YOUR bitcoin price fixed by the trustee in 2014 at 50,058.12 JPY (~471 USD). All this because the trustee wanted to be "in compliance with Japanese Bankruptcy Laws." not taking into account the reality of deflationary crypto assets. After the current sell-of by the trustee, he has a total of 44,952,982,218 JPY in fiat assets almost enough to pay all the accepted claims of creditors by fixed price of 50,058.12 JPY (~471 USD) per BTC. 2. All Bitcoin Cash and other forks that belongs to creditors has just been unilaterally confiscated by the trustee's decision in favor of Mark Karpeles and other Gox shareholders with the following decision on page 12 par. II.3 of latest meeting report:
"It is my understanding that the cryptocurrencies split from BTC of the bankruptcy estate belong to the bankruptcy estate."
Do you see where this is drifting? 3. Moreover, the trustee in the last creditors meeting report on page 12 paragraph II.2 Says:
With the trustee now playing a role of amateur shady surprise trader on open markets, we are in a worse situation then we have thought. Just FYI, this "trader" have panic sold 18,000 (50%) of all BTC he sold at near bottom prices at around February 5 crashing the market even further. If this is not a blatant market manipulation then this is utter incompetence. See this: https://twitter.com/matt_odell/status/971432146656202752 So at the current trajectory the trustee is planning to give ~24,750 user victims of Mt.Gox fiasco ~45 billion JPY (~430 Million USD) and Mark Karpeles with other Gox shareholders the remaining 166,344 Bitcoin with 168,177 Bitcoin Cash with the remaining forks! Is this justice? Does this scenario suit US? NO! All this bogus conduct is justified by the trustee "to be in compliance" with existing outdated Japanese bankruptcy laws. Common sense, justice, moral values, honor or any other value besides what's in the outdated "Japanese bankruptcy law" does not play any role here. These people dragging feet for years while letting Mark Karpeles get away with the biggest scam in crypto history. Remember the "it's only technical" explanations while continuing to accept deposits from his own users while he perfectly well knows that his company is INSOLVENT? Now it got to the point that this masterpiece Mr. Karpeles claims that because the remaining fiat value of btc left is much higher today then the value of all the btc his company possessed in 2014 it is somehow makes Mt.Gox "solvent". Huh? Didn't he loose more than 75% of all crypto assets he held and this state remains to this day? Yes? Then his company is INSOLVENT! Period. Any other type of bogus calculation to make a thief rich and proud of himself on the misery of tenth's of thousands of users whose trust he has abused is nothing short of preposterous and should be challenged in the supreme court at the very least!
So what can be done? I propose the following: A. Prepare what ever necessary legal proposal to change the bankruptcy law in Japan to take into account the new reality of deflationary monetary assets/currencies. The Japanese bankruptcy law as it stands today is one sided, outdated and not reflecting on the reality of existence of appreciating (deflationary) assets like crypto, some stocks, real estate in a growing market. We need a specific change that when the bankruptcy deals with holding appreciating assets then the initial asset exchange rate to JPY ($483) will be used as an "assessment" price only to determine the Pro-Rata % amount of each creditors portion of the assets at the time of bankrupt entity's collapse. The "actual" exchange rate will be determined by the assets price at the time of liquidation of those assets for JPY or distribution. In this case the creditors will receive their rightfully owned percent of the assets in the time of distribution/conversion. This is the only just way to avoid a scenario when a bankrupt insolvent entity suddenly claims to become "solvent" during the process of bankruptcy proceedings because of prematurely determining the exchange rate of the assets before hand. B. Prepare what ever needed application to Japans supreme court to freeze any distribution to Mt.Gox shareholders until the necessary amendments to the bankruptcy law are passed. C. Stop the Mt.Gox trustee trader from selling more BTC in a surprise and anonymous manner. Until the final ruling by the supreme court about the belonging of the crypto assets held by the trustee either to Mt.Gox creditors or shareholders is decided. The Mt.Gox Trustee has no right to sell or trade with these assets as he sees fit. D. Prepare a lawsuit against MtGox/sharehoders for unjust enrichment/conversion and get a preemptive lien/garnishment against the distribution that might go to them. (proposed by jespow). E. We as Mt.Gox creditors are not organized in due manner to effectively enforce our interests. We need one UNIFIED representative body to act on our behalf in this bankruptcy saga. I propose we set up for all creditors a voting process through which we will be able to elect "Mt.Gox creditors representative counsel". People we absolutely trust to think and act in accordance with the best interests of the creditors. These people can be big creditors (for example, Josh Jones CEO and Founder of Bitcoin Builder), Other people that are not creditors but have proven themselves over the years to be on the side of the creditors like Jesse Powell jespow the CEO and owner of Kraken, he has done a lot over the years to help us. You can read his proposals on here: https://www.reddit.com/mtgoxinsolvency/comments/7dyr74/re_inquiries_about_mtgox_disbursements_and/ Unless we step up our organizational game it's game over. I think the best and easiest for creditors would be communicating by email: E1. We have a list of all the creditors from the list of acceptance or rejection for all claimants posted by the Mt.Gox trustee. E2. We need to get from trustee or build an email list of all the creditors to send them periodic communication like monthly news, voting proposals, status updates, password for forum, etc. All this managed by trusted party like Kraken preferably or with oversight by them with unsubscribe option. E3. We need more than 50% of the creditors to join this list preferably to claim we have the majority of creditors support in courts. Best for this process to be all inclusive not requiring any mandatory financial contributions because of the fact that many investors got themselves into debt and financial hardships by Gox fiasco. If a creditor that was not active until now, can't help financially but can commit his support by voting or pledging some financial support once the successful distribution of BTC is made then this is a big win. E4. We probably need a new forum. Best would be to allow only the original email addresses of Mt.Gox creditors to set up accounts there to avoid trolls signing up and ruining or influencing our decision making. Also new accounts could be set up for trusted people after review by the moderator and marked as such. Example: Lawyer, People the creditors hire for different jobs, etc. All of the above together with monthly or weekly updates can create a positive momentum and keep this issue afloat with a lot of new organizational ideas coming in and helping improve our overall chance as creditors to win this battle for the benefit of all of us and the crypto community! Please keep your comments and info constructive! Suggest names for possible representative council members, ping users, post ideas, let's get this brainstormed. Pinging for input: jespow -- Kraken CEO andypagonthemove --Coordinating Mtgoxlegal.com P.S. I apologize for the long post. Thank you for your time & contribution!
$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC crash discussed
This is the 4th post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
The facts that part of this funds (>13%) have been transferred in the past month to Bitfinex, Binance and Bitmex exchanges is discussed here.
The origin of the bitcoins was originally discussed here.
A deep-dive into the wallet activity was discussed here.
Today I am writing a short update to discuss the origin of the funds and some events that could be related both to this wallet and yesterday's price crash. Wallet's origin This question has been discussed a lot by the crypto community in the past year. Here is a summary of the most probable hypothesis for the wallet's origin:
Wizsec, a prominent Bitcoin security expert, seems to be pretty sure that the wallet belongs to a MtGox hodler and early investor, who is not a DPR or a SilkRoad user, per his Twitter post: https://twitter.com/wizsecurity/status/1037030003068653569 Finally, Wizsec and I agree that this wallet is not CSW`'s wallet despite it is mentioned in several court documents. Wizsec spent a lot of time debunking CSW's ownership claims earlier this year: https://twitter.com/wizsecurity/status/968337084837781504 What do you think about this wallet origin? ` BTC price crash Also, I wanted to report some events that could be related to this 1933f wallet activity:
$100M USDT were transferred (reported by u/whalecheetah) while the 1933f wallet owner was in the process of transferring approximately the same amount to several exchanges;
a 10,000 BTC buy order was filed last night on Bitmex with 8,030 BTC transferred from a Bitfinex user wallet while the 1933f wallet owner transferred approximately the same amount of BTC to Bitfinex since August, 24th. Was this deal prepared or was the buyer a bitcoin angel?
5 Reasons Why Storing your Crypto on an Exchange is a Bad Idea!
Most of us already know that storing cryptocurrency is inconvenient and almost too difficult. It’s not surprising, given how new the technology is. We’re still a little while away before we hit high adoption rates for cryptocurrency because of this. But with tech startups paving the way for innovative solutions around storing cryptocurrencies,we’ll hopefully experience more convenience, security, and trustworthy services. For some of us that continue with the struggle, we continue the with the hard route and ‘be our own bank_’. Others continue to go down the _somewhat easier route: leaving their cryptocurrency on the exchange. Keeping your cryptocurrencies on exchanges does offer some benefits though. Pros:
Offers liquidity — transfer coins in/out very quickly
No danger of losing access because of forgotten passwords or seeds
Low fees to transfer between coins
Access to a large number of altcoins
Offer multi wallet capability (storage for multiple cryptocurrencies)
No technical knowledge required to setup
Offers two factor authentication
These are significant advantages over cold storage solutions currently. However, the following will make you think twice before you keep your cryptocurrency on an exchange.
5. Exchange BTC-E seized by FBI- locking users funds
Mid 2017 BTC-E, a popular exchange in the past, was seized by the FBI over the alleged Alexander Vinnik who was found guilty of laundering funds through the exchange. Alexander Vinnik was originally thought to be one of the operators of the website, however these claims were denied by BTC-E later on. Since then BTC-E has shipped operations to New Zealand and re-branded to WEX. It is believed that most users have been able to access their funds. Having said that, it was difficult time during the down-time, with all users unsure if they’d ever be able to access their funds. Although the user base continues to grow, the community had been split over BTC-E. Several users have resisted transacting on the exchange due to their secretive operations. On the other hand BTC-E has had significant support, one user commenting “BTC-E deserves respect” over their commitment to re-opening the portal to it’s users. It has been in-evident that BTC-E played any part in the laundering. So, although BTC-E may not have been 100% at fault- the story does show you the risk you put yourself against trusting a third party to mind your coins for you.
4. Indian crypto exchange Coinsecure loses $3.5m in customers’ bitcoin
April 2018 An exchange operating in India had nearly $3.5 million worth of user’s Bitcoin stolen. The company blamed the security chief, Dr Amitabh Saxena for stealing the funds. Regardless of how the 438.318 Bitcoin went missing- it clearly shows the lack of protective measures exchanges get away with. Coinsecure claims that they are working “_day in and day out, and investigations are in full swing for a possible recovery of the lost BTC_”. However they are treading carefully, even with their promises, their website states “should we be able to recover all of our BTC, all BTC holdings will be refunded”. Key words being ‘should we be able to’.
3. Italian exchange BitGrail claims $195 million worth of Nano (XRB) lost through hack
February 2018 The exchange claimed that the cryptocurrency was stolen through a hack. Bitgrail have not accepted responsibility for the breach, claiming that the Nano cryptocurrency was flawed. Nano on the other hand continues to hold its ground, stating: “to date, all reliable evidence we have reviewed continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds.”
Once again, BitGrail confirms to have been a victim of theft. A crime made possible by taking advantage of known failures in the NANO team’s various software (Rai Node and the Official Block Explorer) and therefore, for these reasons and in accordance with the law, BitGrail doesn’t consider itself responsible for the unforeseen circumstances.- Official statement from BitGrail
After several months of halt, Bitgrail has announced a commencement of operations on 2 May 2018 at 10:00 UTC stating, “the markets and withdrawals will be operating for all coins, except for NANO/XRB. BitGrail re-open the NANO/XRB market for users at a date to be announced shortly.”
2. $400 Million Goes Missing From Japanese cryptocurrency Exchange Coincheck
January 2018 Yet another unsettling few months for investors as they wait for 500 million XEM tokens to be refunded after they were stolen. The Japanese exchangehalted all trading at the time and have recently restarted trading. This was regarded as one of the biggest cryptocurrency thefts, next to the infamous Mt Gox saga.
1. Mt. Gox Declares bankruptcy over 850,000 missing Bitcoin
2011–2014 Mt. Gox at its prime was regarded as one of the biggest Bitcoin exchanges. Unfortunately, it came to a nasty end once it was found that an extensive number of Bitcoins went missing. Investigations in 2015 found that the coins went missing over time, starting in 2011. By far, the most infamous and nerve wrecking loss in the history of cryptocurrency. The saga continues to date though, with the trustee claiming to have sold a large chunk of Bitcoin in early 2018. It was speculated but not definitive that this had a large hand in causing the Bitcoin crash around the time. The above is not intended to spread FUD. It is a reminder to be careful on how you store your cryptocurrency and raise awareness of the potential risks. The statement ‘be your own bank’, rings true still. It will continue to do so until we can receive service offerings that combine cryptocurrency with convenience, trust, and security. Having said that, there are also severe risks you carry if you do become your own bank. Damned if you do, damned if you don’t! Here’s a quick run down on different storage methods for cryptocurrencyand their associated risks. Most of the cryptocurrencies in the market today are based on ERC20. So you can also download this free guide on storing Ethereum and ERC20 tokens. But if you decide to continue storing your cryptocurrency on an exchange you may want to do the following:
Diversify across multiple exchanges- keeping your crypto on multiple exchange means less risk of losing ALL your holdings in case one exchange goes down or shuts down
Keep a small portion on an exchange for transfers while the rest in cold storage.
Hi Bitcoiners! I’m back with the seventh monthly Bitcoin news recap. Last month's post got very little love, and I don't expect much more success with everyone focussing on August 1st, but here it is nonetheless. In my eyes definitely one of the most eventful months in Bitcoin's history, absolutely unreal how much happened:
SegWit activation imminent
Epic analysis of spam attacks & a 10M-user LN network
2013 price buble & Mt. Gox hack reveals
BTC-e went down
Bitcoin sign guy
Steepest rises and crashes USD-wise
To name a few. For those unfamiliar with the monthly recap, each day I pick out the most popularelevant/interesting stories in bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com If you're on mobile and can't see the links below, check the web version. A recap of Bitcoin in July 2017
Core/Blockstream is *not* Bitcoin. In many ways, Core/Blockstream is actually similar to MtGox. Trusted & centralized... until they were totally exposed as incompetent & corrupt - and Bitcoin routed around the damage which they had caused.
Just click on these historical blocksize graphs - all trending dangerously close to the 1 MB (1000KB) artificial limit. And then ask yourself: Would you hire a CTO / team whose Capacity Planning Roadmap from December 2015 officially stated: "The current capacity situation is no emergency" ?
Be patient about Classic. It's already a "success" - in the sense that it has been tested, released, and deployed, with 1/6 nodes already accepting 2MB+ blocks. Now it can quietly wait in the wings, ready to be called into action on a moment's notice. And it probably will be - in 2016 (or 2017).
"Bitcoin" isn't dying. "Core/Blockstream" is dying.
That's all that's happening here. Yes it could get ugly for a while. The death of Core/Blockstream could get as ugly as the death of MtGox. In both cases, people trusted a centralized institution which thought that it could control Bitcoin forever. And then that centralized institution was revealed to everybody as incompetent and corrupt and rotten to the core. People who had placed their trust in that centralized institution got hurt bad - but the people who hadn't trusted that institution, came out fine. If you're part of the crowd that's been complaining about Core/Blockstream for these many months - that's the same as being part of the crowd that was complaining about about MtGox for many months. Consider yourself one of the informed. Just like the people who didn't trust MtGox, the people who don't trust Core/Blockstream will emerge unscathed after this crisis is past. But people who trust Core/Blockstream are gonna get hurt:
The Nine Miners of China: "Core is a red herring. Miners have alternative code they can run today that will solve the problem. Choosing not to run it is their fault, and could leave them with warehouses full of expensive heating units and income paid in worthless coins." – tsontar
https://np.reddit.com/btc/comments/3xhejm/the_nine_miners_of_china_core_is_a_red_herring/ As long as people continue to trust Core/Blockstream, the network will start to get clogged, and the price could crash - or just stay flat, as Bitcoin's expected price rise due to the halving, collapsing fiat financial markets, NIRP (negative interest rate policy from governments and banks) etc. gets cancelled out by Core/Blockstream's stalling and incompetence.
3 months performance of Dow Jones, NASDAQ, S&P500, FTSE 100 (UK), DAX (Germany), Nikkei (Japan), Shangai Composite (China), Gold, and Bitcoin (cross-post from /BitcoinMarkets - original post by brg444)
https://np.reddit.com/btc/comments/45u8cf/3_months_performance_of_dow_jones_nasdaq_sp500/ Once Core/Blockstream's failure/refusal to scale causes enough damage to make the majority of people understand that Core/Blockstream is not Bitcoin - then people will wake up and reject Core/Blockstream's failure/refusal to scale. And remember, scaling for the next few years is easy: just change a 1 to a 2 in the code. Or set it to some average or median based on the previous blocks.
BitPay's Adaptive Block Size Limit is my favorite proposal. It's easy to explain, makes it easy for the miners to see that they have ultimate control over the size (as they always have), and takes control away from the developers. – Gavin Andresen
https://np.reddit.com/btc/comments/40kmny/bitpays_adaptive_block_size_limit_is_my_favorite/ There are plenty of simple scaling solutions solutions like this available (Classic, BitPay's Adaptive Block Size Limit). Core/Blockstream thinks it can dominate Bitcoin by throwing around money and lies while they ignore users' needs - and certain people appear to be gullible enough to actually trust them (e.g. Chinese miners signing meaningless loyalty statements at 3 AM at some roundtable in Hong Kong). But Satoshi carefully designed the incentives of Bitcoin so that it will always route around that kind of centralization and corruption. As an investor, you're the one in control. The miners only provide a commodity (timestamping of transactions), and the devs only provide code (which is open-source, so it can easily be modified to suit our needs).
Forkology 301: The Three Tiers of Investor Control over Bitcoin
Erowid, a non-profit drug educational organization, gives a detailed look at how they used Bitcoin as a source of donations since March 2011
I recently sent Erowid a question about their Bitcoin donations (the quoted parts) and I got an extremely detailed reply about their history with Bitcoin donations. Thought I would share. But first, here is a link for donating with a wide range of crypto-currencies.
Thanks! We really appreciate it. Bitcoin is one of the most useful and interesting new payment systems since zero-fee paypal in 1999, which has ended up nothing at all like it started. It's now a very useful email-address-based gateway to the giant international VISA/MC conglomerate. It's a handy system, but that whole transaction skimming conspiracy is a little disturbing, costly, and monopolistic.
I was looking at your address and see that it is only a month old, yet you have been accepting Bitcoin since Mar 2011. In the spirit of openness I'm curious about why you changed addresses and
Many Bitcoin advocates and technologists state that a new address for every transaction is actually the right way to improve privacy and to firewall tracking of payments and transactions. I believe that viewpoint is kind of the opposite of openness, it is based on trying to keep people's transactions more private, despite the entire BTC blockchain database being fully public and exposed. I spent some time a couple years ago trying to get a server-based wallet set up that would generate a new address for each transaction and it wound up being a lot harder than I could get working reliably. The more unique addresses, the less erowid donors are tied together, thus a little more privacy. We will try again at some point. Currently, we keep a local bitcoin wallet and backups and rotate the BTC addresses every month or three, depending on a variety of factors.
and how much you received on your previous ones. Also I would like to know if you hold a fraction of Bitcoin or convert all to fiat directly.
At the moment, I can give you a rough outline of how we choose when to sell bitcoins. It different than people who are on the buying end. We have always conceived of BTC as 'micro donations', but some number of people over the years (let's say 30) have asked directly to pay for a membership with BTC instead of other methods. In order for that to make sense as an organization, we need to convert those bitcoins around the time of the donation so that the donation in bitcoin results in the amount near the dollar value that the donor was offering. So, for a t-shirt that might be a $45 donation. If/when that happens, we transfer the appropriate number of bitcoins out on or near that day to convert BTC into USD. Then we can enter that person's donation into our donation system and the accounting matches up: person gets a $45 membership, we get $45 into our bank account. Accounting is fun! :\ Further, because we are entirely a donation-based non-profit, we are always in the position of trying to have BTC donations be of non-zero USD value to the organization. That means selling them at some point. The question of when to sell them is obviously complicated. One can view BTC as a deflating currency or an investment or a security or maybe a commodity. We are generally conservative about them and have mostly sold the BTC we've received within a few months of their donation in order to generate USD for the organization. So, say we got 1 bitcoin 2 years ago when they were worth $30 each. If it wasn't tied directly to getting a sweatshirt or otherwise needed to wind up as a row in our banking records, I would hold onto to the coin and wait for a time when the value of BTC was going upwards and sell that bitcoin for more than it was worth when we received it. But I did not hold onto them for years, since that defeats the purpose of supporting the organization and it locks up the bitcoin trading market if everyone holds and never sells. However, the goal is always to wind up with money in the bank sooner rather than later, since we run a business. As far as previous addresses go, I believe that the reasoning behind the privacy concept is NOT to give out previous addresses, though obviously it's a tiny figleaf. We sold 1 BTC last week when the value hit $500 and another this week when the value hit $600 and will probably sell again if the price continues to rise. If I had a completely configurable trading system, I would likely set a sell order for 1BTC at $675 OR sell 0.5 BTC in 14 days if the price is >= $600. My reality is that I have to make the sales manually, because I don't have a reliable trading site that delivers to my US bank. The vast majority of total bitcoins we've sold were sold for under $30 a piece. When we opened our first bitcoin address to check out the system, The Faucet gave me 1 BTC just to help get the ball rolling. Obviously such things no longer exist and we're in a period where bitcoins are both volatile AND valuable. We had one donor give us some bitcoin back in early December and requested we wait to sell it until it hit $1200, but ALSO required that we open a separate account at a bitcoin trading company that took two weeks to complete as the company confirmed our banking information and identity, etc. By the time we'd gotten the new account set up, we were well into the price crash and so we are holding onto that bitcoin for some future price that is closer to what the person donated it at. On the other hand, we received several BTC last september when they were in the 100-200$ range and we sold all of those at between $800 and $1200 each in late november and early december as the price was running up. That was actually during the fall of MtGox who was our only trade location until October, 2013. I had initiated a sale of two bitcoins in early September and six weeks later, MtGox had not deposited the money in our account and had no estimate for when they would do it. Happily, they credited my account the USD, I bought BTC, and moved them back to an offline wallet. I'm not sure how to be both transparent AND private, but I can tell you the current address is typical of better months from the last year. We currently get a few hundred dollars a month in BTC, unless we're doing a big fundraising push, in which case we get double or triple that. With the price increase in the last 14 days, May was a good month. Happy to answer more questions and chat about how we manage bitcoin, but the main concepts to keep in mind are : trying to limit the exposure of blockchains for privacy reasons, trying to optimize for USD coming into our budget, generally being conservative so we will choose to sell rather than hold bitcoins, and having a rule of never selling all our bitcoins but selling off parts of what we receive over time to reduce risks and exposure. We currently use coinbase and bitpay, after having gone through 10 or so different BTC->USD systems. What we need is reliable and stable and most of the others have run afoul of the federal money cops in the US and have been shut down or had their banking connection shut down. I'm always interested in recommendations for other trading / sales sites, but we need one that can deposit into a US bank for it to be useful for erowid center. And we need one that is stable, represents a real business, and is unlikely to poof into a cloud of oily smoke. I see today we got a .01 and a .05 bitcoin donation to the current address, bringing our total for the last month up to .654 ish, which is great! With the price heading upwards (rather than hovering at $400), that's actually a useful amount of money. Thanks! Looking at the charts today, it seems like a lot of people decided to start selling as the price hit 650+ and so the price had a small crash today while I wasn't paying attention. Anyway, hope some of that is useful. Erowid Center's budget (income and expenditures) are all public information, but our list of donors is not and we do what we can to protect the privacy of the people who choose to support our controversial project. Thanks again for your contribution! Hurray that you didn't have to pay VISA 0.35 + 2% to do it. earth
LTC is fine and Jihan Wu will get what he deserves one day!
It's time to stop looking at the charts for a while and come back in a few weeks! It's important to see the positives: -BTC is currently over 1200$ and holding strong. (probably getting ready for another huge bullrun) -LTC hast close to 4 Million $ buy orders on Btc-e. (Yes it's 3.6 to be precise) -LTC/BTC has 600 BTC buy support compared to 100 a few weeks ago... (Keep in mind these values change but it's def. looking good. -Anyone who is comparing this to the crash from 8$ a Year ago to 4$ is tripping hard. LTC is a very different spot today and if you think it will crash back down to 4$ think again. -Half of the Bitcoin community wants to see Segwit on LTC (maybe more than half). If you just go to Bitcoin you will see that there are a lot of discussions regarding segwit and Litecoin. -Anyone who has been around since 2012-2013 knows something is going on. The signs are all there. So stop looking at the charts and just relax. Sigwit is going to happen sooner or later. Remember folks, the miners have been around since 2013 for the most part... They know its probably a good idea to scoop up as MANY cheap LTC as possible. (Remember back in the day when mtgox got ddodsed so that the BTC price would fall? Well look where we are now...Jihan can't stop Segwit on LTC, all he can do is delay it and scoop up more coins) -Relax and enjoy the rollercoaster. Shit is probably going to go nuts. To the m00n :)
Backstory: Recently, one of the largest Bitcoin exchanges said they weren't letting people withdraw Bitcoins due to technical issues (a process called "transaction malleability," which I can't really explain but has been known for awhile). This caused much consternation and a precipitous drop in the value of BTCs. This exchange also released a statement blaming Greg Maxwell, one of the original Bitcoin developers for the "technical issues" they were having. This has caused much drama. Keep calm, transaction malleability is not double spending. One of the big "selling points" of Bitcoin is that you can't double spend. As the name suggests, double spending is when you spend the same money twice. It's bad for business and good for thieves.
So Gox decided to take the Bitcoin ship down with them blaming their shortcomings on well known and documented protocol limitations. Shame!
so gox can buy cheat coins to make up for the loss.
That's right, folks, this exchange is crippling their business and reputation...so they can sink the cost of Bitcoins so they can buy them more on the cheap.
Mt Gox's incompetence once again puts BTC on sale? I'm not complaining.
Yep, my buttcoins just dropped in value 20%, but IDGAF because I'm gonna buy more.
You make it sound a lot less apocalyptic than the MT Gox press release did. To the top with you!
They just purposefully spread FUD throughout the bitcoin world for the sole purpose of diverting attention while they fix their shit. This transaction malleability thing has been known for a long time and has plenty of easy ways to work around it, like just look and see if there's a double spend attempt on outputs before auto-crediting your internal books. The fact that Gox's shitty coding didn't do that is entirely their fault, and instead of owning up to it, they're trying to cause an earthquake of FUD to divert attention and buy themselves time. That's not just sneaky, that's truly evil. Fuck them. Fuck them so much. /rant
FUCK THEM THIS PR MOVE IS LITERALLY EVIL. Now, I tend to save concepts of "good" and "evil" for actions that have a considerable moral weight, like when some piece of shit steals my parking spot, but this takes the cake. I speculated invested in a volatile commodity and my speculation investment has tanked, so I'm totes raging about it on Reddit.
Tin foil hat time. What if a bunch of BTC got stolen and MtGox knows this. So they make FUD that blames bitcoin protocol knowing it will crash the price. They then take USD and buy up cheap bitcoin to cover the BTC that got stolen. What if this new USD will actually drive the price to new HIGHS!
If your going to claim to be the representative entity for Bitcoin then act like it. Otherwise you are just as big of a joke as that incompitent twit Mr Krabapple bouncing around on his blue ball. I mean, Jesus H. tap dancing on a crispy truiscuit Christ, do something, anything, or gtfo. *Edit: Help us Obi-Wan Antonopoulos, you're our only hope.
He's literally tanking Bitcoin! Let's take a rash action in response to a rash action!
Karppoopels is on the BTC foundation board? fuuuuuuck thats bad.
Anyone else from The Bitcoin Foundation want to shit on Bitcoin some with more negative PR?. Drugs, money laundering, "bugs"…c'mon guys…gun running could be next? or something worse?????. I'm sure you've got plenty more from where Shrem and Krapeles came from.
Perfectly timed manipulation on the part of MTGox, this news comes as the 3 day MACD happens, (exponential average crosses the average bitcoin price), it hadn't crossed since early 2013, so big movement was to be expected. You can see it on the 3day chart on bitcoinwisdom, the blue line and brown line crossing, this is a BIG sign for automated trading bots to make a move, in this case the exponential average (indicating the latest movement trend) went below the average, this means the trend is downwards. So MTgox preps up their sells, sets a weekend climate of "some big news is about to come out on monday, everyone keep an eye on your coins" Then DROPS the bad news, and BOOM goes the dynamite. we have an epic crash. Meanwhile MTgox sets up its orders on BTC-E around 200.
Most people trust MtGox. It's the oldest exchange, was the most mentioned in the media. Their press release is pure bullshit but it's a subject that's way too technical anyway for most people to grasp. We need other big players to step up and reassure people, or this could be the death of Bitcoin.
And what will happen now?
Go on, sell your bitcoin, and bang your head into the wall when the price goes back up. In the mean time, I'm enjoying the cheap coins. Hmmm. If one were a Gox insider, today would've been a good day to buy bitcoins. Either for a personal account or for the company's, in order to cover past fuckups. Are you concerned about the price of your holdings? I appreciate that we just got cheap coins.
Plus the general hatejerk:
How I look forward to the day bitcoin won't be goxed anymore. Even those outside of gox managed to get goxxed today. Gox has done the greatest service & disservice to Bitcoin. Sounds like Mark is trying to raise more fear. He needs to step down from the Bitcoin Foundation. I guess most of the other players fear legal problems if they say anything bad about Gox...
This press release from Gox was incredibly shady and deceitful. The majority of Bitcoin market crashes are because of them. We need to step up. I'm willing to step up. Get ahold of me on here! I'm willing to invest $50,000 in a LEGIT U.S. Bitcoin exchange for 5% of the business. We can't stand for this, people. We can't let lies like this affect the Bitcoin community this much
Hi everyone, I know very few people will see this and that's okay. I decided after a week of severe depression, anxiety, self-loathing, and general fucked up thoughts that I needed to talk about what I did. On the scope of a confession, it isn't much to some people, but to me it is a huge and daunting fuck up that I'll be paying out the nose for. The reality is I might even be homeless due to this. I used a throwaway for this because a few people I know have my primary acct and I can't bear the shame of them knowing yet. To get to it, I made a huge mistake and lost all my money. ALL OF IT. If it isn't obvious already, I don't have a lot of money. I am not a all that familiar with bitcoin and only recently began taking part in the community. /Bitcoin has been my bible and go to source nearly every day for the last 6 months. But again, I don't have much money and I decided that I have a this tremendously good feeling about where bitcoin is going so I warily invested in a couple coins around January 2nd at about 809 a coin from coinbase. I was terrified of losing what I put in. Then the next day, the price jumped about $30! I was ecstatic! I was amazed! I couldn't believe that my investment had begun working for me after only a day! It was a great feeling. At the same time of all this, I had just finsihed up a huge ordeal with Bank of America over fradulent charges on my debit card that sent my account into the negative and had intitially accured almost $1000 in overdraft and other fees. It took months to get all my money back and in the end still lost out on about $200 dollars. Needless to say, I was more wary of my bank than bitcoin at this point and bitcoin was GIVING me money instead of giving it away. So I did the only logical thing I could think of at the time and put the rest of my savings into BTC. And guess what? It went up again! I was so happy with my decision that I started reading more and more about BTC. Then the fluctuations in the BTC market started happening. I started to get nervous because the only cash I had was losing value and fast. I knew that it had a habit of fluctuating like that but I never had any money invested before. The anxiety was real for me every day I'd hop on /Bitcoin and see the news about mtgox ( then after that the silkroad 2 hack.) So, about a week ago when coinbase's price was plummeting still due to gox's problems and bad press and so on I started getting nervous. More nervous than I had been before. My "investment" had lost almost 200 a coin and I was sick to my stomach watching and waiting for the price to come back up like it "always" does. I was posting around a few forums and asking questions about what I should do? What could I do in the mean time? Should I pull out and take my losses? I got to talking to this guy on one of the forums who seemed to know what he was talking about. He mentioned the dice site satoshi bones and how he was in the same spot as me, made one bet and came out 10BTC richer. Even sent the tx ids. It was awesome to see and was even more awesome to imagine. He went as far as to send me .05 btc (holy shit!) and said "Make a few bets and watch, some of the odds are great." So I did that. I sent a few bets of .001btc and made nearly .5 btc in 5 minutes. I was hooked. I was going to make my money back. I was going to make a few bets and get out with what I put in, no more. So I proceeded to make bigger bets. I was making money. I was getting good at watching and "considering the odds." It wasn't really the case, I was just geting lucky here and there. I had no idea what the fuck I was doing. Then the transaction malleability thing happened. Or, rather, it was probably happening the whole time. I don't know. I don't know what it did to my MultiBit account, but it was sending my coins and not updating my balance. I was losing more than I knew because the double spends ended up looking like I had more in my overall account than I did. At one point, it appeared that I had TRIPLED my initial BTC investment over all and I was nearly crying with joy. Then I couldn't access my funds. It said I had a "Balance" of 30btc, but "Spendable" was .05. I knew that it took a little while for the transactions to get through the system and clear but minutes turned into hours and hours into days. When the whole story about the transaction malleability broke into full swing I started tracing my tx IDs back. I was a nervous wreck at that point. I had so many double spends and unconfirmed transactions that there was no way to actually find out how much I truly had left. When I looked through multibit's logs, it had mulitples of the "wins" that I knew I had but numerous tx Ids. I couldn't keep track of it all. Attempting to "reset" the blockchain on Multibit would only cause it to crash (probably because I had sent and received sooooo many unconfirmed transactions back and forth between that game.) I decided to grab my private keys and attempt to use Bitcoin-QT to sort it all out to no avail. It too said I had a balance around 30 BTC unconfirmed (a mind blowing amount of money for me!!!!!) I relaxed and decided I would just have to wait it out to get my money and I'd hold off on grocery shopping until the weekend (today.) Even if I had half of that after it all cleared up, I'd have made a HUGE profit. About two days ago everything calmed down and my balance began fluctuating like mad on both the Multibit client and Bitcoin-qt. It went UP at one point to 40 BTC even! Then transactions started to disappear. Mostly, the transactions that disappeared were the "wins." I assume this is because all of the unconfirmed txs or double spends started being pushed out of the system? I have no idea. I'll take a second to mention that I've never had an interest in gambling whatsoever. I've been to vegas, played a few slots, sat in for some poker and blackjack, would lose and just walk away. However, the last couple days I was consumed by the dice game. I thought I was making incredible money, hand over fist. Yesterday, my balance completely cleared up. I'm broke. I have nothing left. I pissed away even my winnings (maybe 3btc) I had before the transaction malleability started fucking things up. I cried for the first time in 10 years yesterday. Today, I cried again. Over the last week I fell into a depression and was overcome by this urge to just stop existing. Not really suicide at first, but, more of a "I want to close my eyes and let it all blow over." Then, when that didn't happen, I did start considering suicide. I have no money left. I don't know what the fuck I'm going to do for rent, for food, for gas, for my fucking books next quarter. I moved to california on my own about 3 years ago and have zero family in the area. I don't have family to lean on finacially whatsoever (I come from a seriously bad luck/misfortune/poor family.) Monday I'll be heading to my university to find out what I can do and if I qualify for any loans. Or something. I don't know. But right now, I need to tell people and persevere and try to make it out of this. But, my point of posting here isn't a pity party or to draw out "sorry for the bad luck" responses. I did this to myself and this pales in comparison to the bad luck others have had. I want people to use my sincere and obvious FUCK UP as a lesson. I got caught up thinking I was making money. I wasn't fully aware of what was happening during the transaction malleability shit and made decisions without fully comprehending the situation (and it is NOT the fault of Mulitbit or the dice game even if I wanted something to blame.) Most of all, I was GAMBLING my money away. It was greed and poor decisions. But mostly greed. So, I fucked up. I don't want YOU to fuck up like I did. Please look at the story and realize that it can happen to anyone without fully thinking through your decisions and having a grasp on the situation. And SERIOUSLY consider when you're putting too much money at stake when gambling. You could regret it and be in a shitty spot like myself. Thanks for reading. TL;DR Holy shit I wrote a novel. Sorry. In short, I inadvertently gambled away my only $7000 during the transaction malleability crisis and it is no one's fault but myself. I am now broke and terrified and I don't want YOU to suffer like I did. Do not gamble and do research before you do anything with your money especially if it is all you have. EDIT: Though my intial reason for posting was NOT to focus on why my balance said one thing and the actual balance was another, here is what the balance looks like on my Multibit client right now. However if you look at the blockchain, that's clearly not the case and hasn't been for days and days. These are the addresses I used off and on. Not all of them but those were the most active I think. 17cHzgxRLumqfu6UAddUrJmTujd7goHLrx 1BAKHq37qj1xekitr7adXapLqFrVtAhm8A 1KLug6D1mXoyS12BZipyQ8WHAdNzDmQxMp. Also, when I opened the Client today it seemed to send or revieve "stuck" transactions? I don't know what to tell you all beyond that.
11-23 05:03 - 'Congratulations!' (self.Bitcoin) by /u/penguingspe removed from /r/Bitcoin within 1069-1079min
''' I've been on /bitcoin since bitcoin was under $1. I started watching at $4 and started buying at $32 (it went up 8x in the amount of time it took to fund my coinbase account via ACH). Back then this community was awesome. One of the best, I thought "how could I have missed this great reddit community all these years?!". Fast forward to today. It seems after the mtgox crash shit changed. I don't know if it was bitcoin getting all the media attention or what, but when Gavin stepped down it basically went to shit. He was keeping afloat the dingy that satoshi had left us. Back then we had soft forks and the community was still small enough where we could recover from fatal errors. Today, I feel as though I am completely lost, as soon as the wallets get good enough for the layman to use, there's another contentious fork and then we're all left waiting for 6 months to find out where we stand. And this is coming from a guy who had $600k+ worth of btc at the top last december, only to have it stolen last June. I still gots me 33 BCH though, and now all the charts are dead. I don't give a fuck anymore. The original 33 btc I paid $4k for back in 2012 is now only worth $130k. That's less than a year's salary for me, even though its a lot of money, its not even enough to buy a house in the bay area. I've decided to stop giving a fuck. I started consulting for crypto companies the past 6 months to get a better read on where things were headed since this place is worse than The_Donald now. All the tokens I got paid and held are in the shitter, which is my own fault, I know I took the risk, but I'm done throwing away money. I'm running out of monopoly money. Hopefully 2019 brings us something new, but with APH closing their DEX due to regulations I feel this is only going to continue unless we go with privacy coins which are untraceable. And before one of you hooligans shouts "Oh yeah sure, 2 month old account" I use tor and create new accounts every 6 months to remain anonymous. But I've been on reddit for 13 years and first heard about bitcoin from /libertarian. Back then I thought for sure it was a scam, because all the websites were built with Netscape Gold seemingly. Anyway, piece out! or peace out. Get a cooler full of something cold and enjoy life, I've lost years due to this nonsense. Happy Thanksgiving! ''' Congratulations! Go1dfish undelete link unreddit undelete link Author: penguingspe
I'm donating 5057 BTC to charitable causes! Introducing The Pineapple Fund (20020 points, 2927 comments)
Farewell from the Pineapple Fund (10944 points, 610 comments)
🍍 $4mil will fund MDMA trials for PTSD; marked 'Breakthrough Therapy' by FDA. Pineapple Fund is matching MAPS donations 1:1. Reddit, let's make history by crowdfunding an incredible treatment for PTSD, in bitcoin! (10650 points, 558 comments)
Day 2: I will repost this guide daily until available solutions like Segwit & order batching are adopted, the mempool is empty once again, and transaction fees are low. You can help. Take action today (5145 points, 766 comments)
Day 9: I will post this guide regularly until available solutions like SegWit, order batching, and Lightning payment channels are mass adopted, the mempool is empty once again, and tx fees are low. Have you done your part? (2070 points, 190 comments)
Day 5: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. User demand from this community can help lead to some big changes. Have you joined the /Bitcoin SegWit effort? (2017 points, 268 comments)
Day 7: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and tx fees are low. Do you want low tx fees, because this is how you get low tx fees (1959 points, 166 comments)
Day 3: I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? News: Unconfirmed TX's @ 274K, more exchanges adding SegWit, Core prioritizes SegWit GUI (1758 points, 220 comments)
Day 8: I will post this guide regularly until available solutions like SegWit, order batching, and Lightning payment channels are mass adopted, the mempool is empty once again, and tx fees are low. BTC Core SegWit GUI coming May 1, Coinbase incompetence exposed, more exchanges deploy SegWit (1454 points, 177 comments)
Day 6: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and tx fees are low. Refer a friend to SegWit today. There's no $10 referral offer, but you'll both get lower fees and help strengthen the BTC protocol (1193 points, 99 comments)
https://blockchain.info/charts/bitcoin-days-destroyed Last time this happened, there was speculation about bitstamp moving his cold wallet. Today this may be related to MtGox moving his cold wallet to his hot wallet to solve the insolvency problem with their bitcoin withdraws (or at least that's my best guess). On the other hand, last time this happened, there was also speculation about a incoming price crash due to the owner of the bitcoins selling them on the market, so i guess this HIGHLY SPECULATIVE post may be useful here.
Amid a deafening market bubble implosion and repeated exchange crashes, u/smurfmaster over at r/bitcoin suggests adding suicide hotline info to the sidebar
smurfmaster's suggestion for a hotline Background After going parabolic for three months, the Bitcoin cryptocurrency speculation bubble worth almost $2 billion popped at $265 Wednesday going as low as $65 ($55 dip this morning) on some exchanges amid extreme volatility. MTGOX, the online exchange handling 80% of transactions (which also claims to have been adding 20,000 accounts a day recently) crashed yesterday due to the huge trading load, was abruptly turned off for 12 hours today to let the market cool down. It again appears to be crashing repeatedly as it tries to reopen. Conspiracies and anger fly as users alternately blame the MTGOX's incompetence, trade volume, DDoS, and occasionally the community itself 12 Despite all this, bitcoinbillionaire has pranced about the community, sprinkling btc on unsuspecting users. According to stattit, the subreddit is the 20th most active in terms of online users (as a comparison, trees is 19th), and was at least 16th most active during the crisis yesterday. Its subscriber rate has also gone parabolic as of late. Market chart for the last 60 days Wednesday's crash initially, illustrated Several of the more extreme speculators 12 Previously on SRD
My bitcoin value has surpassed my decade long stock account
Throwaway account because I'm revealing more than I want tied to my primary account. I'll put the TL;DR at the top. TL;DR: Apparently, I'm well off and 2 years of bitcoins are worth more than 10 years of stock market investment. I'm nearly 50 years old. A few years out of college and I just barely broke $20k salary. That was worth more than $20k today, but was still a lousy wage with college loan debt. I briefly (1.5 years) had a dotcom job at the turn of the millineum making more than I do now, but I had never had money like that before and boosted the economy instead of putting any aside. I did get some nice toys, though. Add on another 1.5 years of unemployment, living off my wife's meager salary and a few odd under-the-table jobs, and I finally landed a decent paying job again. Nothing like the dotcom days, but close. However, I'd learned we could live on much less and I wanted a cushion. I dumped tons into my 401k, my savings account and opened a Scottrade account. A little money goes each month to savings and Scottrade. Roughly ten years later, my 401k is about 3 times my annual income. The Scottrade account is about 30% of it. Two years ago, I heard about bitcoin on Slashdot. It sounded interesting. I started mining on my son's gaming machine, which meant it was only mining when my son wasn't playing games and if he remembered to start the miner when he was done. I mined solo for a few days, and quickly joined a mining pool. I was getting a bitcoin every three or four days initially. That didn't last long. I opened a MtGox account, added some cash and purchased btc almost at the height of the 2011 spike. I felt like an idiot. I bought some Casascius coins. I left my MtGox account alone. This was also around the time the 99% protests were going on. I felt very sympathetic. I remember in reading about the protests, I stumbled across a site that showed what percentage people were based on annual income. With mine and my wife's income, I was above the 90th percentile and below the 95th. I remember the horror and disbelief I felt. Througout it all, I continued mining. I got lucky during the early 2013 spike and sold some of the MtGox stuff I'd had sitting there. I also got a high end SLR camera at bitcoinstore.com almost at the peak. I was feeling pretty good. I bought a ButterflyLabs Jalapeno with bitcoins just before that first 2013 spike. I also stopped even trying to mine with a graphics card soon after that because it made no sense. I did eventually get delivery of the Jalapeno. It's earned almost .68 bitcoins. Don't ask what it cost in bitcoins, because I don't remember and I don't want to know. After realizing my MtGox profits couldn't be pulled out in dollars in any reasonable timeframe, I converted them to bitcoins and pulled them out. I got more bitcoins than I sold them for, but not by much. So, now I own bitcoins in the high 2 digits, about a third of them are still in physical Casascius coins. I only have an account on MtGox, so I have no real way of converting any of them to cash. I still have $100 sitting in the MtGox account, which I should have converted into bitcoins and pulled out long ago, but I'm frustrated by the premium bitcoins require in USD on MtGox. For nearly ten years, I've been putting money in my Scottrade account. I saw the collapse in 2008 and mostly held. I bought bank stocks at that time and made a killing. That killing was offset by the REITs I'd invested in before the crash. In ten years of regular transfers to Scottrade and investment that has gotten better as I've gotten older and more cynical, I've accumulate about 30% of my annual income. In the last few days, even with the purchase of a cool SLR and the cut involved in Casascius coin purchases, my double-digit bitcoin ownership has now surpassed my Scottrade account in value. I don't have an easy way of converting that bitcoin to USD, but I'm also not concerned about that because I think that easy methods will exist soon. I fully expect that my bitcoins will be worth less in the near future. However, I believe in the long term, they'll be worth more and that I'll have a number of easier possibilities for converting them to USD if I want to. I also believe the analogies to the early WWW are flawed. I think analogies to the IP protocol are more apt and that we've only begun to imagine the possibilities. I'm in it for the long haul. They'll either be worth nothing or much more than now. And, if I add up my electricity costs and the small investment I made during the spike in 2011, I'm still ahead of the game because I have an SLR camera that my wife would never have let me buy with cash. I'm already ahead of the game and I think the game hasn't even started. EDIT: Grammar
The "BearWhale" recently crashed the price of Bitcoin by cashing out nearly $8 million worth of BTC. But, just as recently as two and a half years ago, all it took to crash the price was a measly $13,000 investment in 10:1 leveraged Bitcoin shorts. Unfortunately for the person who made this bet, though, he (or she) made the mistake of bragging about it, posting a screenshot of the highly-leveraged position on the BitcoinTalk forum. Unlike today, when we wonder who the BearWhale may be, the "BearWhale of 2012" openly identified not only himself, but his financial position as well. This meant that everyone could see the exact point at which his bet on the price of Bitcoin going down would be force-liquidated, and he would lose everything. So that's exactly what happened. The original posts have since been deleted, but another trader (and rather perturbed Bitcoin supporter) saw the post of the leveraged "BearWhale of 2012" bragging about shorting Bitcoin, and decided to buy a large amount of BTC instead, raising the price and forcing a margin call on the position. He then posted saying he had done so, decidedly slaying the "BearWhale of 2012." The result was immediate, and hilarious. Given the somewhat shoddy and unreliable nature of Bitcoin trading platforms at the time, most traders had no idea what had happened. MtGox had a live data feed that was prone to melting down at the most inopportune times. As far as most traders could tell, the price had just inexplicably gone down, and then just as inexplicably gone back up, while in the mean time many leveraged positions had been thrown into disarray. Many were blaming the trading platform, Bitcoinica, for a glitch. But word of the dueling shenanigans spread on the forum, and most quickly realized that the reality of Bitcoin trading was "far more entertaining than some TV drama". In the aftermath, the volume and zeal of Bitcoin speculative trading was dampened considerably by this episode, and the price stabilized for a lengthy period. No doubt many lawyers and accountants were consulted, and probably even some lawmakers contacted, due to money earned and lost. Leveraged Bitcoin trading would eventually disappear for a time. Today, though, it is in the process of returning. The players have mostly all changed, but the game remains much the same.
bullish on USD. it is clear USD is increasingly popular with past hodlers of the deprecated bit-Coin. USD has gone up hugely in just the past day against the b.t.C!! in the future it is posible with enough imagination that the US economy could run on USD ! in conclusion you should get into currency (186 points, 26 comments)
Bitcoin world shaken by Mt.Gox crash. ... “The disturbing news today from Japan is a reminder of the damage potentially ill equipped and unregulated financial actors can wreak on unsuspecting ... Yesterday has been a day that turned out to be brutal even for the hardcore believers and HODlers. Bitcoin was in free fall as the price tanked to $3,850, the new 2020 low last seen in early March 2019.. In a matter of 4 hours, Bitcoin price went from $6,000s to $3,000s while it took 2 weeks for the price to have the same route in 2018. In the opposite scenario, again in an hour, the price was ... Mt. Gox was launched 2010 and was, at one point, handling almost three quarters of all Bitcoin transactions. In February, 2014, it filed for bankruptcy after losing 850,000 Bitcoin in a hack, which would be worth nearly $6 billion at today’s prices. Even at the time it was a substantial amount, worth around $450 million. During the last seven days, Grayscale Investments purchased 17,100 BTC or $182 million worth of bitcoin using today’s exchange rates. The company’s bitcoin position is now close to 450,000 BTC ... Bitcoin crash as ''bankrupt'' Mt. Gox leaks its own acquisition. ... and that is what we are seeing today.... We are confident, however, that strong Bitcoin companies, led by highly competent ...
Mt Gox still haunts us and is contributing to the panic sell-off happening in the market right now. Mix that with fear and uncertainty about what happens next for Bitcoin and you have the perfect ... Bitcoin Price CRASH! ... Coingeek is having an event in london with craig wright speaking for bitcoin SV, and MT Gox receive anew settlement offer for their stolen bitcoins. ... This is a video ... Bitcoin tips: 1N5h1CZsM4rKbuQGHuP62EuPzCk7AaCpBs Somebody asked for something like this on reddit.com/r/Bitcoin/new/. Hitler finds out Bitcoin survived the Mt.Gox crash. Clip taken from Digital Asset News Channel - ️ https://youtu.be/fdrWwnNpQOo GREAT NEWS! Mt. GOX To DUMP 150,000 BITCOIN. Market CRASH or BIG OPPORTUNITY? ... Try TRADE HILL instead: http://www.tradehill.com/?r=TH-R1323 Price crashes from $17.5 to $0.01. That i not a typo. ONE CENT. Here is the official statement f...