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rulesforrebels
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Life or death of the bitcoin  as MT.Gox despair from the internet

 

http://www.bbc.co.uk/news/business-26335547

 

Go careful what you invest in this

 

I feel sorry for those people. Some used MtGox as an online storage.

 

Most people knew that MtGox had issues back in April of 2013

I'm surprised the value hasn't fallen much lower, given the recent news.

I think the Asian market is providing a lot of support.

 

And it also seems that a MtGox is not giving up... Who knows what the issue is... Either way, a slight blow to confidence to cryptos as a whole.. BTC has plummeted in the past and history shows that it always rebounds. Probably why they're not panic selling.

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I feel sorry for those people. Some used MtGox as an online storage.

 

Most people knew that MtGox had issues back in April of 2013

I'm surprised the value hasn't fallen much lower, given the recent news.

I think the Asian market is providing a lot of support.

 

And it also seems that a MtGox is not giving up... Who knows what the issue is... Either way, a slight blow to confidence to cryptos as a whole.. BTC has plummeted in the past and history shows that it always rebounds. Probably why they're not panic selling.

Honestly I find it hard to feel sorry for people who lost money to MtGox. They have had ongoing issues for a while so I would have been wary of using them. In addition to that Bitcoin 101 is that you don't store your Bitcoins with a third party. You should have a encrypted paper wallet on your computer with multiple backups. There is almost no risk holding bitcoins that way. 

 

What these people did is use MtGox to store their coins. Why anyone would put their trust and coins in a third parties hands instead of their own is beyond me. Especially a third party who has already had issues in the past. When I buy bitcoins yeah I generally have to buy them on an exchange but I buy them and immediately move them to my paper wallet so my coins are in the exchanges hands for a matter of minutes. I would never store any significant amount of money with an exchange, not even one like Coinbase who i feel is much more reputable than others.

 

One other thing. The media does all these stories about bitcoin theft and loss and the media nor readers understand bitcoins so people make stupid comments about how bitcoiin is flawed when this isn't an issue with bitcoin, its an issue with third parties. For example, people who lost money on silkroad, essentially people put milliions of dollars in an escrow system controlled by one person. Well one day that guy realized hey I'm anonymous and in control of milions of dollars if I take it and disapear there will be no consequences and he did it. If you store coins on an illegal drug marketplace yeah you may get taken. In addition to that if you store give up control of your coins to a third party like MtGox as opposed to storing them youreslf well you may get ripped off. 

 

It would be like saying the stock market is a scam and not reliable because there's some pump and dump penny stock scams or that dollars cant be trusted because peopl have their wallets stolen. if you leave your wallet on a park bench in a busy city it will probably be taken. if you leave your btc in control of someone else tehy may be taken

 

Had people done trades and moved coins to their paper wallet there really is only like a 10 minute window wehre one could be scammed. The vast majority of people who lost were probably storing their coins on mtgox which is dumb

Edited by rulesforrebels
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