[Luis Dias]

Right.... people will burn 4 million dollars to bring sanity to the financial world.

Excuse me while I die laughing.

[StarSlayer]

[Klaustrophobia]

Right.... people will burn 4 million dollars to bring sanity to the financial world.

Excuse me while I die laughing.

we've already established this.  this person (hell it doesn't even have to be a single person) likely did not actually have anywhere near $4 million actually invested in this.  try to keep up.

[BlueFlames]

Right.... people will burn 4 million dollars to bring sanity to the financial world.

Excuse me while I die laughing.

I had written a lengthy message about the gold standard and MMOG currencies, but honestly, I can't be arsed to post it.  This quote, though....  This quote....  Oig.

He didn't burn four million dollars.  He sold a fictional currency for less than its supposed market value.  He sold nothing for nothing.

[edit] Also, ninja'd. [/edit]

[Luis Dias]

I do keep up. I can eat many arguments, like for instance a bank or a very wealthy corporation investing in nuking the hell out of a dangerous currency.

What you don't seem to acknowledge is that this is equal to burn 4 million dollars. They may not have invested 4 million dollars in it, but they are wasting 4 million dollars, thus "burning" them. Can I at least get you to acknowledge that?

[NGTM-1R]

What you don't seem to acknowledge is that this is equal to burn 4 million dollars. They may not have invested 4 million dollars in it, but they are wasting 4 million dollars, thus "burning" them. Can I at least get you to acknowledge that?

As noted, it's unlikely they could get 4mil out of the actual system bitcoin has set up, so they were probably wasting a far lesser number.

[Bobboau]

have $4 million in bit coins
sell $4 million in bit coins
bit coin value plummets
buy $4 million in bit coin
bit coin value returns to original value
have $8 million in bit coins
goto start

[Luis Dias]

No. Definitely not that . You got the maths wrong there somewhere.

[StarSlayer]

Luis, we don't need your logic let the mother****er burn


Burn mother****er burn.

[Klaustrophobia]

I do keep up. I can eat many arguments, like for instance a bank or a very wealthy corporation investing in nuking the hell out of a dangerous currency.

What you don't seem to acknowledge is that this is equal to burn 4 million dollars. They may not have invested 4 million dollars in it, but they are wasting 4 million dollars, thus "burning" them. Can I at least get you to acknowledge that?

i will acknowledge he could have had SOME money out of it.  but look at the chart again.  the price had already plummeted before the huge selloff.  he just made it hit absolute rock bottom.  and even so, still made over $2000.

[Luis Dias]

Had he sold by 1 dollar he would have made $200 000. It would still be 15 x  under market price.

[Luis Dias]

So someone told me it was a hacker from Hong Kong that acquired a password for an account in mtgox, and then got rid of it as quickly as he could.

He only got a thousand dollars for all his work however, and all the transactions were nullified, etc.

[Luis Dias]

NECROTHREADED!

Bitcoin hasn't yet collapsed after all these years! Amazing! It has however deflated like hell and is now worth between 500 and 800 dollars depending on the minutes and hours you are watching this (or smth). And it has even got good reviews in the american congress or so I heard (or read).

So what's up with that?


Well, it's crazy it's what. People are getting more and more hyped about this shenanigan as if this is the Next Big Thing(tm) like the TCP/IP and so on. And on that note, I got this on reddit. It's absolutely crazy, it's a sign of perhaps starting to be absorved by the social system, conspiracy theories already mount up on what Bitcoin "really is all about".

Who is the single largest holder of BTC right now? "Satoshi". Who is he? I will say it again. NSA/DARPA created bitcoin under the guidance of the IMF. The IMF has been openly calling for a digital, one-world, deflationary currency for 2 decades. OPENLY. It has been discussed and promoted OPENLY at G8 and G20 summits.
from the early 90s-96 the NSA was OPENLY investigating cryptographic money networks.
http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm
One of their researchers and investigators is a man named Tatsuaki Okamoto. When they actively started writing the code they chose the pseudonym "Satoshi Nakamura" to ultimately promote the idea that Tatsuaki Okamoto to any and all who investigated the source of bitcoin long enough. But Tatsuaki Okamoto is just a cog. He's not some rogue savoir out to topple centralized banks. Not at all. He is a crypto scientist who was paid by government and intelligence agencies to do research.
Bitcoin is an NSA/DARPA lab set into the wild. Scientific technology grants issued by government and intelligence agencies are how these labs are funded and promoted. The regulation and control of bitcoin has been actively developed alongside the development of the network. In fact, the controls, policy and regulation are WAY WAY more mature than the bitcoin protocol itself. That's why we see things like Greenlist written into law without a mention of bitcoin until recently.
This is not tinfoil hattish. This is just reality. No one forced ANYONE to believe the Satoshi fairytale.. The libertarian Satoshi myth has been promoted in stealth to specifically promote ADOPTION and DEVELOPMENT. It's no different than the internet and WWW itself. EXACTLY the same. That is why you see many www early adopters saying bitcoin "feels" the same as the early internet. I am one of those people.


... etc

http://www.reddit.com/r/conspiracy/comments/1r7iks/bitcoin_was_created_by_darpa_xpost_rbitcoin/



So what people think nowadays about it? Seems just like the perfect bubble that keeps on giving... forever! It's like the Tulips all over again but without having to bother with actual physical tulips at all. I'm actually somewhat amazed at this social phenomena.

[Nuke]

bitcoin was kind of a test run for the technology. its quite amazing that its still running and that all coins havent been cashed in. it still has exploitable bugs to hammer out.

[Lorric]

So what people think nowadays about it? Seems just like the perfect bubble that keeps on giving... forever! It's like the Tulips all over again but without having to bother with actual physical tulips at all. I'm actually somewhat amazed at this social phenomena.

I read about this in the newspaper yesterday and thought it interesting:

http://news.yahoo.com/cypriot-university-accept-bitcoin-payments-132125253--finance.html

Cyprus' largest university becomes the first university in the World to accept bitcoin tuition fee payments.

[Klaustrophobia]

and last.

my opinions on bitcoin haven't changed. 

[BengalTiger]

http://www.bbc.co.uk/news/technology-24986264

The value of virtual currency Bitcoin has soared to over $900 (£559), after a US Senate committee hearing.

So, let's say I had $2000 to invest 2 years ago.

If I bought $2000 worth of bitcoin for $0.01 each, today I'd have some 180 000 000 USD...
Doing absolutely nothing at all.

[Luis Dias]

It's like reversed Weimar!

[BengalTiger]

This may be potentially topic derailing, but:

What's the next big thing that will give a 90 000x return rate in 2 years? It would be fun to go to work every day in a personally owned jumbo jet.

[Luis Dias]

Isn't the point of those sorts of things precisely that no one knows what it might be? I mean, by definition. If people knew how bitcoin would have fared today two years ago, then the price of bitcoin would have incorporated that knowledge already back then. It's in this sense that markets are "100% efficient". Of course, bias and all that, but if I knew how to be better than the system I'd be rich by now.

Thing with bitcoin is its absolute risk. Also, even if you had 180 million bucks, it would be hard to get them out of bitcoin into a real coin.