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lennier writes "Has Magic the Gathering Online Exchange tapped all its mana? MtGox, the first and best known Bitcoin exchange, has abruptly shut down, and CEO Mark Karpeles has resigned from the Bitcoin Foundation after rumors of ongoing theft related to the transaction malleability issue reported several weeks ago. According to the latest news reports, Bitcoin has hit a three-month low of $465 USD per coin."
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MtGox Shuts Down, CEO Resigns From BTC Foundation
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Everything you know is wrong!
(Score: 5, Insightful) by r00t on Tuesday February 25 2014, @07:05PM
I don't understand why anyone wants this. The whole value of BTC is based on how hard it is to mine new coin. You need to have some pretty expensive gear[1] these days to even consider getting into it. So even if you don't mine, if you want to use BTC on the internet, then you need to convert some type of monetary equivalent into BTC. Right now, one BTC is around 377 Euros[2]. If you spend that much to buy one BTC, and the value drops overnight, you're really screwed. OTH, yes, if the value goes up, you've made money. Now, Real Estate and many other investments operate on the same principle, however BTC has some really wild flucuation[3] to it. It's not the kind of thing regular people living paycheck-to-paycheck would want to get into. So, how is it that BTC is a good thing for anyone but millionaires?
[1] - http://morganlinton.com/bitcoin-mining-basics/?Mod Pagespeed=noscript [morganlinton.com]1 g10zm2g25zv [bitcoincharts.com]
[2] - http://bitcoinexchangerate.org/c/BTC-EUR/ [bitcoinexchangerate.org]
[3] - http://bitcoincharts.com/charts/bitstampUSD#tgSzm
(Score: 1, Funny) by Anonymous Coward on Tuesday February 25 2014, @07:30PM
We needed more trolls, I'm going to cross post this to zerohedge and watch the fur fly
(Score: 1) by evk on Tuesday February 25 2014, @08:22PM
It's a game, sure, just like most investments.
Lot's of non millionaires gamble way more than €377 on games (stocks, betting, etc)
No, it doesn't really make sense, but that's true for most games about money. Including company stocks, art and government currencies.
(Score: 4, Insightful) by VLM on Tuesday February 25 2014, @09:21PM
"and the value drops overnight"
I bought a unique, custom branded pocket knife from an acquaintance in Switzerland. Really! And by the time it was all said and done the "global" financial system charged me around 20% taxes and fees for all the monetary conversions and transfers. It was just a little pocket knife so fixed costs really bit me hard, compared to someone trying to exchange $100 or something like that. Last time I checked coinbase, I could do an international transaction much cheaper and also much faster than paypal or WU or pretty much any other alternative. Why would I care about overnight fluctuations if the whole transaction from $ to CHF or WTF they use, need only take 10 minutes or so?
I will buy 10 gallons of gasoline tonight and put it in my gas tank and its value WILL fluctuate by tomorrow morning gaining or losing me perhaps the cost of a can of soda, perhaps considerably more. Most people of course simply don't care.
"regular people living paycheck-to-paycheck"
Well you can always play games such that "regular people" would never buy a $10 pocket knife from a buddy on the other side of the planet.
(Score: 3, Insightful) by HiThere on Wednesday February 26 2014, @03:15AM
No. The value of the gasoline will not fluctuate. The replacement cost will, but that's not value. Value is the use you can make of it. (And you can't measure it in ANY currency, as it partially depends on you current goals and purposes.)
Javascript is what you use to allow unknown third parties to run software you have no idea about on your computer.
(Score: 2) by unitron on Wednesday February 26 2014, @09:38AM
The replacement cost is the gasoline's instantaneous market value.
something something Slashcott something something Beta something something
(Score: 1) by HiThere on Wednesday February 26 2014, @05:54PM
Can you sell it for the replacement cost? I really doubt it, even if you count your time as worth nothing.
Javascript is what you use to allow unknown third parties to run software you have no idea about on your computer.
(Score: 2) by unitron on Thursday February 27 2014, @06:57AM
Supply and demand--if you come across someone out of gasoline nowhere near a gas station, but they happen to have a hose, I'm suspect they might very well be willing to pay you the going rate for a gallon.
something something Slashcott something something Beta something something