4/05/2013 12:19am, #21
Two things: first the price of a Bitcoin is currently well over a $100 only as of this week. It almost hit $150 Wednesday.
But two weeks ago it was under $50. Talk about volatile.
Secondly beward of bitcoins, as the exchanges are being pilfered as we speak and hackers might even be manipulating the price.
"Remember that Bitcoin, despite being designed to have its value increase over time, will always be the victim of people trying to abuse the system, or even the value of Bitcoin decreasing occasionally," the exchange said.
Last edited by W. Rabbit; 4/05/2013 12:25am at .
4/05/2013 12:29am, #22
Perhaps more concerning is this Instawallet site warning.
INSTAWALLET SERVICE NOTICE
The Instawallet service is suspended indefinitely until we are able to develop an alternative architecture.
Our database was fraudulently accessed, due to the very nature of Instawallet it is impossible to reopen the service as-is.
In the next few days we are going to open the claim process for Instawallet balance holders to claim the funds they had stored before the service interruption.
Important information on claims submission:
For the first 90 days we will accept claims for individual Instawallets. Your wallet's URL and key will be used to pre-populate a form to file the claim.
After 90 days, if no other claim has been received for the same url, your Instawallet balance under 50 BTC will be refunded. If several claims have been filed for the same url, we will process those claims on a case by case basis, under the presumption that the claim we received first belongs to the legitimate balance holder.
Claims for wallets that hold a balance greater than 50 BTC will be processed on a case by case and best efforts basis.
4/05/2013 12:35am, #23
4/05/2013 12:49am, #24
The drop Wednesday was 147 to 115...more like 20% in a single day of trading after reports of the attacks. The theory is hackers may be trying to lower the price then buying later on. That's not my theory, it's MtGox's:
The attacks could be the work of malicious hackers who were trying to "game" the exchange and manipulate the value of Bitcoins so they could cash in, MTGox said in an interview with ComputerWorld.
Attackers are thought to be working to a cycle in which they sell Bitcoins when values are high, then mount an attack that forces prices to crash, buy up the cheaper coins and then let the value climb again.
4/05/2013 1:00am, #25
4/05/2013 10:06am, #26
This is hilarious. I'm glad you can't lose any real money on this Phrost (you cant right?)
So who pays you out when you try to cash in and get out? This sounds more like you're earning stocks that are unconnected to anything in real life, and are valuable only as long as nerds around the world think they are valuable (dotcom?). When something new and shiny comes along, the exchange rate will collapse. Or, you'll start seeing people who trade real items for these bitcoins start going out of business when they can't afford to pay the rent because their landlords don't accept bitcoins.
You're also putting a lot of faith in the monetary policy of "some guy" who for some reason you believe is too legit to abuse his self-given power. Let me know how that works.
4/05/2013 11:48am, #27
Anyone remember Beenz? Or Flooz? Or Internetcash?
4/05/2013 11:59am, #28
- Join Date
- Feb 2013
Well, so much for the proof of concept.
Oh and for all those ney-sayers, What do you think will happen if banks, your country who ever stops using your currency of choice?
Money always is a contract of society, and you are betting your livelihood on people honoring it. think about it.
4/05/2013 12:13pm, #29
As far as assurances....
Bitcoin investments are not insured (as in FDIC), so if you lose your bitcoins, you might as well be burning cash.
Last edited by W. Rabbit; 4/05/2013 12:17pm at .
4/05/2013 12:16pm, #30
- Join Date
- Feb 2013
And who the **** tells you that anybody will take your gold? Seriously... think that one to the end.