Redditors lost $ millions on Bitcoin (Stories) (holy fak)

[ClaptonDeCheeks]

You just have no idea what you're talking about. It's actually the U.S. government that prints out money when they need it. Bitcoins are "mined" by renting out computer processing power, not just "printing money" lol at saying it can't be legitimate without government intervention. You realize that the government is the most corrupt piece of chit ever when it comes to this sort of stuff? Brb all of the gold in the federal reserve isn't even there, brb paying back billions in gold with U.S. that they just print out. Brb the only gold bars actually left are tungsten filled.

as long as we as a society agree on the value of the dollar, what's the difference?

i don't understand why opponents of fiat currency get a hard-on for gold when they say paper money is ultimately worthless. Gold is the same thing, as its only real uses are decoration, technological applications, and as coin.

[EZtpain101]

Just LOL @ all these dumbass neckbeard *******s who invest 100% into something so volatile

[zdream]

lol ONLY 6% of a currency.


imagine 6% of all US dollars were lost.
everyone would make sure to gtfo from all US dollar investments

My point was 1 company's failure with bitcoins does not represent ALL bitcoins in response to the guy above spouting pseudo intellectual bs posted by the user above me who said "Anyone who invested in it are basically the guys on the other end of the phone being suckered by Jordan Belfort and his cronies in the wolf of wall st."

[Awarebrahhh]

Actually if the people who stole the 350 million worth of bitcoins start cashing-in to get $$$, the market will crash. They are probably smart and will cash-in gradually from different wallets over a few months.

http://realtimebitcoin.info/

Not really... They could easily trade a couple million a day and be fine.

[hlimw18]

as long as we as a society agree on the value of the dollar, what's the difference?

i don't understand why opponents of fiat currency get a hard-on for gold when they say paper money is ultimately worthless. Gold is the same thing, as its only real uses are decoration, technological applications, and as coin.

It's because there is a finite amount of gold whereas money can just be printed. Gold also has a chit ton of uses in cars, technology, jewelry. Whereas cash is just a means to represent value.

Bitcoins are the same as dollars, euros, diamonds, baseball cards, art, etc. They were worth what someone is willing to pay for it. The are all worthless as an actual recourse, but as long as someone is willing to pay for it, it's worth exactly that.

[ClaptonDeCheeks]

It's because there is a finite amount of gold whereas money can just be printed. Gold also has a chit ton of uses in cars, technology, jewelry. Whereas cash is just a means to represent value.

Bitcoins are the same as dollars, euros, diamonds, baseball cards, art, etc. They were worth what someone is willing to pay for it. The are all worthless as an actual recourse, but as long as someone is willing to pay for it, it's worth exactly that.

but isn't gold the same way? personally if you offered to sell me an ounce of gold, the only reason I would buy it is to sell it to somebody else. Like 99% of the population, I have no actual use for gold and so I'd only be willing to pay less than what I could sell it for. You listed diamonds in the same list as dollars but diamonds are very similar to gold in it's uses. In fact, diamonds make just a good a currency as gold except for the fact that all of the diamond industry is tightly ran by the De Beers company.

[getbig_ttt]

inb4 that berstare guy still telling people to buy bitcoins

If you have the money for it and you want to invest a small fraction of your savings, go ahead.

[HappyFunKid]

dunno if its just me or i dont believe a single thing that comes out of 4chan and reddit.

[NYG]

anyone dumb enough to get involved with this in the first place deserves to lose everything they invested.

[Noxema]

WTF'ing HARD at taking your son's college fund out to gamble on bitcoin.



I'm a huge believer in bitcoin and what it could mean for currency...But **** that was stupid. Like, "Investing all my money in a new dildo that vibrates AND makes coffee" stupid.

[repsDTGdaily]

They only lost those high numbers if they bought BTC at $1000 which, I'm sure, is not the case. It would be interesting to see how much money they did lose compared to how much they could have had if they sold all BTC at $1000.

This. Lol @ their line of thinking. It sucks to have that at your finger tips and lose it. But **** happens

[hlimw18]

but isn't gold the same way? personally if you offered to sell me an ounce of gold, the only reason I would buy it is to sell it to somebody else. Like 99% of the population, I have no actual use for gold and so I'd only be willing to pay less than what I could sell it for. You listed diamonds in the same list as dollars but diamonds are very similar to gold in it's uses. In fact, diamonds make just a good a currency as gold except for the fact that all of the diamond industry is tightly ran by the De Beers company.

Gold is finite and rare. Diamonds are very common and cheap. Yes most people only buy gold to hold and sell, but it is still in demand in a ton of industries and is running out. Whereas diamonds are cheap as fuk and abundant. Places that make diamond tipped drills for instance are never going to have a problem getting a chit ton of cheap diamonds.

[compan]

confirming why I never bought in. holy chit, but kinda saw something like this coming eventually.

[WesMang]

I lost about $70 in the mtgox thing. More if you count the devaluation it caused. But if I had millions, I'd be on my way to Japan.

[HopkinsRavens]

first of all this has absolutely NOTHING to do with the overall security of bitcoin, when the local bank of america gets robbed you don't lose faith in US Currency do you??

look anyone who follows bitcoin knows MtGox was an implosion waiting to happen, their price was always significantly higher than the other exchanges because they stopped allowing fiat withdraws like 3-4 months ago. furthermore anyone who was stupid enough to keep their entire bitcoin stash in an online exchange wallet deserves to have their coins stolen. there are literally 100s of other ways and places to store those coins, including cold storage in on a USB drive in a safety deposit box.

gox needed to die, and let the real exchanges like bitstamp step up and take over


BTW i'm buying all the coin i can right now, i expect the price to jump back up to 700+

[datboigene]

first of all this has absolutely NOTHING to do with the overall security of bitcoin, when the local bank of america gets robbed you don't lose faith in US Currency do you??

look anyone who follows bitcoin knows MtGox was an implosion waiting to happen, their price was always significantly higher than the other exchanges because they stopped allowing fiat withdraws like 3-4 months ago. furthermore anyone who was stupid enough to keep their entire bitcoin stash in an online exchange wallet deserves to have their coins stolen. there are literally 100s of other ways and places to store those coins, including cold storage in on a USB drive in a safety deposit box.

gox needed to die, and let the real exchanges like bitstamp step up and take over


BTW i'm buying all the coin i can right now, i expect the price to jump back up to 700+

this is an odd way to put it, a local bank of america is insured for up to $250,000.

Insurance will pay out, while in this case, the 6% is completely from the customers and they'll never get it.

[Noxema]

first of all this has absolutely NOTHING to do with the overall security of bitcoin, when the local bank of america gets robbed you don't lose faith in US Currency do you??
+

You don't lose faith in US currency because tomorrow, it won't drop any of its' value due to one "bank" getting knocked down. Easy to lose faith when you look at it that way. Lot of resolve-able factors to do with that(Mainly getting more people into bitcoin), but there you go.




Bitcoin is, currently, something worth tossing a random $1k into(which I have done with the hope that is flourishes)...Not much more.








Oh, and they ****ed up when they called it "bitcoin"...Credits, man. Credits.

[arem20]

Lol at all the phucking morons on redditor and itt that call purchasing bitcoin "investing". It's called speculation. Might as well put the money all on black, at least the casino usually pays out.

Bitcoin has a history of being used for shady transactions, being a target of theft, and for wild price fluctuations. You're a clown if you think it's some type of new age currency. Brb superior to credit cards. Last time I checked if someone steals my Visa I am not liable for any charges. The MT. Gox theft and failure is just another clear demonstration of the weakness of bitcoin. Those of you that have and continue to speculate in bitcoin will get what you deserve in the end.

I just hope that those of you who choose to piss your money away on a gamble don't shill your friends and family into "investing". A fool and his money are quickly parted applies here pretty definitively.

[hlimw18]

I don't know why everyone is freaking out over this. The same amount of bitcoins has been stolen before with no lasting effect on the bitcoin market. Even recently, 200mil or so was stolen. The FBI currently owns 5-10% of all bitcoins, so those are out of play for now.

This is a good thing. A chit company failing will only move bitcoins further.

[Noxema]

Even recently, 200mil or so was stolen. The FBI currently owns 5-10% of all bitcoins, so those are out of play for now.

^
Supposed to be auctioning those, IIRC. Will be a great deal IMO...Police auctions are where semi expensive chit goes to die by the hands of broke brahs, or into the hands of a Taxi company.

[anonymous]

I'd probably kill myself but if you didn't sell at least half when you have 4.7 million in BTC you're a ****ing moron

[hlimw18]

Lol at all the phucking morons on redditor and itt that call purchasing bitcoin "investing". It's called speculation. Might as well put the money all on black, at least the casino usually pays out.

Bitcoin has a history of being used for shady transactions, being a target of theft, and for wild price fluctuations. You're a clown if you think it's some type of new age currency. Brb superior to credit cards. Last time I checked if someone steals my Visa I am not liable for any charges. The MT. Gox theft and failure is just another clear demonstration of the weakness of bitcoin. Those of you that have and continue to speculate in bitcoin will get what you deserve in the end.

In the early days of cash, it was stolen all the time, and would randomly become worthless and new bills had to be printed. Look at it now. It's no different from bitcoin. Btc can be very safe. Want proof? How about the fact the the entire banking industry as well as wall street is operating on the internet without any problems.

[hockeyman1]

why didn't he have a wallet?

[Navynukeman]

dumb *******s trying to get rich w/o working..

idiots

[dtugg]

lol

[arem20]

In the early days of cash, it was stolen all the time, and would randomly become worthless and new bills had to be printed. Look at it now. It's no different from bitcoin. Btc can be very safe. Want proof? How about the fact the the entire banking industry as well as wall street is operating on the internet without any problems.

Yes, under the protection of the US government which comes with it's regulatory and legal authority. The fact that bitcoin is not associated with a central government is it's supposed strength. It is however it's greatest weakness.

All these clowns that want to bish about the federal reserve, inflation, etc. couldn't even pass a freshman Econ 101 course. If conditions arise where the dollar is replaced by gold or crypto currency the entire world is phucked and it's not going to matter if you hold a million bitcoins. This is a country founded on the principles of John Locke. I think all you pseudo intellectuals could do everyone a favor and relearn why we have government in the first place. In today's day and age the connection between a central government and it's issuance and control over currency is necessary for the good of its citizens.

[jackleballs]

I feel no sympathy for these guys, they knew that it was a risky investment and they should have got out when it was up to 1k per BTC.

He said his account was locked and that he couldn't get his money out when he tried.

He got ripped off.

[AlexLifts]

has nothing to do with bitcoins as a whole.. just 1 site that fuked up.. and to have all that in a site instead of a personal wallet is a bad decision anyways.


these types of things are bound to happen when theres money on the line and its a relatively unregulated system/market.

The whole idea is one big ponzi scheme.

[Briisk]

dumb *******s trying to get rich w/o working..

idiots

*so close*

How and why did they website just disappear though? Isnt that illegal, I dont get it.

[jaries12]

yea but it peaked at 1k for a long time, these fuks should have got out then.

Umm... like 6 months ago it was only 200-300USD and when it jumped up to 1k, none of those people had access to their BC. They were literally sitting there, looking at them, but unable to withdraw.