Bitcoin breaks through the $1,000 barrier

[UbonOz]

...the Bitcoins in circulation are still priced at 10 BILLION USD!

http://coinmarketcap.com/

[expatsupreme]

Now it dropped from 1000 to 600?

THis currency is risky, and where to sell it and buy it, can you sell it whenever you want, I doubt it

[NeverSure]

...the Bitcoins in circulation are still priced at 10 BILLION USD!

7 billion, and a bitcoin is under $600.

This reminds me of the old song, "If tin whistles are made out of tin, what do they make fog horns out of?"

Edited February 16, 2014 by NeverSure

[Naam]

...the Bitcoins in circulation are still priced at 10 BILLION USD!

7 billion, and a bitcoin is under $600.

This reminds me of the old song, "If tin whistles are made out of tin, what do they make fog horns out of?"

admit it... you missed the 7billion boat NeverSure!

[dom samui]

Im making a living Day trading the digital coins... Love the volatility ;-)

Dom

[brit1984]

Im making a living Day trading the digital coins... Love the volatility ;-)

Dom

are you trading derivatives? with who?

[dom samui]

Bit & light coins and localy , need to go quickly hkk or sing to open a $ bk account.

Dom

[yankee99]

Is this the end of bitcoins

http://www.forbes.com/sites/andygreenberg/2014/02/25/bitcoins-price-plummets-as-mt-gox-goes-dark-with-massive-hack-rumored/

Bitcoin's Price Plummets As Mt. Gox Goes Dark, With Massive Hack Rumored

Comment Now Follow Comments

For years, Mt. Gox was the most important business in the Bitcoin economy. Now, as it teeters on the brink of total failure, its become the cryptocurrencys greatest liability and one that may call its future into question.

Bitcoins value fell close to 23% from its already battered price to around $418 at its lowest point Monday night as the oldest and once-largest Bitcoin exchange went offline completely, showing a blank website and even deleting all messages from its Twitter feed. That dramatic drop in Bitcoins price, in fact, doesnt even factor in the digital currencys exchange rate on Mt. Gox itself, where Bitcoins were selling for less than $200 as users feared that they wouldnt be able to retrieve coins theyd bought due to the companys potential bankruptcy. And while the company went silent, rumors have swirled that its downtime is a result of a massive hack that has stolen as many as 744,000 bitcoins, fully 6% of all bitcoins in existence.

Mt. Gox chief executive Mark Karpeles didnt respond to a request for comment, and Mt. Gox hasnt explained the companys decision to go offline. But the exchange, which was once responsible for the majority of all Bitcoin trades, has been fighting a public battle with an issue in Bitcoins protocol known as transaction malleability that has prevented users from withdrawing bitcoins stored by Gox. Other bitcoin exchanges and developers have noted that the issue, a known property of Bitcoin since 2011, could be avoided with coding workarounds.

Meanwhile, a supposedly leaked document from an internal Mt. Gox discussion posted online Monday by a Bitcoin-focused blogger Wired has identified as Ryan Selkis claims that Mt. Gox has been severely hacked, with a massive reserve of its bitcoins stolen. The document, whose authenticity I couldnt verify, blames the transaction malleability issue for allowing 744,000 bitcoins to be taken from both Mt. Goxs active accounts and its cold storage. The document, a presentation created by an unknown author, goes on to suggest a relaunch and rebranding of Mt. Gox as simply Gox, in an effort to salvage its reputation and the future of Bitcoin.

The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company, reads the document. However, with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly. At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public.

Despite the complete lack of evidence as to the documents authenticity, that stark language no doubt helped trigger Monday nights selloff.

In an attempt to shore up the widening crisis around Mt. Gox, a group of Bitcoin businesses released a statement, distancing themselves from the faltering exchange. This tragic violation of the trust of users of Mt.Gox was the result of one companys actions and does not reflect the resilience or value of bitcoin and the digital currency industry, the statement reads. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.

Edited February 25, 2014 by yankee99

[Naam]

...the Bitcoins in circulation are still priced at 10 BILLION USD!

7 billion, and a bitcoin is under $600.

This reminds me of the old song, "If tin whistles are made out of tin, what do they make fog horns out of?"

admit it... you missed the 7 billion boat NeverSure!

and Mt. Gox is missing 700+ million Dollars. for that kind of money one could buy a nice boat, finance the crew for years and hire half a dozen coyote dancers.

[Pib]

I just found a bunch of Bitcoins on my computer...said something about them being from MtGox. But then, my antivirus program thought the Bitcoin data was a virus and immediately & permanently deleted the Bitcoins. Gosh, I may have had just destroyed $700M in Bitcoins. Oh well, it's only 1's & 0's...computers can just make more of those bits and bytes. Kinda like how governments just print more paper money....it's only ink and paper.

[Pib]

This Wikipedia article on Mt Gox gives a brief run down on Mt Gox's history and current day operations & problems to include events concurring over the last few days...right up to 25 Feb 14/yesterday at the time of this post. Very interesting reading I think.

[JesseFrank]

I just found a bunch of Bitcoins on my computer...said something about them being from MtGox. But then, my antivirus program thought the Bitcoin data was a virus and immediately & permanently deleted the Bitcoins. Gosh, I may have had just destroyed $700M in Bitcoins. Oh well, it's only 1's & 0's...computers can just make more of those bits and bytes. Kinda like how governments just print more paper money....it's only ink and paper.

Your AV program was right, Bitcoins are a virus.

[brit1984]

Did Bitcoins reach the $10,000 mark yet?

[NCFC]

Fools and their money....

https://anders.io/the-troublesome-history-of-the-bitcoin-exchange-mtgox/

[dom samui]

Keep talking ... Just made another 30500$ between yesterday 4PM (450$) AND now (600$) 2.30 PM .

Always love the volatility ;-)

Dom

[qdinthailand]

Keep talking ... Just made another 30500$ between yesterday 4PM (450$) AND now (600$) 2.30 PM .

Always love the volatility ;-)

Dom

Paper profits? Or real money, in real banks?

qdinthailand

[yankee99]

Keep talking ... Just made another 30500$ between yesterday 4PM (450$) AND now (600$) 2.30 PM .

Always love the volatility ;-)

Dom

Paper profits? Or real money, in real banks?

qdinthailand

Thats what i was taught! No matter what the price you dont make money until you sell. Never noticed anyone buying milk and eggs with bitcoins yet.

[dom samui]

Fiat already ;-) and as away from the comp for 2 days , will b back friday;-)

Dom

[dom samui]

Keep talking ... Just made another 30500$ between yesterday 4PM (450$) AND now (600$) 2.30 PM .

Always love the volatility ;-)

Dom

Paper profits? Or real money, in real banks?

qdinthailand

real $ in real sing bk ;-) in D trad i always get fiat at the end of the day ( sometimes 48h) never more ;-) lesson learned

Dom