Posted on 02/07/2014 10:05:15 AM PST by SeekAndFind
“Not all Mt. Gox’s fault btw. The governments have been causing them problems with regulation, shutting down bank lines in the U.S. and etc. “
Do you have evidence of that? The problem here seems to be a problem related to the bitcoin system itself, unrelated to exchange issues.
Sorry, I was referring to a systemic problem created when Mt. Gox lost its direct link to U.S. banking some time back, not the current problem.
I could be wrong, but methinks it may be a denial of service by the computing power required/bandwidth/software limits, etc. from an outside source (i.e. NSA, EU, etc.).
I'm probably wrong...
5.56mm
Oops.
You are very welcome and you may be right. Whatever it is, they don’t seem too eager to fully share.
http://www.vocativ.com/02-2014/bad-day-bitcoin-price-crashes-mt-gox-halts-withdrawals/
“The withdrawal issues are not the end of Bitcoin, of course. Trading will likely resume on Monday, and the price will jump back up. But for Bitcoin to ever gain real legitimacyboth from the public and the governmentthese types of exchange issues simply cannot happen. There are more 150,000 Bitcoin accounts, so shutdowns like this arent trivial. Imagine, for a moment, walking into a bank and being told by the teller that the bank cant handle your request for $100 because their computers werent working. Thats essentially what Mt. Gox is saying.
Even the usually ebullient Bitcoin hivemind is taking a moment to pause and recognize the ramifications of systems errors like these. This a reminder that while Bitcoin may be an interesting technological achievement, as a tradable asset it is still basically a toy, writes one commenter on Hacker News. Crappy exchange technology combined with low liquidity is a perfect recipe for this kind of volatility. “
Okay, that's funny. But, why not? The feds are going to fix everything else that goes wrong...why not bitcoin?
Bitcoin is a made up currency with no intrinsic value. It is a game, much like Monoploy but with less fun.
Are you enjoying the party Mr. D’ Anconia?
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