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Bitcoin Price Move Below $600 Continues
Market Oracle, UK ^ | 22 March 2014 | Mike_McAra

Posted on 03/22/2014 12:31:38 PM PDT by Errant

Cutting right to the chase: we don't think going short is a good idea yet.

Just when you would think the situation with Mt. Gox couldn't get any stranger, it has. Apparently, the exchange "found" almost BTC 200,000 in one of its old wallets this month. The coins would be currently worth approximately $115 million. A statement published yesterday on the exchanges website reads:

MtGox Co., Ltd. had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins. Following the application for commencement of a civil rehabilitation proceeding, these wallets were rescanned and their balance researched. On March 7, 2014, MtGox Co., Ltd. confirmed that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC (199,999.99 BTC). MtGox Co., Ltd. investigated the presence of these 200,000 BTC, immediately reported it to its counsels in the application for commencement of a civil rehabilitation proceedings ("counsels"). A hearing took place on March 8 where a detailed explanation of the situation was made to counsels. Immediately on Monday (March 10), counsels reported the existence of the 200,000 BTC to the Court and the Supervisor.

(Excerpt) Read more at marketoracle.co.uk ...


TOPICS: Business/Economy; Computers/Internet; Reference
KEYWORDS: bitcoin; crypto; exchange; fraud; market; mtgox; ponzi

1 posted on 03/22/2014 12:31:38 PM PDT by Errant
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...

Click to be Added / Removed.
2 posted on 03/22/2014 12:32:11 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

I might be wrong, but it would take something awfully drastic to get it to move below $500.


3 posted on 03/22/2014 12:33:36 PM PDT by Star Traveler (Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
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To: Errant

Found. As if they existed to begin with. They can ‘find’ all that was looted from them with the stroke of a key. People gave real currency to buy into this. It doesn’t make it worth anything at all. Just means someone thought it was.


4 posted on 03/22/2014 12:36:17 PM PDT by wiggen (The teacher card. When the racism card just won't work.)
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To: All
Other News:

PayPal Should Use Bitcoin, Not Compete

Will Bitcoin Destroy Big Government?

CyberPowerPC joins Bitcoin craze with Mega Miner desktop series

Enter The Blockchain: How Bitcoin Can Turn The Cloud Inside Out

Latest Bitcoin News: The Race for Retail Investors Is On

Web Pioneer Keeps Faith, And Cash, In Bitcoin

Let's be serious, and see where we are at.

5 posted on 03/22/2014 12:41:39 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

The P-Marlowe coin is still selling for $800 US.


6 posted on 03/22/2014 12:45:16 PM PDT by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: Star Traveler

7 posted on 03/22/2014 12:47:08 PM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: Star Traveler

I don’t think it will go much lower. Of course that depends upon world events, as you say. I may even be in the mood to buy another 1/2 BTC to replace what I spent on a couple of watches I purchased awhile back when Btc was $1,000. That’d mean I got the watches at half of their already discounted Overstock price! ;)


8 posted on 03/22/2014 12:52:08 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: wiggen
What a bitcoin owner owns is the private key corresponding to one or more unspent amounts on the chain that lets him transact those amounts. It is possible to lose the private key with poor practices which it sounds like they had. Likewise it is possible to find a copy of the private key stashed away in a backup file or (more rarely) printed onto a piece of paper.

As for "looting", it's seems very likely that someone transacted some (or most) of the still-missing bitcoins from Mt Gox to other parties. It is possible to trace those transactions to others in the chain, but there are mixer sites that will take stolen coins and honestly obtained coins (they don't know the difference) and produce new coins to give back to the contributing parties (for a fee of course). So stolen money can be laundered to some extent.

As for the value of bitcoins, they remain in demand throughout the media blitz against them, so it looks like they will keep long term value as they shrug off each incident.

9 posted on 03/22/2014 12:52:53 PM PDT by palmer (There's someone in my lead but it's not me)
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To: P-Marlowe
The P-Marlowe coin is still selling for $800 US.

How many have you sold???

10 posted on 03/22/2014 12:54:57 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

I got a bit coin for selling two emu’s, a chinchilla and beanie baby.

Did I screw up?


11 posted on 03/22/2014 1:04:16 PM PDT by hadaclueonce (Because Brawndo's got electrolytes. Because Ethanol has Big Corn Lobby)
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To: palmer

Price reflects demand hence it’s not ‘shrugging off’ anything.


12 posted on 03/22/2014 1:13:03 PM PDT by wiggen (The teacher card. When the racism card just won't work.)
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To: Errant

I just created by hacking 15 billion bitcoins.
I am the richest man in the world now.
I will sell you my hack for just a small sum of $1,000,000.00
No Bitcoins though...I have enough of those.


13 posted on 03/22/2014 1:27:19 PM PDT by right way right (America has embraced the suck of Freedumb.)
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To: right way right

“I just created by hacking 15 billion bitcoins.”

No you didn’t. That statement demonstrates a complete lack of understanding how the BTC protocol works - especially the fact that the total number is capped at 21 million. BTC have been trading in the $500-$700 range for a while despite all the sensationalism.

It’s a solid concept, and I think it’ll do fine going forward.


14 posted on 03/22/2014 1:38:14 PM PDT by PreciousLiberty
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To: PreciousLiberty

Save your breath FRiend. Two things have held me in amazement lately.
The unprecedented growth of Bitcoin and the fact that some on this board have the grey matter to remember to inhale and exhale.


15 posted on 03/22/2014 2:02:18 PM PDT by TsonicTsunami08 (SEND BITCOIN 1CYfujvffxKKPHKvrQvLP3CDb3Z5Lu7LwM Funny Money)
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To: hadaclueonce
Did I screw up?

I think you did hadaclue, you should have bought you another! lol

16 posted on 03/22/2014 2:10:55 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: right way right
A beginner's guide to bitcoin

Learn a little about that what you're talking; maybe your comments won't be so stupid - it's a start... lol

17 posted on 03/22/2014 2:14:21 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

hadaclueonce

The jokes write themselves! lol


18 posted on 03/22/2014 2:14:33 PM PDT by TsonicTsunami08 (SEND BITCOIN 1CYfujvffxKKPHKvrQvLP3CDb3Z5Lu7LwM Funny Money)
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To: TsonicTsunami08

LOLOL! For real... ;)


19 posted on 03/22/2014 2:15:19 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant
maybe your comments won't be so stupid

We shall see who was stupid. It might be me, if so, I will admit it. Will you?

20 posted on 03/22/2014 2:26:11 PM PDT by hadaclueonce (Because Brawndo's got electrolytes. Because Ethanol has Big Corn Lobby)
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To: Errant

Okay, Thanks.
I know Satan is in it somewhere.
Money is the root of all evil.
Easy money is at the root of all scams.
I will find his trail.


21 posted on 03/22/2014 2:33:31 PM PDT by right way right (America has embraced the suck of Freedumb.)
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To: right way right

There is nothing easy about Bitcoin friend. If you’d ever mined any, you’d know that. Like I said, try engaging your brain and learn a little about what you’re talking about before putting your mouth in gear.


22 posted on 03/22/2014 2:37:59 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: hadaclueonce
We shall see who was stupid. It might be me, if so, I will admit it.

You can start by looking back over my posts and see I wasn't talking about your comments being stupid. I only suggested that you should have "bought a clue" instead of a Bitcoin - maybe two clues now! lol

23 posted on 03/22/2014 2:40:32 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: hadaclueonce

Let’s review

We have a person who responds to other posts and because the word “ stupid “ is in it, thinks it applies to him.
And a religious schizophrenic.
That about sum it up?


24 posted on 03/22/2014 2:40:40 PM PDT by TsonicTsunami08 (SEND BITCOIN 1CYfujvffxKKPHKvrQvLP3CDb3Z5Lu7LwM Funny Money)
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To: Star Traveler

“I might be wrong, but it would take something awfully drastic to get it to move below $500.”

Lo today for BTC was $541.00; Closed at $565.00; Opened at $570.00.


25 posted on 03/22/2014 2:48:30 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: TsonicTsunami08; Errant; right way right; hadaclueonce
This guy is using his stack of Hundred Trillion Dollar bills from Zimbabwe to buy Bitcoin.


26 posted on 03/22/2014 2:50:42 PM PDT by Rome2000
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To: catnipman

If it goes below $500 ... it’s “buy time” ...


27 posted on 03/22/2014 3:00:55 PM PDT by Star Traveler (Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
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To: Star Traveler

I’ve been buying as much as I can during this dip. All it will take now is a catalyst event like Amazon or ebay to jump on board and set off a chain reaction of mass adoption. Be patient, it is coming no doubt in my mind.


28 posted on 03/22/2014 3:17:34 PM PDT by TsonicTsunami08 (SEND BITCOIN 1CYfujvffxKKPHKvrQvLP3CDb3Z5Lu7LwM Funny Money)
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To: right way right

“Money is the root of all evil.”

if that is the case, surely the dollar and the vastly successful United States economic system is evil beyond compare. Is that what you believe? Do you use dollars?


29 posted on 03/22/2014 3:19:30 PM PDT by PreciousLiberty
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To: PreciousLiberty

No, ‘the love of money is the root of all evil’...not the money itself. Do you own the money, or does the money motivate you?


30 posted on 03/22/2014 3:22:08 PM PDT by Kackikat
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To: PreciousLiberty

OK, so responding to my own comment:

“is evil” should be “are evil”

...and...

The old “money is the root of all evil” line seems demonstrably flawed to me. Is it not flawed human nature that is the true “root of all evil”? I think the “money is the root of al evil” saw is the exact equivalent of “guns kill people, people don’t kill people”. It places the blame in the wrong place.


31 posted on 03/22/2014 3:24:17 PM PDT by PreciousLiberty
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To: Kackikat

“No, ‘the love of money is the root of all evil’...not the money itself. Do you own the money, or does the money motivate you?”

I don’t agree with that either, although love of money sure leads to some evil (and quite a bit of good as well).

Did “love of money” lead Hitler to murder 6 million Jews? Likewise, the various Communist mass executions were not motivated by “love of money”. If you want to find the “root of all evil”, you need to look elsewhere. (For another more minor example, consider a faithful husband or wife murdered because someone else coveted the partner. No money involved...but flawed human nature certainly was. It has happened many times.)


32 posted on 03/22/2014 3:28:16 PM PDT by PreciousLiberty
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To: PreciousLiberty
“1 Timothy chapter 6
“The Love of money”
I was not specific enough.
God hates idolatry.
33 posted on 03/22/2014 3:32:19 PM PDT by right way right (America has embraced the suck of Freedumb.)
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To: PreciousLiberty

Oh, I see you have that one handled.
Thanks.


34 posted on 03/22/2014 3:34:18 PM PDT by right way right (America has embraced the suck of Freedumb.)
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To: Kackikat

I meant you. Thanks.


35 posted on 03/22/2014 3:37:12 PM PDT by right way right (America has embraced the suck of Freedumb.)
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To: Rome2000; TsonicTsunami08
It bothers me to think the US dollar will one day go the way of the Zimbabwe dollars. I hear our newest Fed chairperson is planning another 10B tapper. I haven't seen any plans to cut the budget, so I'm not too sure where the funds to keep propping up the government will be coming from. It makes me wonder if we're being lied to. Certainly it would seem someone would let us in on the plan, if there is one, or has time ran out and we're about to learn what those running our government have really been up to?

http://www.youtube.com/watch?v=46PEE6AaNlE&feature=player_embedded

36 posted on 03/22/2014 6:09:27 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: PreciousLiberty; right way right

1 Timothy 6:10

“10 For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.”

Note that I did not say that, it was a quote from the Bible that states ‘the love of money is a root of all kinds of evil.” and the KJV says ‘is the root’.

Greed does cause people to do many evil things for personal gain, which usually ends up a curse and not a blessing.

My apologies as I did clarify where the quote came from.


37 posted on 03/23/2014 6:04:36 AM PDT by Kackikat
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To: PreciousLiberty

Of course Hitler had a love of money, as we see in all the great Masterpieces he stole from those who owned them, mostly Jews, those he killed. So many of those million dollar works of art are just now being found and returned.

Power and Greed go arm in arm.....what do you think it is that causes dictators to kill millions....Greed, more money for them to spend, and less mouths for the government to feed. Dictators get rich off of the people, just look around at the money being spent by those who are tyrants.


38 posted on 03/23/2014 6:07:44 AM PDT by Kackikat
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To: Kackikat

“For the love of money is a root of all kinds of evil.”

Note that it says “a root” not “the root” as was originally posted. I’m fully in agreement with this version. :-)

As to Hitler, he did take what the Jews had, but the primary motivation wasn’t money. It was a fanatical hatred of Jews.


39 posted on 03/23/2014 8:34:18 AM PDT by PreciousLiberty
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To: Errant

Here’s one for your other news list
Sound familiar? Bitcoin exchange Vircurex freezes customer accounts as it battles insolvency

http://thenextweb.com/insider/2014/03/23/sound-familiar-bitcoin-exchange-vircurex-freezes-customer-accounts-as-it-battles-insolvency/#!A10Pr


40 posted on 03/23/2014 12:10:26 PM PDT by Lurkina.n.Learnin
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To: Lurkina.n.Learnin

Indeed, thanks for sharing.


41 posted on 03/23/2014 12:38:55 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

Had you heard of Vircurex before?


42 posted on 03/23/2014 12:43:00 PM PDT by Lurkina.n.Learnin
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To: Lurkina.n.Learnin

No, but there are a lot of exchanges, and in many countries. My primary interest is mining and I only follow one or two exchanges to keep up with prices. I should probably do a little trading tho. ;)


43 posted on 03/23/2014 12:47:06 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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