4-5 weeks

Thanks

and the mtgox story just made front page headline on yahoo news. This is like silk road bust all over again.

The comments on the story are hilarious.

Heh, what situation? The situation in their office?

They don't have an office anymore. But hey guys, I'm sure they are solvent, lol.

Quick question. If I was to trade on 2p2 to get bitcoins as an Australian, I wouldn't need to be signed up with any exchange unless I wanted to sell them right? All I need is a wallet (I assume all wallets are accessible in all countries)? And this wallet has an address which a fellow 2p2er would send the bitcoins to...? And the best thing for me to do is go and buy a **** laptop and put the wallet on a USB and whack it on this **** laptop which will be destined to never see the internet.

Anything I missed in terms of security?

Apologies for ******ing the thread up momentarily.

If you had someone who was going to give you Bitcoins, you just need a wallet and an address for them to send to. I'd imagine you might have trouble getting wallet software in North Korea, but yeah, you are fine in Australia. The wallets will have multiple addresses (you shouldn't reuse them generally, but whatever).

Offline is best for large quantities. Wallets like Electrum will have backup passphrases, so you should record this. If you aren't planning on accessing the coins for a while, you can generate all this offline, write down the addresses, write down the backup, and delete everything on that computer. Then have someone send to that address.

Depending on the quantity you are buying and the paranoia you have, that's probably the best bet, but I would suggest doing a test run with a small amount of Bitcoins to ensure you understand what you are doing before you make a small mistake and lose a huge sum of money before you realize it.

Yes that would essentially crush BTC. How could you have large sums of money invested when you know that just 1 person could put the market to 0 at any second.

What needs to be learned here is that this exact thing may be what ends BTC. When companies hold a large % of the bitcoin that exist, there is always a risk they are stolen. Exchanges need to be decentralized. I have no idea how that would work, but until then, it's just a matter of time until coinbase or stamp are hacked.


On a side not, you would think if someone stole the coins, they would have already sold them.

Prob a good idea.

Thanks a lot for all your help through the thread as well as this post. You're a really good poster and have helped me understand heaps about bitcoins.

Really appreciate it.

they probably made out just fine. why wouldn't they? they only offered an exchange service and collected a 2% fee.

If someone held a large position in Bitcoins and was motivated by profit, why would they crash the market? This is dumb. They are much better holding Bitcoins than fiat, especially in a large transaction.

Decentralized exchanges are coming:

I've never bought or sold bitcoins, just followed it curiously but this is a pretty ridiculous statement. I mean, a lot of people lose a ton of money in every form of investment ever, even legit investments (stocks, real estate, etc.)

Every sane person on the planet has always seen bitcoin as a highly volatile and risky thing.

Funny I actually watched that video last night Tom. He's not the best speaker but the idea makes perfect sense.

Chris is an interesting guy. Some of you might recognize him

“We should have an official announcement ready soon-ish”

wow. most professional ceo ever. it will be interesting to find out if gox was able to arb enough coins to cover most of their losses. I still find it mind-boggling that they might have lost 750k btc without noticing. I can't quite believe that's possible.

That probably is the most professional press release he's ever had. From Andreas Antonopolous:
"A DnD geek wrote a currency exchange in PHP and three years later we’re still paying a price for that."

After todays news I've had a few friends txt me know that I'm into bitcoin. Some said I told you so and other's were asking about buying because they think the price is cheap.

Find it was pretty interesting.

I also got 2 texts today. "Did you get out!?!?!" I said well I've been out for a while but it's still at 500 on good exchanges. Response "Well that's like saying the dow is at 8000". My response , "ya but at 8000 the dow isn't still up 500% in the last 5 months"

Andreas, live interview going on now

https://www.youtube.com/watch?v=1mWk...ature=youtu.be

he looks like he hasnt slept in days

A friend did one of those #feedthedeed things to me on facebook the other week. I just donated some mBTC to a charity and wrote that's what I did to #feedthedeed.

Today she posted a yahoo Mt. Gox article on my wall and wrote 'uh oh'.

I just said: buy buy buy.

I think the general population thinks bitcoin is doomed. I'm likely to be buying again in a week...I don't expect the price to really fluctuate by then, and it's when I'll have some money.

Mt. Gox = Three Mile Island for the Bitcoin industry.

He always looks like that. Think he's a vampire.

Some of the people that txt'd me asking about it I never even spoke to about bitcoin before. No such thing as bad publicity I guess I was trying to say.

Who is to say it was a small group of hackers? it could be a state sponsored highly professional group, say a chinese gov cyberwarfare team (or the nsa equivalent). The chinese were said to have successfully hacked google along with top military defense contractors not to long ago. If they are capable of something like that, a business like mtgox would be a cake walk.