|
|
|
You wait until they look under the mattress!
Those who fail to learn history are doomed to repeat it. --- George Santayana (December 16, 1863 – September 26, 1952)
Those who fail to clear history are doomed to explain it. --- OriginalGriff (February 24, 1959 – ∞)
|
|
|
|
|
If it's anything like yours, I don't want to know...
|
|
|
|
|
It doesn't say much about their accounting practices that they misplaced 200K bitcoins.
The whole bankruptcy of MtGox is suspect in my opinion.
The report of my death was an exaggeration - Mark Twain
Simply Elegant Designs JimmyRopes Designs
I'm on-line therefore I am.
JimmyRopes
|
|
|
|
|
OK - I'm clearly a simpleton but I'd have thought the whole block-chain thing would mean that you could uniquely identify the stolen bitcoin, and who spent them and who received them?
|
|
|
|
|
Duncan Edwards Jones wrote: I'd have thought the whole block-chain thing would mean that you could uniquely identify the stolen bitcoin, and who spent them and who received them
That is what I thought too, but that would make the stolen ones useless. Apparently there is a way around the block-chain.
The report of my death was an exaggeration - Mark Twain
Simply Elegant Designs JimmyRopes Designs
I'm on-line therefore I am.
JimmyRopes
|
|
|
|
|
Block-chain or not, with the anonymity of Bitcoin, some poor slob accepts one for payment on a widget. Do you then punish him for accepting the stolen coin? To much time passed.
I thank that they should have just nuked the entire lot of them right away. That would have taken coins out of circulation, value bumped up for everyone else, etc. But because of how MtGox handled the situation and delayed telling people about it for months, that would have given whoever took them a lot of time to shuffle them around and launder them.
OT: Who trusts a group of guys who name their 'bank' MtGox? That name was originally used for "Magic: The Gathering Online eXchange"? That is like buying a car from "Bob's Caveat Emptor Used Car Emporium" 
|
|
|
|
|
RJOberg wrote: That is like buying a car from "Bob's Caveat Emptor Used Car Emporium"
I thought that was the alternate name for all used car businesses. 
The report of my death was an exaggeration - Mark Twain
Simply Elegant Designs JimmyRopes Designs
I'm on-line therefore I am.
JimmyRopes
|
|
|
|
|
Most of them it is just implied. When the explicitly tell you they will rip you off and you still buy the car... then you deserve it.
|
|
|
|
|
Duncan, you are pretty near. I will rephrase so you understand the problem.
"the whole block-chain thing would mean that you could uniquely identify the stolen bitcoin, and which bitcoin address spent them and which bitcoin address received them."
The thing is that a bitcoin address can be created offline, because it is just the public key of a public/private key pair. We don't know who own the private key, and we can't know because there is no central registration of address, and never will be.
That coupled with the fact that you can create one public/private key pair for each transaction of bitcoin you do if you want.
The list of all the addresses that you have the private key is known as a "wallet", you can store it where you want, even in your USB stick hidden under the mattress.
Normal people have one address. But an ecommerce can decide to generate one address for each transaction.
If you loose the private key of an address, you loose your bitcoins. It is as simple as that.
|
|
|
|
|
How can you "lose" digital data? 
And my god, if you can't account for 650,000 bitcoins, just create them! It's all vapor-money anyways (though I speak with no knowledge of how these things are supposed to actually be tracked.) I figure though, take a lesson from the fed - "print" more!
Marc
|
|
|
|
|
Marc Clifton wrote: take a lesson from the fed - "print" more!
Supposedly that is what is different about BitCoin, no central bank to manipulate the currency.
Guess there are a few things to work out? 
The report of my death was an exaggeration - Mark Twain
Simply Elegant Designs JimmyRopes Designs
I'm on-line therefore I am.
JimmyRopes
|
|
|
|
|
It's not a currency, it's a commodity. (Like gold, oil etc.)
|
|
|
|
|
Duncan Edwards Jones wrote: it's a commodity
How does it get it's value?
The report of my death was an exaggeration - Mark Twain
Simply Elegant Designs JimmyRopes Designs
I'm on-line therefore I am.
JimmyRopes
|
|
|
|
|
It has no intrinsic value. It gets its valuation by trade agreement between individual parties, and it is priced by the most recent trade. (Like gold which is also basically useless.)
A currency is different because it is mandated by a government for the payment of taxes and gets its value because other individuals wish to acquire it in order to pay their taxes.
|
|
|
|
|
I don't necessarily agree that gold is basically useless because it has uses, especially, in electronics. It may become more and more useless as material science advances and it is replaced with other exotic substances.
But that is besides the point.
I am still having a hard time wrapping my head around BitCoins. My interest is from a FX trade perspective.
I know from watching the charts that it is a volatile currency, with the potential to win or lose big by trading it. I just don't have a good idea about what makes it move in either direction and there isn't enough historical data to try to make sense of trends yet.
Thanks for the information.
The report of my death was an exaggeration - Mark Twain
Simply Elegant Designs JimmyRopes Designs
I'm on-line therefore I am.
JimmyRopes
|
|
|
|
|
I think the best explanation of the way that a currency unit is in fact a tradable obligation rather than an asset with intrinsic worth is in Debt - The first 5000 years[^].
|
|
|
|
|
Thanks for the link.
The report of my death was an exaggeration - Mark Twain
Simply Elegant Designs JimmyRopes Designs
I'm on-line therefore I am.
JimmyRopes
|
|
|
|
|
There is a product called Fun Size Mars Bars.
They are much smaller than normal Mars Bars.
Where is the fun in that?
Example[^]
THIS is a fun size Mars Bar![^]
---------------------------------
Obscurum per obscurius.
Ad astra per alas porci.
Quidquid latine dictum sit, altum videtur .
|
|
|
|
|
Looks like the size for you. 
The report of my death was an exaggeration - Mark Twain
Simply Elegant Designs JimmyRopes Designs
I'm on-line therefore I am.
JimmyRopes
|
|
|
|
|
They are saying the standard size ones aren't fun at all
|
|
|
|
|
Well the great Murray Walker is on DID and his very first track was none other than The Chain. He said he always felt himself pumped up when he heard it as it signalled the start of his fun.
|
|
|
|
|
Do you know he invented "A Mars a Day helps you work rest and play"?
---------------------------------
Obscurum per obscurius.
Ad astra per alas porci.
Quidquid latine dictum sit, altum videtur .
|
|
|
|
|
No he didn't, he managed the account but didn't come up with the line. He did however come up with "Trill makes budgies bounce with health" and "Opal Fruits, made to make your mouth water."
|
|
|
|
General 
News 
Suggestion 
Question 
Bug 
Answer 
Joke 
Praise 
Rant 
Admin 
Submit an article or tip
