All the newbies please gather around

I think you pretty much made his point for him.

Good job dumbass

if his point is that the price is recovering then yes I made his point. because from the context of his post it seems as FUD when Mt. Gox got hacked the price crashed(well no shit) and entered a bear market for years.

>1 post by this ID
Is this a slide thread?

The very first attempt at creating a fiat to bitcoin exchange, the owners of the site re-purposed a failing trading card reselling business. The lazy egg roll chucking rice beaners didn't even bother to change the domain, mtgox stood for Magic the Gathering eXchange. They simply gutted out an ebay template and started offering bitcoin storage and cash withdrawals. Trouble was, the users could not move money because governments want banks to monitor whenever someone magically ends up with 10000 or more dollars, So guess what, shit got shady. many people dealing with crypto at the time can tell you what happened next.

The pussies maybe. I never did and don't even know if I can to be honest

Kind of a misplaced post, but how in the world does anybody who understands Bitcoin beyond "hurrr durrr it's like muh dollar bills" have any fucking faith in it? Bitcoin literally isn't designed for these levels of transactions and transaction costs are stupid high.

>can I buy this coffee with Bitcoin?
>sure, that'll be 3$, you just have to pay 11$ in transaction fees and wait until at least 2 confirmations on your transaction
>I-ill just use c-cash

Obviously it wasn't designed initially for this. That's why things such as the lightning network are in development. They believe that keeping nodes down to a really low cost so that ANYONE who uses bitcoin can run a node is vital. It helps decentralization. So you must scale off-chain. It is doing that. Eventually you will go to your mcdonalds and order a big mac while you have a channel open with them already. Sorry bruh. but this is the future. sadly if BTC crashed overnight you wouldn't see a future without fiat for many, many years.

Nobody is claiming that. Everybody and their mother looks at their portfolio and sees it in terms of fiat that they can liquidate for the current price. Problem is that price isn't going to be there if everybody in the world wants to sell it off at once.

mtgox: btc grew from 100 to 1300 in about a month (+1200% per month).
now: btc grew from 4000 to 9000 in about a month (+125% per month).
OP is a fucking faggot too stupid to understand what log scale is. kys

The dumb money pumping it doesn't care about that. We're nearing the end of the mania phase.
And the morons on /r/bitcoin take the current pump as evidence for the market's overwhelming confidence in the success of the lightning network.

All of these.
Bitcoin is honestly just a first mover.
The technology to start it all.
Ethereum is the best choice for issuing securities, and Ripple/Vert for USD blockchain alternative.

I hadn't heard about the lightning network and just checked out the project on GitHub. Seems like a lot less progress has been made than they're making it sound. Do you believe this is really going to come to fruition over the next 2-3 years?

Yes but the problem with the first-mover advantage in this type of system is if that first-mover crashes the (public) belief also crashes. So I see Bitcoin as a necessary evil where if it's scaling is too much pressure there will be atomic swaps for transfers of wealth to individuals while BTC remains the baseline. The only thing I could see working out for the best of the Cryptosphere is if the change from Eth to BTC or any alt to BTC happens gradually over time.

Mt Gox was not sustainable without a secure way of shoving real money into crypto to give virtual currency a real world value, but the only trustworthy company to a normie was Paypal and they had JUST begun to make online banking look trustworthy and were not into crypto, so other companies stepped in like Dwolla and offered workarounds for those that wanted to jump thru the hoops to get into the bitcoin race. The first pops were the result of successful implementations of this fiat pumping.

github.com/vertcoin/vertcoin/commits/master

Shitty bitcoin clone with no recent activity.

And what is your metric to judge progress?

Lightning network is actually releasing on the mainnet in the coming weeks. IT will still be "testing" such as Segwit. BUT this means that a lot more will work with it, more ideas, more bug fixes etc. etc. so the consumer will see lightning in 2018. This is HUGE for btc. When amazon sees "oh i can open a channel and these payments can settle instantly and these customers trust my business model, lets accept bitcoin" then BTC will be even more bullish than it already is. You see how much work is being done on the github. There's so many people excited about it and ready to work on it, it has a solid future.

>I come to you from a time much like today,

"Know, oh lamboed user, that between the years of when the oceans drank the housing market and the years of the rise of the twins of Winklevoss, there was an age undreamed of.
The age of the rise and rise of Bitcoin"

Oct 2013 to Nov 2013
In the span of two months BTC went from
$130
to
$1100
then it dropped for 2 years.

THAT IS NOTHING LIKE THE PAST YEAR!!

I just saw that they only had build instructions for Linux and they seemed to have major issues in the issues tab and not just bug fixes. I really just glanced, so I could be totally wrong.

Unfortunately, the merging of fiat and crypto in such a stick house of an exchange such as MTGox was too much for the company to handle, but the way the company handled the situation should be a HUGE warning for those of you that have money in these exchanges. PLEASE PLEASE PLEASE take the time to listen to me because only those that survived the fall of MT GOX can tell you what really happened and how to protect yourself from this happening again. For those who do not want to read further, simply never be all in on a coin OR EXCHANGE. Those that want to listen I will explain.

MTGOX was hacked. Everyone knows that. What many forget is that once that was announced the withdrawl limit was lowered to 2btc per day. When the Dwolla heard of the breach, an email went out announcing that they were temporarily suspending MTGOX transactions "For Security Reasons", a very justifiable decision for a company to make, but the reason quickly changed from security to lack of cooperation with the MTGOX company as to how they would handle the situation. MTGOX excuse? They never had to deal with this before, so they claimed unprecedented circumstances. just before they blindsided the entire bitcoin community with bankruptcy, they updated their business license to state they were a media commodities reseller and started to tell the Japanese Government that they basically were selling online products. The equivalent of team fortress hats and someone had stolen all their products. This allowed them to file for banckruptcy in the first place because up until then they were extremely profitable from charging transaction fees, but now with the prospect of having to pay back everyone for the stolen bitcoins, they refused to acknowledge that they were also a virtual deposit box storing someone elses valuables. I continue...

It is the illusion of trust such as: then convenient loop holing that I come to warn you about. If an exchange goes bankrupt from a hack, what laws are imposed? does the exchange consider your bitcoin a possession you own and they are storing? or are you buying their exchangbux to play in their casino? This company in England, are they insuring your bitcoin from the point in which bankruptcy was announced? Does a bankrupt company have the right to keep your coin until the price recovers? MTGOX did. They kept everyones coins. To keep from a "run on the bank" they limited the amount of coins you can take out until you could not use the website 2 weeks later. My point is that they knew they were in trouble. Instead of allowing their customers to cut and run from the falling building, they trapped everyone inside.

Interesting thread, op

Most of the Bitcoin volume comes from centralized exchanges. Bitfinex leading the way, and we know they print tethers and washtrade.

There's only one difference there: Bitfinex are professional crooks whereas the MtGox guy was just a fat autist who got lucky.

Total bullshit thread. Mt Gox; Moral of the story; Dont put your shit in retarded wallets. A. Wallet. Got. Hacked. Old news. Fuck off. / Thread.

Pro tip, the largest of trades are OTC, but use rates from exchanges.

This will be my last post on the matter. I leave you with this thought. This "I can't cash out" meme is actually from the MT.GOX era,during the two weeks when everyone was trying to escape the building. Today, Equifax was hacked and they literally own our information. It is only a matter of time until the next equifax security chief with a musicology degree in Argentina decides admin:password is enough to protect an entire countries identity information(sounds impossibly improbable but its exactly how the hack happened) so the question is not if but when one of these exchanges will be hacked, and how a company will react. In the end, MT GOX was ordered to pay back those with legitimate claims as follows:

The amount of my/our bankruptcy claim will be converted into Japanese yen using the exchange rate designated by the bankruptcy trustee (the closing rate of the telegraphic transfer selling rate of the Tokyo Foreign Exchange Market (the rate published by Mitsubishi UFJ Research and Consulting Co., Ltd.) on April 23, 2014, Japan time) and the Bitcoin rate designated by the bankruptcy trustee (CoinDesk Bitcoin Price Index on 23:59 on April 23, 2014 Japan time) (1 Bitcoin = USD483 = JPY50,058.12. This calculation is made using the rate “USD1 = JPY103.64”

Unfortunately, when I sent in my 250btc claim, it was rejected because it was considered as part of the hack. "If all or a part of the amounts that you filed were rejected, the reason for such rejection is that such amount does not exist."

Currency can be as secure as it wants, it's the people that you have to deal with that will always be dangerous. In a world without gold we might've been heros. Good luck.

"By May 2016, creditors of Mt. Gox had claimed they lost $2.4 trillion when Mt. Gox went bankrupt, which they asked be paid to them. The Japanese trustee overseeing the bankruptcy said that only $91 million in assets had been tracked down to distribute to claimants"

Thanks for sharing, very interesting read.