General Discussion

cemaphonic

(4,138 posts)

52. How do you know the media is wrong about the MtGox fallout?

Wed Feb 26, 2014, 05:50 PM

Feb 2014

It happened yesterday - it may rebound, it may plateau at the current level, it might crater. But you don't know for sure any more than the media does, so claiming "they were wrong" is a prediction, not a fact. And that's just the commodity/day trading side of things. The Gox failure and negative media attention is definitely an obstacle to any kind of mainstream acceptance.

As for your investments, yeah it's perfectly possible to make money in a speculative bubble - that's what makes them attractive. But other people bought at the $1200 mark, and they've lost half of their investment. And all the people that had investments at Gox lost everyting no matter what the nominal usd/bitcoin conversion is. The pog and beanie baby analogy (not to mention tulips) are spot-on. Those offered insane rates of return compared to conventional investments too. Until they went out of fashion and became worthless.

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Bitcoin ATM maker announces plans to expand to U.S. and beyond [View all] phantom power Feb 2014 OP

Palm scanning and pictures? seattledo Feb 2014 #1

This isn't a right or left issue - Bitcoin is just the beginning... TampaAnimusVortex Feb 2014 #9

It's kind of a shame that bitcoin got associated with the "it's like gold" meme phantom power Feb 2014 #23

Why on Earth would I possibly want to be involved in this? arcane1 Feb 2014 #2

Come on. Unregulated, virtual money that exists with the very secure confines of your computer? Tommy_Carcetti Feb 2014 #18

Sounds squirrely as hell to me, too. MADem Feb 2014 #27

Lol tridim Feb 2014 #3

1636: these new tulip bulb ATMs are the latest thing. longship Feb 2014 #4

Can someone explain what the hell "bitcoin" is? madinmaryland Feb 2014 #5

Something quickly disappearing into history. joeglow3 Feb 2014 #6

I heard that same thing 6 months ago... TampaAnimusVortex Feb 2014 #7

Too many true believers for it to truly die, however cemaphonic Feb 2014 #12

Materially, yes it is dead. joeglow3 Feb 2014 #13

hmmm. Someone should tell the market that then... TampaAnimusVortex Feb 2014 #15

So were tulip bulbs in holland. joeglow3 Feb 2014 #16

And they were saying that last February also... TampaAnimusVortex Feb 2014 #17

And Beanie Babies in the 90s LynneSin Feb 2014 #20

See post 9 - get educated and come back... TampaAnimusVortex Feb 2014 #21

Oh I have alot of clue what I'm talking about. Rolling Stone Magazine had some great articles. LynneSin Feb 2014 #24

Rolling stone! LOL! TampaAnimusVortex Feb 2014 #32

So if I answer all those questions I get a star or something LynneSin Feb 2014 #33

Man... you just buy into all that main stream media stuff don't ya? TampaAnimusVortex Feb 2014 #36

Whatever LynneSin Feb 2014 #38

Name the person at the top of the pyramid... TampaAnimusVortex Feb 2014 #41

Sorry I don't really track the top scores in blackmarket business and money laundering LynneSin Feb 2014 #45

Oh, Im already safe... TampaAnimusVortex Feb 2014 #46

You do know what a pyramid scheme is don't you? LynneSin Feb 2014 #48

No, my point is that there is no "TOP" TampaAnimusVortex Feb 2014 #50

How do you know the media is wrong about the MtGox fallout? cemaphonic Feb 2014 #52

I'll play cemaphonic Feb 2014 #51

Yawn... TampaAnimusVortex Feb 2014 #53

What can I invest my bit coins in? joeglow3 Feb 2014 #55

Investing in bitcoins is investing in the utility of the underlying technology... TampaAnimusVortex Feb 2014 #56

I am not questioning uses for the technology behind it joeglow3 Feb 2014 #57

You are correct somewhat... TampaAnimusVortex Feb 2014 #58

Well, ENRON stock was all over the page too, before it finally crapped the bed! MADem Feb 2014 #28

Yawn... this is a normal day for bitcoin... it dies all the time apparently. TampaAnimusVortex Feb 2014 #31

Yah, well, you seem awfully interested in defending it in this thread. MineralMan Feb 2014 #35

Wake yourself up...I'm not touching that stuff with a ten foot pole! MADem Feb 2014 #54

I want no part of this. zappaman Feb 2014 #8

#1 pro to bitcoins: cemaphonic Feb 2014 #11

Yes. sagat Feb 2014 #14

The face of Bitcoin: Tommy_Carcetti Feb 2014 #10

Maybe they should hold off on that for awhile...... LynneSin Feb 2014 #19

So this guy is the new Bernie Madoff? Skidmore Feb 2014 #22

I was thinking of that when I wrote my last post (scroll up) LynneSin Feb 2014 #25

I suggest they work on their data security and other issues MineralMan Feb 2014 #26

Mt. Gox made a giant blunder when they decided to sidestep the proper blockchain tech phantom power Feb 2014 #29

You're probably right. MineralMan Feb 2014 #30

I see this as nothing more than a giant pyramind scheme LynneSin Feb 2014 #34

Libertarians and Linux afficianados love bitcoin. MineralMan Feb 2014 #37

Well I was just yelled at by another poster for reading Mainstream media LynneSin Feb 2014 #39

But, see, Libertarians believe that their systems are MineralMan Feb 2014 #43

Digital currency is apolitical - its a tool, neither right nor left. TampaAnimusVortex Feb 2014 #40

Here's what I think: MineralMan Feb 2014 #42

FUD - (Fear Uncertainty and Doubt) TampaAnimusVortex Feb 2014 #44

Ah...have a pleasant day for yourself. MineralMan Feb 2014 #47

Next they'll want your Social Security number and Google account password jsr Feb 2014 #49

Arrrrr ...gather to me L0oniX Feb 2014 #59