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MtGox closes shop!
 

Dear MtGox Customers,

In the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.

Best regards,
MtGox Team

Re: MtGox closes shop!
 

I had a PP rep recommend bitcoin. It was hilarious.

Re: MtGox closes shop!
 

It's like a bank but got robbed and doesn't even know who lol

Re: MtGox closes shop!
 

And yet people are still optimistic about how Bitcoin is the future after having numourous fraudulent exchange/market sites closures like this :rolleyes:

Re: MtGox closes shop!
 

Has nothing to do with bitcoin, thats like blaming the dollar because a bank shuts down. Would you blame the dollar if per say chase lended more than what they had? No this is an error made by a greedy corporation.
Bitcoin is still up 5000% since the price in 2012...:humble: People are trying to get into bitcoin thinking there going to get rich quick, stay away if that's your idea.

Re: MtGox closes shop!
 

someone robbed some magic beans......

Re: MtGox closes shop!
 

LOL

You know when a pp rep does this watch out!!

Re: MtGox closes shop!
 

That's hilarious about the pp rep...too bad you didnt record it hah

Re: MtGox closes shop!
 

Division of power with BTC is absurd. That's why it's the most volatile currency on the planet. One company mucks up and prices spiral out of control from one day to the next. BTC will stay alive, but for those invested, every day is a bet. Who knows how long it will take to stabilize and stopped getting slammed by hackers every sodding day. People are committing crime without a trace and there is no end in sight.

Re: MtGox closes shop!
 

If Chase is a bank that had a 70% market capitalization of all US Dollars and then closed their door one day and ran off exactly like MtGox's scenario, then yes I would say the Dollars is an pretty awful and corrupt currency.

This however, isn't the only reason why I'm believing Bitcoin is unreliable. There has been far too many cases of companies running off with people's coins. I also strongly agree with what Unknown is saying, Bitcoin has no physical monetary instruments backing it up. The price is strongly reflecting on interests and thus makes it extremely volatile with an extremely high elasticity and unreliable as an actual currency.

Re: MtGox closes shop!
 

At the end of the day, it all is all about CONFIDENCE. Money, both the printed kind and the electronic debits and credits, have no actual value. The reason it is worth something is because we all agree on what a dollar (or pound, or euro, or bitcoin) is worth. Once the confidence is gone, that's it!

Still, Bitcoin MAY survive. It is still the only well-known currency that can be used for black market transactions (I am not advocating that, but it IS a market) and a lot of enthusiasts would REALLY like to see it succeed. If it DOES stick around, I would expect the value to be very volatile. If I were to accept it as payment, I would try to convert it into dollars ASAP.

Re: MtGox closes shop!
 

And therein lies yet another huge problem. Just read the stores online on the MONTHS it can take to exchange your BTC.

Re: MtGox closes shop!
 

Max Coin looks interesting

Re: MtGox closes shop!
 

Interested to see if this Magic the gathering online exchange going down makes Bitcoin weaker or stronger.

Iceland several years back took flack for allowing their fraudulent banking institutions to go under. They have recovered quite nicely. The rest of the western world still has most large banks marked to market unsolivent.

What I find interesting is that Bitcoin did not fail. The blockchain is the same as always. I do think when investors look to buy an exchange they will want to know reserves etc.

It may be ironic but Mt. Gox may have saved the Free Market. I.E. the 300,000 Chinese bitcoins purchased directly afterwards compared to about the 400 in the States.

Very interesting to see how Crypto plays out. I don't own any. But this is absolutely fascinating story.

Re: MtGox closes shop!
 

Magic the Gathering online exchange?

Re: MtGox closes shop!
 

That's what the CEO's operated before Mt. Gox.

Silly loner nerds controlling hundreds of millions of dollars. Who had any idea that would end up bad?

Re: MtGox closes shop!
 

that's the acronym

MAGIC
THE
.
GATHERING
ONLINE
XCHANGE

Re: MtGox closes shop!
 

Oh okay - thanks for clarification :)

Re: MtGox closes shop!
 

I thought I just saw the CEO of bitcoin was found dead in Singapore??

Re: MtGox closes shop!
 

think it was a female CEO of a bitcoin exchange called meta....

Re: MtGox closes shop!
 

Re: MtGox closes shop!
 

Such a tragic she's too young to be a CEO

Re: MtGox closes shop!
 

You're never too young to have your own business and/or being a CEO. However she is indeed too young to have her life ended.

Re: MtGox closes shop!
 

Only a few year out of college, just isn't enough to deal with the stress in the real world.

Re: MtGox closes shop!
 

Another reason why college is pointless. Life experiences are worth so much more. Especially in business.

Sad she felt the need to do this.

Re: MtGox closes shop!
 

Dorian Satoshi Nakamoto according to newsweek is the creator of Bitcoin is a 64 year old man who lives in Temple City CA. He's alive but wants to be left alone

Re: MtGox closes shop!
 

Few more years and he will be chased over too...

Re: MtGox closes shop!
 

He claims it wasn't him that invented it. But if you look at his credentials everything would definitely point to him.

Re: MtGox closes shop!
 

CYRPTO Currency is a feddish. I don't own any. I also still don't understand completely the block chain and everything else. Max Coin is interesting though.

Re: MtGox closes shop!
 

My main question is what are people who invent these crypto currencies doing with all of these graphics card processing power. Its more efficient to mine these currencies using graphics cards than with processors.

These GPUs run at 100% until they find or mine the coins. Are the inventors using the processing power to hack into something or crack some code from the NSA/CIA or what? I just find something fishy with using so much processing power and nobody can really say what the source code of the program does or what kind of info is it processing.

Re: MtGox closes shop!
 

Probably should be used to figure wtf is wrong with Ebay/Paypal!
I know several years ago there was a project similar to this that was used to solve some complex problems that were put out by University of San Diego or some other place with a super computer but at this point I can't remember....due to the mushrooms.

Re: MtGox closes shop!
 

I am afraid to say that, there isn't enough processing power in the world to solve that problem. Not even the T-100 (terminator) can compute those kinds of human emotions.

**crack is wack, and "there's no hope with dope", jk hahahahaha

There is programs that use the processor (cpu) or graphics card (gpu) to solve complex problems in the world, like protein folding or SETI@Home. It helps human kind with problems the world has. The computer user downloads a small program and then get small batches of programs that their computer uses to solve a complex equation and sends those results back.

These coin mining things dont solve anything or nobody really knows what is solves.

Re: MtGox closes shop!
 

I could go for a T-100!

Re: MtGox closes shop!
 

I 2nd this, but I am still waiting on my hover board. Marty Mcfly anyone

I always wanted to do this--I go on a date, I bust out my T-100, at the end of the date, I tell my T-100 to say it, he says "hasta la vista baby". I kiss her good bye.

ohhh how awesome would that be !!!

Re: MtGox closes shop!
 

The blockchain records every single transaction - of present and past - and the ownership of every single bitcoin in circulation. The people who are constantly verifying the blockchain, ensuring that all the information is correct and updating it each time a transaction is made, are called 'miners'. One way to think of miners is: they those who confirm transactions. Their job is to ensure that the transaction is secure and processed properly and safely. In return for their services, miners are paid fees by the vendors/merchants of each transaction and are also given physical, minted bitcoins.

Taken from Bitcoin explained in laymans terms - NDTVProfit.com The physical, minted part is digital of course. There were a couple companies that would make a physical bitcoin but who knows where you could actually use it.

Or you can read https://litecoin.info/Comparison_bet...ogress_version for the alternative coins (Scrypt-based) which is what most GPU miners are doing including myself.

Bitcoin is practically impossible to mine with graphics cards anymore. You need ASICs (Application Specific Integrated Circuits) which are specialized chips programmed to ONLY decrypt SHA256-based coins. Nowadays, ASICs are extremely overpriced and you need at least 1 TH for ~$1000 to see a profit; depending on your electricity per KW/h.

Scrypt-based coins (Litecoin, Dogecoin, etc.) were written in a different algorithm, and there has not been any ASIC-like devices released yet. Gridseed is close, because it uses 1/5 the electricity as a normal GPU; but I am not sold on them yet and you essentially purchase 100x the same unit and wire them up together. Scaleable, but not overtly powerful.

Re: MtGox closes shop!
 

@Salvo, so the electricity is very pricey but doable if you get a non-billable source?

Re: MtGox closes shop!
 

Electricity bills can rack up quick depending on setup and cost per KW/h. Where I live is really cheap, a little under $0.06 per kilowatt so I did not worry about getting the most wattage efficient cards. I can mine enough BTC in 1 week to pay for my whole electric bill (previous usage + 2 miners 24/7) and still have some left over. The other 3 weeks just stacks up and I trade some on btc-e.com to make even bigger profits.

I'm not sure exactly what you mean by non-billable source, like free electricity? Some people do have that (they mine at work, or have rent w/electricity included) and it can make a big difference when you have setups like this http://ecoinomist.com/images/gpu-min...rm-800x533.jpg

BTW, theres 1000's of people with "farms" that size or larger. Some big setups pull over 200+ BTC a day, and have electric bills at 6 figures! It is a modern-day gold rush and the big winners are the people in it early, when it was pennies in 2009 to under $50 in mid 2013; and those with HUGE setups like pictured.

Re: MtGox closes shop!
 

Apartment with electricity included would be insane to mine...