No Joke…This is Bitcoin’s Finest Hour…

43 comments on “No Joke…This is Bitcoin’s Finest Hour…
  1. EIT says:

    Let it fail! Let if fail!

  2. Thorny says:

    Right on!

  3. BankingThiefs says:

    What a shame they they don’t have a central bank that can steal through inflation to bail their sorry asses out.

    Capitalism requires failure. When you bailout plutocrats you end up with either Communism or Fascism.

  4. Fred says:

    a real market. see ya later mount gocks!

  5. Kalash says:

    Got into bitcoin because of Max…should have listened more closely when he said don’t trust MtGox. Lost everything in the fire. If you’ve done well and feel so inclined: 1KNegbdyyuoxZGQRzR16arKPPhSeVccz1N

  6. Dorky says:

    Max Keiser is having joy and happiness seeing his bitcoin wealth being slowly eroded away.

  7. EIT says:

    It seems these gox guys are assholes. According to this perhaps fabricated garbage:

    http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

    Way to quantify your liabilities according to the price on your defunkt exchange! Shoot holes in this garbage like crazy. -400,000,000 USD sounds pretty bad to me. (and i’m good with numbers)

  8. lawrence97431 says:

    I got into Bitcoin partially as a result of comments from Max, but never heard any cautionary mention regarding Mt. Gox, and ended up losing a huge portion of my savings (not suggesting for a moment that anyone other than I am to blame, however, other than the scam artists at Mt. Gox, of course).

    But, Max is wrong (and, flippantly so) to suggest that anything especially adverse has happened to Mt. Gox. All of the devastating consequences have hit their clients, i.e., those philosophically compatible individual-human-being members of the ‘Bitcoin Community’ who were either naïve enough or technologically unsophisticated enough (guilty here on both counts) to trust Mt. Gox.

    I’ve never been fond of cry babies, so my comment isn’t a plea for sympathy. Just realize that nothing has happened to Mt. Gox. Almost assuredly, the principals and employees are all walking away comfortably set for life.

  9. BankingThiefs says:

    I don’t buy the “transaction malleability” dog ate my home work excuse, because if they were following AML laws they would know who requested double spend transactions.

    I suspect it’s more likely they did what many others do and gambled the customer funds to turn a profit and they got caught on the wrong side of a currency arbitrage.

    Don’t trust a 3rd party with your Bitcoins. You can be your own bank and hold them in your own wallet on your own PC. You can exchange through LocalBitcoins.com if you need to convert to and from fiat.

  10. maxcoin owner says:

    Max was ist los mit deinen maxcoin?!

  11. Shrapnel says:

    When Sheep Marketplace went down (who in their right mind would trade at the sheep marketplace?) and 39,000 plus BTC were stolen, users started tacking the thief through the blockchain. Made some news in December, but then nothing else was reported. Maybe the person was caught and rubbed out – drug dealers tend do that sort of thing, or maybe something else happened. Does anybody know?

    My point being, this is not over yet.

  12. josh says:

    i lost a lot in this mess. my own fault. is there any chance of getting some of my bitcoins back?

  13. jischinger says:

    First, anyone who didn’t know or figure out that Mt Gox was a tinker-toy outfit shouldn’t have been investing.

    Magic: The Gathering Online eXchange – C’mon!

    and for those who say Max didn’t tell you, he did tell you. Which is why I changed my mind about buying anything through Gox in May 2013 and again in August 2013.

    Second, Gox could have bought insurance to protect it’s customers, or offer it, but didn’t; especially after the last crash in 2011.

    MT GOX was a true free market business.

    Congratulations to all the Libertarians who lost their investment at Mt Gox – you proved to me that the free market really works, and created a new meme.

    ‘Before you invest in your future make sure you don’t get Mt. Goxed.’

    Too bad the country of Japan is a socialist enclave – you could burn the building down without rescue and call it MT. GOA: Magic; The Gathering of Ashes.

    At least you could sell those as collector items on ebay.

  14. Shrapnel says:

    Right now lots of people in China are buying bitcoin like crazy. http://fiatleak.com/

    Maybe software set up to buy when the price falls to a particular level. IDK but there is not much bitcoin buying going on anywhere else.

  15. Nat says:

    I think Max is right on this.

    This is capitalism, this is how something becomes stronger and how it evolves.

    However, I wouldn’t necessarily assume that MTGox is scamming people at this point, it could easily be to do with US FBI action which they are not allowed to talk about at risk of arrest and they are quite compliant.

    It could also be to do with MTGox simply unable to cope with the rise in value of BTC and all that entails – it was a rise too soon and prone to causing events like these in itself. AS I HAVE ALWAYS SAID !!!

    The weak part which makes BTC like a pyramid scheme is the bottleneck of exchanges – exchanges need a slow and steady increase in value, time to earn fees to build infrastucture and security and trust with banks etc for smooth running. BTC has been all too fast and the main reason for that is media hype of which Max and Stacy have been a LARGE part. Should have kept it quiet ..

    @StacyHerbert Raising concern to stuff like this is EXACTLY what you have dismissed from me as screaching (ok, not that I’ve been singled out particularly cos I’m not very important, but your individual replies to some of my comments have lumped me in with the term).

    Still, I don’t understand why anyone would really want to hold their BTC in a third-party wallet when BTC has no legal precident in any being reclaimed after bankruptcy etc. They could be deemed worthless by a court or even to not exist at all.

    Crypto world is a wild west so one should treat is as such – use it when it provides advantages but otherwise limit your exposure unless you’re willing to take risks.

    That said, still $500 on BTC-e so it’s not too bad!

  16. jischinger says:

    Now how much better would this have all worked in a socialist system?

    Everyone invested wouldn’t lose their home, job, food, heat/ele, retirement, medical, education – you would have been gambling only with your profits.

    Under the Rule of Law in a socialist system, the people responsible would either go to jail or ordered to pay restitution and not be allowed to run a company again.

  17. Jonathan says:

    Can someone (Max? Stacey?) help out with the actual episode? Max said that while Bitcoin is good, the exchanges, and in particular MTGox are not.

  18. keehotee says:

    All crapto currencies are going to their intrinsic value over time – zero. All fiat money fails – what more do you need to know?

  19. Jayme says:

    It appears the technology is at the innovation chasm between the visionaries and the pragmatists.

  20. EIT says:

    For all those suffering from the Mt. gox fiasco, I say pursue this organization however you can. This is a time of precedent. Love the smell of napalm in the morning!

    (I did not get involved with the cox…. Suckers)

  21. Steven says:

    It is more or less as many suspected. Crypto currencies, paper and electronic currencies are a scam. It is merely a matter of time before it becomes obvious and the suckers that fell for it are taken to the cleaners. There is no valid substitute for gold, silver and base metal coinage or gold and silver bullion in ones own possession. Everything else is a scam.

  22. Andy Perry says:

    In the cold war the ‘free’ market fought Marxism in Indo China and on the Continent of Europe and in Latin America.
    Now the ‘free market’ fights Marxism in its own backyard!
    Those who believe in the ‘free’ market watch Mt Gox go up in flames and celebrate Ragnarok.
    The Anglo-Saxon Marxists (Carney, Yelland)laugh and establish ever tighter control over the state just as the state establishes ever tighter control over the economy.

    Isn’t The ‘creative destruction’ of Mt Gox nothing more than a financial martyr operation in the face of the State juggernaut?

    How can a suicidal free market fight the state?

    http://unitedstatesofeverywhere.wordpress.com/2014/02/19/mad-or-it-was-only-a-matter-of-timeor-i-wouldnt-start-from-here-or-may-the-road-rise-up-to-meet-you/

  23. Jonathan says:

    PM’s are a bitch to steal via electronic means. Yea I’m sticking to real money. How much does a bitcoin weigh? Exactly. Real money trumps all. Always.

  24. BankingThiefs says:

    jischinger says: “Under the Rule of Law in a socialist system, the people responsible would either go to jail or ordered to pay restitution and not be allowed to run a company again.”

    Greece, Portugal and Cyprus were socialist(communist) governments, nobody went to jail, they just raided peoples savings/pensions.

    USA, Japan & UK are corporatist(fascist) governments, nobody went to jail, they just created more money through QE (stole from the people through inflation).

    Capitalism is the true and right way, you make a bet, and you lose, that your problem, nobody else’s!

  25. BankingThiefs says:

    A good government doesn’t pick the winners and losers, it instead referees the game to make sure we are playing by the same rules and the free market takes care of the rest.

  26. Snorky says:

    What a complete, total farce.

  27. EIT says:

    @Banking Thief

    just to continue

    “Under the Rule of Law in a socialist system”

    If you have the rule of law (true and just) it really doesn’t matter how your government is organized. Pumping socialism with the assumption of having the RULE OF LAW (true and just) is just bullshit.

  28. jischinger says:

    @BankingThiefs

    you’re not paying attention – Corporate Communists Goldman Sachs, JPM and the other Commie EU banks took Greece, et al down

    the corporate capitalist state crushed the socialist state with all their bought interests.

    A true socialist state would not toss people in the streets, they would find people jobs or advance their education.

    This is what they are doing in the UK as well – privatizing human services, prey on the weak.

    Socialism is NOT Communism -

    Communism needs a central authority – those are the banks at the top. Capitalism always leaves people to wallow in the muck, survival of the fittest and that leads to a corporate state which is reality Corporate Communism.

  29. jischinger says:

    1st, economics is not a science.

    2nd, too many people are stuck in their old descriptions of philosophy and not looking at how the banks have redefined and manipulated the words in order to make you eat your own vomit.

    in the 30′s il Duce rightly defined a plutocracy as corporatism.

    in this new century corporatism should rightly be defined as corporate communism and the only way to create that state is through unregulated capitalism – and pure capitalism by it’s true nature is survival of the fittest.

  30. EIT says:

    @jischinger

    Socialism implies an abuse of the law. See Frederick bastiat: the law. Legislating education and healthcare is not the way to go. In a competitive capitalist system, it’s especially the fat cats who are at the inevitable risk of losing market share, always. Mt. Gox, case in point. Only through the use of legal force (the law) can a fat cat hope to protect its pie. Democracy, socialism, communism are all a pipe dream, in my opinion. I like to think that peoples’ yearning for a community is paradoxically achieved by empowering the individual. The universe does like em’ paradoxical ways.

  31. BankingThiefs says:

    @jischinger “Socialism is NOT Communism – Communism needs a central authority.”

    Dude have you seen the European Union? If that’s not central planning I dunno what you think it is! Italy and Greece have had 3 unelected prime ministers chosen by EU bureaucrats!

    Both communism and fascism bail out their plutocrats and that’s what ultimately leads to their failure because they don’t weed out the idiots who fail, they keeps them in positions of power to fail some more, until they break the economy and their citizens completely.

  32. jischinger says:

    @EIT

    “Socialism implies an abuse of the law.”

    only in your brainwashed mind

    you’re gonna die and you’re no going anywhere afterwards, why do you feel the need to step on every human beings throat to feel good about yourself?

    What is wrong with you people?

    You don’t believe in any religion, philosophy or just the basic taking care of your fellow human being – your own fucking species

    what drives you people, what is this desire to own it all?
    or is it just bigotry?

    didn’t your mama teach you to share when you were growing up?
    didn’t school teach you about your civic duty?

    do you know what the 2nd largest economy in the word is, socialist Germany – cause everyone is protected and everyone works.

    and the only reason they are second is cause of China’s large population – a slave nation you personally profit from.

    you got 7 billion people on the planet to manage, do you really think you can have is all and not expect the other 6.7 Billion not to want exactly what you got, and then expect the earth to support that?

    you’re the one living in a pipe dream pal.

    Honestly, I say create some island nation and ship all the Libertarians there then let them duke it out. I’ll bet you have slaves within a month.

    so go build your libertarian paradise
    show us all how it’s done

  33. max scam says:

    Who pumped (suckered) the masses into Bitcoin.
    It was not MTGOX
    It was the Bitcoin entrepreneurs like little Timmy and this Troll.

    Do you remember when we were told Bitcoin could cure warts, raise the dead and ‘add what ever nonsense you’d like to hear’ to make you buy it.

    Sadly it’s not over yet, as being stupid is never a one off event and there are so many very stupid people.

  34. yawp says:

    @jischinger thank you sir may i have another

  35. jischinger says:

    @yawp I’m just pissed off and I have a cold, but I am sick of all the bullshit, we know who the crooks are and we keep trying to outsmart them with band-aids.

    This current motto of, as long as it’s not me, is a dead end.

    We’re way past reform – they are out to kill us or at best make us slaves. https://www.youtube.com/watch?v=wJS2mC-7LSM

    we have to help each other it’s a moral imperative and it’s just god ol common sense, cause if we don’t THIS is exactly what we will be stuck with.

    Freedom is a state of mind, the only place you can truly be free is in your head, as long as you are shackled to the earth you’re tired to everyone and everything else – so freedom becomes a matter of taking responsibility for each other.

    This Libertarian mindset is that of some high schooler arguing with a teacher over why he was singled out when the other kids were talking too. It’s really just stunted consciousness.

    I’ll take time to listen and advocate for Libertarians when they insist the nation hand back the land their forefathers took from the Natives and then give them a fair price to call it their private property.

    Until then, if you take from a Libertarian, well, as long as it’s not me.

    Not fun to be outnumbered and your labor unappreciated, is it?

  36. jischinger says:

    @BankingThiefs

    RE: EU fascist commies

    we know who the crooks are, but if we don’t take care of each other, if we don’t advocate for the little guy then this is exactly what you’re gonna get.

    If you’re not going to help me with the most basic things to my survival why on earth should I bother with you at all outside of my needs?

    Now I know that sounds if not immoral counter productive, but after working with those in utter poverty, while you profit, I get exactly where they are coming from. I understand their plight, and I’ telling you now if this mess isn’t cleaned up soon there’s a shit load of violence coming down the pike. We got just a taste of that in the Ukraine.

  37. Hondo Stalwart says:

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  38. Mr. Ponzi says:

    Mt. Gotz

  39. Mr. Ponzi says:

    @keehotee,

    Beep Beep!

  40. Mr. Ponzi says:

    @EIT,

    I don’t think Mt. Gox was in Japan.

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