Baltic Oil Terminals Share Discussion Threads

[mcbeanburger] 03/3/2014 08:52

people with some bitcoin care I'm sure. if something can be traded for fiat or gold then it has value. nuff said.

[spadman] 03/3/2014 08:41

all bitcoins are accounted for in the blockchain, they just cant be traced to individuals

[stuart14] 03/3/2014 06:28

Thanks for the explanation

So all Bitcoin transactions are recorded in the blockchain, except the ones that aren't? That sounds kind of silly to me.

Every newly mined Bitcoin is recognised by the blockchain, but the blockchain has no real ide of how many bitcoins are left in existence or lost forever.

[tpaulbeaumont] 03/3/2014 03:07

they can be traced, using a mixer would complicate matters though, stuarts 'they' are presumably the jap cops looking into thte theft?

no one cares i dont think, its like if someones dragons tears unicorn banes got stolen from minecraft of half life or warcraft or whatever these big games are

[spadman] 03/3/2014 02:06

All transactions appear on the blockchain Lokesh, everyone knows where all the bitcoins are on the blockchain, once moved from known addresses its impossible to know who has control of the bitcoins.

There is no "they" as stuart implied to seize the stolen bitcoins, but thats not because bitcoin is broken its the exact opposite. If bitcoin could be seized and traced... then it would be broken.

MtGox is broken, its unfortunate but people caught with large deposits of bitcoin or Cash on MtGox were naive.

If gold gets stolen its stolen... same with bitcoin.

[lokesh8] 02/3/2014 23:18

Stuart, I believe Gox did not use the blockchain and used a version of there own ...so there is no record.

[mcbeanburger] 02/3/2014 23:16

bitcoin isn't broken but you have to be concerned about exchanges and what happened to the stolen bitcoin. who has them and what are they going to do with them?

if a us government body has them then they have a lot now.

[stuart14] 02/3/2014 15:51

If every transaction is recorded in the blockchain can they not tell when the stolen bitcoins come back on to the market, or is that impossible?

It gets quite confusing. They say it is the only truly anonymous online currency but say every transaction is accounted for in the blockchain and cleared via peer-approval?

This is from an article online

"Bitcoins are bought and sold on the Internet at places known as exchanges. Bitcoins are generally stored in a digital wallet and transactions are recorded in a shared public ledger known as the "blockchain." The currency is not controlled by a central bank, but is instead managed by an online community. Members with powerful computers are encouraged to maintain the transactional register by "verifying the blockchain" -- solving complex mathematical equations and adding another "block" of transactions to the existing chain. The process is known as "mining" because the verifier is rewarded with new bitcoins. The way the system works, new bitcoins will not be created after there are 21 million in circulation, which is projected to happen in the year 2140."

This is clearly broken if $450m worth of Bitcoins have been stolen from Mt Gox

[mcbeanburger] 02/3/2014 09:48

looks like a bowl forming and we are near the bottom of it. don't be surprised that 400 turns out to be the bottom

[buffett100bln] 02/3/2014 08:21

give it time ;)

[mcbeanburger] 01/3/2014 08:48

not really selling off though... l'd hoped it would drop a little more then this.

[lokesh8] 01/3/2014 07:59

BITCOIN AINT GOING ANYWHERE

[lokesh8] 01/3/2014 07:55

When it made its debut in 2009, Mt. Gox wasn't a venue for financial innovation. It was founded by Internet entrepreneur Jed McCaleb as a marketplace for the illustrated trading cards used to play Magic: The Gathering. (Mt. Gox is an acronym for Magic: The Gathering Online Exchange.) McCaleb remade the site as a Bitcoin exchange soon after but, wary of the impending regulatory challenges, sold it to Mark Karpeles, a Frenchman living in Tokyo. The transaction was completed online.


Mark..... Magics tick

[spadman] 28/2/2014 18:40

I agree with spud, something worth stealing got stolen from a place where it wasnt safe. That doesnt make the stolen item worthless it makes the storage facility worthless. In the case of Mt Gox it went bankrupt worthless... freemarket style without Government bailouts. Where MtGox failed other solutions will succeed just the way it should be.

What doesnt kill Bitcoin only makes it stronger.

[mcbeanburger] 28/2/2014 18:05

are you two related somehow?

[spud] 28/2/2014 17:54

It's no more broken than any other currency. Electronic theft of £'s or $'s happens all the time. In fact it's so commonplace, it's not even reported anymore.Crypto currency is here to stay - Fact. The only unknown is which ones, because they sure aren't all going to survive.spud

[liquidkid] 28/2/2014 14:22

Oh sh!t "Close to half a billion dollars worth of the bitcoin virtual currency has gone missing from an exchange in Tokyo"
- The total Market Capitalisation of Bitcoin is only around $7bn

Problem is that Mt. Gox as the Wall St./Fed Reserve equivalent of a real asset market can't just disappear overnight and the remaining players to expect to go on as normal. This is now fundamentally broken - inherently flawed with transaction malleability. The Gamification period is over. Forget about virtual ideals and blah blah blah. This is going down as one of the most extraordinary popular delusions and madness of crowdfundings of our time

4-traders.com/news/Mt-Gox-bitcoin-debacle-huge-heist-or-sloppy-glitch--18022106/

[lokesh8] 28/2/2014 12:42

Im sorry if you had your BTC on Gox ...

[mcbeanburger] 28/2/2014 12:12

hxxp://antonopoulos.com/2014/02/25/statement-on-mt-gox/

gox - tko'd