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Posted on 03/22/2014 12:31:38 PM PDT by Errant
Cutting right to the chase: we don't think going short is a good idea yet.
Just when you would think the situation with Mt. Gox couldn't get any stranger, it has. Apparently, the exchange "found" almost BTC 200,000 in one of its old wallets this month. The coins would be currently worth approximately $115 million. A statement published yesterday on the exchanges website reads:
MtGox Co., Ltd. had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins. Following the application for commencement of a civil rehabilitation proceeding, these wallets were rescanned and their balance researched. On March 7, 2014, MtGox Co., Ltd. confirmed that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC (199,999.99 BTC). MtGox Co., Ltd. investigated the presence of these 200,000 BTC, immediately reported it to its counsels in the application for commencement of a civil rehabilitation proceedings ("counsels"). A hearing took place on March 8 where a detailed explanation of the situation was made to counsels. Immediately on Monday (March 10), counsels reported the existence of the 200,000 BTC to the Court and the Supervisor.
(Excerpt) Read more at marketoracle.co.uk ...
I might be wrong, but it would take something awfully drastic to get it to move below $500.
Found. As if they existed to begin with. They can ‘find’ all that was looted from them with the stroke of a key. People gave real currency to buy into this. It doesn’t make it worth anything at all. Just means someone thought it was.
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The P-Marlowe coin is still selling for $800 US.
I don’t think it will go much lower. Of course that depends upon world events, as you say. I may even be in the mood to buy another 1/2 BTC to replace what I spent on a couple of watches I purchased awhile back when Btc was $1,000. That’d mean I got the watches at half of their already discounted Overstock price! ;)
As for "looting", it's seems very likely that someone transacted some (or most) of the still-missing bitcoins from Mt Gox to other parties. It is possible to trace those transactions to others in the chain, but there are mixer sites that will take stolen coins and honestly obtained coins (they don't know the difference) and produce new coins to give back to the contributing parties (for a fee of course). So stolen money can be laundered to some extent.
As for the value of bitcoins, they remain in demand throughout the media blitz against them, so it looks like they will keep long term value as they shrug off each incident.
How many have you sold???
I got a bit coin for selling two emu’s, a chinchilla and beanie baby.
Did I screw up?
Price reflects demand hence it’s not ‘shrugging off’ anything.
I just created by hacking 15 billion bitcoins.
I am the richest man in the world now.
I will sell you my hack for just a small sum of $1,000,000.00
No Bitcoins though...I have enough of those.
“I just created by hacking 15 billion bitcoins.”
No you didn’t. That statement demonstrates a complete lack of understanding how the BTC protocol works - especially the fact that the total number is capped at 21 million. BTC have been trading in the $500-$700 range for a while despite all the sensationalism.
It’s a solid concept, and I think it’ll do fine going forward.
Save your breath FRiend. Two things have held me in amazement lately.
The unprecedented growth of Bitcoin and the fact that some on this board have the grey matter to remember to inhale and exhale.
I think you did hadaclue, you should have bought you another! lol
Learn a little about that what you're talking; maybe your comments won't be so stupid - it's a start... lol
hadaclueonce
The jokes write themselves! lol
LOLOL! For real... ;)
We shall see who was stupid. It might be me, if so, I will admit it. Will you?
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