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11 comments

1 Skip Intro  Fri, Feb 7, 2014 8:42:56am
“To understand the issue thoroughly, the system needs to be in a static state,” Mt.Gox said in a statement. “We apologize for the sudden short notice.”

Short version: “We don’t have any idea how this system works”.

2 Ace-o-aces  Fri, Feb 7, 2014 9:05:32am

Something like this would never happen in a truely free maket sys…..oh wait.

3 missliberties  Fri, Feb 7, 2014 9:21:38am

Bit Coin is the currency of enterprising criminals who don’t want their activities traced.

4 Jayleia  Fri, Feb 7, 2014 10:08:04am

re: #3 missliberties

And of paranoids that don’t want THEM knowing what you’re doing with money.

5 Jay in Oregon  Fri, Feb 7, 2014 10:16:32am

Are you kidding? Now is the time to BUY BUY BUY!

(Because I just bought a bunch of BTC and need the price to go up…)

6 Political Atheist  Fri, Feb 7, 2014 10:19:24am

Bitcoin is Dudebro “cash”.

Dudebro cash is as Dudebro logic.

7 ausador  Fri, Feb 7, 2014 10:19:45am

re: #4 Jayleia

And of paranoids that don’t want THEM knowing what you’re doing with money.

Hah, only paranoid nutters worry about THEM, any rational thinking person knows that the true threat comes from THEY!

Think about it, do you ever hear “THEM hacked my bank account or THEM are watching me and listening to my phone calls?” No you don’t. It is almost always THEY who people claim are responsible (except in certain areas of the deep rural South for some unknown reason).

/

8 BusyMonster  Fri, Feb 7, 2014 12:57:35pm

This is enjoyable. Yes, here is an empirical case study of a totally free market. FAIL.

9 PeterWolf  Fri, Feb 7, 2014 5:35:41pm

Comparing bitcoin to the commonly accepted concept of a free market is, silly. For a start, no market is truly free. The bitcoin concept is interesting, and you can tell from the attention regulators in various countries are giving to bitcoin that the underlying concept scares the establishment.

10 wheat-dogghazi  Fri, Feb 7, 2014 6:40:29pm

MtGox was originally a gaming site that added bitcoin trading when Bitcoins were worth less than $5 each. When bitcoin took off last year, MtGox wasn’t well prepared, and in recent weeks there have been a lot of complaints by users about long delays in withdrawing coin and regular currency. There was also concern that MtGox exchange rates were typically $30-$40 higher than at other exchanges. It looks like MtGox halted withdrawals to get its systems in order.

11 Sherlock Hound  Fri, Feb 7, 2014 7:13:35pm

I don’t hold any cryptocurrency, but a guilty pleasure of mine is to lurk on the Reddit communities, /r/bitcoin and /r/bitcoinmarkets.

/r/bitcoin has as its ad, a very childishly drawn wizard (apparently done in MSPaint, Win95Windows for Workgroups that promises “Magic Internet Money”.

It’s not childish, or demeaning.

They’re really like that.

You don’t spend a fiver at the package store for a liter of Coke and a few candy bars—you spend rotten fiat! And then complain bitterly that you won’t go to the package store ever again really ‘cuz they won’t take Bitcoin!

That’s a common whine at any given moment there. Wikipedia don’t take Bitcoin? Boycott! (But interestingly, WikiLeaks does. I know which of the two I would trust more with my donation. Sorry, Julian.)

A few weeks ago when that Winklevoss associate got arrested, they were saying “oh, but why is money laundering illegal anyway. Victimless crime!” (I suppose if there were victims of guns or bombs bought with this money, that would not be relevant.)

Now, with Mt. Gox having its problems, someone goes, “well, duh, why ain’t it regulated?”

Facepalm. You wanted free markets.

They’re nuts. But I make the popcorn just the same, I just can’t help watching Reddit get stupid again. And again.


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