Drudge Retort: The Other Side of the News
Tuesday, February 25, 2014

Mt. Gox, once the world's biggest bitcoin exchange, looked to have essentially disappeared on Tuesday, with its website down, its founder unaccounted for and a Tokyo office empty bar a handful of protesters saying they had lost money investing in the virtual currency. It was not clear what has become of the exchange, which this month halted withdrawals indefinitely after detecting "unusual activity." A global bitcoin organization referred to the exchange's "exit," while angry investors questioned whether it was still solvent.

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Doc_Sarvis

 

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"If you buy bitcoins, you should buy keeping in mind that the value could be zero the day after." -- Mt. Gox CEO Mark Karpeles

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Stories like this prove that there is a sucker born every minute.

#1 | Posted by 726 at 2014-02-25 10:09 AM | Reply | Flag:

"Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. "

What could have possibly gone wrong with that scenario?

#2 | Posted by 726 at 2014-02-25 10:11 AM | Reply | Flag: | Funny: 5 | Newsworthy 1

"I don't think that anybody could have predicted..."
- Condoleezza "What, Me Worry?" Rice

#3 | Posted by Doc_Sarvis at 2014-02-25 12:16 PM | Reply | Flag: | Funny: 1

Anyone check on Ray this morning?

#4 | Posted by Harry_Powell at 2014-02-25 01:59 PM | Reply | Flag:

Bitcoin is fine. It's not any more of a ponzi scheme than the U.S. economy, currently be pumped up at the Federal Reserve with something called QE.

#5 | Posted by nullifidian at 2014-02-25 02:02 PM | Reply | Flag:

Bitcoin is fine. It's not any more of a ponzi scheme than the U.S. economy, currently be pumped up at the Federal Reserve with something called QE.

#5 | POSTED BY NULLIFIDIAN

I wish more left-leaning people would recognize the criminality that QE is.

#6 | Posted by JeffJ at 2014-02-25 02:05 PM | Reply | Flag:

I listened to a long bitcoin explanation on a respected philly financial show...and I couldn't understand a word of it!

Kept thinking...if there on a hard drive how can you keep them safe, after all HD's crash, and malware is everywhere...

#7 | Posted by DavetheWave at 2014-02-25 06:23 PM | Reply | Flag:

Bitcoin is fine. It's not any more of a ponzi scheme than the U.S. economy, currently be pumped up at the Federal Reserve with something called QE.

yeah sure...when Obama leaves office he is taking the U.S. economy with him like Bush did I suppose.

#8 | Posted by donnerboy at 2014-02-25 08:30 PM | Reply | Flag:

QE is a game everyone is playing right now. You don't want to be the guy who is not devaluing their currency. That person loses.

#9 | Posted by BruceBanner at 2014-02-25 10:10 PM | Reply | Flag:

good thing i dumped my bitcoin for dogecoin, lol...

you gotta keep on your toes--- to the moon!

#10 | Posted by NerfHerder at 2014-02-25 10:33 PM | Reply | Flag: | Funny: 1

In the competition for devaluation, I think the so-called bitcoin wins.

#11 | Posted by Harry_Powell at 2014-02-25 11:05 PM | Reply | Flag:

If you leave anything more than you are prepared to lose in an exchange house then you are a fool.

#12 | Posted by Ben_Berkkake at 2014-02-26 12:32 AM | Reply | Flag:

Kept thinking...if there on a hard drive how can you keep them safe, after all HD's crash, and malware is everywhere...

The data necessary to access your bitcoins doesn't have to be stored on a hard drive.

#13 | Posted by Ben_Berkkake at 2014-02-26 12:34 AM | Reply | Flag:


If you leave anything more than you are prepared to lose in an exchange house then you are a fool.

#12 | POSTED BY BEN_BERKKAKE AT 2014-02-26 12:32 AM

That is the same policy I have with strip clubs. The difference is that I don't consider lap dances to be a form of currency.

#14 | Posted by DRJIMMIES at 2014-02-26 01:17 AM | Reply | Flag:

That is the same policy I have with strip clubs. The difference is that I don't consider lap dances to be a form of currency.
#14 | Posted by DRJIMMIES

An investment, perhaps?

#15 | Posted by Doc_Sarvis at 2014-02-26 06:32 AM | Reply | Flag:

Digital currencies will be fine and they are not going anywhere. There was a lot of fraud with the subsequent groups after the early adopters when people saw the money potential. The new groups of investors that started popping up in 2013 are far more legitimate business types.

Lesson here is, stop keeping hoards of coins in the exchanges. Everyone tells people not to do it and a couple exchanges recommend that you withdraw your coins after a certain amount, due to the possible security risk. Digital wallets (equivalent of a bank) are just starting to come about, but even them i dont trust yet.

Kept thinking...if there on a hard drive how can you keep them safe, after all HD's crash, and malware is everywhere...

#7 | Posted by DavetheWave at 2014-02-25 06:23 PM | Reply | Flag:

Learn about digital encryption for drives. The technology is so prevalent now and hard drives are cheap. Not to mention virtual hard drives are even cheaper and portable. You can even mix multiple encryption software!

#16 | Posted by daniel_3 at 2014-02-26 09:31 AM | Reply | Flag:

Lesson here is, stop keeping hoards of coins in the exchanges.

The two greatest drivers to lose money is 1)greed and 2)fear.

#17 | Posted by 726 at 2014-02-26 09:39 AM | Reply | Flag:

I wish more left-leaning people would recognize the criminality that QE is.

#6 | Posted by JeffJ

As long as all the right-leaning people recognize that a repub administration would be pursuing the same policy.

#18 | Posted by SpeakSoftly at 2014-02-26 01:04 PM | Reply | Flag:

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