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Forum - Wall Street Pit    Stock Due Diligence for All

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From: ftudor (Rep: 74) reply to ninjaninjaDate: 02/25/2014 21:26
Forum: Wall Street Pit - Msg #2455706Thread #673637344 (Rec: 2)
I told you I would get you an answer. And here it is.

Buying bitcoin today is low risk now that gox has collapsed into nothing. Go ahead and buy.

700,000 bitcoins were stolen... peeled off the MtGox exchange over time. Roughly $350 million dollars in bitcoin is missing. On top of that there have been botnet coin thefts via a third generation rootkit type virus that is very subtle. People are saying they walk away from their computer come back and coins are in the process of transferring out of their wallet.

After Gox had problems all the the other exchanges got DDoSd and it was massive from what I hear. They were testing other exchanges for weaknesses or for vulnerabilities while gox trapped traders in their exchange and choked the life out of them by inducing the panic selling (it didn't matter no coins or cash were leaving the exchange as we later found out). The idea was to collapes MTgox and in a month return as just gox.com on the new Midas Engine. But an internal document got leaked that outlined the plan yesterday. These people are going to need protection, if they don't, they will be murdered.

Everyone read about how people were flying in and camping at MtGox HQ and that they had to slip out the back and go to their old office.

The other exchanges. Circle, Kraken, Coinbase even BTC-e on the other side of the world are in good condition. They all put out statements in the case of coinbase, they asked their competitor (the guy who runs blockchain.info) to come over and do a independent assessment. Everything checked out.

All the remaining exchanges have banded together to calm everyone down. BTC-e is an exclusion to this. They are operating in eastern Europe and have to work in secrecy because of rampant corruption in the region. No one can find them but they are some of the best developers I have seen (from a functional perspective).

Back to the future...Recall that every crisis is an opportunity. It just reminds you that bad things can happen. Even in our stock markets.

Bitcoin isn't going anywhere. Buy your bitcoins and use them or save them.

If you are new to bitcoin. You have to install a wallet. Then you can go over to coinbase and buy some.

Visit bitcoinwisdom.com, and coinmarketcap.com to see prices and how coins trades. This all inception phase stuff so you will see some weirdness, some silly stuff, people that think they know things, traders that talk kind of like us but they use phrases that are totally stupid (or wrong, or out of context), they talk about whales and crashes every ten seconds (like there is a market crash every ten seconds), but they are trying to scare others out of position to create liquidity. They call them bots. Like as in trading bots, what we call algo trading over here. But with them it is more basic and kind of stupid.

Exchanging money for coin is a pain. You get middled everywhere, and your timing will suck (count on it).

On coinbase my coins take over four days to clear. but they are are the safest place to hang in the interim and Coinbase has a very clean interface. Once my coins clear I pull them to my local wallet and use them or sell them. There are other places to buy coin, you'll figure it out.

Remember it is amatuer night in bitcoin world. so anyone of us could become a whale "as they say"...silly.

Anyways hope this helps, or entertains (if nothing else). Just remember to ASAP take your coin off the exchanges and on to your local wallet, or learn how to cold storage your coin.

Re: So are you loading on this opportunity? Re: Everyone here has super-human str...

Moral disapproval is a powerful stimulant

Peace, commerce and honest friendship with all nations--entangling alliances with none. ~ Thomas Jefferson (First Inaugural Address) 

War therefore from its productiveness as it easily furnishes the pretense of necessity for taxes and appointments to places and offices becomes the principal part of the system of old governments and to establish any mode to abolish war however advantageous it might be to nations would be to take from such government the most lucrative of its branches ~ Thomas Paine

Reply to ninjaninja - Msg #2455514 - 02/25/2014 12:19

So are you loading on this opportunity? Re: Everyone here has super-human strength in speculation.
NOTE: This message has been revised 6 times. Read original version of this message.
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