Bitcoin and Digital Currencies:

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501 TuefelHundenIV11th Mar 2014 06:24:06 PM from Wandering. , Relationship Status: [TOP SECRET]
Watchmen of the Apocalypse
Ouch. That is pretty damning on both counts.
"Who watches the watchmen?"
502 Joesolo11th Mar 2014 06:26:45 PM from Wouldn't you like to know... , Relationship Status: watch?v=dQw4w9WgXcQ
Indiana Solo
for awhile I was considering putting a little money in it to try and mess around with investing but never got around to it. Glad I didn't now.
503 Silasw11th Mar 2014 06:40:37 PM from The UNITED Kingdom , Relationship Status: And they all lived happily ever after <3
A procrastination in of itself
Can I just express my shock at the fact that Texas has a regulator that can tell oil companies what to do?
"And the Bunny nails it!" ~ Gabrael

"If the UN can get through a day without everyone strangling everyone else so can we." ~ Cyran
504 Joesolo11th Mar 2014 07:13:51 PM from Wouldn't you like to know... , Relationship Status: watch?v=dQw4w9WgXcQ
Indiana Solo
[up] wrong thread?
505 Silasw11th Mar 2014 07:20:23 PM from The UNITED Kingdom , Relationship Status: And they all lived happily ever after <3
A procrastination in of itself
Nope, I was responding to the last post on the previous page ("Texas regulator orders oil company to stop accepting bitcoins."), though I admit to being slightly off topic...
"And the Bunny nails it!" ~ Gabrael

"If the UN can get through a day without everyone strangling everyone else so can we." ~ Cyran
506 DeviantBraeburn14th Mar 2014 12:24:39 PM from Dysfunctional California
Wandering Jew
Everything is Possible.

But some things are more Probable than others.
JEBAGEDDON 2016

507 optimusjamie14th Mar 2014 01:13:56 PM from Right here , Relationship Status: Tongue-tied
Smeghead
I've heard some people say that Bitcoin is a scam. How accurate is that?
508 LeGarcon14th Mar 2014 01:16:14 PM from Skadovsk , Relationship Status: Gay for Big Boss
Blowout soon fellow Stalker
From the looks of it? Very.

Millions worth are being stolen from all the bitcoin online banks or whatever the proper term is.

Oh really, when?
509 SeptimusHeap14th Mar 2014 01:19:21 PM from Valle di Muggio, Switzerland , Relationship Status: Mu
Tadpole
I think that banks have considered this possibility already, but beyond supposition there is no clear evidence.
510 LeGarcon14th Mar 2014 01:20:47 PM from Skadovsk , Relationship Status: Gay for Big Boss
Blowout soon fellow Stalker
Well maybe it's not quite a scam per se but it's apparently hilariously easy to lose your money
Oh really, when?
Bitcoin itself is not a scam. A lot of the "financial services" type of businesses using it are very dodgy though. And it's a very risky form of investment.

edited 14th Mar '14 1:22:47 PM by Sixthhokage1

512 Fighteer14th Mar 2014 01:40:07 PM from the Time Vortex , Relationship Status: Dancing with Captain Jack Harkness
Geronimo!
While it is not a scam per se, the fact of it being driven up by people who are clearly profit-taking on it does render it into something of an unstable commodity — that and the outright fraud and theft. If you buy in, do so as you would with any other extremely risky investment — don't bet with money you can't afford to lose. Especially don't jump in if you are just doing it because "woo Libertarian money!"

edited 14th Mar '14 1:50:18 PM by Fighteer

513 DeviantBraeburn14th Mar 2014 02:53:07 PM from Dysfunctional California
514 Fighteer14th Mar 2014 02:53:47 PM from the Time Vortex , Relationship Status: Dancing with Captain Jack Harkness
Geronimo!
Compensation from whom? No government regulates or backs bitcoin; that's the whole point! I want to Face Palm at the hypocrisy of the lawsuit. If you invest in the ultimate free market libertarian currency, don't expect any government or bank to bail you out.

edited 14th Mar '14 2:55:14 PM by Fighteer

515 DeviantBraeburn14th Mar 2014 02:56:54 PM from Dysfunctional California
Wandering Jew
Compensation from whom?

From the owners of Mt.Gox (Mark Karpeles and Jed Mc Caleb).

EDIT: [down][nja]

edited 14th Mar '14 2:58:03 PM by DeviantBraeburn

Everything is Possible.

But some things are more Probable than others.
JEBAGEDDON 2016

516 Achaemenid14th Mar 2014 02:57:20 PM from Blades , Relationship Status: And here's to you, Mrs. Robinson
Mr?
[up][up]

Read the article.

The lawsuit targets Mt. Gox and its two owners, Mark Karpeles and Jed Mc Caleb, as well as a one of the largest banks in Japan, according to a notice of action to Ontario Superior Court...The Canadian action also names Mizuho Bank on the grounds that the Japanese financial institution held an account with non-bitcoin currency that was transferred from the personal bank accounts of users to the Mt. Gox exchange.

They're suing the people they feel are responsible. I doubt they expect full restitution because I doubt Karpeles and Gox have the cash, but if you start your bargaining position high...

edited 14th Mar '14 2:57:31 PM by Achaemenid

517 Fighteer14th Mar 2014 03:01:07 PM from the Time Vortex , Relationship Status: Dancing with Captain Jack Harkness
Geronimo!
That makes slightly more sense, and I hope they win that case, but I doubt the cash exists to pay out more than a fraction of the claim.
The Razruchityel
Isn't Mt. Gox bankrupt? How do they expect the people to pay them the money?
519 Achaemenid14th Mar 2014 03:10:53 PM from Blades , Relationship Status: And here's to you, Mrs. Robinson
Mr?
[up]

Bankruptcy doesn't mean "I have no money at all", it means "my obligations exceed my assets". Let's say you lend me $1000 and I only have $700. I file for bankruptcy, and you get the $700. I didn't have no money to give you, I just didn't have enough to meet my obligation to repay your $1000.

What the Canadians are doing is calling in the obligation Mt Gox owes them in the most aggressive manner possible, probably hoping to grab their pile of Gox's cash before it's other creditors and also to get Karpeles' personal assets as well, rather than just Gox's company assets. I doubt they expect full restitution, and, to me, this looks a bit like throwing good money after bad, but they might just manage to get a few cents on the dollar, which, if it exceeds their legal costs, is at least something, even if it doesn't cover their loss.
This tiny forest is where all the action is!
Now, is bankruptcy split up by percentage of money owed?

Like if I owe two people $10,000, but $10,000 is all I have, they get $5,000 each?

If that's the case, could this mean that each Mt. Gox customer will get a certain percent of the money they put in there? Otherwise, will we each get a flat amount of money back?
521 Fighteer14th Mar 2014 03:57:17 PM from the Time Vortex , Relationship Status: Dancing with Captain Jack Harkness
Geronimo!
In most bankruptcies, claims are tallied and then assigned priorities. The total amount of funds available to pay out is then allocated according to those priorities. This means that some claimants may get 100% of their money while others get nothing, or a tiny fraction. It's all very complex and earns lots of money for lawyers. Who, of course, get first claim.

edited 14th Mar '14 4:44:58 PM by Fighteer

I found this part interesting:

Were never going to find out whats going on unless we start a lawsuit because its the only way were going to get access to the records, Charney said in an interview.

Its really the only way to get the thing going.

I think a rat has been smelt.
523 SKJAM15th Mar 2014 08:31:04 AM from Minneapolis , Relationship Status: Cast away
Great and Powerful
Government usually gets the first grab in bankruptcies, followed by secured debt, and then everyone else. (Secured debt is where you have put up collateral, like your house or car.) Student loans are non-dischargable, meaning you have to pay 100% regardless.
524 Achaemenid15th Mar 2014 10:55:03 AM from Blades , Relationship Status: And here's to you, Mrs. Robinson
Mr?
It's all very complex and earns lots of money for lawyers. Who, of course, get first claim.

Of course they do, otherwise no-one would practice insolvency law. Why act for someone with no money?
Buck it, Dude
It's fair enough to an extent. The lawyers get a cut in exchange for making sure that the disbursement is orderly. If you go without lawyers (that is, never declare bankruptcy and deal with your creditors piecemeal), it's likely to be a lose-lose situation: the debtor will not pay as much, but go through the rest of their existence hounded by creditors. Meanwhile, what the creditors can get from the debtors, even in the long run, could be a giant runaround, a bunch of red-tape, and/or a tiny trickle of payments, less than if they had paid an attorney's office to get a bigger share quickly and relatively painlessly.

While this definitely encourages lawyers to exploit people in a bad situation to get them to come to the conclusion that they want, it's still better than the alternative.

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