Category Archives: Bitcoin
A peer to peer cryptographic trading network and also the name of the tokens traded on the network. No central authority controls Bitcoin, but its inventor nom de plume ‘Satoshi Nakamoto’ has 9% of all Bitcoins in circulation, and has never spent any.
A friend called me just over a month ago telling me about Maxcoin, the new Max Keiser endorsed crypto currency. I said I do some research and let him know if it was wort thinking about or investing in.
Yes it really was the new Max Keiser endoresed cytpto currency, he previously endorsed the copper lark, which you probably haven’t heard of because it was a pump and dump scheme, and few people still take it seriously.
This fact alone was warning enough, there were some rumors that the SHA-3 algorithm has NSA back doors in it, but I was out at pump and dump.
Then came the famously botched launch, a huge pump and dump and then, living in denial for the next month, thinking eventually the price will spike like it did in the early days (not realizing that was pure market manipulation). And then a flood of articles pronouncing it dead and buried, told ya so.
Currently a max is worth 1/1500th of a bit coin and the value is steadily dropping, completely defeating the entire point of a crypto currency.
Originally a site for trading Magic the Gathering (MTG) cards, Karpeles purchased the exchange shortly after it was converted to a Bitcoin trading site. MtGox under the ownership of Karpeles became the largest Bitcoin Exchange in the world handling 70% of Bitcoin trades.
For more than six months there have been complaints of extraordinary delays in cash payment for bitcoin on the exchange. This fueled rumors leading many to believe there were no actual funds available, and that the site was manipulating the price of Bitcoin and taking large speculative positions rather than simply being a exchange fee collector.
On 24 February 2014 MtGox announced it had lost 744 thousand Bitcoins due to previously undetected frauds. This would be worth 372 million dollars, 16 times the value of the company, its unlikely that such a large fraud would go undetected for such a long time in a highly computerized business with only 10 employees. MtGox’s problems have been known internally for some time and exacerbated to damage to the Bitcoin community by trading while insolvent for some time. It seems highly likely this was a deliberate fraud by one or more insiders.
More than 100,000 people have been left with a loss by dealing with MtGox 90% of them outside Japan.
So MtGox is gone and has left a massive dollar hole in the Bitcoin market, which all goes to show centralized control of a currency is the real problem.
Dogecoins value and trade volume have been unaffected by the controversy reported a Shiba Inu spokesman.
The Maxcoin launch turned into a complete disaster. The YouTube comments are surprisingly good for this video. The funny thing with crypto currency is no one every trashes a coin without shilling up their own coin.
Please do your own research before any investment.
It started out as an internet meme of a dog on a couch, made into the mascot of a cryptocurrrency ( similar in principle to bitcoin). But now this underdog has had a massive surge in value, increasing by more than 500% in the last week. As stated it is similar to Bitcoin for those not acquainted with the Bitcoin/altcoin/cryptocurrency world, but has significant differences. It has a maximum number of coins at 100 Billion compared to Bitcoins 21 million. The block time ( related to transaction time) of just 1 minute compared to Bitcoins 10 minutes, and those lucky enough to have mined this coin are being rewarded with block reward shares of 500,000 DOGE.
Could DOGE be the dark horse of the crypto currency world, after all the first player in the golden age of any industry is rarely the one to survive once the industry matures.
For those still totally mystified, 1000 DOGE is currently trading at about $2.21 AUD, last week 1000 DOGE would have been about $0.19 AUD.
In keeping with the DOGECOIN theme all I can say is:
WOW, Such currency!
Bitcoin sis certainly not dead. This latest price hike is apparently based on Chinese businessmen seeing the real estate market tank and tired of capital flight (and other) laws are moving into Bitcoin. Of course many use Bitcoin as a way of avoiding taxes and regulations, avoiding regulations (and making a deal) is somewhat of a Chinese tradition. You only have to see a Chinese Buddhist monk in the middle of a group ceremonial dance stop dead to answer his mobile phone to know that making an arrangement is a very serious matter. People ate already talking about $10,000USD Bitcoins. Of course there are about 12M bitcoins in circulation and there is a limit of 21M (by 2140), and fiat currencies (like the US Dollar) keeps spewing out more worthless paper and plastic. I doesn’t take a genius to work out scarcity is a fundamental driver of economics.
In trying to get a local take on the bitcoin market I stumbled into this local Bitcoin trader, who ran out of Bitcoins today. I’m sure s/he will try to get more.
On October 2nd 2013 Silk road (the notorious and biggest ‘no question asked’ online bit coin market place) went offline, most likely forever.
It’s founder arrested on a number of charges.
Silk road and other market places like it (which are now competing for silk roads formerly commanding market share) are the places that created the perception that bit coin was only for shady deals.
Any currency can be used for shady deals, Australian dollars, US dollars or Euros it really makes little difference. Following the shut down of Silk road bit coin prices took a large initial hit in price dropping 10% in a day but recovering most of the losses in the following 3 days. This means either the competitors to silk road a really stepping up to the plate ( and hoping they are better at staying out of jail) or the shady deals are only a small part of the bitcoin market that it can survive without. Most likely both reasons are somewhat true.