12-07-2017, 11:07 AM
(This post was last modified: 12-07-2017, 11:17 AM by WRXtranceformed.)
How about the Mt. Gox exchange that filed for bankruptcy after 850,000 bitcoins (both customers' AND the company's) were "lost" / stolen.
https://en.wikipedia.org/wiki/Mt._Gox
This isn't a one time thing guys.
One thing we can agree on: no rational person is going to look at crypto as an investment right now. It's something you can play around with, gamble if you will, and see what happens maybe make a little side money. If you are moving significant investment into it you are WAY less risk averse than I am.
Another thing to consider: what happens if the Federal Reserve or other countries worldwide develop their own cryptocurrency? (yes, they are talking about it). You'll always have those "I don't trust the gubberment" people who will use something that's not officially recognized as a currency, generally for nefarious reasons, but a legitimized crypto currency would probably wreak havoc on these "brands". Ben and I were talking about this over the Thanksgiving break
Also, this should be a big red flag:
Wired Magazine reported in November 2013 that customers were experiencing delays of weeks to months in withdrawing cash from their accounts.[35][3] The article said that the company had “effectively been frozen out of the U.S. banking system because of its regulatory problems”.
If you keep money in a virtual space anywhere that isn't insured or regulated and you are fine with that, I definitely don't feel bad for you if it gets stolen.
I'm not above throwing some money at Ethereum or BTC just to see if I can get a new watch out of it, but if I did you better believe I'm not leaving it in an online exchange somewhere. I'll stuff that thumb drive in my safe
https://en.wikipedia.org/wiki/Mt._Gox
This isn't a one time thing guys.
Quote:By May 2016, creditors of Mt. Gox had claimed they lost $2.4 trillion when Mt. Gox went bankrupt, which they asked be paid to them.[92] The Japanese trustee overseeing the bankruptcy said that only $91 million in assets had been tracked down to distribute to claimants, despite Mt. Gox having asserted in the weeks before it went bankrupt that it had more than $500 million in assets.[93] The trustee's interim legal and accounting costs through that date, to be paid ultimately by creditors, were $5.5 million.
One thing we can agree on: no rational person is going to look at crypto as an investment right now. It's something you can play around with, gamble if you will, and see what happens maybe make a little side money. If you are moving significant investment into it you are WAY less risk averse than I am.
Another thing to consider: what happens if the Federal Reserve or other countries worldwide develop their own cryptocurrency? (yes, they are talking about it). You'll always have those "I don't trust the gubberment" people who will use something that's not officially recognized as a currency, generally for nefarious reasons, but a legitimized crypto currency would probably wreak havoc on these "brands". Ben and I were talking about this over the Thanksgiving break
Also, this should be a big red flag:
Wired Magazine reported in November 2013 that customers were experiencing delays of weeks to months in withdrawing cash from their accounts.[35][3] The article said that the company had “effectively been frozen out of the U.S. banking system because of its regulatory problems”.
(12-07-2017, 10:54 AM)CaptainHenreh Wrote: But I'm not gonna ask Men With Guns to go require bitcoin exchanges to have insurance.
If you keep money in a virtual space anywhere that isn't insured or regulated and you are fine with that, I definitely don't feel bad for you if it gets stolen.
I'm not above throwing some money at Ethereum or BTC just to see if I can get a new watch out of it, but if I did you better believe I'm not leaving it in an online exchange somewhere. I'll stuff that thumb drive in my safe
Posting in the banalist of threads since 2004
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks