Bitcoin - online fad or the future?

Quantt

Established member
944 57
Lol i've never heard about MtGox) It is bad exchange? Or just scam?
Well, it was the biggest exchange in the world at the time by far and we'll newer know what exactly happened, was it a hack or inside job, but it suddenly closed...

"Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin transactions worldwide, as the largest bitcoin intermediary and the world's leading bitcoin exchange."
.....
"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. 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. The trustee's interim legal and accounting costs through that date, to be paid ultimately by creditors, were $5.5 million."

https://en.wikipedia.org/wiki/Mt._Gox
 

EddyJones

Junior member
36 0
Well, it was the biggest exchange in the world at the time by far and we'll newer know what exactly happened, was it a hack or inside job, but it suddenly closed...

"Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin transactions worldwide, as the largest bitcoin intermediary and the world's leading bitcoin exchange."
.....
"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. 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. The trustee's interim legal and accounting costs through that date, to be paid ultimately by creditors, were $5.5 million."

https://en.wikipedia.org/wiki/Mt._Gox
Really interesting.. I guess it was d-dos attacks..
 

Dagerban

Active member
104 2
Of course, time will show, but a bitcoin is very unstable at the moment. I'm not talking about halving of its value for the last couple of months. you can also make money on it, though.
 

DaveP648

Newbie
5 1
I want to be able to buy stocks directly with Bitcoin, and then sell the stocks and get Bitcoin back. Kind of like a new Swiss bank account. I've only found one company allowing this, ChainBLX. Is this a common thing? I'd like to compare companies. It would be a good way to hedge against BTC volatility.
 
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AdamCantor

Junior member
32 3
i think crypto currencies in general have a long term future in store.. too many pros outweigh the cons, from the perspective of financial institutions, i feel.........
 

AdamCantor

Junior member
32 3
super interesting read. thanks for sharing :)
 

morpher_dot_com

Newbie
3 0
I am very bullish on the prospect of cryptocurrency, but not in the ways the Bitcoin is used. Cryptocurrency is product of blockchain tokenization and there's only three types of application for it; fiat-purchase-parity, securitization, and utility.

Crypto as a fiat currency is a difficult thing to talk about. The thing is that people get in to crypto in order to subject themselves to outsized returns, but that's not the point of crypto. You wouldn't use the USD as a currency if it fluctuates the way BTC does. However, for instance at our firm we use a crypto token as a means to an end in trading other assets.

In other applications, I've also sent money across the world through crypto into markets where the banking system is too slow and it gets the job done. However, I think that the sell should be blockchain - the real future. The network of trust a validation that blockchain provides is amazing, and I think that we should be looking at a blockchain protocol as a potential replacement for SWIFT. Maybe crypto wont be used as a fiat currency, but perhaps real currencies will have a better infrastructure built around them.
 

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