If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(CNN)   Mt. Gox website has been taken down, shocking many who thought exchanging real money for fake online currency through a website set up to trade Magic: The Gathering cards was a solid idea   (money.cnn.com) divider line 231
    More: Obvious, Gox, bitcoins, digital currency, rebrand  
•       •       •

1442 clicks; posted to Business » on 25 Feb 2014 at 1:14 PM (43 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



231 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

First | « | 1 | 2 | 3 | 4 | 5 | » | Last | Show all
 
2014-02-25 12:18:07 PM  
I'M RUINED!
 
2014-02-25 12:23:57 PM  
It's a dark day for our nation's fedoradashers
 
2014-02-25 12:32:40 PM  
What is scary is that I am not sure Subby isn't kidding about the Magic cards.
 
2014-02-25 12:38:08 PM  

Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.


MTGox

Magic The Gathering

It's for real.
 
2014-02-25 12:41:25 PM  
Its OK, I've got a back up stash of Bennie Babies to tide me over.
 
2014-02-25 12:48:24 PM  

impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.


Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!
 
2014-02-25 12:53:44 PM  
impaler
MTGox

Magic The Gathering


MTG Online Exchange
 
2014-02-25 01:02:27 PM  
So, in the space of about 13 months we've seen Bitcoin prices go from $2.00 to nearly $1200.00 back down to about $500.00, but a large chunk of the world's supply has suddenly gone missing and nobody knows exactly what is happening?

Sounds like a good investment to me. Anyone who didn't get out of Bitcoin back when it was above $1000 is crazy. Absolutely crazy. When you've nearly got parity with the price of an ounce of gold, how could you possibly think that wasn't overvalued?
 
2014-02-25 01:15:37 PM  

Fubini: Sounds like a good investment to me. Anyone who didn't get out of Bitcoin back when it was above $1000 is crazy. Absolutely crazy. When you've nearly got parity with the price of an ounce of gold, how could you possibly think that wasn't overvalued?


Anyone who didn't get out were the people you see at casinos up $5k but letting it ride on Black 13.
 
2014-02-25 01:16:28 PM  

Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!




From what I've seen and heard about this, this got caught up in a lot of the RON PAUL "fiat currency" nonsense. I had some guy I work with who's a big fan of the PAULs try to explain to me why Bitcoins were more valuable than government issued currency. I couldn't quite penetrate the derp to know exactly what his argument was, except that it was something to do with how Bitcoins are "scarce" while government currency floats. I had to end the conversation because I felt blood vessels in my brain about to blow. I can only handle so much derp at one time.
 
2014-02-25 01:17:50 PM  

Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!


The best part is that all of it was predicted in Cryptonomicon. Right down to someone trying to start a new non-national online currency modeled on the way people trade Magic the Gathering cards.
 
2014-02-25 01:19:40 PM  

Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!


I only trade in Electrum Pieces.
 
2014-02-25 01:19:50 PM  

Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!


No, MTGox used the infrastructure it built to trade magic cards, for trading bitcoins.  MTG Online uses purely digital cards, so the principle basically is the same.


Funny thing, if you invested in Magic cards, you probably will have more money than in bitcoins:  http://blacklotusproject.com/cards/Future+Sight/Tarmogoyf/
 
2014-02-25 01:20:19 PM  
Wow, less than a month in and it looks like this bet has already been decided.
 
2014-02-25 01:21:42 PM  

HotWingAgenda: Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!

The best part is that all of it was predicted in Cryptonomicon. Right down to someone trying to start a new non-national online currency modeled on the way people trade Magic the Gathering cards.


We just need to set up shop in Kinakuta.
 
2014-02-25 01:21:45 PM  

HotWingAgenda: Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!

The best part is that all of it was predicted in Cryptonomicon. Right down to someone trying to start a new non-national online currency modeled on the way people trade Magic the Gathering cards.



So... so... What happens next!?
 
2014-02-25 01:23:04 PM  

Fubini: o, in the space of about 13 months we've seen Bitcoin prices go from $2.00 to nearly $1200.00 back down to about $500.00


Still not bad if you got in below two, but I can see liquidity being a problem in the near future.
 
2014-02-25 01:26:12 PM  

RoyFokker'sGhost: I only trade in Electrum Pieces.


5 to 1 EP for GP minus 10% for trading costs, we can make this work.
 
2014-02-25 01:26:13 PM  

plcow: HotWingAgenda: Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!

The best part is that all of it was predicted in Cryptonomicon. Right down to someone trying to start a new non-national online currency modeled on the way people trade Magic the Gathering cards.


So... so... What happens next!?


Russian hitman offs the owner of the site in Fiji?
 
2014-02-25 01:26:36 PM  

RoyFokker'sGhost: Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!

I only trade in Electrum Pieces.


The only proper currency to discuss on Fark is gold-pressed latinum.
 
2014-02-25 01:27:01 PM  

smells_like_meat: Its OK, I've got a back up stash of Bennie Babies to tide me over.


Sucker!! You should diversify more. I am into NASCAR and Star Trek Franklin mint plates, Gulf War 1 trading  cards and my investments into amagalmated betamax inc should keep me good for a long while.
 
2014-02-25 01:28:48 PM  

jake_lex: From what I've seen and heard about this, this got caught up in a lot of the RON PAUL "fiat currency" nonsense. I had some guy I work with who's a big fan of the PAULs try to explain to me why Bitcoins were more valuable than government issued currency. I couldn't quite penetrate the derp to know exactly what his argument was, except that it was something to do with how Bitcoins are "scarce" while government currency floats. I had to end the conversation because I felt blood vessels in my brain about to blow. I can only handle so much derp at one time.


Basically the Federal Reserve inflates money to "worthlessness" (see that stupid "USD lost 95% of its value" stat), while Bitcoin and gold-backed currency are deflationary and become more "valuable" over time.
 
2014-02-25 01:29:32 PM  

jake_lex: Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!

From what I've seen and heard about this, this got caught up in a lot of the RON PAUL "fiat currency" nonsense. I had some guy I work with who's a big fan of the PAULs try to explain to me why Bitcoins were more valuable than government issued currency. I couldn't quite penetrate the derp to know exactly what his argument was, except that it was something to do with how Bitcoins are "scarce" while government currency floats. I had to end the conversation because I felt blood vessels in my brain about to blow. I can only handle so much derp at one time.


Bitcoin was intentionally created with the Ron Paul fiat currency ideals in mind.  Just never explicitly stated.

It is "scare", because there is a finite number of bitcoins in the world. (just how the numbers 1-100 are finite)
The system is "decentralized" because each actor keeps a COMPLETE record of EVERY transaction ever made  (their serious plan for scaling is "moore's law")
The system is "anonymous" so the evil government can't prosecute you for the liberty of trading child pornography.


The system can't scale, is vulnerable to mass bad actors colluding, based on absolutely nothing (like a fiat currency) and is inherently DEFLATIONARY.  It was created to give computer nerd libertarians an orgasm, and maybe make them some wealth.
 
2014-02-25 01:31:14 PM  

jake_lex: From what I've seen and heard about this, this got caught up in a lot of the RON PAUL "fiat currency" nonsense. I had some guy I work with who's a big fan of the PAULs try to explain to me why Bitcoins were more valuable than government issued currency. I couldn't quite penetrate the derp to know exactly what his argument was, except that it was something to do with how Bitcoins are "scarce" while government currency floats. I had to end the conversation because I felt blood vessels in my brain about to blow. I can only handle so much derp at one time.


Here's the funny part. One day (and I assume that day will be soon) various governments will issue their own digital currency. That currency will be just as secure as bitcoin (and could be just as anonymous as cash), but it will be a fiat currency with monetary supply controls, rather than the limited-supply cryptocurrency approach.

The world is already halfway there- a lot of people spend 'virtual' money through debit cards and credit cards, then pay those balances with checks or direct deposit/withdrawals, never seeing the physical money. The *only* draw of bitcoins is their anonymity, lack of legal oversight, and (if you go in for it) the fixed supply. Once government-sponsored digital currencies become as easy to use as bitcoin, the value will plummet and stay there.
 
2014-02-25 01:32:56 PM  

Fubini: So, in the space of about 13 months we've seen Bitcoin prices go from $2.00 to nearly $1200.00 back down to about $500.00, but a large chunk of the world's supply has suddenly gone missing and nobody knows exactly what is happening?

Sounds like a good investment to me. Anyone who didn't get out of Bitcoin back when it was above $1000 is crazy. Absolutely crazy. When you've nearly got parity with the price of an ounce of gold, how could you possibly think that wasn't overvalued?


There are fewer Bitcoins now, reduced supply more value.  The weakness have been exposed and can be fix, increased confidence more demand.  I see this as being one of those don't miss chances, $3,600 by then end of the year and over $5,000 in 18 months.  Get in now.

/Interview with Fox Business on Friday just practicing.
 
2014-02-25 01:32:57 PM  

Fubini: jake_lex: From what I've seen and heard about this, this got caught up in a lot of the RON PAUL "fiat currency" nonsense. I had some guy I work with who's a big fan of the PAULs try to explain to me why Bitcoins were more valuable than government issued currency. I couldn't quite penetrate the derp to know exactly what his argument was, except that it was something to do with how Bitcoins are "scarce" while government currency floats. I had to end the conversation because I felt blood vessels in my brain about to blow. I can only handle so much derp at one time.

Here's the funny part. One day (and I assume that day will be soon) various governments will issue their own digital currency. That currency will be just as secure as bitcoin (and could be just as anonymous as cash), but it will be a fiat currency with monetary supply controls, rather than the limited-supply cryptocurrency approach.

The world is already halfway there- a lot of people spend 'virtual' money through debit cards and credit cards, then pay those balances with checks or direct deposit/withdrawals, never seeing the physical money. The *only* draw of bitcoins is their anonymity, lack of legal oversight, and (if you go in for it) the fixed supply. Once government-sponsored digital currencies become as easy to use as bitcoin, the value will plummet and stay there.


Dogecoin will inflate forever. Many coin. So wow.
 
2014-02-25 01:33:40 PM  
Mafia not happy about this.
 
2014-02-25 01:38:05 PM  

Esc7: The system is "anonymous" so the evil government can't prosecute you for the liberty of trading child pornography.


Nevermind the fact that using and exchanging bitcoins is *not* anonymous. The very nature of the system requires all transactions to be logged in the blockchain. Put in layman's terms, the nature of bitcoin requires all transactions to be publicly visible to everyone.

Somewhere along the line people got the idea that "internet = anonymous" (though that isn't true either) and that seems to have transferred over to bitcoin somehow.
 
2014-02-25 01:43:48 PM  

Kristoph57: The only proper currency to discuss on Fark is gold-pressed latinum.


I prefer to rock it old school and trade in quatloos.
 
2014-02-25 01:47:09 PM  
Good thing all my cryptocurrency investments are tied up in Coinye; they're so valuable, NOBODY is trading them.

/oh wait...
 
2014-02-25 01:50:12 PM  
The market did stabilize pretty fast at around $500 per bit coin, but I have to wonder how long it is before a whiff of trouble at another exchange will cause a run on the exchange that puts it out of business in a similar manner.
 
2014-02-25 01:52:21 PM  
Dust in the wind...
 
2014-02-25 01:57:21 PM  
I have been mining coin since Bitcoin was around $100, and litecoin around $2. I never used Mt. Gox. If speculators had paid attention, and realized that a card game was their only real claim to fame, they could have avoided Mt. Gox, too.

This is a bump in the road, and bitcoin will survive it. If it drives away the gamblers looking for a get rich quick scheme, good riddance.
 
2014-02-25 01:57:44 PM  
A friend was bragging yesterday about picking up 28 bitcoins on Mt. Gox for a mere $200 each.

This morning he posted about how he's not very good at "stock trading"

His latest post is relaying a rumor that Mt. Gox will be back up in a month.

Some people gotta learn by pissing on the electric fence for themselves...
 
2014-02-25 01:59:40 PM  

Esc7: Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!

No, MTGox used the infrastructure it built to trade magic cards, for trading bitcoins.  MTG Online uses purely digital cards, so the principle basically is the same.


Funny thing, if you invested in Magic cards, you probably will have more money than in bitcoins:  http://blacklotusproject.com/cards/Future+Sight/Tarmogoyf/


I have a crapload of original magic cards from 93 and 94, including a handful of Moxes.  I have yet to find anyone that will buy them at exchange prices that doesnt smell immediately like a giant scam.
 
2014-02-25 02:01:14 PM  

uncoveror: I have been mining coin since Bitcoin was around $100, and litecoin around $2. I never used Mt. Gox. If speculators had paid attention, and realized that a card game was their only real claim to fame, they could have avoided Mt. Gox, too.

This is a bump in the road, and bitcoin will survive it. If it drives away the gamblers looking for a get rich quick scheme, good riddance.


The problem is that it is a bump in a road to nowhere.  Yes, there will still people who make a ton of money on bitcoin (and of course plenty of people who lose a ton of money on it).  But there is no endgame.
 
2014-02-25 02:04:14 PM  
Bitcoins are the currency of the future.
Just like how dipping dots were the icecream of the future.
 
2014-02-25 02:06:28 PM  

Hollie Maea: uncoveror: I have been mining coin since Bitcoin was around $100, and litecoin around $2. I never used Mt. Gox. If speculators had paid attention, and realized that a card game was their only real claim to fame, they could have avoided Mt. Gox, too.

This is a bump in the road, and bitcoin will survive it. If it drives away the gamblers looking for a get rich quick scheme, good riddance.

The problem is that it is a bump in a road to nowhere.  Yes, there will still people who make a ton of money on bitcoin (and of course plenty of people who lose a ton of money on it).  But there is no endgame.


I think the endgame is included in next Tuesday's update patch. Servers will be down for four hours while they get right on that.
 
2014-02-25 02:07:22 PM  

beezeltown: plcow: HotWingAgenda: Ennuipoet: impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.

Holy shiat.  And people thought this was a good place to put their "money"?

Hey everyone, I am starting a new currency based on Gold Pieces from Advanced Dungeons and Dragons!  For one dollar, real money, I will give you 100gp!  It's a sure thing!  Buy now, while my 8th Level Thief's supplies last!

The best part is that all of it was predicted in Cryptonomicon. Right down to someone trying to start a new non-national online currency modeled on the way people trade Magic the Gathering cards.


So... so... What happens next!?

Russian hitman offs the owner of the site in Fiji?


something, something, melted Nazi gold comes pouring out of a hole in the ground in the Philippines.
 
2014-02-25 02:14:59 PM  
So we need less regulation, right?
 
2014-02-25 02:16:02 PM  
before the bitcoin "boom" a small article came out about how 75%  of the bitcoins were controlled by a cartel.   This cartel was manipulating the value and teasing it upwards.   when DPR (that one that got caught) was arrested he was paying tithes to this mafia.  Now, his (dpr's) wallet had 9/25ths of the remaining bitcoins.   when that went off the market you had a 36% contraction in the money supply...the BC's were at about 350$ then and you saw the bounce to around 500$ (reflective of the new currency to demand ratio).  Then the idiots heard about it, the Chinese too, and they all started buying.   The stuff went sky high....the major share holders started dumping their holdings and manipulating the market.  Boom....crash, reality hits and everyone is stuck with junk as worthless as your furry outfits in second life.
 
2014-02-25 02:16:15 PM  

impaler: Ennuipoet: What is scary is that I am not sure Subby isn't kidding about the Magic cards.

MTGox

Magic The Gathering

It's for real.


Just wait until he learns how ebay started...
 
2014-02-25 02:16:37 PM  

Fubini: Nevermind the fact that using and exchanging bitcoins is *not* anonymous


Yes and no.  It does include a pseudo-anonymous abstraction layer.  For most wallet IDs, the owner will probably never be known.  But for larger users, given enough research and activity, you could probably figure out the owner.


H31N0US: Still not bad if you got in below two, but I can see liquidity being a problem in the near future.


That historically has been the issue.  It is easier to convert real money into cryptocoins than it is the other way around.

I see a lot of parallels between the cryptocurrency market as I do the legalized marijuana market.  You have a few hard-core fans that opened shop when things were small, but they're having a hard time scaling up.  Eventually, I see businesses that are established in related sectors swooping in, taking over, and bringing more mature processes along with them.  It'll bring stability, but it'll reduce some of the glamor that some of the stoners and Paultards like about things right now.

Long term, I don't see liquidity being an issue.  But long term, I do expect the government to know when you are exchanging cryptocoins for real currency.  I see taxing authorities pushing for this as much as the anti-corruption government agencies.


Oh, and if you have any sizable number of cryptocoins, keep them in a personal wallet and make backup copies on a semi-regular basis.  If you store thousands of coins on a third party server, you're at risk right now of having them vanish.
 
2014-02-25 02:22:37 PM  
There will likely be cryptocurrencies, but this might not be it.  One of the dangers of Bitcoin to me as a speculative investment is that too may Bitcoin enthusiasts like Bitcoin out of spite at the Federal government and something something fiat debt.  Spiteful decisions are always bad decisions.
 
2014-02-25 02:26:36 PM  
What people never realized is that the number of bitcoins out in the world is the same as the number of Black Lotuses still out in circulation. That's why the value spiked past $1000 - the same as a Beta Black Lotus.
 
2014-02-25 02:30:03 PM  

Kristoph57: The only proper currency to discuss on Fark is gold-pressed latinum.


Shove that.

encrypted-tbn3.gstatic.com
 
2014-02-25 02:32:59 PM  

smells_like_meat: Its OK, I've got a back up stash of Bennie Babies to tide me over.


Or if you have a few of these lying around...
http://www.yojoe.com/vehicles/85/ussflagg/

/really wanted one
//never got it
///Thanks Mom and Dad for ruining my childhood
 
2014-02-25 02:34:43 PM  
They should switch to Obama Healthcare Credits.
 
2014-02-25 02:35:51 PM  
My aunt still believes that her collection of Beanie Babies that she keeps in the back of her car against the rear window will sell for enough money to finally get that Kia she has been saving up for all these years.
 
2014-02-25 02:43:00 PM  

Esc7: Bitcoin was intentionally created with the Ron Paul fiat currency ideals in mind. Just never explicitly stated.


Ron Paul is HUGE in Japan.
 
Displayed 50 of 231 comments

First | « | 1 | 2 | 3 | 4 | 5 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is closed to new comments.

Continue Farking
Submit a Link »
On Twitter





In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report