Re:Sen. Manchin demands complete US ban on Bitcoin
by eli on Wednesday February 26, 2014 @04:19PM
(#7307925)
I don't have a dog in this fight and I'm not interested in an extended debate... but I don't think most of Mt Gox's customers realized that by letting Mt Gox hold their money they were effectively investing in a high-risk venture under extremely unfavorable terms.
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Re:Sen. Manchin demands complete US ban on Bitcoin
by waterlesscloud on Wednesday February 26, 2014 @04:40PM
(#7308115)
There were plenty of warning signs that Gox had serious issues, and they had existed for months.
The real situation turns out to be far worse than I expected, but what I expected had me off Gox months ago.
Re:Sen. Manchin demands complete US ban on Bitcoin
by gnaritas on Wednesday February 26, 2014 @05:05PM
(#7308369)
That's their problem, it's a currency exchange, trading is a risky business, giving your money to strangers shouldn't be taken lightly and you shouldn't just presume it's safe. The Gox problems were not a secret, 10 seconds of research would have informed anyone of them.
Re:Sen. Manchin demands complete US ban on Bitcoin
by dllthomas on Thursday February 27, 2014 @01:49AM
(#7310742)
Trading is a risky business, but "the exchange loses my money" is not supposed to be a substantial portion of that risk...
Re:Sen. Manchin demands complete US ban on Bitcoin
by notahacker on Wednesday February 26, 2014 @04:42PM
(#7308136)
Or to put it another way, if people properly understood (i) the nature of counterparty risk, and (ii)how the average Bitcoin exchange handled transactions, suddenly those banking fees would seem like an absolute bargain.