Mt. Gox Claims to Have Found 200,000 Bitcoins in Old Wallet

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tekknyne

Why do they even bother to come up with lies? Oh yeah, in order to pull the money out of their bank accounts, they probably had to show the bank teller their matching hashes .... wtf?!?!

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KenLV

Step 2: check behind the seat cushions in that couch we just sent over to goodwill...

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DePat

They must be very dumb, to think that we are that dumb!!!

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graill

Yummm, Imaginary money. I make take some rolls of Reynolds tin foil and make me some coins. Do you think Best buy will sell me some stuff?

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AEM

If you think about it, our dollars are virtually backed by imaginary gold too. Do you really think we have over a trillion dollars (actual amount of U.S. dollars in circulation) worth of gold stashed in a vault?

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big_montana

US currency is not backed by anything, virtual or real, since the US went off the gold standard in 1971. From the US Treasury itself:

“Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. Redeemable notes into gold ended in 1933 and silver in 1968. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are “backed” by all the goods and services in the economy.”

What the government, via the Treasury and the Federal Reserve, really did in 1971 was coerce you to accept something (Federal Reserve notes) that used to be redeemable for gold and/or silver but now aren't redeemable at all.

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Carlidan

You know gold and silver was just currency in the old days right. They don't really hold any value either. People just give it value. Heck you can use anything as currency as long as that person/group gives it value.

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MaximumMike

Do you understand anything about how money works? Gold and silver have value because they are rare metals and wanted by everyone. US dollars steadily decrease in value because we keep printing more of them and they are only backed by a steadily deteriorating economy. The day when US dollars will cease to have very much value is foreseeable by nearly everyone. But no one in their right mind thinks gold and silver will become worthless any time soon. You are gravely mistaken if you think anything can be used as money in a large economy. This is why so many economists are trying to get the US to return to sound money, e.g., the gold standard. The US Dollar is volatile and poised to fall. If it wasn't, do you really think so many wealthy people would be investing millions in bitcoin?

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Carlidan

Defintion of currency: A much more general use of the word currency is anything that is used in any circumstances, as a medium of exchange. In this use, "currency" is a synonym for the concept of money.

Hey Mike, Don't get me wrong, Bitcoin is a stupid currency. But what I said is not incorrect.

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Carlidan

Oh read a pretty interesting article as why gold standard will not work in today's world economy.
http://mentalfloss.com/article/12715/why-did-us-abandon-gold-standard

Edited.

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MaximumMike

>>Oh read a pretty interesting article as why gold standard will not work in today's world economy.

I read the article but wasn't very impressed by it. I'll try to respond later if I have time.

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Carlidan

I think you're still missing the point I'm making. All I'm saying is gold is worth something because a person/ or group of individual gives it value. Nothing more.

Let's just say if today food and water was so scarce. How much do you think your gold is worth when the other guy has 100 gallons of water and 1000 pounds of food. You think he cares you have gold? To him, the value of the gold is nothing. Let's say you and another person wanted to hire someone to protect you/him for enemies. One guy is offering him food and water and you are offering him gold. Who do u think he's going to protect? I'm guessing the guy with the food and water which is scarce. And is dependent to his survival. My point was that WE GIVE gold VALUE.

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MaximumMike

>>I think you're still missing the point I'm making. All I'm saying is gold is worth something because a person/ or group of individual gives it value.

Yea, I got all that the first time. Really, I did.

>>Nothing more.

But you did say something more. You said that because of this we could use anything we like as currency, and also implied that there is very little difference between a monetary system based on gold and one based on paper. And that is what I took issue with. Gold has a value that transcends "this has value because the government says it has value".

But just for kicks lets look at you analogy.

>>Let's say you and another person wanted to hire someone to protect you/him for enemies. One guy is offering him food and water and you are offering him gold. Who do u think he's going to protect?

Me, because I have gold and he can buy all the food and water he wants with my gold. But if all I had was paper money, he would most assuredly be protecting the guy with the food. You see, gold and silver have proven to be precious throughout all of history... even in times of history when food was scarce. As recently as the Soviet famine of 1932, people were able to buy food with hard currency in state run stores called torgsins. You see, oddly enough, gold didn't cease to have value when food was scarce, although paper did.

>>My point was that WE GIVE gold VALUE.

Yes, I agree with the truth of that statement, but the way you say it is almost meaningless, because to apply that statement to the historically precious metal, gold, is to say that there is nothing that has value except that people assign it a value. And that's true enough, but the same can be said of absolutely everything known to mankind. At this point you must disregard all the valuable attributes of gold and other precious metals, making them the same as anything else that might just happen to be lying around. And so now when we talk about "value," the word has hardly any meaning because you're not willing to look at the factors that have caused things to have "value" to people throughout all of history. So, then it becomes easy to say that just about anything can be used as currency just as well as gold. But you have to ignore the fact that people have placed a value on gold throughout all of history, unlike many common things you might select in its stead. As a result you come out with something quite the opposite of your premise that, "WE GIVE gold VALUE."

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Carlidan

You seem to love gold. Even in my analogy, you keep thinking gold has value. When it does not. You are arguing for the sake of arguing. Now I know why people stop replying your posts, like Mac. Think I will do the same. If you think you're right, go ahead thinking that. But I'm not going to beat a dead horse.

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MaximumMike

Wow, you really are quite incapable of understanding logical thought aren't you. How sad for you.

>> If you think you're right, go ahead thinking that.

I most certainly will until someone can show me where I'm wrong. But I assure you it won't come from a mental midget such as yourself.

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Carlidan

No your logic is flawed. And what is with the insults. I didn't even insult you. Guess low IQ people need to resort to those things. :( Anyways last post. Done talking to you. I will do what most people do with your replies. Ignore them.

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MaximumMike

>>No your logic is flawed.

You certainly weren't able to point out any of those so-called flaws. But go ahead and try if you think you can.

>>And what is with the insults. I didn't even insult you

Actually, you did. So, you're either in denial or you're even dumber than I originally thought.

>>Guess low IQ people need to resort to those things.

Yes, people of your intelligence usually find it to be their only recourse when confronted with sound logic beyond their own understanding. On the other hand I mock you because it's fun.

>>Anyways last post. Done talking to you.

No you're just the kind of egotistical jerk who has to win in some way. If you can't offer an intellectual refutation of my arguments, you crave the satisfaction of at least having the last word. Firing off that last pop shot helps you to feel like you left the conversation with some dignity. If that wasn't the case you never would have made this post and would have quit the first time you said you were done.

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dgrmouse

I agree with you about a lot of stuff, Mike, but that's a shamefully weak argument. It's also confounding that you attack the guy in your opening, when his statement hints at more understanding on the topic than your regurgitation. And to argue that people are investing in Bitcoin (a completely digital currency with questionable oversight) because we're not on the gold standard is fairly outlandish.

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MaximumMike

>> but that's a shamefully weak argument.

I admit it. That wasn't really my best stuff. But in the early hours of the morning I didn't really feel like banging out anything lengthy. But I guess if you can't bother with getting your point out, why make it. So, I'll try to do a little better.

>>. It's also confounding that you attack the guy in your opening, when his statement hints at more understanding on the topic than your regurgitation.

But it really doesn't. You may have found my poorly constructed argument outlandish, but I found the premise that gold and silver don't intrinsically have any more value than paper currency ridiculous at best. Paper money truly only has value because, "people just give it value". But gold and silver are rare metals with a plethora of uses. Utility and scarcity are very important factors not found with a paper currency that comes from a press that never seems to stop running.

My whole point, however vaguely stated, was that for a currency to succeed it should be backed by something more stable than the whims of the people who "just give it value". A large economy cannot remain stable just because people will it so. But paper money with no real value amounts to nothing more than that.

Gold and silver have a real value that paper money does not. Don't believe me? It has already been stated more than once on this very thread that the United States is off the gold system, or in other words gold is not considered currency or legal tender. There is no mandate from the government that a business accept gold in return for services. But if I sit on a pile of gold, I can certainly find a plenty of people who are willing to exchange goods or services for it. Now, do you think that when the government ceases to back paper dollars I will be able to exchange those for anything?

But the point isn't that we must use gold or silver to back our currency. The point is that our currency should be backed by real resources with real value, and that not just anything can be used for currency as suggested by the op.

>>And to argue that people are investing in Bitcoin (a completely digital currency with questionable oversight) because we're not on the gold standard is fairly outlandish.

That's not what I was trying to say. The point that I was making was that if the US dollar was strong and stable rich people wouldn't be trying to protect their wealth by offloading so much of it with risky currencies like bit coin. I truly feel that if the dollar was stronger bit coin and other alternate currencies would never have gained any traction.

I realize that the bit coin bit still isn't that great of an argument because rich people have the means to take big risks and are known to do so. So, it could be easily argued that rich people would put money in bit coin even if the dollar were more stable.

But I still see bit coin as a symptom of a crumbling economy with no sound backing for its currency. Bit coin isn't the only alternate currency. There are quite a few that are gaining traction and they're not all digital. Also, we see a lot of wealth that was traditionally held by banks being dumped it gold, silver, and other precious resources. Furthermore, China and other countries are making a strong push to do away with the US dollar as the world's reserve currency. All of these are signs the American elite and many parts of the rest of the world are preparing for an alternate currency from the US dollar. Bit coin is but one small symptom.

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Typo91

monkeys, just a bunch of monkeys hording bananas and shiny objects.

paper money was not invented so people could carry money easier, that was just the pretense.

The entire purpose of a little thing that represents a real thing of value isn't the value in of itself, it is so that who ever makes the paper bananas, can make all they want.

humans, build massive networks across the planet of knowledge, write volumes of countless books full of logical intelligence across the millenniums.

Still trying to lie to one another about the shiny objects and get the most female attention.

monetary systems are for the unenlightened.

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kiaghi7

Wow, so they managed to find 200,000 of the Bitcoins they stole under the false pretense of a bankruptcy...

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mario_ramalho

Convenient. Did they find Jimmy Hoffa too?

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aaronj2906

This is what you get when a 'currency' is un-regulated.

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Xenite

This whole thing has been a scam perpetrated by Mark Karpeles. I guarantee you he knows exactly where the remainder of the bitcoins are.

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Eoraptor

it's like the bank saying it lost your wallet behind the couch and then locking the doors and moving to florida.

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don2041

Did they also find the homework the dog ate?

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trgz

to 'coin' a phrase - priceless!