The New Economy


Theodore

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I am trying to comprehend how this is any different from Corzine"s...situation.

The Mt. Gox bitcoin exchange in Tokyo filed for bankruptcy protection Friday and its chief executive said 850,000 bitcoins, worth several hundred million dollars, are unaccounted for.

The exchange's CEO Mark Karpeles appeared before Japanese TV news cameras, bowing deeply. He said a weakness in the exchange's systems was behind a massive loss of the virtual currency involving 750,000 bitcoins from users and 100,000 of the company's own bitcoins. That would amount to about $425 million at recent prices.

The online exchange's unplugging earlier this week and accusations it had suffered a catastrophic theft have drawn renewed regulatory attention to a currency created in 2009 as a way to make transactions across borders without third parties such as banks.

It remains unclear if the missing bitcoins were stolen, voided by technological flaws or both.

http://abcnews.go.com/Technology/wireStory/japan-minister-calls-bitcoin-collapse-expected-22713601http://abcnews.go.com/Technology/wireStory/japan-minister-calls-bitcoin-collapse-expected-22713601

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I am trying to comprehend how this is any different from Corzine"s...situation.

The Mt. Gox bitcoin exchange in Tokyo filed for bankruptcy protection Friday and its chief executive said 850,000 bitcoins, worth several hundred million dollars, are unaccounted for.

The exchange's CEO Mark Karpeles appeared before Japanese TV news cameras, bowing deeply. He said a weakness in the exchange's systems was behind a massive loss of the virtual currency involving 750,000 bitcoins from users and 100,000 of the company's own bitcoins. That would amount to about $425 million at recent prices.

The online exchange's unplugging earlier this week and accusations it had suffered a catastrophic theft have drawn renewed regulatory attention to a currency created in 2009 as a way to make transactions across borders without third parties such as banks.

It remains unclear if the missing bitcoins were stolen, voided by technological flaws or both.

http://abcnews.go.com/Technology/wireStory/japan-minister-calls-bitcoin-collapse-expected-22713601http://abcnews.go.com/Technology/wireStory/japan-minister-calls-bitcoin-collapse-expected-22713601

The appeal to those who want to get something for nothing is exactly the same. Although Corzine was using his customer's money to cover MF Global's financial losses in an effort to delay bankruptcy. It's still unclear where the "missing" bitcoins are.

There is an inherent flaw built into all leveraged "investments". In the inevitable return to the objective reality of true value (zero) from the fantasy of perceived value...

...the sheep get sheared.

Greg

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...the sheep get sheared.

Greg

Eli Wallach says to Yul Brenner in the great movie The Magnificant Seven:

"I ask you, if God had not wanted to be shorn, he would not have made them sheep!"

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  • 3 weeks later...

I had a million Bitcoins. I sold them for a bilion bucks before they crashed.

--Brant

but that bankrupt exchange still has my money

Bah!

No problem. Coin the phrase "I've been BitFucked!", print some T-Shirts, set up a website, and accept BitCoins.

Not to be confused with "I'm a bit fucked." Though, to be honest, who isn't?

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From the article Merlin linked to:

Bankrupt virtual currency dealer Mt.Gox finally had some good news for customers who have seen some 750,000 bitcoins lost from their accounts. Turns out some 200,000 of the missing crypto assets were hanging out on a lost hard drive somewhere.

"...hanging out on a lost hard drive" - it sounds like a spoof.

Ellen

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  • 2 weeks later...
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That's high end stuff... :wink:

Better buy quick... bitcoin value has been dropping.

chart.png?width=940&m=bitstampUSD&Submit

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Should have called the model the "Lee Harvey Oswald Deluxe Edition". Annnnyyyy idiot could be a mile+ sniper with that bad boy.

Yes, any idiot with money.

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Pretty much worthless without a spotter and spotter scope open country and for defensive work. Mostly for fun.

--Brant

Speaking of fun... took out another squirrel this morning with my 40 year old SP1.

ColtAR15002.jpg

I use low velocity subsonic 22 longs which makes it the equivalent of a pellet rifle. It's always a good day when you off a squirrel. :smile:

Greg

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I use low velocity subsonic 22 longs which makes it the equivalent of a pellet rifle. It's always a good day when you off a squirrel. :smile:

Explain this statement please.

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Pretty much worthless without a spotter and spotter scope open country and for defensive work. Mostly for fun.

--Brant

Speaking of fun... took out another squirrel this morning with my 40 year old SP1.

ColtAR15002.jpg

I use low velocity subsonic 22 longs which makes it the equivalent of a pellet rifle. It's always a good day when you off a squirrel. :smile:

Greg

That magazine looks too big for 22 longs. Is part of the inside filled vertically?

That rifle looks a lot like my Vietnam era M-16, but it obviously isn't.

--Brant

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Explain this statement please.

Squirrels strip the fruit and nuts off of our trees. Let them go and there would be nothing to harvest. Nature tries to suck everything into its food chain and out of ours. It's not a Disney movie.

Greg

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That magazine looks too big for 22 longs. Is part of the inside filled vertically?

Yes it does. It's mostly resin filler so that it will fit the magazine well. The rifle is chambered for .223 and so the barrel is also good for .22. That magazine is part of cleverly made Colt factory .22lr conversion kit. The magazine matches a .22lr conversion bolt, and surprizingly fires and cycles flawlessly even with wimpy low velocity .22 long "pellet gun" ammo. It's real handy for varmint control.

That rifle looks a lot like my Vietnam era M-16, but it obviously isn't.

--Brant

You're right, it isn't. It's just an old Colt AR15 SP1 which was the legal semi-auto civilian counterpart to the first production model of the military M16. If you noticed, it doesn't even have a bolt forward assist like the later models. I liked that rifle so much, when I came back from the war I bought a used one.

Greg

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I use low velocity subsonic 22 longs which makes it the equivalent of a pellet rifle. It's always a good day when you off a squirrel. :smile:

Explain this statement please.

OK.

Apparently, my request for an explanation was not specific, which explanation I can agree with.

Towards that end, as precisely as you are capable of, define the key terms in the following sentence from the article:

low velocity subsonic 22 longs which makes it the equivalent of a pellet rifle

Thanks.

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