An observation: If Apple is really heavily curating it's appstore, closely examining every app before before it's made available then how did bitcoin apps ever get approved in the first place.
They don't. Researchers found that the apps are automatically scanned, and are open for about 2-3 seconds. Especially free apps. More expensive apps might get an actual person to look at them.
The app store is not curated, at least preemptively. If an app gets enough complaints then they might look into it. The idea that Apple "curates" and is a good shopkeep is laughable to anyone who spends any time in the app store. But this is appleinsider, and anything that even remotely impinges on Apple's capabilities is immediately looked down upon by the legions.
I have mined a few Bitcoins, just for the technical challenge of it, but never spent any. I honestly don't think there's much of a future in it. Digital currencies and payment systems are clearly the future, but the winning crypto coin will be one backed by gold or by a government, none of the current ones. I think Apple is right to keep out of it until it settles down a bit, and the picture is a bit clearer.
heh.. backed by gold or by government. I'm sorry, but you don't understand the whole point of crypto currencies. It's to move away from governments. It's to move away from physical resources.
The most important thing about cash - say your $100 bill, is that you can't duplicate it. (At least easily). You can't spend it twice. You know that it's real. That it will be accepted as real by others. The next important thing about cash is scarcity. If the stuff grew on trees, then no one would take yours, they'd just take one off the tree. Governments provided the first condition by minting and printing bills. Back in the day, the gold standard provided the second condition. Metal backed currencies weren't impervious to governments reneging on the value of the money (read an unabridged Wealth of Nations by Smith) but they could put a hamper on it. Once metal was taken out of the equation, the forced scarcity of the metal backing was removed. This means governments, and the banks, could effectively print money out of thin air. Historically, this has happened to pretty much every paper currency, ever. (If you don't think this is happening in the US, read about "quantitative easing").
Cryptocurrencies solves both of these problems. Tying it to a government is unnecessary. Tying it to a scarce resource, when they are already scarce (only 21 million bitcoins can be minted, sorry, mined) is pointless.
"...Apple's multinational App Store requires developers adhere to the laws of the territory in which their apps are offered."
Then what's the problem? Apple already has a policy of NOT offering certain apps in certain regions (something I disapprove of vehemently).
So it does have a mechanism to ONLY block the app from the countries where BitCoin is considered illegal.
Agreed, there is a risk involved in the use of BitCoin, but if that would be enough reason for blocking apps accross the board, why do we still have apps that allow stock market trading?
There also is an issue of censorship and net neutrality that comes to mind here.
There is an issue of censorship and net neutrality that comes to mind here.
I don't think so. I think Apple should have the right to operate their store how they see fit. They aren't censoring, they're just being a company that is acting in what they perceive to be their best interests. (To me, they are acting like .....holes and .....heads.) As for net neutrality, I'm not sure this falls under the auspices of net neutrality either.
I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. That's what Apple has on iOS devices. There are people on here who think that that would be a great thing. They think it's a great thing on iOS. I disagree 100%.
Apple should be able to run their store the way they want. But in the best interests of a free market, they should also be required to allow competition. Competition that could run their store, and perhaps allow (or embrace) cryptocurrencies, or whatever other niche product/service.
<div class="quote-container" data-huddler-embed="/t/161921/apple-pulls-bitcoin-wallet-app-blockchain-from-ios-app-store/40#post_2468831" data-huddler-embed-placeholder="false">Quote:<div class="quote-block">Originally Posted by <strong>VanFruniken</strong> <a href="/t/161921/apple-pulls-bitcoin-wallet-app-blockchain-from-ios-app-store/40#post_2468831"><img alt="View Post" src="/img/forum/go_quote.gif" /></a><p> </p><p><span style="color:rgb(24, 24, 24)">There is an issue of censorship and net neutrality that comes to mind here.</span></p></div></div><p> </p><p> </p><p>I don't think so. I think Apple should have the right to operate their store how they see fit. They aren't censoring, they're just being a company that is acting in what they perceive to be their best interests. (To me, they are acting like .....holes and .....heads.) As for net neutrality, I'm not sure this falls under the auspices of net neutrality either. </p><p> </p><p>I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. That's what Apple has on iOS devices. There are people on here who think that that would be a great thing. They think it's a great thing on iOS. I disagree 100%. </p><p> </p><p>Apple should be able to run their store the way they want. But in the best interests of a free market, they should also be required to allow competition. Competition that could run their store, and perhaps allow (or embrace) cryptocurrencies, or whatever other niche product/service.</p>
that will only ever happen after a lengthy court case. Apple will never voluntarily open up to competing app stores on iphone/ipad
I don't think so. I think Apple should have the right to operate their store how they see fit. They aren't censoring, they're just being a company that is acting in what they perceive to be their best interests. (To me, they are acting like .....holes and .....heads.) As for net neutrality, I'm not sure this falls under the auspices of net neutrality either.
I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. That's what Apple has on iOS devices. There are people on here who think that that would be a great thing. They think it's a great thing on iOS. I disagree 100%.
Apple should be able to run their store the way they want. But in the best interests of a free market, they should also be required to allow competition. Competition that could run their store, and perhaps allow (or embrace) cryptocurrencies, or whatever other niche product/service.
that will only ever happen after a lengthy court case. Apple will never voluntarily open up to competing app stores on iphone/ipad
Yep that's my belief as well. That or the Justice Department will force 'em into it. But you got people who think that Apple can do no wrong, that there's nothing wrong with the current set up, and think that because there's Android that not of this is an issue. Those people are most certainly not developers let alone informed consumers.
I don't see anything but opinion. I too think Apple should open up iOS devices to installing whatever you want so people can install Bit/Lite/Doge/etc. It should be significantly protected, but it would be a big bonus for me. I don't like having my devices controlled that in depth.
I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices.
No, that’s not a problem for anyone, anywhere.
Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. That's what Apple has on iOS devices.
So move to a different town. Problem solved, shut up.
But in the best interests of a free market, they should also be required to allow competition.
Nah, sorry. Their platform.
Originally Posted by coolfish
One hundred percent of your post was completely useless and didn't add anything to the conversation.
I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete.
The other side of the same coin is a store being told what they can and cannot sell. A new breed of chicken has begun to be processed. You must carry it. If you sell automobiles you must offer electric cars. What it really is is the exact thing that people are railing against, which is being told what they, as private citizens/businesses must do.
As far as a monopoly on apps on their devices, it's not much different than any corporation where you can't buy the product anywhere except via authorized dealers and can't get authorized replacement parts except by ordering from them. I WISH I could have used the stranglehold monopoly retort when my vacuum clear hose broke.
Apple doesn't control so much of the world that anyone is prevented from accomplishing anything they want. I don't get why people focus on what Apple isn't letting them do rather than just doing what they want in the ways actually available to them, as if it has anything to do with their rights. I was real upset and I'm buying a different vacuum brand this weekend, but I got over it. I don't have to go buy another one and keep complaining.
I really know nothing about the intricacies of this so called currency. But just judging by the short term volatility that it's experienced recently, it seems that it's akin to buying penny stocks (because someone has a friend who has a friend who has a friend who has a cousin who made a million $ trading pink sheet shares), converting dollars to the Argentine peso because you've heard the interest rates there are really sweet (29% on a 1 yr CD - wowee!) or going all-in on Dutch tulips. How could you go wrong with tulips - especially near Valentine's Day?
But jokes aside, any "currency" that falls roughly 8% in a few hours because a major exchange cannot process transactions and halts withdrawals, is not where I would put my money. Until there is some regulation, so that people actually know what the rules are with these exchanges, to me, Apple was very wise in not getting drug into something which has a dark side and could lead to (more) massive legal problems. Several of these outfits have had their bank accounts seized by various law enforcement agencies around the world. Until it becomes something more than a (dangerous) fad, why take the chance? The risk/reward just isn't there. Smart move by Apple, IMO.
As for the butt-hurt Bitcoiners who smashed their iPhones, I hope they used their new Android phones to cash out before their Bitcoins fell off a cliff this morning
The volatility of crypto currencies is not really an issue. Businesses are using Bitcoin payment processors like BitPay (there are others).
In my opinion, crypto currencies are great for removing central bankers and politicians from the manipulation of money and also they reduce the costs of transmitting money (a la Western Union) to almost nothing.
I agree it would be nice to get big business out of the middle of everyday transactions. I have been watching the crypto currencies for a while, and here is the issue as I been seeing it. The pricing of these currencies have been all over the place. Here is an example. If you paid $1 to get one bitcoin today and tomorrow you want to buy something from a merchant for $1/1 bitcoin, however, over night the value of the bitcoin drop to $0.50 so now you have pay 2 bitcoin to that $1 item, which cost you $2 to buy in the first place those bitcoins. So you just paid double for something due fluctuation in the pricing. Think about this from the business side accepting the coins, you never know what value of the coins you will receive to products you are selling.
heh.. backed by gold or by government. I'm sorry, but you don't understand the whole point of crypto currencies. It's to move away from governments. It's to move away from physical resources.
The most important thing about cash - say your $100 bill, is that you can't duplicate it. (At least easily). You can't spend it twice. You know that it's real. That it will be accepted as real by others. The next important thing about cash is scarcity. If the stuff grew on trees, then no one would take yours, they'd just take one off the tree. Governments provided the first condition by minting and printing bills. Back in the day, the gold standard provided the second condition. Metal backed currencies weren't impervious to governments reneging on the value of the money (read an unabridged Wealth of Nations by Smith) but they could put a hamper on it. Once metal was taken out of the equation, the forced scarcity of the metal backing was removed. This means governments, and the banks, could effectively print money out of thin air. Historically, this has happened to pretty much every paper currency, ever. (If you don't think this is happening in the US, read about "quantitative easing").
Cryptocurrencies solves both of these problems. Tying it to a government is unnecessary. Tying it to a scarce resource, when they are already scarce (only 21 million bitcoins can be minted, sorry, mined) is pointless.
The more you know!
That a currency be limited in supply and non-forgeable are important properties, and yes those can be achieved with crypto, but they're not the most important.
The main purpose of a currency is to solve Double Coincidence of Wants, in other words you have to know, before you swap your real goods for this currency, that other people will give you their real goods for it. With a government backed currency you know that, because the government simply passes a law which forces everyone to accept their currency ("in settlement of all debts" to use the actual legal language). With gold you know that, because everyone everywhere has accepted gold since time immemorial. But with a crypto currency you don't know that.
Suppose I have 10 bails of hay and I swap them for 1 Bitcoin. I take the Bitcoin to the butcher and ask for a leg of meat for my family's dinner, he says "Sorry, I don't accept Bitcoin." Now I go hungry, which wouldn't have happened with the National currency or gold. You might say I can go to a currency exchange and swap the Bitcoin for the national currency, but that's no good either, because Bitcoin fluctuates so much.
You may have solved the forgery and inflation problems, but until you solve the Guaranteed Acceptance problem you don't have a currency, you just have yet another speculative asset.
Newsgaadi keeps you updated on news in automobile industry, covering everything from two wheelers to four wheelers, smart phones, laptops, tabs, new launches and their reviews.
I agree it would be nice to get big business out of the middle of everyday transactions. I have been watching the crypto currencies for a while, and here is the issue as I been seeing it. The pricing of these currencies have been all over the place. Here is an example. If you paid $1 to get one bitcoin today and tomorrow you want to buy something from a merchant for $1/1 bitcoin, however, over night the value of the bitcoin drop to $0.50 so now you have pay 2 bitcoin to that $1 item, which cost you $2 to buy in the first place those bitcoins. So you just paid double for something due fluctuation in the pricing. Think about this from the business side accepting the coins, you never know what value of the coins you will receive to products you are selling.
The unpredictability and volatility of Bitcoin (and dozens of other crypto currencies) are core reasons why first-movers, risk takers and speculators love the stuff. Remember the great American Gold Rush? The things that frighten some people are attractive to others. Greater risks bring out entrepreneurs and gamblers.
The chaos will eventually subside, the risk will fade and Bitcoin will find equilibrium, as long as it continues to be useful and gain acceptance by more people. There is a slim possibility that eventually all central banking systems could collapse and fiat currencies be replaced by people everywhere with borderless, non-manipulated, politician-free crypto (which was kind of the point from the beginning).
It is as much a political statement as it is an economic one.
The virtual currency bitcoin suffered further price volatility on Monday as major exchange Mt Gox blamed its ongoing technical issues on a critical flaw in the cryptocurrency which it said affected all exchanges.
Bitcoin withdrawals at the Japan-based exchange were halted over the weekend as its technical team investigated a problem with the way bitcoin withdrawals are processed. In a new statement on Monday Mt Gox said it would resume bitcoin withdrawals to outside wallets once the issue had been properly addressed in a manner that would best serve its customers.
The digital currency — which is known for its wild price fluctuations — fell to around $680 on Friday morning, having traded around $850 for most of the week, according to CoinDesk, which tracks the price of bitcoin. On Monday after the statement from Mt Gox the currency fell to around $538, with investors deciding to offload further, but staged a small turnaround shortly afterwards.
The virtual currency bitcoin suffered further price volatility on Monday as major exchange Mt Gox blamed its ongoing technical issues on a critical flaw in the cryptocurrency which it said affected all exchanges.
Bitcoin withdrawals at the Japan-based exchange were halted over the weekend as its technical team investigated a problem with the way bitcoin withdrawals are processed. In a new statement on Monday Mt Gox said it would resume bitcoin withdrawals to outside wallets once the issue had been properly addressed in a manner that would best serve its customers.
The digital currency — which is known for its wild price fluctuations — fell to around $680 on Friday morning, having traded around $850 for most of the week, according to CoinDesk, which tracks the price of bitcoin. On Monday after the statement from Mt Gox the currency fell to around $538, with investors deciding to offload further, but staged a small turnaround shortly afterwards.
People have been fleeing MtGox since their assets were first seized by the US. They have been incompetently run and it has been noticed. BTC-e has surpassed MtGox.
Comments
This is exactly what I'm talking about. Apple has become a hypocritical company. They promote this ideal but don't actually follow this ideal.
"Think Different" does not mean "Back a horse we don't believe in".
Just because Bitcoin is new or different, doesn't mean that Apple has to back it blindly since their ideal celebrates "square pegs in round holes".
An observation: If Apple is really heavily curating it's appstore, closely examining every app before before it's made available then how did bitcoin apps ever get approved in the first place.
They don't. Researchers found that the apps are automatically scanned, and are open for about 2-3 seconds. Especially free apps. More expensive apps might get an actual person to look at them.
The app store is not curated, at least preemptively. If an app gets enough complaints then they might look into it. The idea that Apple "curates" and is a good shopkeep is laughable to anyone who spends any time in the app store. But this is appleinsider, and anything that even remotely impinges on Apple's capabilities is immediately looked down upon by the legions.
I have mined a few Bitcoins, just for the technical challenge of it, but never spent any. I honestly don't think there's much of a future in it. Digital currencies and payment systems are clearly the future, but the winning crypto coin will be one backed by gold or by a government, none of the current ones. I think Apple is right to keep out of it until it settles down a bit, and the picture is a bit clearer.
heh.. backed by gold or by government. I'm sorry, but you don't understand the whole point of crypto currencies. It's to move away from governments. It's to move away from physical resources.
The most important thing about cash - say your $100 bill, is that you can't duplicate it. (At least easily). You can't spend it twice. You know that it's real. That it will be accepted as real by others. The next important thing about cash is scarcity. If the stuff grew on trees, then no one would take yours, they'd just take one off the tree. Governments provided the first condition by minting and printing bills. Back in the day, the gold standard provided the second condition. Metal backed currencies weren't impervious to governments reneging on the value of the money (read an unabridged Wealth of Nations by Smith) but they could put a hamper on it. Once metal was taken out of the equation, the forced scarcity of the metal backing was removed. This means governments, and the banks, could effectively print money out of thin air. Historically, this has happened to pretty much every paper currency, ever. (If you don't think this is happening in the US, read about "quantitative easing").
Cryptocurrencies solves both of these problems. Tying it to a government is unnecessary. Tying it to a scarce resource, when they are already scarce (only 21 million bitcoins can be minted, sorry, mined) is pointless.
The more you know!
"...Apple's multinational App Store requires developers adhere to the laws of the territory in which their apps are offered."
Then what's the problem? Apple already has a policy of NOT offering certain apps in certain regions (something I disapprove of vehemently).
So it does have a mechanism to ONLY block the app from the countries where BitCoin is considered illegal.
Agreed, there is a risk involved in the use of BitCoin, but if that would be enough reason for blocking apps accross the board, why do we still have apps that allow stock market trading?
There also is an issue of censorship and net neutrality that comes to mind here.
There is an issue of censorship and net neutrality that comes to mind here.
I don't think so. I think Apple should have the right to operate their store how they see fit. They aren't censoring, they're just being a company that is acting in what they perceive to be their best interests. (To me, they are acting like .....holes and .....heads.) As for net neutrality, I'm not sure this falls under the auspices of net neutrality either.
I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. That's what Apple has on iOS devices. There are people on here who think that that would be a great thing. They think it's a great thing on iOS. I disagree 100%.
Apple should be able to run their store the way they want. But in the best interests of a free market, they should also be required to allow competition. Competition that could run their store, and perhaps allow (or embrace) cryptocurrencies, or whatever other niche product/service.
Nearly every statement in this post is wrong.
Nearly every statement in this post is wrong.
One hundred percent of your post was completely useless and didn't add anything to the conversation.
that will only ever happen after a lengthy court case. Apple will never voluntarily open up to competing app stores on iphone/ipad
Yep that's my belief as well. That or the Justice Department will force 'em into it. But you got people who think that Apple can do no wrong, that there's nothing wrong with the current set up, and think that because there's Android that not of this is an issue. Those people are most certainly not developers let alone informed consumers.
Nearly every statement in this post is wrong.
I don't see anything but opinion. I too think Apple should open up iOS devices to installing whatever you want so people can install Bit/Lite/Doge/etc. It should be significantly protected, but it would be a big bonus for me. I don't like having my devices controlled that in depth.
You're not fooling anyone, TekStud.
I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices.
No, that’s not a problem for anyone, anywhere.
So move to a different town. Problem solved, shut up.
But in the best interests of a free market, they should also be required to allow competition.
Nah, sorry. Their platform.
One hundred percent of your post was completely useless and didn't add anything to the conversation.
Yes, yours was.
I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete.
The other side of the same coin is a store being told what they can and cannot sell. A new breed of chicken has begun to be processed. You must carry it. If you sell automobiles you must offer electric cars. What it really is is the exact thing that people are railing against, which is being told what they, as private citizens/businesses must do.
As far as a monopoly on apps on their devices, it's not much different than any corporation where you can't buy the product anywhere except via authorized dealers and can't get authorized replacement parts except by ordering from them. I WISH I could have used the stranglehold monopoly retort when my vacuum clear hose broke.
Apple doesn't control so much of the world that anyone is prevented from accomplishing anything they want. I don't get why people focus on what Apple isn't letting them do rather than just doing what they want in the ways actually available to them, as if it has anything to do with their rights. I was real upset and I'm buying a different vacuum brand this weekend, but I got over it. I don't have to go buy another one and keep complaining.
I really know nothing about the intricacies of this so called currency. But just judging by the short term volatility that it's experienced recently, it seems that it's akin to buying penny stocks (because someone has a friend who has a friend who has a friend who has a cousin who made a million $ trading pink sheet shares), converting dollars to the Argentine peso because you've heard the interest rates there are really sweet (29% on a 1 yr CD - wowee!) or going all-in on Dutch tulips. How could you go wrong with tulips - especially near Valentine's Day?
But jokes aside, any "currency" that falls roughly 8% in a few hours because a major exchange cannot process transactions and halts withdrawals, is not where I would put my money. Until there is some regulation, so that people actually know what the rules are with these exchanges, to me, Apple was very wise in not getting drug into something which has a dark side and could lead to (more) massive legal problems. Several of these outfits have had their bank accounts seized by various law enforcement agencies around the world. Until it becomes something more than a (dangerous) fad, why take the chance? The risk/reward just isn't there. Smart move by Apple, IMO.
As for the butt-hurt Bitcoiners who smashed their iPhones, I hope they used their new Android phones to cash out before their Bitcoins fell off a cliff this morning
The volatility of crypto currencies is not really an issue. Businesses are using Bitcoin payment processors like BitPay (there are others).
In my opinion, crypto currencies are great for removing central bankers and politicians from the manipulation of money and also they reduce the costs of transmitting money (a la Western Union) to almost nothing.
I agree it would be nice to get big business out of the middle of everyday transactions. I have been watching the crypto currencies for a while, and here is the issue as I been seeing it. The pricing of these currencies have been all over the place. Here is an example. If you paid $1 to get one bitcoin today and tomorrow you want to buy something from a merchant for $1/1 bitcoin, however, over night the value of the bitcoin drop to $0.50 so now you have pay 2 bitcoin to that $1 item, which cost you $2 to buy in the first place those bitcoins. So you just paid double for something due fluctuation in the pricing. Think about this from the business side accepting the coins, you never know what value of the coins you will receive to products you are selling.
heh.. backed by gold or by government. I'm sorry, but you don't understand the whole point of crypto currencies. It's to move away from governments. It's to move away from physical resources.
The most important thing about cash - say your $100 bill, is that you can't duplicate it. (At least easily). You can't spend it twice. You know that it's real. That it will be accepted as real by others. The next important thing about cash is scarcity. If the stuff grew on trees, then no one would take yours, they'd just take one off the tree. Governments provided the first condition by minting and printing bills. Back in the day, the gold standard provided the second condition. Metal backed currencies weren't impervious to governments reneging on the value of the money (read an unabridged Wealth of Nations by Smith) but they could put a hamper on it. Once metal was taken out of the equation, the forced scarcity of the metal backing was removed. This means governments, and the banks, could effectively print money out of thin air. Historically, this has happened to pretty much every paper currency, ever. (If you don't think this is happening in the US, read about "quantitative easing").
Cryptocurrencies solves both of these problems. Tying it to a government is unnecessary. Tying it to a scarce resource, when they are already scarce (only 21 million bitcoins can be minted, sorry, mined) is pointless.
The more you know!
That a currency be limited in supply and non-forgeable are important properties, and yes those can be achieved with crypto, but they're not the most important.
The main purpose of a currency is to solve Double Coincidence of Wants, in other words you have to know, before you swap your real goods for this currency, that other people will give you their real goods for it. With a government backed currency you know that, because the government simply passes a law which forces everyone to accept their currency ("in settlement of all debts" to use the actual legal language). With gold you know that, because everyone everywhere has accepted gold since time immemorial. But with a crypto currency you don't know that.
Suppose I have 10 bails of hay and I swap them for 1 Bitcoin. I take the Bitcoin to the butcher and ask for a leg of meat for my family's dinner, he says "Sorry, I don't accept Bitcoin." Now I go hungry, which wouldn't have happened with the National currency or gold. You might say I can go to a currency exchange and swap the Bitcoin for the national currency, but that's no good either, because Bitcoin fluctuates so much.
You may have solved the forgery and inflation problems, but until you solve the Guaranteed Acceptance problem you don't have a currency, you just have yet another speculative asset.
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The unpredictability and volatility of Bitcoin (and dozens of other crypto currencies) are core reasons why first-movers, risk takers and speculators love the stuff. Remember the great American Gold Rush? The things that frighten some people are attractive to others. Greater risks bring out entrepreneurs and gamblers.
The chaos will eventually subside, the risk will fade and Bitcoin will find equilibrium, as long as it continues to be useful and gain acceptance by more people. There is a slim possibility that eventually all central banking systems could collapse and fiat currencies be replaced by people everywhere with borderless, non-manipulated, politician-free crypto (which was kind of the point from the beginning).
It is as much a political statement as it is an economic one.
Bitcoin drops another 20% as Mt Gox highlights bug
Published: Monday, 10 Feb 2014 | 6:10 AM ET
The virtual currency bitcoin suffered further price volatility on Monday as major exchange Mt Gox blamed its ongoing technical issues on a critical flaw in the cryptocurrency which it said affected all exchanges.
Bitcoin withdrawals at the Japan-based exchange were halted over the weekend as its technical team investigated a problem with the way bitcoin withdrawals are processed. In a new statement on Monday Mt Gox said it would resume bitcoin withdrawals to outside wallets once the issue had been properly addressed in a manner that would best serve its customers.
The digital currency — which is known for its wild price fluctuations — fell to around $680 on Friday morning, having traded around $850 for most of the week, according to CoinDesk, which tracks the price of bitcoin. On Monday after the statement from Mt Gox the currency fell to around $538, with investors deciding to offload further, but staged a small turnaround shortly afterwards.
Bitcoin drops another 20% as Mt Gox highlights bug
Published: Monday, 10 Feb 2014 | 6:10 AM ET
The virtual currency bitcoin suffered further price volatility on Monday as major exchange Mt Gox blamed its ongoing technical issues on a critical flaw in the cryptocurrency which it said affected all exchanges.
Bitcoin withdrawals at the Japan-based exchange were halted over the weekend as its technical team investigated a problem with the way bitcoin withdrawals are processed. In a new statement on Monday Mt Gox said it would resume bitcoin withdrawals to outside wallets once the issue had been properly addressed in a manner that would best serve its customers.
The digital currency — which is known for its wild price fluctuations — fell to around $680 on Friday morning, having traded around $850 for most of the week, according to CoinDesk, which tracks the price of bitcoin. On Monday after the statement from Mt Gox the currency fell to around $538, with investors deciding to offload further, but staged a small turnaround shortly afterwards.
People have been fleeing MtGox since their assets were first seized by the US. They have been incompetently run and it has been noticed. BTC-e has surpassed MtGox.