But if compromising mtgox's security means that Bitcoin's security is compromised then it's the same thing isn't it? Good idea about the limit on withdrawals but if the hacker had been cleverer then they could have removed it piecemeal couldn't they? OK, would have taken ages to get through the lot but a thousand dollars every day isn't a bad haul.


= Title =

Bitcoins, Money (and Credit)

= Date/Time =

Tuesday, 16.8.2011, 7pm

= Location =

Unit 3J, Omega Works,
167 Hermitage Rd
N4 1LZ London
twitter: @limazululondon

= Content/Abstract =

Bitcoin is a virtual currency whose claim to fame is that some US
politicians became aware of its use to buy drugs on the
Internet. However, the Bitcoin project is much more ambitious than
merely providing a somewhat anonymous way to buy stuff on the
Internet. Bitcoins are meant as a new currency: a new money for the
Internet age. In fact, this new money is based on different
principles than all modern currencies, i.e., credit money.

Because of this ambition, the project provides splendid opportunity
to ask what money is. That is, we claim that Bitcoin reflects on
various qualities of money which are usually taken for granted by
addressing them as "technical challenges". In particular, the Bitcoin
design is an attempt to solve the "technical" problem of how to
exclude people from social wealth and how to maintain a permanent
conflict of interest. Hence, we want to present how Bitcoins work and
discuss what these technical innovations imply about the social
conditions known as the "free market".

Furthermore, the Bitcoin protocol is an expression of scepticism
against credit and credit money. For example, the total amount of
currency that can ever be created is fixed to the arbitrary magnitude
of 21 million. Hence, a lot of discussions about Bitcoin focus on the
imminent "deflationary spiral". On the contrary, if there is time
left, we want to discuss the question why all modern currencies are
credit money. That is, why does capitalism lead to the development of
a credit system and in the last instance credit money. Instead of
discussing the advantages/disadvantages of a new gold standard we
want to discuss why there is no gold standard any more.

No prior knowledge of computer science, finance or Bitcoin is
necessary to participate.

= Format =

London's Wine and Cheese Appreciation Society present an hour long breakdown
of the workings of the bitcoin phenomena, with a structured analysis of its
relationship to the gold standard and modern currencies. This will be followed
by a facilitated discussion on the implications and possible applications of
virtual currency exchange. We're not setting a time limit to the length of
discussion - if necessary we'll run till the early hours.

= Website =

LimaZulu set up a Facebook event page at

See also:



Well-known member
Lo and behold...

Imagine this will happen a fair few times before it settles down. Apparently the start of the crash was caused by MtGox going down due to the backlog of new accounts. Seems that this is the kind of thing BTC is supposed to avoid - i.e. being decentralised is meant to free it from reliance on a centralised authority! But this could well change over time as other exchanges build up reputations.

Mr. Tea

Shub-Niggurath, Please

“The worse regular civilization does and the less you trust, the better crypto does,” Mr. Hummer said. "It’s almost like the ultimate short trade.”

Mr. Hummer went out to meet Joe Buttram, 27, for drinks. As a mixed martial arts fighter, Mr. Buttram said he would fight for a couple hundred bucks, sometimes a few thousand, and worked security at a start-up, but his main hobbies were reading 4chan and buying vintage pornography, passions that exposed him to cryptocurrency.

He said his holdings are into double-digit millions but wouldn’t give specifics other than to say he’d quit his job and is starting a hedge fund.


FKA Woebot
warren buffet on bitcoin

"You're just hoping the next guy pays more. And you only feel you'll find the next guy to pay more if he thinks he's going to find someone that's going to pay more."

"You aren't investing when you do that, you're speculating."

also says elsewhere (?) that it aint going to end nicely.

actually i believe him - i don't think this is self interest - frankly it's obvious.


Well-known member
as well as eating nothing but steak and sausages our very own hmg has gone
big on bitcoin. suprised hes not on this thread.


Well-known member
I am superbly oldfashioned, I actually consider paying cash these days almost an act of resistance. When exchanging coins for goods of several kinds I always pay hommage to the lydian king croesus.


Well-known member
cash is taking its last breath and im terrified. the scope for control goes through the roof in a cashless society.


Well-known member
cash is taking its last breath and im terrified. the scope for control goes through the roof in a cashless society.

It's definitely a few sinister figures' wet dream to see a time - not so distant in the future - when you can't buy a fuckin ice-cream-cone anymore without using your damn smartphone. Actually an act of blatant absurdism - something so easy-to-do-in-the-past will need a hyper-complicated tech-infrastructure to work in the future. Or maybe not.


dont know about the rest of the world, but in the uk cash is actually rising in absolute terms but declining in relative terms (eg as a share of gdp)