jimrandomh comments on The Present State of Bitcoin - Less Wrong

7 Post author: jimrandomh 21 June 2011 08:17PM

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Comment author: gwern 21 June 2011 11:48:33PM 1 point [-]

And I, with a significant amount of both US dollars and Bitcoins frozen on MtGox, am having a very hard time focusing on cell phone app development.

Look on the bright side - at least you didn't invest all of your savings into Bitcoin, as I understand one LWer has.

Comment author: jimrandomh 22 June 2011 12:52:28AM *  10 points [-]

Look on the bright side - at least you didn't invest all of your savings into Bitcoin, as I understand one LWer has.

Actually, that was me. I sold a fair bit of it before all this happened, but most of that is now frozen dollars on MtGox. Between the withdrawals I'd already made, and coins I had on my own computer rather than the exchange which I've sold on TradeHill, I'll have taken a 7% loss if MtGox goes under and steals my USD balance there. If I get the USD I have on MtGox, but BTC goes to zero, I'll have made a 170% profit. If MtGox comes back and I manage to liquidate at the current TradeHill price, I'll have made a 430% profit. So even in the worst case, I still won't regret having bought in, although I'll certainly regret not having been more careful where I kept my assets.

Comment author: nazgulnarsil 22 June 2011 08:34:33AM 2 points [-]

uh yeah....don't put anything more than pocket money on a website that doesn't do security audits.

Comment author: gwern 22 June 2011 01:23:07AM 1 point [-]

Oh my. I was thinking of jmcarthur, so I guess either I got your name wrong or there were actually two such LWers.