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.
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.
uh yeah....don’t put anything more than pocket money on a website that doesn’t do security audits.
Oh my. I was thinking of jmcarthur, so I guess either I got your name wrong or there were actually two such LWers.