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Bitcoin Plunges After Mt. Gox Exchange Halts Trades

timothy posted about 3 months ago | from the well-at-least-dark-grey-friday dept.

Bitcoin 249

krakman writes with this excerpt from Bloomberg News: "Bitcoin plunged more than 8 percent [Friday] after a Tokyo-based exchange halted withdrawals of the digital currency, citing technical malfunction. Mt. Gox, claimed in a blog post it needed to 'temporarily pause on all withdrawal requests to obtain a clear technical view of the currency processes.' It promised an 'update' — not a reopening — on Monday, Feb. 10, Japan time. This is day after Russia's Prosecutor General concluded Bitcoin and other digital currencies are illegal under current law."

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249 comments

paste this to cut the BETA (0, Offtopic)

otterpopjunkie (1558913) | about 3 months ago | (#46193495)

Please post this to new articles if it hasn't been posted yet. (Copy-paste the html from here [pastebin.com] so links don't get mangled!)

On February 5, 2014, Slashdot announced through a javascript popup that they are starting to "move in to" the new Slashdot Beta design. Slashdot Beta is a trend-following attempt to give Slashdot a fresh look, an approach that has led to less space for text and an abandonment of the traditional Slashdot look. Much worse than that, Slashdot Beta fundamentally breaks the classic Slashdot discussion and moderation system.

If you haven't seen Slashdot Beta already, open this [slashdot.org] in a new tab. After seeing that, click here [slashdot.org] to return to classic Slashdot.

We should boycott stories and only discuss the abomination that is Slashdot Beta until Dice abandons the project.
We should boycott slashdot entirely during the week of Feb 10 to Feb 17 as part of the wider slashcott [slashdot.org]

Moderators - only spend mod points on comments that discuss Beta
Commentors - only discuss Beta
http://slashdot.org/recent [slashdot.org] - Vote up the Fuck Beta stories

Keep this up for a few days and we may finally get the PHBs attention.

-----=====##### LINKS #####=====-----

Discussion of Beta: http://slashdot.org/firehose.pl?op=view&id=56395415 [slashdot.org]
Discussion of where to go if Beta goes live: http://slashdot.org/firehose.pl?op=view&type=submission&id=3321441 [slashdot.org]
Alternative Slashdot: http://altslashdot.org [altslashdot.org] (thanks Okian Warrior (537106) [slashdot.org] )

Re:paste this to cut the BETA (-1)

Anonymous Coward | about 3 months ago | (#46193515)

Anonymous Coward suck dick at beta

Re:paste this to cut the BETA (-1, Offtopic)

Anonymous Coward | about 3 months ago | (#46193589)

MOD parent UP!

don't let the money lusting people downvote you!

this was OUR community.

without US, you are NOTHING!

Many people have already switched to the Twitter feed and have abandoned posting here, forever.

Re:paste this to cut the BETA (0, Offtopic)

Anonymous Coward | about 3 months ago | (#46193875)

OK, we get it. You don't like the beta. Neither do I.

But fuck off, OK?

Re:paste this to cut the BETA (-1, Troll)

buswolley (591500) | about 3 months ago | (#46194079)

As one who took point in the revolt, perhaps even the one that coined "fuck beta" or popularized it, let me take full responsibility and say,

"Fuck Beta. Fuck it twice."

SlashAlpha killed SlashBeta

BREAKING NEWS! THIS JUST IN! (-1)

Anonymous Coward | about 3 months ago | (#46193505)

NOBODY GIVES A SHIT!

Re:BREAKING NEWS! THIS JUST IN! (-1, Troll)

DiSKiLLeR (17651) | about 3 months ago | (#46193523)

Actually.... yeah, we do.

Just because YOU don't give a shit doesn't mean other people don't.

Re:BREAKING NEWS! THIS JUST IN! (-1)

Anonymous Coward | about 3 months ago | (#46193669)

I do.

Anonymous Coward (-1)

Anonymous Coward | about 3 months ago | (#46193507)

Anonymous Coward: says: beta really suck!

Re:Anonymous Coward (0)

Anonymous Coward | about 3 months ago | (#46194495)

yeah cos everyone gives a shit about what anonymous coward thinks

Yet trading goes on (3, Informative)

mc6809e (214243) | about 3 months ago | (#46193513)

Soooo close to Endgame. (-1, Offtopic)

Anachragnome (1008495) | about 3 months ago | (#46193679)

US5722418
+
US5644363
+
GoogleGlass
+
Acceptance
=
????

If history is any sort of an indicator, any rights we sell today, our children must buy back with blood tomorrow

Re:Soooo close to Endgame. (1)

Anonymous Coward | about 3 months ago | (#46194321)

US5722418
+
US5644363
+
GoogleGlass
+
Acceptance
=
Fuck beta

FTFY!

Re:Yet trading goes on (-1)

girlintraining (1395911) | about 3 months ago | (#46193739)

Yeah, looks like the currency market is still in beta. /snark

Re:Yet trading goes on (-1)

Anonymous Coward | about 3 months ago | (#46194003)

currency market is still in beta.

For sure. But at least BitCoin is an upgrade from the fiat fiasco currencies.

Re:Yet trading goes on (0)

BlueStrat (756137) | about 3 months ago | (#46194311)

currency market is still in beta.

For sure. But at least BitCoin is an upgrade from the fiat fiasco currencies.

The US Federal Reserve and the entire US Federal Government must all be using bootleg copies of Timmy "Tall-Tale" Geithner's TurboTax program.

Or, they're...you know...criminals. The people that are supposed to be tried in a criminal court, and if convicted, incarcerated in a Federal penitentiary to protect the public.

But, for some strange reason, Tweedledum won't prosecute nor convict Tweedledee, and Tweedledee won't prosecute nor convict Tweedledum. They're just running game on some "dum dees" because they buy into the (D)/(R), L/R, White/Black, Rich/Poor race/class/party-warfare and fight each other while they and their children are being robbed blind on multiple levels and in multiple ways.

Strat

Re:Yet trading goes on (1)

crutchy (1949900) | about 3 months ago | (#46194507)

But at least BitCoin is an upgrade from the fiat fiasco currencies

i wouldn't be so sure bitcoin is any different

yes bitcoin has a lot of neat features that other currencies don't...

but no matter which way you look at bitcoin... it isn't backed by anything with intrinsic value (meaning that its not valued for anything other than currency, same as any other fiat currency)

Re:Yet trading goes on (1)

Boronx (228853) | about 3 months ago | (#46194567)

Fiat currencies are taxed, which is a built in demand. In the U.S., at least, dollars can by law be used to settle any private debt, too. Bitcoin has demand among collectors and speculators, and for customers of businesses like Silk Road.

It's Working. (-1)

Anonymous Coward | about 3 months ago | (#46193975)

It's Working.

At the rate FB posts are being modded down, and on-topic ones being modded up, we appear to have kept a few people at work on Friday night.

Shall we go all weekend? Can they?

Slashdot Traffic Plunges After Beta ... (-1, Offtopic)

Anonymous Coward | about 3 months ago | (#46193527)

Slashdot traffic plunged by way more than 8 percent [next Monday] after a group of angry nerds decided to stop wasting time at work looking at Slashdot and be productive, citing a technical malfunction known as "beta." Slashdot management claimed in a blog post that "we're trying something new" and "If you like your Slashdot Classic, you can keep your Slashdot Classic (for now)." It promised an 'update' — not a cancellation of the beta— in the days to come.

Re: Slashdot Traffic Plunges After Beta ... (2, Insightful)

Anonymous Coward | about 3 months ago | (#46194055)

"Slashdot traffic plunged by way more than 8 percent"
That would be awesome! Then the other 91+ percent could get to read comments again.
beta is not ruining /. although it might make it worse. The beta-numbnuts on the other hand are totally destroying it right now.

BREAKING NEWS (-1)

Anonymous Coward | about 3 months ago | (#46193557)

Breaking NEWS: aliens from zeta just send us a message saying they are stooping of all abductions that were carried on slashdot beta crew. They explanation: we could just not deal with this IQ level at this time.

Magic the Gathering Online Exchange (-1)

Anonymous Coward | about 3 months ago | (#46193563)

When I choose financial institutions, I prefer those named after children's card games.
Seriously though, the exchanges are an obvious chokepoint that can be regulated, putting the lie to cryptocurrencies being securely decentralized.

Re:Magic the Gathering Online Exchange (0, Informative)

Anonymous Coward | about 3 months ago | (#46193577)

When I choose financial institutions, I prefer those named after children's card games.
Seriously though, the exchanges are an obvious chokepoint that can be regulated, putting the lie to cryptocurrencies being securely decentralized.

You have no idea what you are talking about.

Re:Magic the Gathering Online Exchange (0)

edibobb (113989) | about 3 months ago | (#46193587)

It's decentralized. It's just that there are not many publicly available companies who pay cash for bitcoins. Somehow there are enough buyers to cause a price increase from $24 to $700 over the past year. I don't understand how bitcoins or gold either one retain their values.

Re:Magic the Gathering Online Exchange (-1)

rossdee (243626) | about 3 months ago | (#46193723)

" I don't understand how bitcoins or gold either one retain their values."

As far as gold is concerned, it has pther uses, this is why it has been a method of exchange for millennia.
Jewelery of course, and the fact that it could be beaten to very thin leaf.
In modern times of course its value is enhanced by it being an excellent conductor, used in electronics etc.

I still think Platinum (Pt) would be a better choice, since it has those uses plus being used as a catalyst in chemical reactions, and also being rarer.

There is certainly a need for a means of exchange that is not controlled by national governments, and that is also untraceable.
Bitcoin didnt work in that respect.

Theres a quote somewhere from Shoghi Effendi about 'one world currency' probably in WOB or ADJ

Re:Magic the Gathering Online Exchange (5, Insightful)

stoploss (2842505) | about 3 months ago | (#46193817)

I don't understand how bitcoins or gold either one retain their values.

Bitcoin is a bubble, though as with every other bubble there are delusional people who assert the emperor is not naked/that it all somehow makes sense. It doesn't... the valuation is absurd.

As for gold, I think the explanation is a mixture of inertia, rarity, resistance to governmental manipulation, and lack of corrosion.

Being able to beat it into a thin leaf is not a real explanation ("ZOMG! You can hammer this *how* thin?! SHUT UP AND TAKE MY MONEY!" said essentially no one ever). Saying it is valuable for jewelry begs the question (i.e. it's valuable for jewelry because its rare and expensive, but it's supposedly rare and expensive because it's valuable for jewelry?)

So, it really comes down to "it's always been this way", but everyone can be reasonably certain that there won't be a sudden massive increase in supply, and that their holdings of gold won't corrode away into nothing. Furthermore, the government cannot simply pass a law saying that there is now twice as much gold as there was yesterday; this security against manipulation is certainly a valuable feature (well, unless you believe Krugman, who thinks that the government should always be able to manipulate currencies).

Re:Magic the Gathering Online Exchange (0)

zieroh (307208) | about 3 months ago | (#46193947)

As for gold, I think the explanation is a mixture of inertia, rarity, resistance to governmental manipulation, and lack of corrosion.

You realize that Bitcoin objectively has those exact same qualities, right? Okay, yes... gold has been valued for longer and thus has more "inertia". But the valuation of Bitcoin -- however crazy you may think it to be -- is still a value that a group of people have collectively agreed upon.

Just like gold.

Re:Magic the Gathering Online Exchange (0)

Anonymous Coward | about 3 months ago | (#46194249)

That's false. Bitcoin suffers from bit-rot, as does every other electronic "good" in existance. Gold does not. I dare you to try and destroy some.

Re:Magic the Gathering Online Exchange (1)

stoploss (2842505) | about 3 months ago | (#46194555)

You realize that Bitcoin objectively has those exact same qualities, right

You will note that my comment was about bitcoin's valuation, not that it lacked certain qualities. If the price of gold had increased by approximately two orders of magnitude within in a year (like bitcoin has) then I would say that its valuation was absurd too.

I am not a gold fetishist. I perceive it as the most popular store of wealth of the type that is fairly immune to government tampering. However, these stores of wealth are not intrinsically appreciating investments, unlike, say, equities or bonds.

Oh, and I apologize for straying so far off topic: fuck Beta, and fuck the corporate doublespeak they tried to feed us yesterday. We know they haven't considered actually changing course. "We hear you, and so we're going to wait until the furor dies down a bit and then do it anyway..."

Gold Lasts (3, Insightful)

SuperKendall (25149) | about 3 months ago | (#46193955)

Gold had value historically because of permanence - even though it's somewhat delicate, it does not tarnish or rust which is a damn impressive thing in a world full of other things that fade away quite rapidly.

Re:Magic the Gathering Online Exchange (0)

Anonymous Coward | about 3 months ago | (#46194005)

Golds value comes from its use in FX.
When a bank changes say USD for EUR
it first buys gold using USD
and then sells it for EUR
At least for high value clearing.

Gold has value in a working economy (4, Insightful)

SmallFurryCreature (593017) | about 3 months ago | (#46194105)

The gold fetishist believe gold has value, no matter what. It doesn't. Examples are for instance the holocaust, people ended up selling small fortunes of gold just to survive or even just to eat. The end of time of dreamers who think that once the government collapses, their gold horde will be any safer then a bank account, forget that when Mad Max becomes real, gold has no value.

THIS is why Fallout uses bottle caps. NOT because of anything to do with bottle caps, just to show value is without meaning. People value whatever they value. And I got food and you don't I am not going to give you my food in exchange for your gold because that would leave me holding no food and only worthless gold.

VALUE is ALWAYS what someone ELSE is willing to give up in exchange for it. Take the value of a dollar bill. How much sex does it buy? It can vary from woman to woman and even from moment to moment and from buyer to buyer. Or for something slashdot readers are more familiar with, how about a softdrink from the exact same factory? Can vary from 35 cents to 2.50 with in a few hundred meters (chinese toko to convention hall).

Bitcoins trade is one person selling and another person buying. The more such traders happen, the more you get an average price. But I am going to bet that if I showed up and wanted to sell a BILLION bitcoins in one go, the average price would not apply. Same as if the US tried to sell all its gold at once.

THAT is how easy value can change. Very few things have any intrinisic value whatsoever. What is the value of water to someone living near a lake? The value of food to a farmer with a bountiful harvest? Want proof, read up on changing eating habbits. Like pigeons, peasant food, flying rats or fine dining?

The hardest thing to accept in life after death is that value is fleeting.

Re:Gold has value in a working economy (0)

Anonymous Coward | about 3 months ago | (#46194429)

> The gold fetishist believe gold has value, no matter what. It doesn't.
> Examples are for instance the holocaust, people ended up selling small fortunes of gold just to survive or even just to eat

You understand your example contradicts your assertion?

What you mean by value is made up to argue in favor of the new toy. That's not compelling.

A bitcoin is a representative token. Tokens are pretty handy if they have elastic value. Splitting the token does not give it the elasticity needed so bitcoin fails as a basic currency. When food gets scarce, the electronic tokens are a joke (since electricity will be out) and don't get me started on that ridiculous wallet concept that makes it even harder to disseminate.

However you want to bastardize the term "value", gold will have some value quality in at least the next 100 years as it did for the past millennia (same as apples). Bitcoins are a volatile speculative bet that will eventually be worth nothing...being based on an arbitrary specific technology with a finite number and requiring heat waste to generate a sequence. Get a token that represents a heat value (meaning it contains useful energy) and you'll have a good currency that's more than representative and closer to the goal of a pure commodity, but don't try arguing that you can trade gold, for anything you need, with you enemies, under the most dire circumstances, an argument for the weakness of gold.

Re:Gold has value in a working economy (1)

crutchy (1949900) | about 3 months ago | (#46194541)

People value whatever they value

and EVERYONE on the entire planet values gold

if someone put $1,000,000 worth of gold and $1,000,000 worth of bitcoins on a table (hypothetically) which would you choose?

even if you were a hardcore bitcoin fetishist, it would be difficult to resist the gold

"value" is defined by demand for something... if there is plenty of demand for bitcoin, then it will become valuable

there will ALWAYS be demand for gold... not only for reserves, but for electronics, jewellery, etc.

same with silver, rare earths, oil, wheat, etc.

even bottle caps have more intrinsic value than bitcoin because they contain metals than can be recycled into other more valuable things

Re:Magic the Gathering Online Exchange (0)

Anonymous Coward | about 3 months ago | (#46194283)

ZOMG! You can hammer this *how* thin?!

SHUT UP AND TAKE MY MONEY*!

(*) which is paper backed by a system in which every single entity is in debt. Sounds so legit.

Back to the topic, this seems a relevant bitcoin post. Second ZOMG of the day.

Re:Magic the Gathering Online Exchange (0)

Anonymous Coward | about 3 months ago | (#46193843)

Gold is scarce and hard to forge.

Since it's hard to forge you can be fairly confident that prices won't go up all the sudden because someone managed to "produce" 10000kg of gold for themselves overnight (thereby inflating the money supply).

It's scarce so it can buy a lot more than its own weight in other things. Imagine using wood as a currency; you'd need to carry around an entire tree to buy a pack of gum.

Every currency, bitcoin included, has these two properties.

Re:Magic the Gathering Online Exchange (4, Insightful)

jimicus (737525) | about 3 months ago | (#46193953)

Virtually anything you might buy or sell derives at least some of its value from faith, and currencies are no exception to this. In other words, as long as a sufficient number of people believe that 1BTC is worth ~$680, then 1BTC is indeed worth ~$680.

This is even true of gold to a certain extent - its value goes up and down too, though it's seldom as volatile because it has other uses beyond currency.

When something happens to shake that faith, the value drops. When something happens to strengthen that faith, the value rises.

Any currency that isn't backed by something tangible (eg. a precious metal) by definition derives more-or-less all its value from faith. This isn't usually a big deal - most countries came off the gold standard decades ago - but one side-effect is that if your country's government is unstable, there's a very good chance your currency will follow suit in short order. For extreme examples, see Zimbabwean dollars, Afghan Afghanis and German Papiermarks.

Re:Magic the Gathering Online Exchange (0)

Anonymous Coward | about 3 months ago | (#46193691)

Magic may be a children's card game (this is doubtful), but Magic Online is certainly not for children. It's expensive as fuck, requires a credit card, and is full of a toxic mixture of sharks and bad-tempered idiots.

For what it's worth, Magic Online also has a poorly designed and implemented beta version that they have tried to force upon everyone. I don't know what could possibly have caused me to think of that....

Re:Magic the Gathering Online Exchange (0)

Anonymous Coward | about 3 months ago | (#46193807)

" It's expensive as fuck,"

You must be using the wrong sort of hookers...

Re:Magic the Gathering Online Exchange (1)

chromas (1085949) | about 3 months ago | (#46194205)

beta version that they have tried to force inside everyone. I don't know what could possibly have caused me to think of that

It's completely obvious to everyone you're referring to Opera being rewritten into a Chromium clone with all the features that made it special or even usable removed. The classic version is still available but if you go to the Web site, you'll likely be directed to the shitty new beta version, which runs on fewer environments than it used to. We, the users, put up a stink but they told us to go fuck ourselves.

Re:Magic the Gathering Online Exchange (1)

JWSmythe (446288) | about 3 months ago | (#46193721)

Well ... someone can always set up a new exchange elsewhere. It's not like it's black magic. You just need to have the funding in both currencies to be able to support the exchange. There are lots of private currency exchanges, who will happily convert national currencies. If they trusted in BTC, they could easily add that to their portfolio.

I could set up the better BTC/USD exchange tomorrow, but since I only have (checks wallet) 0.00000889 BTC, and almost a comparable amount of US currency, I wouldn't work very well. I'm sure others could provide such a service.

If Mt. Gox never handles BTC again, someone else will. At least for a while until the BTC fad dies.

I am curious to if this has anything to do with the US Gov't saying they were going to cash out all of Ulbricht's seized BTC for real currency. That would be a quick way to cripple an exchange.

It's the same concern, which has historically to real-world banks. [wikipedia.org] Banks rarely, if ever, hold enough currency to convert funds in accounts to currency. HSBC is the latest in this, refusing large cash withdrawals. [bbc.co.uk] When the US currency backed by gold or silver. In theory the metals were available somewhere, but not at the banks.

It brings back the question, what is currency anyways. Why does my piece of paper, or number in an electronic transfer really correspond to a loaf of bread?

I got lucky with Second Life, way back when it was an interesting little site. I "bought" "land" in-game, and sat on it for a while. A while later, I "sold" the "land" for significantly more. Well, a large percentage. Not a lot of money. Why was that currency exchangeable for US dollars, or even the "land" worth anything, since it was never a physical property?

Enough with this "fuck beta" nonsense. (-1, Offtopic)

Anonymous Coward | about 3 months ago | (#46193591)

Grow the fuck up and stop spamming the comments. The grown ups want to discuss the news.

Re:Enough with this "fuck beta" nonsense. (-1, Offtopic)

Anonymous Coward | about 3 months ago | (#46193637)

Without us, a week from now there will be no Slashdot for you to whine on.

Re:Enough with this "fuck beta" nonsense. (-1, Offtopic)

Anonymous Coward | about 3 months ago | (#46193639)

fuck beta!

Re:Enough with this "fuck beta" nonsense. (0, Offtopic)

Anonymous Coward | about 3 months ago | (#46193783)

You're just an audience member. Why not log in?
-A chance to participate in Slashdot's Moderation and Meta Moderation System.
-The ability to save user preferences from visit to visit.
-Your own Journal in which to share your innermost feelings.
-The ability to define Friends & Foes to aid in reading discussions.
-Posting in Discussions at Score:1 instead of Score:0 means twice as many people will see your comments.

Re: Enough with this "fuck beta" nonsense. (-1, Offtopic)

Anonymous Coward | about 3 months ago | (#46194059)

Yeah but beta sucks
-jcr

Re:Enough with this "fuck beta" nonsense. (-1, Offtopic)

qubezz (520511) | about 3 months ago | (#46193823)

Please attempt to use the Beta site. Try using it as your only view of Slashdot. You will then realize is an abomination, a huffington-post web 1.9 where a big picture is plopped on a windows 8 tile, with a comment section that looks like a discus outsourcing.

When Slashdot is NO comments on the posted news stories, and ALL comments on the death of slashdot by evil committee, maybe then the idea will be abandoned - Dice should know that we will not use the new site, and we are willing to not use the current site to prove it.

Re:Enough with this "fuck beta" nonsense. (-1, Troll)

SuperKendall (25149) | about 3 months ago | (#46193933)

I have used it. OMG, it's somewhat more whitespace!

You are a childish moron, Beta Asshole.

Go away and find some other site to pollute with whining about style changes.

There are lots of people that will still use the site, and judging by the behavior of you and people like you I would say the site will be a damn site better the moment they drop Beta into permanent position. Go for it Slashdot, the adults will stay and the children will run.

Re:Enough with this "fuck beta" nonsense. (-1, Offtopic)

buswolley (591500) | about 3 months ago | (#46194071)

Fuck Beta.

Im only saying this because I want what I want. If I dont get what I want I'll leave. But I don't want to leave, so I say , ":Fuck Beta."

Then leave it, you say. I say you left it. Once Beta is made permanent, then Slashdot will have died. The originators left already. The UI left. We are Slashdot has left, except you, the "Adult." p.Have fun with that.

Re:Enough with this "fuck beta" nonsense. (1)

anne on E. mouse cow (867445) | about 3 months ago | (#46194433)

Are you using the beta? Do you actually like it?

If you don't like us talking about the site we like then piss of to somewhere else and quit your whining.

Re:Enough with this "fuck beta" nonsense. (-1)

Anonymous Coward | about 3 months ago | (#46193829)

"BuckFeta" is the news. End of communication.

Re:Enough with this "fuck beta" nonsense. (5, Insightful)

Bearhouse (1034238) | about 3 months ago | (#46193967)

Nice sock puppet. Wonder who modded this up?
Sure as shit not a real user.

The people who made this site - the real grown ups who don't post AC - object not just to the technically poor execution of the latest sites; (both the mobile and the beta desktop sites suck). No, what they loath is that they took time to give feedback, as I did - in detail - which was ignored...and then the beta was just rolled out.

Hence the rather "childish" fuck beta campaign. Treat people like kids, don't be surprised at what you get back.

On a final note, fuck beta, and fuck you AC.

Re:Enough with this "fuck beta" nonsense. (1)

maxwell demon (590494) | about 3 months ago | (#46194261)

So you'd also protest against actions of your local supermarket by going there and punching the customers in their face? Because that's the analogue of the "fuck beta" campaign: You're not actually harming Slashdot much, you harm Slashdot users, who have to seek the content they come for in between the masses of anti-beta posts.

If your goal is to make Slashdot/dice listen, why don't you just spam their mail address with tons of protest mails? As soon as their inbox is permanently clogged with protest mails, they must notice. And more importantly: For the mail address, it's Slashdot employees who have to seek the other content in between the protest messages, not ordinary Slashdot users who have no more influence on the Slashdot design than you do.

Re:Enough with this "fuck beta" nonsense. (2)

pitchpipe (708843) | about 3 months ago | (#46193979)

The grown ups want to discuss the news.

Why don't all of you Anonymous Coward "grown ups" hop on over to Huffington Post to discuss the news? Here's a fucking link [huffingtonpost.com] for the lazy. In a month you can come back to Slashdot and you won't even know the difference.

Fouling one's own nest. (0)

westlake (615356) | about 3 months ago | (#46194185)

Grow the fuck up and stop spamming the comments. The grown ups want to discuss the news.

I couldn't agree more.

The grown ups are the ones who draw sponsors to the site, the rest can be shed without tears.

Re:Enough with this "fuck beta" nonsense. (0)

anne on E. mouse cow (867445) | about 3 months ago | (#46194361)

Grow the fuck up and stop spamming the comments. The grown ups want to discuss the news.

This would come from a coward.

Why should people just lie-down and get rimmed, if you don't like something and you do nothing about it then you're a fucking pussy idiot.

Real adults know when to act decisively upon something, perhaps you're not an adult yet.

So shut the fuck up and get off of our site, COWARD.

Looks more like manipulation (4, Insightful)

Neo-Rio-101 (700494) | about 3 months ago | (#46193593)

Rule 1 of currency trading: Economic news is bull. It's either used to mislead a trader before they pull the trigger on a trade, or it's a pathetic excuse they give you after they've yanked your money.
"'temporarily pause on all withdrawal requests to obtain a clear technical view of the currency processes" sounds like the latter kind of BS.

Yeah sorry traders, we just had a technical hiccup.... SLURP! YOU LOST YOUR MONEY THANKS FOR PLAYING

Three fat red bars on the chart going down, followed by a doji that's just waiting there for people to jump on board. Looks like market manipulation... look for the reversal set up.

Re:Looks more like manipulation (1)

bkmoore (1910118) | about 3 months ago | (#46193841)

Rule 1 of currency trading: Economic news is bull. It's either used to mislead a trader before they pull the trigger on a trade, or it's a pathetic excuse they give you after they've yanked your money....

Markets are anonymous and deal with money or things denominated in money. How could there not be fraud?

Re:Looks more like manipulation (0)

Anonymous Coward | about 3 months ago | (#46193907)

Exactly. Looks like a bunch of noobs getting taken for all they're worth in bitcoins right now.

Re:Looks more like manipulation (4, Interesting)

mikael (484) | about 3 months ago | (#46194411)

I believe it is called a "stress test", one of the techniques that banks use to test the resilience of a trading system and how much liquidity it has. If they suddenly shutdown the exchange of currency, the punters are forced to make trades using other resources. How much of that other currency is used gives an idea of how is available. The Russians and EU did the same by restricting physical money currency transfers. The EU figured out there was black market the size of the GDP of the entire region.

Not with a bang, but with a beta. (-1, Offtopic)

emmagsachs (1024119) | about 3 months ago | (#46193599)

To their advertisers, Dice presents Slashdot as "Social Media for B2B Technology" [slashdotmedia.com] platform. They ignore the detailed feedback of Beta that they have received in these past months, and they disregard our grievances. They pretend to listen, all while admitting that Classic will be cancelled soon [slashdot.org] :

"Most importantly, we want you to know that Classic Slashdot isn't going away until we're confident that the new site is ready.

What company directs 25% of its users to a partially-working, not-ready-for-production website? A company like Apple can get away with using its customers to test out beta versions, because many of its early adopters are fanboys and suckers. This is how Dice views its userbase.

Beta delenda est!

Re:Not with a bang, but with a beta. (2)

davidhoude (1868300) | about 3 months ago | (#46194529)

The people on Slashdot complaining about the new design are the same folks in IT who are scared to learn new technologies. Adapt or get left behind. There is nothing wrong with the new design, you are just scared of change. Look inwards for a fix.

Usenet over Beta, time to change over! (-1, Offtopic)

RocketRabbit (830691) | about 3 months ago | (#46193611)

Comp.misc on Usenet is the new Slashdot. Please change over immediately. If your ISP no longer carries Usenet please use the Eternal September *free* Usenet servers.

See you there, and DOWN WITH BETA.

Protest. (-1, Troll)

Anonymous Coward | about 3 months ago | (#46193617)

I am declining to discuss this article.

I will not visit this site next week.

hyperbolize much? (0)

Anonymous Coward | about 3 months ago | (#46193647)

8% is hardly a plunge for a currency that's valuation is based on 92% speculation.

If you can suck your own cock (-1)

Anonymous Coward | about 3 months ago | (#46193661)

you can probably run Slashdot.

The real users are leaving, only sockpuppets remain.

"boo hoo!" cried a sockpuppet, "stay on topic so the money flows through our penises"

Yes, but (-1, Offtopic)

Blue_Wombat (737891) | about 3 months ago | (#46193683)

Bitcoin may indeed have plunged after Mt. Gox Exchange Halted Trading.

But not half as much as Slashdot has plunged after Dice failed to halt Beta.

I visit daily. Unless they halt this abomination, I won't be back.

As others have so eloquently put it - FUCK BETA

Mut Gox? (0)

Anonymous Coward | about 3 months ago | (#46193717)

So it's pronounced Mount Gox? Mut Gox? M.T. Gox?

Set for a crash anyway due to difficulty of mining (2)

dbIII (701233) | about 3 months ago | (#46193727)

This scheme relies on calculations that now require expensive hardware and the relative rate of return is diminishing. Without a move to distributed malware where someone else pays those costs I do not see how this scheme can persist for much longer.

Re:Set for a crash anyway due to difficulty of min (1)

motd2k (1675286) | about 3 months ago | (#46193751)

So wouldn't the increased scarcity cause a rise in the value... i.e. the exact opposite of a crash?

Re:Set for a crash anyway due to difficulty of min (0)

Anonymous Coward | about 3 months ago | (#46193811)

Nope. Ever hear of something called tulip mania [wikipedia.org] ?

Prices don't just keep going up and up. Eventually, people get spooked by events like this, the demand collapses, and then so does the price, which then causes a downward spiral as people try to get out before losing everything.

The only way to keep prices like these going up is a two-fold strategy: one, convince people that there is a value which backs the good they are wanting, and two, keep the goods coming (in this case, mining) to where people don't necessarily find it easy to come by, but not impossible. Without that combination of scarcity and faith in the value of the good, you get price bubbles, which then lead to crashes.

Demand does not die where pressure grows (1)

SuperKendall (25149) | about 3 months ago | (#46193945)

Would tulip mania have faded if every other flower on the earth were dying?

The thing that really keeps Bitcoin going is that mismanagement in "real" currencies and reduction in anonymity everywhere is driving people to Bitcoin as a real alternative, that's manipulated by a wholly different people. Do you see that changing anytime soon?

Re:Set for a crash anyway due to difficulty of min (1)

zieroh (307208) | about 3 months ago | (#46193847)

There won't be any scarcity. Well, not because of increased difficulty, anyway. There are only two main reasons for scarcity within Bitcoin, and mining difficulty isn't one of them. The coin reward will happen, on average, every 10 minutes. If it ends up being faster than that, difficulty will rise until it averages out to 10 minutes again. If it ends up being slower than that, the difficulty will rise until (you guessed it) the average coin reward rate is every 10 minutes.

The two reasons for scarcity are (1) people hoarding their coins ("hodling" is the in-joke) and (2) the built-in halving of the block reward every four-ish years. In fact, the block reward for mining will eventually end -- in 2014. For the time being, though, the supply of coins is self-stabilized at 25 new coins every 10 minutes, regardless of how many people are mining or how large their computing power is.

Re:Set for a crash anyway due to difficulty of min (1)

zieroh (307208) | about 3 months ago | (#46193863)

* Typo:

If it ends up being slower than that, the difficulty will rise until (you guessed it) the average coin reward rate is every 10 minutes.

Should read:

If it ends up being slower than that, the difficulty will fall until (you guessed it) the average coin reward rate is every 10 minutes.

Re:Set for a crash anyway due to difficulty of min (1)

zieroh (307208) | about 3 months ago | (#46193931)

* Typo 2: ("I hate uneditable posts"):

The block reward will end in 2140.

Re:Set for a crash anyway due to difficulty of min (2)

dbIII (701233) | about 3 months ago | (#46194011)

the block reward for mining will eventually end -- in 2014

That's a very convenient mechanism to let the early adopters in the pyramid know when it is time to cash out.

To explain what seems to have been missed. (3, Interesting)

dbIII (701233) | about 3 months ago | (#46194001)

The value is rising slower than the value of the resources required to make the token used in this scheme. That's what I mean by "the relative rate of return is diminishing".
Also, apparently if all "mining" stops then that will prevent transactions from occurring and render the tokens worthless. Whenever this has been brought up before the response of people involved in the scheme has been "mining will never stop", and the question otherwise ignored.

Re:Set for a crash anyway due to difficulty of min (1)

Luckyo (1726890) | about 3 months ago | (#46193789)

Actually, this scheme relies on reliable ability to trade virtual money for hard currency. This makes exchanges the natural single point of failure.

It's yet another variation of the old xkcd joke: https://xkcd.com/538/ [xkcd.com]

Every time Mt.Gox, by far the most popular and basically main exchange went down, bitcoin's trade value against hard currency went down hard. The rest of the factors are mostly irrelevant because their importance compared to relative value of easy, functional and legal way to exchange bitcoin for hard currency is simply too small.

Re:Set for a crash anyway due to difficulty of min (1)

zieroh (307208) | about 3 months ago | (#46193813)

You're not the first person to make this observation, and you won't be the last. However, you are nonetheless mistaken. In your rush to pass judgement, you've missed some fundamental aspects of Bitcoin.

Either mining remains profitable, or miners will stop mining.* At the point where they stop mining, the difficulty goes down until mining becomes worthwhile again. The system was meant to balance itself in exactly this way, and it works very, very well. Yes, mining is an expensive proposition with a large initial buy-in. Yes, it is quickly leaving the realm of hobbyists and becoming an endeavor best addressed by large data centers. This doesn't mean that it isn't profitable, though -- just that the cost of entry is high.

*Even this isn't entirely true, as there are many hobbyist miners who will operate at a loss just for the sheer love of it. No, I'm not kidding.

Re:Set for a crash anyway due to difficulty of min (2, Insightful)

dbIII (701233) | about 3 months ago | (#46194019)

*Even this isn't entirely true, as there are many hobbyist miners who will operate at a loss just for the sheer love of it. No, I'm not kidding.

In a few years we'll look back at this and laugh at the bitcoin pyramid players as if they were methheads. In the meantime it's a obvious scam baited for geek. We've become mainstream enough to attract predators.

Don't mine buttcoins (0)

Anonymous Coward | about 3 months ago | (#46193761)

Your finger will smell worse than Sochi water.

$lashdot: News for Ca$h, stuff that sells! (-1)

Anonymous Coward | about 3 months ago | (#46193805)

CA$H GRAB!

Bitcoin segues into beta (0)

Anonymous Coward | about 3 months ago | (#46193871)

The value and long term viability of bitcoin, much like the value and long term viability of slashdot, comes from the users.

Speaking of value of slashdot, is it possible that slashdot is being prepped for a sale, hence the redesign?

Exclusive Video Footage (2)

Powercntrl (458442) | about 3 months ago | (#46193891)

This [youtube.com] was the scene today at Mt. Gox as people frantically tried to withdraw their Bitcoins. Err, no wait, that's a scene from Mary Poppins. Seemed legit.

Good News: FUCK BETA CONTINUES (0)

Anonymous Coward | about 3 months ago | (#46194013)

Beta comes - beta goes. It just takes a while for the Dice-holes to realize this.

Beta /. comments (-1, Offtopic)

FlynnMP3 (33498) | about 3 months ago | (#46194077)

I tried using it for a while trying to get used to it. I really did. For reasons emphatically stated by the /. community, the amount of whitespace is distracting to the point of being detrimental to reading/skimming the comments (as well as the comment system is broken). Again, as the greater /. community has said, comments are the main driving force why people visit the site. I read the comments and almost always ignore the story submitted. It's a running joke when I talk to IRL nerd friends to never cite the summary of a /. article. In a sense, the summary is click bait. Sure it could be better, but somehow that is part of the stupid nerd charm the site has.

When /. went to D2, I started poking around for other nerd sites that engendered intelligent comments. I found it in ArsTechnica. They have a different way of running the website, with real editors and it shows. For the most part, the articles are well worth reading. As are the comments. In some respects, the comments are actually better than /. because a wider net of different viewpoints are allowed to be seen/discussed. About a year ago they implored their loyal readership to turn off javascript/ad blockers to allow the continuation of the site remaining free. I considered the options and decided that I valued the service Arstechnica was providing, so much so that I purchased a year subscription.

That is something I've never done with Slashdot. This is the part of the reason Dice wants to get rid of me as a consumer of the content - because I enjoy it for free. In all my 15+ years of frequenting the site (almost daily), I've only once clicked on an add. In terms of supporting the site, I am the worst type of consumer. Dice wants me to leave and be replaced with people who will click on web adverts. From a MBA perspective, it makes perfect sense. I don't agree with it at all - for reasons stated much more succinctly in other comments.

Will I take part in the Slashdot boycott? I sure will. Because I have a vested interest in retaining the wonderful resource of comments that enrich my geek knowledge on a weekly basis. What will happen if it does go to the new Beta design without a massive redesign keeping in mind it's intelligent readers/commenters? It will die on the vine. Just like some other website redesigns. Digg.com being the latest example that affected me.

When Groklaw was shut down, I respected the reasons why. I seriously miss the content of that site. Partly because of PJ's internal integrity, but also because of the people who commented on the stories. To this day, I haven't found anything that even comes close to the level of professionalism and truly meaty content Groklaw had. While the feelings aren't quite as strong for /. as a site, something very valuable will be lost when it goes away. I personally think that's why the community has reacted so strongly against the Beta.

Where will the commenters and the greater community go? To someplace else on the Internet. It is inevitable. The Internet has this built in property to route around flaws and disturbances, so to do online communities. When the Phoenix lands on it's new perch, I will be there, occasionally adding my voice and enjoying the greater wisdom of the community.

Slashdot Plunges After Dice Lamers Halt Classic (-1)

Anonymous Coward | about 3 months ago | (#46194393)

Please post this to new articles if it hasn't been posted yet. (Copy-paste the html from here [pastebin.com] so links don't get mangled!)

On February 5, 2014, Slashdot announced through a javascript popup that they are starting to "move in to" the new Slashdot Beta design. Slashdot Beta is a trend-following attempt to give Slashdot a fresh look, an approach that has led to less space for text and an abandonment of the traditional Slashdot look. Much worse than that, Slashdot Beta fundamentally breaks the classic Slashdot discussion and moderation system.

If you haven't seen Slashdot Beta already, open this [slashdot.org] in a new tab. After seeing that, click here [slashdot.org] to return to classic Slashdot.

We should boycott stories and only discuss the abomination that is Slashdot Beta until Dice abandons the project.
We should boycott slashdot entirely during the week of Feb 10 to Feb 17 as part of the wider slashcott [slashdot.org]

Moderators - only spend mod points on comments that discuss Beta
Commentors - only discuss Beta
http://slashdot.org/recent [slashdot.org] - Vote up the Fuck Beta stories

Keep this up for a few days and we may finally get the PHBs attention.

-----=====##### LINKS #####=====-----

Discussion of Beta: http://slashdot.org/firehose.pl?op=view&id=56395415 [slashdot.org]
Discussion of where to go if Beta goes live: http://slashdot.org/firehose.pl?op=view&type=submission&id=3321441 [slashdot.org]
Alternative Slashdot: http://altslashdot.org [altslashdot.org] (thanks Okian Warrior (537106) [slashdot.org] )

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