Wednesday, April 17, 2013

Mt Gox, bitcoin, Hordes of Chaos, Demons and armies of Orcs...

MtGox.com is the main exchange for bitcoin. I am not inherently opposed to bitcoin as a small and interesting speculation (though I would not do it for my clients). I think bitcoin probably goes to zero - but only probably...

If you want to understand bitcoin the best explanation I have found is on the self-evident blog...

However it is the history of MtGox - that amuses me...

MtGox started as an exchange for trading cards in a fantasy role playing game. It stands for Magic The Gathering Online Exchange.

But between trading playing cards and trading encrypted tokens certified with a file-shared registry it distributed an online game called "The Far Wilds". Archive.org preserves some of the website:



The Far Wilds is a unique turn based strategy game. Configure an army and fight on a random battlefield. 
Battles are dynamic. You must adapt your strategy to different battlefields conditions and opponents.... 
The Celestial Imperium moves out toward the northern wastes to respond to the rising tide of the Hordes of Chaos. Disciplined and Powerful Psions wield their minds against twisted Mutants. Priests and Paladins of Xosa battle with Demons and armies of Orcs across the wilderness of the Borderlands.

John

5 comments:

Anonymous said...

Why are you opposed to invest or speculating in bitcoin for your investors?

Anonymous said...

Perhaps Mr. Hempton believes in investing only in what he can understand.

dede said...

Mt Gox origin is amusing indeed.

Looking at bitcoins, I had reached the conclusion that this was like Hasbro selling their Monopoly Game at the face value of the banknotes in the box, a very lucrative business indeed!
The difference is that Hasbro does not pretend that you can buy anything other than the little houses and hotels offered in the box as well, and they do not sell the box at the banknotes' face value.
Bitcoins is a scam and the sooner it crashes, the less people will be hurt.
Not sure if anybody will find out the crook who managed to issue these and sold them against USD in the first place...
For others who do not wish to take the risk of being accused to recycling the scam, I would recommend to stay away!

Anonymous said...

MtGox has a reasonably efficient operation (ignoring the DOS attacks). Bought some bitcoins about 18months ago as an experiment to understand the process. Largely forgot about them until they hit AUD120/bitcoin. Thought the biggest risk was getting my AUD money (profits) out, but it was fairly straight forward.

Fairly certain I won't get back into bitcoins. Mainly because it is really a proto-icurrency. New icurrencies will evolve and take bitcoin's place.

But is important to understand that the big attraction to bitcoin is from those with strong anti-bank feelings, and there are a hell of a lot of those people out there. So while bitcoin may come & go, the idea, & wide support, of icurrencies independent of government is here to stay.

Martin said...

"New icurrencies will evolve and take bitcoin's place."

Apache, Linux, Tomcat, RSA all dominate the market today despite hundreds of other products trying to take over. Once a product is good enough and widely accepted there is no need for a new one.

General disclaimer

The content contained in this blog represents the opinions of Mr. Hempton. Mr. Hempton may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Hempton's recommendations. The commentary in this blog in no way constitutes a solicitation of business or investment advice. In fact, it should not be relied upon in making investment decisions, ever. It is intended solely for the entertainment of the reader, and the author.  In particular this blog is not directed for investment purposes at US Persons.