Bitcoin Forum

I think BTC price will not significantly fall because many people just fear to store their funds on MtGox and will buy Bitcoins to rapidly move money away from gox.

80% of the Bitcoin market is with MtGox and the USG is seeking to shut them down.  There is no way around a price drop.  Question is, how many people will actually get their money and BTC out in time.

You assume the US is 80% of the Bitcoin market.  80% of the noise perhaps but I'm sure the rest of us are way more than 20% of the coin base ;-)

no, 80% of the world market, roughly, is on Gox.  At least the bitcoins to fiat market.  Gox going down removes a lot of money, both fiat and coin, from the market.  Presumably the US government is seizing that.

mtgox is not going down.  Worst case, they stop operating direct in US and use Coinlab so some such.

+1

Europe uses gox quite a lot (and Bitstamp). I've been off gox for while now since they told me my SEPA withdrawl would take weeks. I've been happy ever since.

I think price eventually drops a bit. I dont think BTC is done just think it will go down then slowly rebound. Just an opinion......

everyone chill out, in particular coinseeker... his depressing talk has been, well really depressing me recently.


this is one isolated case and one bank account. NOT ALL GOX. The issue is not that black and white...


This:

http://www.forbes.com/sites/kashmirhill/2013/05/15/the-feds-are-cracking-down-on-mt-gox-not-on-bitcoin/

Don't blame me because you sold too late yesterday.  You were told at 119, 118, 117, 116, 115, 114, 113, 112, etc, etc.  You waited to long, sold, the market turned and you took a loss.   Take responsibility for your actions like a grown up and don't blame me.  

This is the speculation forum.  Get over it.

This is a classical example of a negative feedback within a trend, it can never change the trend nor the outcome.

---

Bottom line is: There is strong support at 0

...and sell them on another exchange.

I can see this happening to a certain extent.

People have bills and in order to pay for most of their bills they need to use fiat.

Until more landlords/electric/utility companies accept bitcoin that is how it will be.

I'm over "it", clearly you don't know what position I was in and I don't really care if you do either way and I'm sure you don't either. I take full responsiblity.

What I don't like is your consistent negativity and attitude.

Anyway that is your problem so I shouldn't make it mine and for that I'm sorry

Negativity?  I'm one of the most positive people on this site.  Get real.  I speculated the market would fall and it did.  Now, what does this ignore button do?   Ahhh...nice!   ;)

You mean M.T. Gox will should be EMPTY Gox? Oh boy!

Hmm. Seems like the time to buy is finally here :)

I've got long term BTC that I never touch (no matter what).

But I've just sold all my current BTC and will sit this one on the sidelines for the next few days until this blows over.  If I have to buy back at 5-15% loss in a few days...so be it...but I have no appetite to take massive haircut if this turns into panic.

(P.S. Sitting on the sidelines at bitstamp. No way I'd keep fiat or btc in Mt Gox right now)

Ditto.

So shall we just assume those coins are lost because they will never be touched?  ::)

I'll never touch them...my great grand kids will use them buy small countries. :D

Since Bitcoin is pegged to the Dollar it's value is directly proportional to the price.

Water has value (no life without water). Price of water can change (from ZERO to INFINITY), but real value of water does not depends on price (if you have water then life will continue, if you have paper($) then you may not be able to create water) .

Using this interpretation Bitcoins have no value.

price is not value
1. if somebody helps you for free => NO VALUE
2. if somebody kills you for taking profit $100,000 USD => $100,000 VALUE

who is more valuable 1 or 2 ?

lol

wat

Haha awesome.

Just question: "Do you know what is difference between PRICE and VALUE?"

EDIT: "Do you know there is difference between PRICE and VALUE? => Price is not same as a value."

Do you see value as subjective, or don't you?

1. value is subjective
2. next layer is "to create criteria" to recognize value (criteria will tell you if something has value ... subjective)
3. you behave to meet your criteria because you have your values (subjective)
4. others react to you behavior
5. you will get outcome ... does outcome meet my criteria ? -> continue/change behavior/change values

I just don't see how anything follows from #1. You say that bitcoin's value is not directly proportional to the price. If you see value as subjective, then price here is the aggregate of the subjective valuations that individuals place upon it. Nothing more, nothing less.

I have to say I'm completely surprised by the total lack of reaction to this news by the market.

How is that the coinlab civil lawsuit (which could take years to play out and may just fade away) can send the market into a 20% panic sell, but Mt Gox getting assets frozen (IMHO must worst/more serious than the lawsuit) and market almost no reaction. 

I'm happy if bitcoin has become this resilient, but it just seems a bit unreal.

Because these events have less impact on price than you assume they do.  The timing of the event has more of an influence over its impact than the details of the event.

I'm holding my breath. I'm actually getting pretty fucking sick of the DDoSs

They don't bring down the price anymore, what they do is stagnate the fucking market. Another half month of "stability" would blow.

There were some pretty deep sell-offs almost immediately, but to be honest I think that most people with skin in the game right now are stronger hands waiting for the next rally -- each "scare-off" is having diminishing returns.

Please contribute meaningfully if you can:

https://bitcointalk.org/index.php?topic=179147.msg2163905#msg2163905

Ok, good, so Coinseeker has exposed himself as an absolute idiot:

80% of global trade volume != 80% of USA trade volume.

Really, dude, that's a pretty hilarious mistake you made there. Don't do it again  ;)

Furthermore, the assumption that government intervention to an exchange would cause a price crash is counter to the vast majority of examples that we can find throughout history. Granted, we are talking apples to oranges in all cases, but we can mix analogies. For instance, government intervened and tried to stop torrent downloads. They are more popular than ever before - even though people have to wade through dozens of fake torrent sites and lots and lots of really bad advertisements and malware links just to find the torrent they need. Government intervened and tried to stop drugs. More people (per capita) use drugs than ever before, despite less-than-ideal purchase methods, and drugs cost more than ever. There are other online currencies that were shut down (e-Gold, etc) but those were centralized with single points of failure. Drugs don't have a single point of failure, P2P torrent systems don't have a single point of failure... and as much as the butthurt bears would like us to believe it, Mt.Gox is not Bitcoin's single point of failure. I've said it before and I will say it again... Mt.Gox dying a slow, painful death at the hand of U.S. and Japanese regulators is the BEST POSSIBLE thing that could happen to bitcoin at this point in time.

Think about it... people will FINALLY stop using Gox! OTC and other exchanges will finally rise to the occasion. People will stop making chicken/egg excuses like "lol volume" or completely made up excuses like "there is no US based exchange" or "no US based exchange accepts X funding method."

One exchange having 80% of market share was NOT healthy for bitcoin. Gox needs to crash and die before Bitcoin can succeed!

I'm going to say that the worst is now past. Oh, we'll see lower (and higher!) prices again, but that's just Bitcoin being Bitcoin. I wrote some thoughts about the whole thing:
http://holynerdvana.blogspot.com/2013/05/analyzing-effects-of-mtgox-and-dwolla.html

Basically, there's no such thing as bad publicity. This might be bad for MtGox, but for Bitcoin as a whole it could easily be a net positive.

Gox will go up due to buys, others will decline due to fiat conversion. Play accordingly.

Two words.

Quantum Computers

It's not gonna happen

I second that. If BTC is EVER going to be a currency (instead of a commodity that it is right now) we are in desperate need of TRUE spreading amoung a vast amount of exchanges. I'd like to see  more than 50 exchanges (at least) in order to be able to talk about an independent price formation.

YET...

For the time being, a Mt.Gox assault by either / and US/Japanese authorities WILL pose a major setback to BTC. As long as it lasts, I know, but IT WILL. There is NO way ordinary people are going to adopt BTC when exchanges are either unreliable, filing fraudulent bank enrollment forms, closing after some months, etc. etc.

Bitcoin deserves better than what we've seen over the past weeks. But let's be honest: it will fail in an epic way if the problems don't get addressed. And let's be honest once more: that is a problem when having such a decentralized currency... All we can hope for is enterpreneurs willing to setup competing exchanges, and to conduct their business in a moral & lawful way. I just can HOPE for the better. Meanwhile, I would not be surprised to pick up BTC at a WAY lower price before the dust settles... And meanwhile, I am partially positioning myself into Ripple as well (now don't laugh - it IS legitimate, and it is a BUSINESS, contrary to the fukcing-up by Mt.Gox)

Quantum computing isn't magic.

Still haven't seen a significant price drop. When do you think it's going to happen?

Weird, isn't it? 

It isn't going to happen, volume on Gox is down, Bitstamp up, BTC-E up, CampBX up... get the picture??  People are just using different exchanges - Gox needs to go the way of the dinosaur


I don't see it as odd, confidence is high