why does it take mtgox so long to process withdrawals?
I'll speculate: maybe they are trying to earn profit directly from some investment or interest as well as frim commission. For example, a whale buys 1 million worth of bitcoin. But the don't give that million to the seller right away, they hold it for a few months. The money they could potentially earn from fees is much more than the interest they could earn holding it for a few months. Not to mention, they would be illegally exposing their customer's funds to risk of loss. It is much easier for me to believe that they simply are having trouble finding banking partners that aren't throwing every possible reporting form they can find at MtGox for every transaction. Nobody knows exactly what regulations apply to bitcoin, and banks are risk averse when it comes to regulations. especially for something they view as small potatoes (compared to their other businesses). Because of this uncertainty, they make MtGox report everything, and they set very strict limits on how much volume they can process and how fast they can grow their volume. |
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 Did I nail it? Is there a prize? That's how I read it, but EM wants you to see us at "return to normal" rather than "return to mean". |
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Yes, feed my market making bot. He's short from all this straight up shit.
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Have ever OP gotten back to see this thread again?
Why would he come back? He sold out. |
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The big difference between 2011 and 2013 is that the parabolic rise took 3 months now instead of 2 months in 2011. Hence why I think the correction will also take longer.
The rise was a lot more parabolic in 2011: that was a bigger bubble with greater volatility. When that bubble popped, the bearish trend became apparent fairly quickly and the price fell by about 92+% peak to trough. I don't see the same happening this time (unless Bitcoin fails altogether). Duration does not equal depth. That's what she said. |
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I can't post it nearly enough.  That is because you have nothing insightful to offer and choose to instead copy and paste an overposted image without providing reasoning for your predictions. I have nothing insightful to offer in overly monotonous shitposting threads without providing reasoning for my participation. At least I'm not alone.  If you are so bored with these threads, why do you keep coming back? |
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Does anyone else think the Pings and Pongs should be reversed? In my mind a Ping is a high and Pong should be a low. Just a minor OCD thing lol.  Anyway my guess is $98 will be the next low around Sept 25th. German elections will be over by then and it's time for the Euro crisis to come back in full force. Ya but the sequence started at a low, you don't go "Pong-Ping" ldo. Just think of a Ping as an upwards force and Pong as a downwards force. A price in motion will stay in motion until acted upon by an outside force. |
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Some of you should start watching Ron Paul, Max Keiser, Nigel Farage and others, you will find out how we are being deceived.
Long live Bitcoin, Gold and Silver.
You're preaching to the choir buddy. |
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Why was it raised from 256kb (12.79GB per year max) to the current 1MB block limit at 51GB per year?
Only 4010 blocks have been over 256kb so far... And blocks are usually under 200kb.
256kb was never a limit, just a default setting. The limit has been 1MB since a limit was created. The default setting was raised to the full capacity of the network because transaction volumes were starting to bump up against the 256kb limit at certain busy times. |
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I think that the bubble is not over yet, it has just started !!!
you are referring to the $ bubble, arenīt you? Bond bubble ends, $ bubble begins. |
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When 1 Hotdog's price will be $500 then bitcoin will reach $1000
So I'm assuming you think that the price of BTC is about to tank? Because right now you can buy like 50 hotdogs with one coin, more if you hit Gray's Papaya. 1. Buy 50 hotdogs now 2. Wait for $500 hotdogs/$1000 BTC 3. Sell all your hotdogs for BTC Bam, 25 BTC worth $1000 a piece for a small fiat investment of about $100 now. |
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i would be more likely to believe that they created bitcoin so they could have a cloud of SUPER powerful computers breaking sha-2 encrypted data, non-stop 24/7, rather than believe they actually solved PvsNP
SHA is not an encryption algorithm. It is a hash function. You can't encrypt anything with any version of SHA. |
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When btc will be $1000+, you can call it mainstream.
I'd hardly call a currency with a market cap of $11,000,000,000 mainstream. |
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Fraud.
In order to use a credit card, you have to give the merchant enough information to charge you up to your credit limit. While the merchant might be trustworthy, it is harder to trust everybody who has access to your private information via the little credit card box they swipe your card with. Thousands go missing every year, and charges that go unnoticed can add up.
With bitcoin, you only have to trust the merchant do deliver the product. No matter who has access to the details of the transaction, you only authorized amount X to be sent one time. Your private key still secures the rest of your funds.
You got refunded anytime if your CC is used for a transaction you did not do / want. You got fucked in the ass, if your btc got stolen (from mt.gox, blockchain.info or wherever), and that happens every day. If you catch it. If you don't you're SOL. And even if you do, the money comes from the merchant. Too much fraud and they have to raise prices, hurting every legitimate customer. If you BTC got stolen then you shouldn't have kept so much money with an online service or on an internet connected computer. Good luck hacking my paper wallet. |
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Definitely a bit of panic selling there... then re-correcting.
Sorry tobyaus, heading down again. |
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like it or not sr still holds the rains of the mega sled that is bitcoins. Im not saying its everything but ya vender's and buyers get skittish when they can not access there beloved sight.
thoughts?
I must have predicted that SR would go down: Just increased my position on this. See how we go. Next stop the moon.
Bulls cheering, bears cowering, newbies buying.... time for a shakeout. Yep, sorry tobyaus.  Strange, since I haven't been to SR. |
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Re Bitstamp verification: it's pretty easy. You need to submit two scanned documents - your ID and proof of residence (e.g. electric bill with your name and address visible) and you become verified user within an hour or so.
It's easy if you have a bill on your name. Many people don't have that. I don't understand why ID isn't enough. Probably some strange law thing. US KYC (Know your customer) laws require proof of address for an institution to be able to transact on your behalf. If they want to have any hope of eventually achieving full legal registration for US customers, they had better at least follow the basics that every financial institution must follow for US customers. |
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I have found any one over the age of 50 has no idea what it is and will never use it willingly; 95% of women under 50 that know about it think its no different then world of Warcraft gold or online tokens for video games. Bitcoin will never be main stream. At most 5 to 10% of the world will adopt it. But it will always have a place in the world.
Older generation don't stay that way forever, they have this habit of eventually getting so old that they die  Younger generation then become older, and are then the adults. So maybe we'll need another 10-15 years before that kind of effect takes place. We also don't need 100% adoption to thrive, we've been doing pretty well with just 0.01% to date  I'd say 0.01% is pretty high. I doubt active users number over a million. |
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