MTGOX was a cancer holding back bitcoin. Now just like silkroad being shut down...the same will repeat. TO DA MOON!  nah, gox was the cancer killing /b/ everything is going to be alright now. |
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I'm all bitcoin baby.
(apart from that black place where I am partly goxcoin. I don't talk about that though.)
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srsly. every other thread?
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Waiting for FOX to report that it was 17.5 million  |
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 It's really simple. Two strong trends collided and are smashed up against eachother. Everyone was extremely bullish after the gox reversal and wanted to buy buy buy, but then the price collided with the month-old established bear trend, and stopped the rally. Everyone was still so bullish that they didn't want to accept that a retracement was neccessary to break the bear trend, so it just stalled out. I still think it needs to go to ~500-530 first and consolidate before it can break the trend. It might take some news event to shake things up. A1 TA WOULD TA AGAIN |
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The capitulation happened already. If you did not feel it, the reason is that here in the oldtimer threads in Bitcointalk people knew what was coming and were not afraid.
That's the nuts and bolts of it right there. I knew that once I started to think "maybe this time it's different" that we were there. I'm what MTC calls a bitcoin nutter. I'm not going to change my opinion based on price action. I'm in no hurry. It will come. So in the short to medium term, if I feel doubt, then I know it's one of the darkest days. |
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What would they gain from being a fractional reserve  WARNING: PURE SPECULATION I'm changing my tune. Yesterday I thought the 750,000 BTC figure was FUD to get certain Gox creditors to voluntarily accept 10 cents on the dollar for their GoxBTC. The theory I'm leaning towards now is that the 750,000 BTC figure is true and Gox has indeed been operating as a fraction reserve. The theory is that sometime in 2011--probably after the crash from $30 to $10--MtGox was lax with security and a group of thieves or hackers was able to steal about 500,000 to 1,000,000 BTC. At the time, this only represented $10 million dollars. To avoid discrediting bitcoin and embarrassing himself, Mark pretended that nothing happened. He knew that BTC withdrawals were roughly balanced by BTC deposits (typical fraction reserve banking) and he hoped to slowly earn back the bitcoins through trading fees. Meanwhile, the thieves worked to mix their coins with non-stolen coins and slowly sold them off, thereby driving the bitcoin price eventually to $2 later in the fall of 2011. It was this extra selling pressure that continued through the remainder of 2011 and 2012 that kept the price of bitcoin artificially depressed. Meanwhile MtGox was buying coins whenever it had spare cash. But as the price of bitcoin exploded in the spring of 2013 they saw their liabilities in $ terms increase tremendously. But at this point they had to keep going, even using customer deposit money to buy coins from other exchanges or individuals. The problems at MtGox (probably due to extreme stress of MK) got worse, and MtGox lost market share, slowly dwindling down MtGox's small supply of coins. MtGox purposely mixed immature coins into withdrawal transactions, and later used the malleability excuses, all to buy time to somehow get more coins and make good on withdrawals. But eventually all hope was lost. Their supply of coins dwindled down to 2,000 BTC while their bitcoin liability were a huge 750,000 BTC. And here we are today. If this theory is correct, there are 750,000 less bitcoins in existence than what everyone thought. Who's theory is this? It makes no sense, with due respect! R U saying that the price of BTC should bounce because 750 k are gone?... It makes perfect sense, and is one of the more compelling theories I have read. Perhaps he should have used more words of one letter? |
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My BFL PSU blew out about 5 seconds after plugging it in. It wasn't 'til after that happened that I found the 120v-240v toggle switch on the back  |
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Here goes...
The following document gets leaked:
..snip...
MTGOX HAS 4 CORNER SIMULTANEOUS 4-DAY TIME CUBE IN ONLY 24 HOUR ROTATION 4 CORNER DAYS, CUBES 4 QUAD EARTH - No 1 Day God |
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What is your appetite for risk?
Bitcoin could go to zero, could do nothing for years, could fall/rise slowly for years, could go to the moon tomorrow.
Silver looks pretty oversold, is unlikely to go lower but has a historical floor of about $5 so would probably never go to zero. Might bob along doing nothing for years, might go significantly higher but probably not to the same extent bitcoin could.
The boring answer is diversify.
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Isn't trading fun!
Yeah.....great fun, especially when the general trend is behaving so predictably. I just turned ~1100 USD from a 20 BTC trade. Had I waited two minutes it would have been 400 more, but all in all, not bad for a days work. Got considerably more than that from my short yesterday as well. If I could do this on a daily basis, I would have to give up the day-job. Being caught with the pants down however, is not much fun at all.....we have shot up dramatically without any meaningful correction since the bottom at 400, and a reversal must come, but when? I dunno, I'm no trader I do ok though...  |
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Well I think the best thing to do when things look this bleak is to try and find a little opportunity... think I might try out this bitcoinbuilder site, as my favourite long shot seems to have given up trading |
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Hard to imagine someone buying Gox when it has that much outstanding liability. I don't see any other option besides bankruptcy and goxcoin/goxbucks owners taking it in the pants.
Some people find it hard to imagine buying a yacht. Some people find it hard to imagine buying a bottle of £40 wine. Some people find it hard to imagine getting a taxi, when the bus is cheaper. Its all relative. |
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Confirming it's more or less legit, but not explicitly denying the figures are FUD?
Hmm. Who could possibly have a vested interest in maintaining that perception?
OH HAI GUYS YEAH WE GOT ACQUIRED BUT NOW YOU SOLD ALL YOUR BTC's I NEED TO TELL YOU THERE WAS NOTHING TO WORRY ABOUT HERP
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This post brought to you by the letters G R E and D
+1  If you don't know yourself. You know nobody. (caveat: I don't *know* I know myself, but man, I try) |
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The document is so clearly fake that I can only assume Two-Bit-Idiot, the "reputable" writer for Coindesk, is in on the FUD. If you read his blog he's busy spinning the wildest doomsday scenarios, the "rabbit hole runs deep" bullshit: http://two-bit-idiot.tumblr.com/Seriously I find it hard to believe that no-one has known the real situation at Gox for weeks and then suddenly Two-Bit-Idiot comes along with a hyperbolic document and assurances that he has confirmed all the figures with "multiple sources" close to Gox. Coindesk then pumped his stuff. They should be brought to task over this. Indeed, I think the article only does only one thing; lends legitimacy to the idea that gox is being taken over. It suggests to me that the other exchanges are so desperately afraid because they know that if gox is brought back, then there number one competitor is still in the running. So the acquisition part is probably true, but I suspect those number shave been fudged as an attempt to try and kick gox while they are down so to speak. Course I haven't ruled out that it's all true, and whilst the numbers might look scary big to bitcoinland, there are nothing in the grands scheme of things. Not to mention that there is no need for any high drama. What has happened is still well within the realms of general incompetence, which gox appears to have plenty of. If that's the case it is no surprise to me that somebody with deep pockets is quite happy to bankroll the losses, because they know that when run properly gox is a money printing machine. A ready made 100k customer base, those 0.5% trading fees stack up. If there is another x,000% run up in BTC price then all of a sudden few hundred million liability on the glance sheet is chump change compared to the revenue that a revitalised gox could pull in. There are people in the world with very deep pockets, How much do you think MK got for gox $1m, $10m ... $100m even? A would be purchaser would otherwise find it a nightmare trying to deploy that much fiat to buy BTC on the open market. Why not just buy the exchange, then you *know* they aren't going to run off with your cash And if everyone panics when they flip the on switch then you can just buy up all that cheap ass BTC, as well as collecting the trading fees! This is business, its just how shit goes down. All the headless chickens running around the place shouting the sky is falling need to step outside the bitcointalk forum sometime, and take a look at the big wide world out there. |
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You know whats funny. The people that didn't buy gox, seem more desperate for gox to fail, than the people that did buy feel about them surviving. Why anyone who doesn't have coins/cash in gox would feel so strongly is a strange thing. Desperately hoping they didn't miss the chance of a lifetime perhaps My losses are limited to what I deposited. Those who didn't face potentially unlimited failure to gain hehe This post brought to you by the letters G R E and D |
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