<phone conversation>
Max: Steve, I need $10K for such and such.
Steve: No prob! <30 secs later Max has funds>
Max: <while still on the line> Got it! Thanks, bud.
<6 confirmations later>
Max: Here's the $10K for such and such.
Show me a system that can accomplish the above more smoothly, and I'll show you the beginnings of the demise of Bitcoin.
Indeed, this is what happens in the fiat world: Max: Mark, I need $10K to pay my rent and food bills Mark: No prob! 2 weeks later you'll have the funds Max: <while still on the line> 2 weeks have passed now. Hello? Hello? Are you there?? |
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It's not $100 because Gox is artificially high because no-one can get fiat off.. It's not $100 if its only just technically above $100 It's not $100 because it's a dumb whale buying It's not $100 because Stamp is still less than $100  |
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I was a fan of MtGox until early June when it was obvious they were lying to customers. Now I wouldn't touch them with a barge-pole.
If they have coins in reserve they could trade on their own account to obtain fiat, but I think the problem is not that they have run out of fiat, but that they have been black-listed by the international banking system. The US Govt can scare any bank into stopping a customer from doing USD business. This blacklisting has probably had a knock-on effect on non-USD transfers as banks avoid MtGox generally.
Did they paint the target on themselves that led to this situation? The failed merger and lawsuit was one problem but another was the incredibly foolish G8 magazine advertisement. They should have stayed under the radar as long as possible quietly building their business. Instead they played with fire and are getting torched as a result.
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fiat should be worthless, but we still accept things for it, and that, that is what makes it worth something :p
oh the tragedy
Agreed. But until 2009 none of us had any other choice (apart from stashing some gold away for emergencies). Most people still don't know that a paradigm shift is underway. Soon they will all wake up.... |
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No, it couldn't. If you're being sarcastic, and think otherwise, please explain the mechanics.
I was trying to make the point more obvious that a country can move from a fiat system to a gold (or bitcoin) system if it chooses, and the target currency does not have be valued at zero. In fact, it is far better if it is worth something already, and gets bought by a CB using its fx reserves. If Greece, for example was to create a "New Drachma" expect it to devalue 50% within a year - as the world, and most Greek citizens, won't trust it. It would be better for a CB to use Bitcoin than start its own crypto as it would need a massive amount of hashing power to secure it, and it would be a weak golden goose for buccaneer miners all over the world to have a go at getting a 51% stranglehold on it. Edit: It's a bit unnerving that the same people insisting that fiat is worthless *at the very same time* believe that worthless paper can buy a bunch of gold.  No one is saying fiat is worthless, just that it is heading to worthlessness as the years pass. Of course you can buy a gold bar for a bunch of paper currency today. It happens all the time in jewelry and precious metal retail stores! |
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Like this one, but empty?  |
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Sorry, anon136, I was teasing. But I like the principle of unusual eco-friendly houses.
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A couple have been built already!  |
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HaHaHa! MtGox is the new Hotel California. You can check out any time you like - but you can never leave
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Nope the NWO is thinking we missed this damn boat lets make an altcoin  Illuminati -> illumination -> light -> lite Where's Tom? He should know about this! |
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I been running Armory on my mac with 4gb of Ram and it runs fine for me.
Likewise. Hammers the disk a bit, but otherwise does all I need. |
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... bitcoins would have to have 0 value at the time of the exchange, and notes "converted" to bitcoin could be destroyed at the time of conversion -- no different than replacing worn-out notes for freshly-printed ones. Which pretty much means Bitcoin is out, and altcoin/bitcoin fork is needed...
So, if any country wanted to revert 100% to the gold standard, and replace their paper currency with gold coins, like krugerrands and sovereigns, then it couldn't do this until the gold price first went to zero??? |
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Got one of my transfers. yay  there's is hope people. rather slow hope that is. Ah. What date was it requested, and which fiat currency? It was a SEPA EUR transfer on 2013/05/29 so 3 months!  Well, 8 weeks, still outrageous, and this is not even a USD transfer. Questions remain: a) Why are EUR and AUD transfers affected? b) How can a US$1.2m per day total consideration cap possibly help when it is (allegedly) the numerical count of transfers which are "overwhelming" the bank(s)? c) Why are deposits now being slowed down too? d) Why no press release folllow-up since July 4th? |
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Got one of my transfers. yay there's is hope people. rather slow hope that is. Ah. What date was it requested, and which fiat currency? |
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At last! A company with a proven track record in this area getting involved. Interested...
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We have the standoff between a buying whale and sellers that are willing to dump at 96-97,
I believe mostly people who missed the train on the 19th July (I didn't, sold at 99 the day before).
If the buying whale makes another move today, up to 98 I believe, we'll find out if the sellers
get exhausted or not. If they do, the way to 100 and beyond is open IMO.
I agree. And it is trench warfare as it is 19k to 100 but 36k to 103 (according to bitcoinwisdom) so the sellers do have a lot of ammo. |
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That 2.5k wall at 96 which was half-eaten has now re-inflated to 3.2k
Keen buyers at these levels, perhaps spooked a bit by the deposit/withdrawal circus.
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Also, the NSA should not be in charge of drugs. Wrong agency. They also should not be concerned with gambling. They should have asked you if you are donating Bitcoins to Wikileaks, or overseas terrorists, or something like that.
Or even worse, he might have voted for one of the 200 rebellious congressional representatives... |
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