Seriously, What the hell happend? Is this all because of the transaction malleability?
They confused the fiduciary accountability thingy, with the 'rob peter to pay paul' thingy. |
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As soon as we're talking about customers with accounts, we're no longer in the same ballpark as the original post. I don't have an account at every place I buy coffee. I shouldn't need to. I don't have an account at the three supermarkets I use
Whenever you don't pay with physical cash(paper money) you are paying with an account - either charging to a store account or a debit account or a credit card account. The emergence of Cryptocurrencies on the scene will not change this. You will still be paying from an "account" - it will just be a cryptocurrency account. We will not see blockchain transactions at the point of sale on any kind of scale (e.g. large stores and supermarkets) where there is a high turnover of sales. you might not see "blockchain transactions" but you will see some indication that the transaction is "ok" ie: the red light turn green, or a final receipt, after the requisite number of confirmations is achieved. |
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I see big withdrawals problems with MtGox last 6 months, Im surprised anyone is using MtGox  If they could independly prove they have enought funds NOW to pay everybody ballance, I would be using MtGox, but many have so little information about withdrawals delays they still using this ponzi exchange. Obviously MtGox is insolvent, the sonner they close shop, the better for Bitcoin. In the US the word "ponzi" is a very bad word in the financial world, you might want to run over to wikipedia to read up on it. |
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Not sure. But having a rotting dead carcass the size of Mtgox stinking up the Bitcoin waters will crash the price on every other exchange, IMO. Some people think it will be a good thing, I understand why, but once the media gets hold of this Bitcoin is going south.
the media will have their moment, but they only shape the market when the coin buyers are listening to them, at this point the market isn't going down because of non-holders not buying, it would only go down from btc holders selling. And since all of the other exchanges have corrected their problem, and disconnected their pricing connection with MG, there is nothing to fear, the simply make the statement: "we are sorry to see our colleague go, ... we will provide smooth transition of account transfers, btc is strong, ... secure, ... reliable, ... dependable, ... responsive, ... responsible, ... |
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They're making shitloads of money every day from trading fees. Even if they've lost millions because of their stupidity and poor luck, they're still solvent.
I really really do not understand why people are selling at these (Gox) prices. If they view Gox as insolvent, do they really think it's better to hold GoxFiat as opposed to GoxBTC?
according to my understanding of their memo, withdrawing fiat of any kind is not an issue, the only issue is withdrawing btc to an third party (external) |
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I watched that episode 2 days ago. I was very surprised. I watched it with my girlfriend, i think now she knows more about BTC after I explained a bit  . see, that's Product Placement working with great precision perhaps before the show when you mentioned btc it sounded like: blah, blah, blah, blah, to her, but now after it was mentioned on TV, now it sounds like: Bitcoin BLAH Blah something real . IOW, progress |
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it's called product placement, don't think its coin-cidental
I see what you did there, but who's paying them exactly? Likely the same people so many are complaining about in these forums, the people who know the value of having Bitcoin in the conversation. The whole CC industry is so full of hype, I'm surprised it wasn't seen for what it is -- just more hype. When the Feds sell btc it seized that will make history, if headline reads: 'UNITED STATES GOVERNMENT SELLS BITCOINS' in any national publication make sure to buy many copies. then buckle your seat belts because the btc rocket will take off yet again traveling at hype-rdrive |
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sigh... my father says this about precious metals, that there are 'hidden hands' suppressing the price. No, it's called supply and demand. When 2% of the users hold 60% of the bitcoins something like this is always a possibility. Forget the fact that major exchanges aren't doing withdraws right now.
Yes it's being manipulated. I'll humor you and tell you what you want to hear. Everyone should just hold so it goes to $10,000 and we all live happily ever after. The end.
I want my $100 per coin price so I have a vested interest in watching it go down. Everyone should want it to go down... the lower it goes and the more of the coin gets out of these bitcoin millionaires the better the base we will establish. People who got in at $1000 for the first time... sucks to be you.. that's life... you bought during a bubble. Live with it.
hahahhaaaa if you buy at $100 and it goes to $0.00001, how will you feel? BTC, has true value at this stage in it's development at about $400, everything else is diversified hype, so I agree $100 would be a steal, but if it goes below $400 I will have my shopping care ready to fill it long before it reaches $100 (of course hoping it does a Uie before it gets there. |
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I think this is EXACTLY how a market should function. I am personally quite pleased in its performance. It sure beats market makers and manipulation. Pump and dumps have more credibility than a market maker. Think about it.
A free market is the only market. Our World markets exist today to mitigate natural market swings so the collective "doesn't freak out". It is completely unnatural but it sure makes you feel easier haha. This game is for the big boys my friend.
The market isn't free if your cash is in prison. |
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The data coming out of Gox now only reflects a company going bust.
It's the kind of thing you might be looking at if you were working on a company going into administration.
It is no longer in any way linked to the price of Bitcoin.
Looking at Gox on the charts you are really watching a company failing. But the charts are meant to show data for the Bitcoin market, not the Gox market.
yes, yes, and yes. But any calls for govt intervention only moves the situation from the frying pan into the fire. Receivership ("administration") is court ordered control |
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If people wanna be stupid and sell their btc with 1 dollar, why should we do something to force them to stop ?
because it's hard enough to get people involved with something as complex at bitcoin, if you remove the simple to understand see-price-up, then the price goes down for everyone A low price is only good before it goes back up. But even a low price is too high if the only direction it is traveling is down -- btc low $220 at Mt.Gox, if I had any faith in them I would snatch them up forthwith, but instead I keep crunching popcorn. |
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it's called product placement, don't think its coin-cidental
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I wish you the best, I've got a bunch of URLs I might let go of if you sale goes through.
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I wonder how long is gonna take to panic buy begin.. as there are only a few hours left for mtgox announcement. And whales will fight for eating btc. I dont think there is many idiots left willing to sell this low.. Only ones selling are doing it with the hope to buy lower.. but time is almost over..
the low price is an indication that time is FAR from "over" What announcement are you expecting? |
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Gox isn't below $266 for one reason: it's users think they can get their coins or fiat back someday. I don't think it will happen, but it might. Eventually yes people will realize it won't and give their money back, and possibly create sell orders at 0.01, although since I'm clueless in particular I'll vote ice cream.
$250 low moments ago |
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This whole malleability fiasco has shown once again that zero confirmation transactions can not be trusted.
since its not practical waiting for 10 minutes for a payment to clear when buying coffee it seems to me that bitcoin will never go mainstream in physical shops.
any solution involving a third party to clear payments defeats the whole purpose of bitcoin.
any third party will effectively turn into a bank along with all the classical fractional reserve practices we have today.
nah, if I own a large stake in btc and have a chain of convenience stores I would always allow my customers to buy with btc as long as I know who my customer is. I'm not insulting my customer over a $5 cup of coffee if I see the payment I wait for the confirmations, if the confirmation never arrrive when the customer returns we discuss it. Everyone that has anything to do with btc SHOULD know that it is not perfect. |
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Why Bitstamp and others are already away from this problem (they seem to be aware from malleability?), and Mtgox is still delivering uncertainty?
There some kind of irregularity here, guys. A difference of $650 in bitstamp to $270 in Mtgox is certainly a huge breach that this next week is going to be severely reduced or else I believe gox is going to close.
BTW, I also think that buying today bitstampBTC is a good investment because when ever Gox announces the problem is fixed, I would say there is going to be a climb to almost $800.
Do you agree? I am not a 24/7 follower, so what do the geeks here think?
24/7 follower ever since the plummet of last week. The $270 that you cite is a strong indication that the announcement: 'problem has been fixed' is a long way off. The lower the number the further away the announcement will be. If they announce that the problem is fixed, yes, the rate will skyrocket, but not before it heads in the opposite direction for a spell. Before people start buying, massive withdrawals from MtGox will be made, resulting in greater supply and buying opportunities. If they are out of biz I could see it going to $750 over two day span, maybe $800 by the end of the week. If they stay in business, $750 is likely the ceiling, either way depending on the graph you look at there will be a 30 - 40% avg spike from lowest to highest in single day. The problem is most of the other exchanges are no longer considering MtGox rates when calculating their own rates, MG is no longer competition, as such their rates already consider MG out of biz so their rates won't have much movement either way. Something really good has to happen this week for btc to reach $800 with ease, here are some examples: the feds auction off the btc they seized in an auction style format [possible], wall street announces that a hedge fund took a position with btc [not likely], a small but very wealth country (lux, qatar, Dubai) says they like btc [not likely], CEO of Mt Gox arrested [possible]. Keep in mind that much of btc's growth is media driven, without the media attention it would be at about $400 [representing a rapid rate of sustainable growth]. |
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should be something along the lines of "we fixed it, but because we need some time to test no more than X bitcoins per day"; no other choice, otherwise they will see the largest bank run in bitcoin history.
the only way to know that it is 'fixed' is to test it. nevertheless if they want to avoid the '"bank" run' it makes sense to limit withdrawals |
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Withdrawals fixed but limited to a small weekly number
Thats what I am guessing.
That would likely give the impression that funds were misappropriated, especially if the price of btc rise as funds are 'bailed out'. |
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