With withdrawals supposedly fixed tomorrow the question that makes me wonder is why is the price on Gox so low today?
Who is selling on Gox? You can not get out fiat but probably BTC tomorrow....
Should Gox go really down do people think it's safer to loose fiat than BTC? Do people simply not understand that it is virtually impossible to withdraw fiat? This is just odd.
That's the thing. There's three possible explanations I can come up with: - Gox is insolvent and enough insiders know it.
- magicaltux is manipulating his own market to swoop up coins
- People think Gox could well be insolvent and figure in case shit hits the fan it will be easier to make claims on a USD balance instead of on a BTC balance.
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God once $266 goes. This is the first time that a previous ATH has been broken.
I will argue that is not a real BTC/USD market it was broken on. The press will not hear me, though. |
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What is really bizarre in all this is that holders of GoxBTC can currently exchange them for realBTC at 0.78 at bitconbuilder.com, yet they are selling them at < .5 of stamp price. They could sell their goxbtc for realbtc, sell those on a reliable exchange, and get more $ than selling one gox, and not have to worry about insolbvency or waiting months for withdrawals.
I do wonder whether those bids are still being honoured. bitcoinbuilder is escrowing. Why wouldn't the bids in the book be honored? Do the coins have to be in escrow before bidding or before closing the trade? you can't put an order without having the coins. |
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Lets just pretend Gox came out with a fix come Monday. "Bam, we fixed everything, everything is fine now"
Stamp is currently at 650
Gox at 330.
What do you think will happen to price?
Im guessing gox will fly up to 700 during the week, and stamp/btce will follow the hype, shorts will have to close and price will go up to at least 800.
What do you think?
gox will fly high? yes stamp will follow? no, I think stamp would drop slightly because at least some people will sell the BTC they withdrew from gox |
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My guess is that people with BTC on Mt. Gox now believe that they are more likely to be able to withdraw dollars than BTC. I think that the belief is that some amount of BTC is missing and the dollars can be audited and recovered if Mt. Gox closes, and the BTC can't. I don't know if any of that is true. It is just an educated guess.
In case gox is insolvent it's probably easier to claim cents on the dollar for a USD balance than a BTC balance. |
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What is really bizarre in all this is that holders of GoxBTC can currently exchange them for realBTC at 0.78 at bitconbuilder.com, yet they are selling them at < .5 of stamp price. They could sell their goxbtc for realbtc, sell those on a reliable exchange, and get more $ than selling one gox, and not have to worry about insolbvency or waiting months for withdrawals.
I do wonder whether those bids are still being honoured. bitcoinbuilder is escrowing. Why wouldn't the bids in the book be honored? |
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Just woke up. Has there been any update on BTC withdrawals coming back online?
Wasn't there some planned downtime or is that yet to come?
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what the fuck @ mtgox price!
I'm seriously *this* close to wire money there. The only thing keeping me from doing it is that I can't bring myself to support that incompetent piece of .... in any way.
I don't get it. It's not that unlikely for magicaltux to return the coins, is it?
What's the going rate for 1 mtgoxBTC in blockchainBTC?
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I welcome the "competition". Was happy to help and thank your, Nite69, for passing on some of your donations to me. |
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http://www.huffingtonpost.ca/2014/02/11/bitcoin-regulation-canada-federal-budget-2014_n_4769489.html"The government plans to bring virtual currencies such as the Bitcoin under the provisions of the money-laundering and anti-terrorism financing regulations. "It is important to continually improve Canada's regime to address emerging risks, including virtual currencies such as Bitcoin, that threaten Canada's international leadership in the fight against money laundering and terrorist financing." Online casinos will also be subject to these rules." "They may be virtual money, but they are going to come under real-life laws." this is GOOD news. is this the first time a country recognises bitcoin as 'money'? germany recognized bitcoin as "private money" long ago. |
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Altcoins are the safety net for crypto-currencies.
When some idiot tries to corner the market on Bitcoin simply trade into an altcoin.
Crypto-currencies are not all about Bitcoin.
This can't be stressed enough. crypto has to be viewed as a whole. Clearly bitcoin is the leader now, but attacking only Bitcoin will not succeed because the other coins are just waiting for their chance. This doesn't mean I'm moving wealth into altcoins in any meaningful way, it just means that cryptocurrency (the idea) is way bigger than bitcoin alone. |
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Just got my first AUR! Can't wait to see the impact of the airdrop. Publicity for the currency seems good right now.
What do you think the impact of the airdrop will be? (honest question) |
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Gold isn't a a terribly useful money. In fact it isn't money at all. At least not by the definition I tend to use that says money is what people use as money. Gold fulfils only one function of money: store of wealth. It's utterly useless for transactional purposes in a global economy. If we indeed have to go back to using metal as money, we're back to mideavel ages. Noone in his right mind wants that. Our food (and related commodities) supply chains are global. We can't easily go back to local food production as some idealists may envision. It can work for some in rural areas, but people in cities would be out of luck.
;tldr: I may be naive hoping for crypto to save the world, but saying "crypto probably isn't ready, we'll just have to use gold" is not acceptable.
Well it obviously was TL and you DR because I never said gold is a good currency by today's standards. It's just about as lousy as stock certificates, bonds or paper money in that respect. The name of the game is preserving and accumulating wealth. Gold and bitcoin solve different problems. Where gold fails as a currency, it succeeds as a store of value. Where bitcoin fails as a store of value, it succeeds as a currency. Yes, I twisted the meaning of your words and/or what was your intention to say to suit my needs and drive home a point ("It's not about you, it's about us"). I apologize. Expecting a single unit of something to solve both problems is unrealistic.
Here we disagree. Tell me how Bitcoin is not a good store of wealth and please note that gold was down 30% last year. The novelty of Bitcoin is specifically that it is able to solve both problems. |
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"I'm looking to convert my remaining USD to CHF first decent chance I get."
Isn't the CHF still pegged to the euro? I've read a few times that the Norway Krone and HK$ are better currency bets against the USD but I haven't bought into them yet.
Chf is always pegged to the Euro due to trade partners.. snb set a floor at 1.20 ec and will sell chf infinitely to achieve this floor like boj does with uj at 80. With the swiss population having emotionally decided to tighten immigration laws and thereby moving away from EU and endangering their market access, I'm not so sure CHF is such a good place to be any more. |
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title of the thread is fun today.
Even a broken clock is right once a day. Uh no it is twice correct. In the AM and in the PM. you must be american.  EDIT: btw, smoothie. Could you check wether there's 140,000 tons of gold laying around somewhere on Hawaii for us? |
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I may have been right for the wrong reason .. I anticipate another global recession this year. I am not convinced that Bitcoin is where you want to be in such times compared to PMs.
At least for me, It's not about "where I want to be", but "where we want to be".Gold isn't a a terribly useful money. In fact it isn't money at all. At least not by the definition I tend to use that says money is what people use as money. Gold fulfils only one function of money: store of wealth. It's utterly useless for transactional purposes in a global economy. If we indeed have to go back to using metal as money, we're back to mideavel ages. Noone in his right mind wants that. Our food (and related commodities) supply chains are global. We can't easily go back to local food production as some idealists may envision. It can work for some in rural areas, but people in cities would be out of luck. Recessions result in large part from our disfunctional debt-based fiat money system (boom bust cycle). There's nothing inherently wrong with our economies, it's just that it doesn't make sense for them to grow any more and our monetary system doesn't support such a mode of operation. Our economies aren't sick, what's sick are our financial and monetary systems. Or maybe one could say our economy and/or society is sick with a cancerous monetary system. It seems indeed 2014 could be another 2008 or even worse: some type of monetary meltdown. We need something trustworthy to use as money... globally. I can't imagine things to go over as smoothly as in 2008 with basically just printing a load of bailout money and putting taxpayers on the hook. You probably can't repeat that in the same way. What will replace our failing monetary system? Are the fucktards at the IMF / World Bank / BIS going to come up with a gold-backed currency somehow? If Karen Hudes is right and there is a huge stash of "assets of the world" stored in Hawaii or whereever, including 140,000 tons (!!) of gold, then yes, it may be possible they'll whip up something like that. If there is no such stash there certainly isn't enough gold in the west to pull that off. Are they going to try a new largely unbacked type of FIAT? Are the people going to accept that? I'm doubtful and it would result in us having to cope with yet another ealistic money supply and resulting corruption. I certainly hope crypto is up to the task and will emerge "by use" from the people / markets / economy. I wish there was a couple of years more time for cryptocurrencies to mature and solve their problems, or at least prove they're solvable in short enough time, but I fear things may unravel faster than we like. ;tldr: I may be naive hoping for crypto to save the world, but saying "crypto probably isn't ready, we'll just have to use gold" is not acceptable.
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I see somebody is amused by my work.. my favourite...   Yeah this very nice Thanks, raskul. Not so nice any more, though:  (decomissioned in late 2011, shit degenarates fast in the bitcoin world) ;-) |
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Miners moving to eKrona now? Significant drop in hashrate...
eKrona seems very uninteresting to me in comparison (no airdrop, which is the exciting part imo) |
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Can anybody recommend an escrow service/site that allows for AUR trading?
Cheers.
I can do personal escrow for 2% of the value (lower for high amounts). Can either escrow the BTC or the AUR. |
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I'm buying AUR at over twice the mining cost: 0.003 BTC/AUR (333 AUR/BTC). Price negotiable.
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