http://coinlab.com/new-transitionWhat, exactly is happening?
Right now Mt. Gox keeps US and Canadian customer funds in Japan and Europe, mostly. CoinLab is going to take over servicing those accounts, and move them to Silicon Valley Bank in the US.
When that happens, if your'e a Mt. Gox customer, you will be transitioned to CoinLab as your primary exchange relationship. We'll provide the liquidity for your US or Canadian-based business.
What if I don't want to be a CoinLab customer? Can I stay with Mt. Gox if I'm in the US or Canada?
We'll miss you, but you can always leave us. If you are in the US/Canada, you can't stick with Mt. Gox, though. Part of our agreement with Mt. Gox is super-strict about locale: Mt. Gox really wants to be 100% out of the US/Canada market.
What if I'm in Europe and want to be a CoinLab customer?
Awww, how sweet! While we can offer storage, consulting and super-compute services to you, we can't offer exchange or liquidity services -- but you can always sign up with Mt. Gox and get access to the same liquidity pool.
How secure is your setup?
It's pretty secure; it beats, by a significant margin, all other known US bitcoin security practices. Mt. Gox has also reviewed the procedures and indicated they are comfortable with them. Before we launch, we'll detail what we're doing on the security side so you can check in, but you can read a bit about at storage right now. This is bullshit.
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Some highlights from the link above: What, exactly is happening?
Right now Mt. Gox keeps US and Canadian customer funds in Japan and Europe, mostly. CoinLab is going to take over servicing those accounts, and move them to Silicon Valley Bank in the US.
When that happens, if your'e a Mt. Gox customer, you will be transitioned to CoinLab as your primary exchange relationship. We'll provide the liquidity for your US or Canadian-based business.
What if I don't want to be a CoinLab customer? Can I stay with Mt. Gox if I'm in the US or Canada?
We'll miss you, but you can always leave us. If you are in the US/Canada, you can't stick with Mt. Gox, though. Part of our agreement with Mt. Gox is super-strict about locale: Mt. Gox really wants to be 100% out of the US/Canada market. So as a US customer of MT.Gox, I'm no longer going to be allowed to use mtgox directly? I dont like this at all. I have used mtgox exclusively for 2 years, and I'm not interested in using some company I have never heard of, and don't have a relationship with (and that's ignoring my security and liquidity concerns). Frankly, this is bullshit. |
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IF this news is accurate (and not just a baseless rumor), I think the major effect it is going to have is increasing volatility...which is good for the speculators (like me), but probably doesn't bode well for the BTC economy as a whole (which IMO would be better served by slow growth or a steady price). If wall street gets involved, BTC will likely be traded like a penny stock resulting in more frequent booms and busts.
Really, I see this development as being bad for those with a "buy and hold" mentality...a higher number of speculators in the market means that the only ones who will profit are those who jump in and out of the market.
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looking over the graphs, I have a gut feeling the price without speculators would be around this figure of $17 -$19, because while the price is going steadily up, the transaction rate isn't. The market isn't getting busier, especially when you take the popular IP addresses out of the equation.
On that basis, there isn't any practical reason for the sudden price rise, except for speculation.
Truth. |
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So we can see slow sustainable growth. I want the bubble to pop hard so the economy can grow at a more "natural" rate.
lol natural in quotes...so not natural at all?  Plus, what's unnatural about the current growth, with exponentially increasing user base, media attention and merchants starting to accept BTC? Natural is in quotes, because I am referring to my own feeling of what the natural growth rate should be (as opposed to any actual metric). I've gone over this before, but I dont think any of that is driving the price...yes more merchants, better usability, etc are great things for BTC, but the price right now (in my opinion) is being driven by pure speculation (and fueled by over optimism), not usability. |
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Lets burn this sucker down!   why??  So we can see slow sustainable growth. I want the bubble to pop hard so the economy can grow at a more "natural" rate. Lets burn this sucker down! LOL... after you prolly sold a few hundred BTC at 31+ and now you want more BTC... I see right through ya! Deceiver! HAHA. TC Close...I closed my last trade in the high twenties. But yes, I will buy in if the price drops low enough. |
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Lets burn this sucker down! |
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You are right.
I just don't think the market is sustainable right now. The difference between a few weeks ago and now (for me anyways) is that I am completely out of the market now (I was daytrading/swingtrading up until the mini crash/recovery last week). The fact that we have moved this high this quickly coupled with the unrelenting optimism scares me, and I really believe the price could tank at any given moment...which is why I am staying in USD until I see something in the market that changes my mind.
Hmm, something that will change your mind. And upward move can't be it, that would just reinforce you current evaluation, right? So you're basically waiting for a drop just like anyone here with fiat on their hands. Oh, I am definitely waiting for a drop. A long period of stagnation (like we had around $5) might convince me as well. |
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Bitcoin-cheerleading-group-think
You are delusional if you think this forum (and particularly this subforum) isn't rife with this. |
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I wonder why the bears who are really convinced don't short the crap out of the current "bubble"? It's an opportunity of a lifetime, you can triple your available money easily by shorting from 30 to single digits!
I can only speak for myself, but I don't trade with leverage as it exposes me to more risk in an already risky market. Even shorting through private loans opens me up to risk since no one can predict when the market will turn (in any direction) with any accuracy. Staying in USD (selling) when the BTC market gets crazy and buying back in on the crashes gives me a risk vs reward strategy I am happy with. |
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You are right.
I just don't think the market is sustainable right now. The difference between a few weeks ago and now (for me anyways) is that I am completely out of the market now (I was daytrading/swingtrading up until the mini crash/recovery last week). The fact that we have moved this high this quickly coupled with the unrelenting optimism scares me, and I really believe the price could tank at any given moment...which is why I am staying in USD until I see something in the market that changes my mind.
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Remember that statement when we hit single digits again.
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I love how anyone with a difference of opinion on this forum is labeled a "troll".
Quite the little hugbox/echo chamber you got here.
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So calling you out on using the term "holding the bag" incorrectly becomes an insult against my investment strategies? What are you on?
No. I was pretty much just ignoring your statement because I already explained that the bagholders are the ones who are going to be stuck with worthless BTC after the price tanks (like the people who bought in at $32 and were stuck at $1.90-$5 with no way to know if the price would ever recover). So no, I wasn't using the term incorrectly, and if you are insulted, that's on you. |
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I think holding an investment for two years and taking a 10% loss is a bad deal, but maybe you and I invest differently. On top of that, the price could still tank at anytime, further wiping out the investment.
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No, Its a terrible idea. Don't end up being a bag holder like those people that bought at $32, 2 years ago.
evolve, you for some reason forget, again, that those "bag holders" from 2 years ago can now close their position at (almost) no loss if they so desire. 2 years is a medium term investment. And also, according to wikipedia, The term bagholder is an informal slang term used in U.S. financial markets to refer to the shareholders left holding shares of worthless stocks. Who is holding worthless anything here? So, that just means that whatever you are saying is just completely wrong and makes zero sense. Think about it next time. Yeah, and I'm sorry you are not in on the ride, just don't post wrong information and we'll be kind to you. We need funny crash believers here. There is no guarantee those investors will EVER be able to sell those BTC for the price they paid for them, much less a profit. The price could tank at any point, and you are naive if you believe otherwise. The worthless part comes if and when the next real crash hits. |
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Euphoria.
We are going to drive this sucker into the ground.
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No, Its a terrible idea. Don't end up being a bag holder like those people that bought at $32, 2 years ago.
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He still posts on SA, I think.
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