Most people do not realize that it is their fault for letting Bitcoin cultists deceive them with their kool aid but they will instead say that Mark Karpeles is at fault, exactly! It is human nature.
It is not Bitcoin that is at fault though. Would you suggest those who were victims of Madhoff blame dollar enthusiasts? I am talking about the fact that Bitcoin halved in value. Bitcoin is not at fault, but the cultists (oblivious to ANY probable bottlenecks!) here and on r/Bitcoin have played their part in inflating the bubble as hard as they can in the first place. |
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Bitcoin cultist becomes fiat cultist.
LOL. I can't even imagine how I would go about talking about the virtues of fiat currency. "These smart fellows who sit on the board of the Federal Reserve control everything about it, isn't that wonderful?" Here, let me try, because fiat currency actually is wonderful when you think about it. It is remarkably stable over the short to mid term; you will always have a sense of knowing how much you can buy with a given amount of money. So, it is a fantastic unit of account. Fiat money can be completely anonymous if you want, and it is reasonably easy to store and secure. You can have it in many other forms as well, and some of them are even instant and offer you insurance and consumer protection. If you store your money in a bank, at least in the US and the eurozone it will be insured by the government! Plus, banks have a great degree of physical protection so you could even store cash with them in a safe deposit box. There are brands of fiat money like the US Dollar and the Euro that are traded worldwide and you can buy almost ANYTHING with them, at any time. Definitely the best medium of exchange on earth! You can convert them into stores of values if you don't want to spend anytime soon. |
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Didn't want to court controversy or offend with the notion of offing Mark Karpeles.  But the simple facts are his continued inaction is crashing the global bitcoin price. Something no doubt which half of you (bears) are extremely pleased about. Noone is calling for regulation but he should halt trading when his exchange ceased to be just that - an exchange of fiat for bitcoin. Do any of you deny this? USD cannot flee, Bitcoin cannot flee. USD/BTC is a functional exchange right now since both are treated equally. It's EUR/BTC and JPY/BTC that possibly aren't. - my own stupid/greedy/naive arse ?
Most people do not realize that it is their fault for letting Bitcoin cultists deceive them with their kool aid but they will instead say that Mark Karpeles is at fault, exactly! It is human nature. |
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efarah, your post is a good contrarian indicator.
Just 2 weeks ago there were over 30 million $ on the bid sum. Now it's below 5 million, but not much has left MtGox.
After the panic subsides, most of that fiat will be back, buying cheap bitcoins.
Indeed. Remember that USD cannot flee the exchange … Gee, I wonder what will happen should BTC withdrawals come back.  |
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are you serious ?
ok, i sold my house and car and i am about to shove it all to this new coin thing. and when price tanks i will kill the guy that the forums are blaming.
as i said: maybe hollywood, not reality
Do you really believe people did NOT take big loans and bought Bitcoin with it at the height of the bubble?! Accept responsibility, Bitcoin cultists! |
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At least ants have strong hands. Humans suck at hodling. |
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would you guys mind to stop this childish/unecessary/bad style/bad taste talk about his well being ? why the fuck would anyone harm him ? if one should be to blame for losing funds on gox it is only the person itself who left funds there after all.
i never get it why in forums people behave so shitty, talk about life and death of people they donīt know, as if they are commenting a hollywood movie.
It is because they have lost a lot of money and blame him. Money brings out the worst in people, and Bitcoin will show you that. |
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The real question is who is now massively selling BTC on Gox now and why.
Thousands of coins are being sold in batches (100-300 pieces).
The question is, who the hell is buying them!! I am buying of course. If I could quickly move fiat into gox, I'd buy even more. This is simply an unfounded panic. Sure, Gox is a shithole, but it will reopen btc withdrawals in a week and the price woule be 700-800 then. Selling at 300 now is plain idiotic, so thanks for that to whomever is selling. I've observed this often now: It is really only 2011 kids who get this. |
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Bitcoin cultist becomes fiat cultist. It is only natural when one's beliefs are based on a mere trend.
Bitcoin has been hacked, scammed, blah blah for a long time now, and it did not matter in the end. Of course it inhibits Bitcoin, but those are not insurmountable challenges.
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Companies issue dividends to shareholders which come out of profits.
As far as I know, Mark Karpeles is the sole owner of Tibanne Ltd. and Mtgox Ltd. So, no dividends issued to Mark? No idea. Even if it was the case, you think he will spend it all on frappucinos and apple pie rather than make users whole? |
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Companies issue dividends to shareholders which come out of profits.
As far as I know, Mark Karpeles is the sole owner of Tibanne Ltd. and Mtgox Ltd. |
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I'm attacking those of you who make people believe MtGox could have likely lost a 6 digit BTC sum over the malleability issue (because that's what it would take to make them insolvent).
How do you get to a 6 digit sum? They generally do not spend their accumulated BTC. I know only of two expenses, the bitomat exchange bailout and the bitcoin foundation donation. Here is an example of their past earnings, and they have been in business since 2010:  But you do not need do more than just estimate broadly the revenue from fees and volumes. (Btw, the average fees have risen considerably because MtGox's fee table originating in Dec 2011 takes absurd amount of BTC in account, so with lower BTC trade average the trade fee goes up). Of course, they could have faked their entire trading volumes, they could have lost all the Bitcoins otherwise, or some other made up stuff without evidence. Suit yourselves. |
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I'm not defending MtGox. They suck. I'm attacking those of you who make people believe MtGox could have likely lost a 6 digit BTC sum over the malleability issue (because that's what it would take to make them insolvent). People are not thinking clearly anymore, looking at the technical issue, their contingencies and progress so far, their income and their accumulated BTC reserves over the years. I could write it up, but I'm not sure anyone is interested at all. I never expected that MtGox would reenable transfers at remotely the same speed as Bitstamp, because MtGox's problem is worse since they have an accounting mess to clean up, and that is in addition to their general slowness. But never mind, I think you guys are all more intelligent than gmaxwell, jgarzik and phantomcircuit with regards to evaluating MtGox's malleability issue. Better listen to r/bitcoin, buy at +30% premium and sell at -70%. |
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What's wrong with apple pie? I want some.
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I'm buying with both hands on gox, we should cheer Mark for gifting us these very cheap bitcoins.
+1 to full post The fact that people agree with this post is frightening. They consistently, flat out lie, and frequently at that ("You can withdraw your USD it will just take a few days, weeks, insert timespan here"). They have about 0 support presence and never respond to the issue at hand until it has substantially effected bitcoins market cap. Their trade engine sucks, it mismatches orders and still lags even after they "fixed it." Gox profits from their ineptitude and the only people who support them are likewise profiting on Gox's ineptitude. Let me put money on Gox so I can support the GoxLoop, the GoxBuxPromise, the GoxLag, the lack of GoxSupport, the GoxOrderMismatcher, and Mark's pompous ass. Wait, nevermind, let me NOT do that. Only 2011 kids will get this. |
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I have to say though, MtGox have fault of their own for allowing internal BTC withdrawals which gives an incentive to make everyone believe that their mtgoxBTC are worth much less. Bitstamp did not have this during the days it closed BTC withdrawals.
Be aware of new accounts and those who will spread disinfo for their gains.
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I'm buying with both hands on gox, we should cheer Mark for gifting us these very cheap bitcoins.
I agree (with the whole post, too). |
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LOL exactly what I've been thinking hahah. Unless of course it is MtGox themselves doing it and they just give themselves the money. It would seem to either be MtGox doing this to help themselves in some way, or someone or some organization that wants Gox or BTC dead. Though if it was an organization that wanted BTC dead, you'd think they'd just put these sell bots on every exchange and not just MtGox .
Are you SURE it is really a bot, and a single one at that? And are you sure it is doing no buying? They can't sell too much for too long, noone has unlimited funds. |
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wow wtf 256 GOX VS 625 STAMPS the market is saying there is a 245% chance mtgox will implode  Though it is hardly the markets choice as the bot selling 300btc every 5-10 minutes has done the majority of the drop. It has been eating through all support and pushing lower and lower for like a week now. It is pretty much the "Kill Bitcoin/MtGox" death bot. I'm sure he will find the mtgoxUSD very useful in the coming weeks. |
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