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Litecoin und alle anderen Scamcoins sind doch nichts weiter als parasitärer Abfall. Ich würde jeden warnen, der darin eine langfristige Zukunft sieht, denn letzten Endes kann sich durch den Netzwerkeffekt nur eine Währung durchsetzen, und momentan stehen die Zeichen eben für Bitcoin am besten.
Das Einzige, wofür sie gut sind, ist via Mining und kurzfristiger Spekulation anderen Trotteln die Bitcoins zu nehmen, Greater Fool Theory.
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Man bedenke, dass Litecoin auf MtGox dann aus demselben USD/EUR-Pool fräße wie Bitcoin. Bin sehr gespannt, wie sich das längerfristig auswirkt.
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i have this twisted fantasy of one day seeing Bennie hanging from a tree, twisting in the wind.
b/c of his hubris, intellectual dishonesty, and criminal tactics, i think he should go down as the worst central bankster in world history.
he took credit for the liquidity induced, distorted ramp of the last 4 yrs; let him take the blame for what is now happening.
Careful now, NSA is watching.  |
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The market demands double digit. |
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Most will go to banks, some will go to Bitstamp. Net effect, loss of confidence and loss of dirty fiat money.
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MtGox will soon be EmptyGox with loads of fiat money withdrawals initiated next week. |
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Event 2 is not so correct.
"People realize they bought based upon nothing" What has changed? What would they realize now? That Gox is not a professionally run exchange?They will just move to other exchanges.
Coins can flow and already flown to bitstamp.
We will still be in a bear market until economic crisis deepens or other good news for the coin pop up.
Price discrepancy of ~10% on MtGox vs. Bitstamp would vanish. Some are buying on MtGox and withdrawing Bitcoin because they are panicking over their solvency. Once it becomes clear they aren't insolvent, that would change as those people move back to USD. Right but price won't collapse as you put it, panic and double digits are common place. Yes, in that case it will just take the "normal" way of bear market collapse over weeks/months I reckon. |
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Event 2 is not so correct.
"People realize they bought based upon nothing" What has changed? What would they realize now? That Gox is not a professionally run exchange?They will just move to other exchanges.
Coins can flow and already flown to bitstamp.
We will still be in a bear market until economic crisis deepens or other good news for the coin pop up.
Price discrepancy of ~10% on MtGox vs. Bitstamp would vanish. Some are buying on MtGox and withdrawing Bitcoin because they are panicking over their solvency. Once it becomes clear they aren't insolvent, that would change as those people move back to USD. |
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<MagicalTux> we will continue processing withdrawals next week, but limit to 1 million USD per day Congrats to everyone who took a ~10% loss betting against MtGox's solvency. |
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5 and 20BTC buys with 1.5$ slippage, seems like people desperately want to keep the price high
LOL, it's just a matter of time. Even without the latest fuckup by MtGox it was only a matter of time anyway Pretty much. I'm now even more certain of a bear market. Thinking about it, there are two scenarios: 1) MtGox is insolvent, and a LOT of fiat money goes down the drain along with a lot of Bitcoins. Faith in the Bitcoin market is shattered, no big fish will be buying at exchanges again for years until an established player decides to deal with it, if ever. Price collapses. 2) MtGox is solvent, and a lot of fiat money flows out of MtGox once it is possible again. Some of the coins flow to Bitstamp. People realize they bought based upon nothing, and sell for the same reason. Price collapses. |
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Time for project "If you don't like it, then GTFO Matthew".
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the most retarded part of all this is people that bought on mtgox and then sold on bitstamp will wait 2 weeks for their bitstamp USD Withdrawal to process and feel really good about it.
That would be too funny, and currently they would lose ~10% in the process. You have to understand that if you are buying on MtGox right now and selling at bitstamp, you are betting that they are going broke and willing to take that 10% haircut. If it turns out a day later or two that it was all unjustified panic created in a FUD environment that shitty PR made possible, well … |
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<Blitzboom> i hope this will be over sooner than 2 weeks as well, because right now a lot of people are losing a lot of money due to it (12% spread)
<Blitzboom> damaga is already done, let's hope it stays not too catastrophic
<MagicalTux> we're processing larger withdrawals manually
<MagicalTux> (paper based)
<Blitzboom> what, cash per mails?
<Blitzboom> not sure what paper based means
<MagicalTux> fill wire form, submit it at the bank's branch
If true, it would be evidence that all this panicking has been over nothing and that MtGox sucks at PR.
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Seems to me the entire Bitcoin infrastructure is going kaboom one by one. There was a big story on bitspend yesterday too.
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It will hurt them in the longer run as Bitstamp snags more market share, which is happening. I noticed a record amount of Bitcoins on Bitstamp. MtGox will be losing out on more than they gained briefly. Once the USD valves are open, USD will probably follow out.
If they wish to remain significant, better PR has to be done, ie one that doesn't leave people wondering whether or not they are solvent.
As for effects on Bitcoin prices. Once the market normalizes again, I'd expect a surplus of Bitcoin on Bitstamp and a lack of USD on MtGox, creating a possible environment for much lower prices.
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Thank you for the newsletters and special updates, they have proved very useful so far. There's a big issue at the moment with MTGOX not processing USD withdrawals. Seems that people are selling off at MTGOX and moving their coins to bitstamp etc. to get their USD out of bitcoins. The price differential between GOX and bitstamp.net is currently $11, normally its a $1 or 2. So my question is whether your recommendations over the next week or two will take this into account? If people really are panic selling at MTGOX, the price could stay high (or go higher) for a few days then collapse ....... Just a thought 
Certainly, this is a great arbitrage opportunity to buy at bitstamp and sell at MtGox. I.e. if you could buy BTC for 1 million USD at bitstamp and sell at MtGox, you would make approx 100,000 profit now.I agree. This time, the prices have really diverged. MtGox Buyers are essentially betting that MtGox is insolvent and willing to pay a 13% fee for it over Bitstamp. I believe they are mistaken since MtGox still handles SEPA transfers and has obviously been the most profitable and trustworthy exchange. MtGox has done a very bad PR job offering no explanations. I'm sure they are enjoying the recent volumes though, they are profiting of it. Kind of perverse. Perhaps they should have halted mtgoxUSD trading since that market is obviously broken and people may be mistakenly taking the prices for real and trading on them. The thing is that MtGox has essentially devalued the Dollars there, by currently 13%. Very bad move, and very bad for confidence in the longer run. |
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Yes, still more in development too -- I've seen 3 or 4 others bubbling up. Quite competitive.
Bear in mind that they all use instant payment methods too -- no wire transfers....
Is one of those exchanges larger volume than btcnCNY? That's the only chinese one I see on bitcoincharts/bitcoinity. |
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Your statement is entirely contradictory: "They don't normally hold" and "They will sell more now". You can't have it both ways. I suggest you re-examine your logic/biases to ensure your thought process is at least internally consistent. Selling cheap is a race to the bottom that puts you out of business. If businesses are not making a profit selling cheap... they will sell at a higher price, or hold until the price rises. TBH, this is just another proof point that we are oversold. Where is the contradiction? When miners have huge profit margins, they can begin speculating with those. Normally, profit margins are not huge, but currently they still are. "Selling cheap" or "selling expensively" is nothing of concern for a miner. Their job is to sell periodically to cover their bills and pocket a small profit, they aren't speculators. I'm describing just this progression. |
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If we get a few more dry days, yes, I would be scared.  |
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We haven't had a major sell for over a week now. Should the low volume continue for a few more days, I'd be worried holding BTC.
You just know that someone out there wants to liquidate his sweet millions in dirty fiat money.
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