Exchanges would become mostly irrelevant as people trade goods for bitcoin and bitcoin for goods. "Buying in" is a black market business, and thus carries a high "exchange rate".
Back to 10k BTC for a pizza. Exchanges increase liquidity, liquidity increase usefulness and usefulness increases valuation. Deal with it. Bitcoins are mainly speculative right now with a drop of Silk Road, so if that goes, so goes most of Bitcoin's value. Bitcoins are not like drugs because drugs have intrinsic value. If Bitcoin does its job of conducting transactions more cumbersome, then there's no reason to value it higher. |
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Touche. But at least they can make some headway from time to time against drugs. How much success would they have against Bitcoin? Seriously.
Other exchanges would take over.
Lots, considering that they can ban all exchanges in the US and EU and extend it over all Euro and Dollar bank transactions. Without that, Bitcoin would be missing lots of liquidity. I don't see how other exchanges could take over in that case. They would have to be completely anonymous and that would be a huge cost and hassle. Luckily, governments are so slow and retarded that by the time they would crack down on Bitcoin, it would already be established. But if they did it NOW, I don't think Bitcoin could retain most of its value and it'd have a hard time getting bootstrapped. |
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they won't make anything illegal unless they know they can actually enforce it otherwise the black eye would be politically suicidal. since they can't enforce it, they won't make it illegal.
How's that been working out for drugs? If they decide to shut down MtGox, you can say bye bye to most of Bitcoin's value in an instant. |
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Just because a few idiots stored too much with a website built in 4 days by a 17yo that was already hacked 3 times before this, doesn't mean they have the right to play butthurt and go on everybody's nerves everywhere.
It's getting ridiculous, get over it, as if your lynch mobbing uninvolved people will do anything productive.
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Looks like kokjo is the one doing the crying now.  Ah yes, the primal need to have a scapegoat. It's weird how the poor people with the fewest lost coins are the loudest and most assholish in general, whereas the ones that have lost the most (such as Roger) are at least somewhat civil and polite.
you may be right, but that would be because if you don't have much too loose you can afford to be straight out. On the other hand if you do have much too loose you gonna be careful on what to say. excacly! i have already given up on my 40 btc, but it would be nice to have them back(i don't really have alot of money) @rjk: fuck you, that 40 btc is more then i have in my bank account, im a poor student, asshole! Roger would survive his losses. o.0 the whiny little kids come out to play. Who didn't follow the #1 rule of investment "Don't play with funds you can't afford to loose!" im perfectly capable of dealing with losses. i had a stop order. but i kind of expected that i would have access to my money. and no im not whining, i have accepted my loss(but it would still be a great to have them back), because of the fuck up they made, and i hope that the community will never ever trust them again. it is my right to be angry of their incompetence. But to be fair, I doubt the OP saw THIS kind of implosion coming (ie caused by hacks). |
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They are likely accepting Bitcoins, because as the Bitcoinica debacle has shown, when you relieve people of their bitcoins in exchange for empty promises, right in front of their face and in broad daylight, you can get away with it, because the general populace barely understands what went wrong. The same way the banksters of the world fleece us left and right and not a single one goes to jail.
Hahahaha, yes! Good to see the kind of people Bitcoin attracts. Also good to see how willing the pumpers are to hype ANYTHING without substance, just because it has "Bitcoin" written on it. edit: That is if what you say is true, and I trust it is. I haven't actually read this stuff. |
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If this were pirate and he were crazy enough to pull of this stunt, it would provide a perfect opportunity for long term investors to average down and then sit back and watch the short squeeze unfold. I would very much look forward to this scenario.
Without Bitcoinica and without shorting, where would such a short squeeze come from? |
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Bitcoin so far has been a great distributory tool in moving value from honest people to hackers, thiefs, and scammers. You could say it's a way to destroy wealth. |
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Back to Blitz's original; who is 'we'? You could probably find someone to loan you some BTC if the price is right. If I were to do so, I would want pretty solid protection up to about $100/BTC (where I plan to sell a certain fraction of my holdings anyway) and I don't have any automation set up (to buy in in an emergency) so I'l probably want, say, $10,000 to loan you 100 BTC. Kind of negative leverage if you will. I would be surprised if you jumped on the deal...and disappointed since in reality I have no interest in dealing with all the hassles.
"We" is us, as in Bitcoiners, who would benefit from more efficient price discovery and better liquidity in case a shorting mechanism becomes widely available again with a low barrier to entry. |
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If you think you can manage the financial exploit side of things (not allow anonymous accounts to have up to 10:1 leverage [leaving them with negative acc balances in some cases], and forbid 5:1 and 10:1 in general), then I am all for it. Please do it.
We need shorting back.
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I'm really not qualified to talk technicals (that stuff is over my head ), but if you want the answers, just ask Mark/MagicalTux. I just asked him that maybe a few months ago and he confirmed it's possible to withdraw an order while a trade was being executed, and since that time, the order book has lost a lot of its meaning to me, and I assume it hasn't been changed since. |
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If the wall is standing and I execute a sell order on gox for 40k BTC... my sell order is going through before any bot can issue another command. The bot cannot jump place in line and pull the wall after I executed an order that would sell through it...
So yeah if someone sold 5k BTC into the wall, the owner of the wall could try and pull it before much more of it gets sold into, but they cant stop the whole thing being instantly sold into.
AFAIK orders can be cancelled while a trade is being executed at MtGox. So, the wall can be cancelled as soon as the price gets dangerously close even if it is just 1 single trade. I have never tried it myself, but I've asked MtGox's owner about it.  |
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Can I ask you why you have such large amount of money in a third party site?
I was attracted by the high interest rates and the money I thought I could earn by depositing bitcoins with them. I never made a single trade on Bitcoinica. I simply held a balance and collected interest.  I hope you will soon get at least rest of your coins back. |
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