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Ok, I know I've played to it, and made fun of it, but, seriously, too much of this community is really stupid. lol
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why are people still trading on gox?
I don't understand...... why is there any price movement?
you cannot get fiat or bitcoins.... so? is it like playing a game to kill boredom?
Now that people are filing lawsuits, and given that courts are more likely to order payout in fiat, I think we're crossing the threshold for Gox where the "safe" thing to do is be in fiat. The other exchanges will be pulled down by the violence of the exodus from Goxcoins to GoxUSD, but eventually I suspect Gox and the rest of the markets will completely decouple and move on. |
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I'm going to post this again.  I got it! I got it!.. |
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bitcoin - teaching people the importance of managing your own cryptographic keys since 2009.
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I just check blockchain, no one has destroyed my coins. And by the way... You call this a crash? Where were you guys a few years ago? lol
Andy also, Goxcoins are not bitcoins. I mean fuck me. I don't understand how that isn't obvious and why people are still making claims about bitcoin based on what's going on on MtGox right now. |
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Gosh, I could easily liquidate on BitStamp, Coinbase, or with SecondMarket for over $550/BTC, but the crash is happening on Gox so I should probably send my bitcoins there to sell. Yes?
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So, I do feel bad for everyone with any asset on MtGox right now. Nevertheless, after so many goxxings and on the whole bitcoin community, plus the fact that Gox has held over 150 of my bitcoins (and tens of thousands of others') hostage since early 2012 related to the bitcoinica debacle, this is how I feel about the potential of the current situation...  |
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What will be the BTC price on other exchanges if mtgox price goes to 0 ?
We're unlikely to see the price of Goxcoins fall to 0. Instead, Gox will just be taken offline. The world of real bitcoins will be affected by Gox's death, but I don't think the real bitcoin markets are going to follow Gox down much further and at some point it will be clear that the real bitcoin markets have moved on. |
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MTGox is currently under 100$
We have a time traveler here. Past or future?  oh wait, it's under 100 €. whoops Time traveler, tell us, please, should we buy much Doge? |
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Do not touch or donate to the bitcoin foundation until MtGox BTC withdraws are resolved. They represent the community, the community needs help.
This. As long as MtGox is involved, stay away. Can this be Confirmed? Can what be confirmed that mt gox is involved? Mark is the owner of mt gox and is a founder of the Bitcoin foundation I doubt mt gox even donated to get on their website and was just put on there. Can someone please confirm this as legit, or mark (no pun intended) this as FUD. Mark is a founder of the Bitcoin foundation yes. OMG... stop.. you dont get it and that's ok. Just please stop.  proudhon... Please confirm or deny said facts about being confirmed. Thank you. Sorry, I'm all confirmed out. |
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MTGox is currently under 100$
We have a time traveler here. |
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Do not touch or donate to the bitcoin foundation until MtGox BTC withdraws are resolved. They represent the community, the community needs help.
This. As long as MtGox is involved, stay away. |
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"BTC" on MtGox are not BTC in the sense that the rest of the world is using/trading. "BTC" on MtGox are essentially an altcoin at this point and could easily crash to $50 or lower, but I personally don't really care because I don't own Goxcoins. I own bitcoins, and I'm sorry for anyone who does own Goxcoins.
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So what happens on Monday morning? (A common phrase on Wall Street.)
Well, Bitstamp is back up, doing Bitcoin withdrawals as usual. The market has already recognized this; Coinbase and Bitstamp are back in sync, and BTC-E is trailing a bit. LocalBitcoins has a big bid/ask spread, but it's centered around the Bitstamp price, currently 610. (Note that the LocalBitcoins price on bitcoincharts.com (a Mt. Gox service) is wrong.) So the markets are back to normal, slightly lower than a week ago.
Except, of course, for Mt. Gox. Customers can't get anything out, so the price is a speculation on whether Mt. Gox will ever resume withdrawals of anything.
What's different this time is that the mess last week made headlines in the business press all over the world as a finance story. Not a tech story. Not a weird story. Bitcoin is now taken seriously by the financial press. Bitcoin is now being looked at like any other investment.
This doesn't mean Bitcoin is a success. It just means it's another financial product, judged on that basis. Risk, return, management competence, financial statements, the usual. Amateur hour is over. Expect more press scrutiny of Bitcoin as a financial product.
Nagle, sup brother?!  |
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$288 for goxcoins versus $650 on other exchanges. The market has spoken: what you're buying on MtGox are goxcoins, not bitcoins. They're promises to pay you sometime in the future. If MtGox has an over 50% discount for allegedly the same commodity then the market is saying MtGox is dead and buried. Time to move on.
this.. Perhaps this should now be moved to altcoin discussion (TPFIC) Exactly right. MtGox bitcoins are a centralized altcoin at this point. |
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Just broke $266, which was the high of wave 3. This is significant for psychological reasons
And yet, in my estimation, and the coming mean-reversion bounces notwithstanding, the bear market in Bitcoin is just getting started
It would be significant if MtGox weren't almost completely decoupled from the wider market. Indeed. MtGox is not representative of BTC prices anymore, even moreso than when they had their +20% premium on the upside. Who actually lost wealth on mtgox's BTC/USD price going down except for MtGox users? Coinbase, Bitpay etc. do not use MtGox prices, apart from other exchanges. This is really interesting to watch. A few days ago I was somewhat optimistic about MtGox's chances of recovering and re-syncing, more or less, with the broader markets, but I'm much less optimistic about that now. I'm inclined to think we really are watching the death of an exchange. Nearly every major bitcoin price aggregator has abandoned MtGox and all the major non-exchange liquidity pools haven't used MtGox prices to negotiate buys and sells for many months (SecondMarket, for example). I just hope, in a last flash of decency, Mark Karpeles takes the exchange offline voluntarily while attempting to sort out the mess. Gox needs a break! And by "takes the exchange offline" we should mean "closes shop". For MtGox, I just don't see how they recover from this. This is an especially bad time to have another Gox-up, since in the US a lot of money from VCs and other large profitable firms is now moving to create "regulated" and professionally managed exchanges. At this point, it's just really difficult to imagine any noteworthy portion of market participants sticking with MtGox, when much better and more trustworthy alternatives already exist and even more trustworthy exchanges are on the horizon. The good guy thing for Gox to do at this point is stop the exchange, give people back as much money as they can, and close shop. Bye, bye, 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.
Exactly this ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ My guess is a combination of what odolvlobo described and perhaps another attempt at a June 2011 style hackcrash. But, who knows at this point. The nice thing, for those without anything on MtGox (sorry guys), is that MtGox is trading in GoxUSD and GoxBTC, and those are just different things than USD and BTC. |
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Just broke $266, which was the high of wave 3. This is significant for psychological reasons
And yet, in my estimation, and the coming mean-reversion bounces notwithstanding, the bear market in Bitcoin is just getting started
It would be significant if MtGox weren't almost completely decoupled from the wider market. Indeed. MtGox is not representative of BTC prices anymore, even moreso than when they had their +20% premium on the upside. Who actually lost wealth on mtgox's BTC/USD price going down except for MtGox users? Coinbase, Bitpay etc. do not use MtGox prices, apart from other exchanges. This is really interesting to watch. A few days ago I was somewhat optimistic about MtGox's chances of recovering and re-syncing, more or less, with the broader markets, but I'm much less optimistic about that now. I'm inclined to think we really are watching the death of an exchange. Nearly every major bitcoin price aggregator has abandoned MtGox and all the major non-exchange liquidity pools haven't used MtGox prices to negotiate buys and sells for many months (SecondMarket, for example). |
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I'm not sure what to make of all the reports of MtGox accounts being hacked, but it's possible MtGox could be experiencing something like the June 2011 HackCrash. The major difference this time is that there's a much broader deeper market outside of MtGox, and MtGox appears to be almost completely decoupled from the broader market. Very strange and interesting to watch.
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Just broke $266, which was the high of wave 3. This is significant for psychological reasons
And yet, in my estimation, and the coming mean-reversion bounces notwithstanding, the bear market in Bitcoin is just getting started
It would be significant if MtGox weren't almost completely decoupled from the wider market. |
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