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Author Topic: I really don't get it.. why were people leaving their coins online @ Gox anyway?  (Read 1381 times)
Ron~Popeil
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March 26, 2014, 04:51:30 PM
 #21

I also bet that most people had a lot of trust in gox and thought they would always be there if bitcoin was. Gox is the oldest and was the most reputable out there. no one thought gox would just pick up and be gone the next day.

Actually a lot of people were predicting it for a while. Gox users simply ignored it or failed to do their homework. It was a speculative bubble phenomenon and the psychology of that kind of thing can be intoxicating. I hate that people lost money in it but if you allow yourself to get caught up in the herd mentality you usually get burned.   

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March 26, 2014, 05:13:33 PM
Last edit: March 26, 2014, 08:25:38 PM by odolvlobo
 #22

Even though people with any kind of experience in Bitcoin had known for a long time that Mt. Gox was toxic, it isn't surprising that newbies bought bitcoins on Mt. Gox and left them there.

Whenever Bitcoin was mentioned in a news story, there was always a mention of Mt. Gox. And according to most articles, the only way to obtain Bitcoins was to buy them on Mt. Gox or to mine them.

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March 26, 2014, 05:19:40 PM
 #23

This is one of the few times I've posted here, and for a reason.  Some of the knee-jerk ignorant comments in all threads are nauseating.  Could it be many of us who lost money were waiting months for Mt.Gox to perform basic functions of an exchange, wishing to withdraw fiat funds and BTC once and for all?  I believe Gox knew their goose was cooked for some time and initiated the delays to try to hold their customers.  However these delays increased over time.

I was partly fortunate, and partly not- after several months of waiting I had them cancel my international wires.  Then I converted to what is now known as "Goxcoin" after they froze withdrawal.  Then the bomb dropped.

Comments about greed/naivete, etc. are offensive.  Grow up.

You sent your money to an (unregulated) centralized exchange. That was your first act of stupidity. So blame yourself and stop making excuses.

You could have purchased using localbitcoins in smaller morsels and used escrow, but nooooo you had to get that lower spread and the market clearing on the bid/ask. Because you are addicted to the way you think things should work, not the way they do work.

And localbitcoins is not even fully decentralized. We can do much better than that. And we will. But the dumb masses like you will always do it wrong.

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March 26, 2014, 05:23:58 PM
 #24

You know nothing.  Thanks for confirming my first point.

How so? You didn't send your money to an unregulated centralized exchange? Then how did your money get into Gox? Did it magically transfer itself to Gox?

Nonsense.

You deserve to lose every penny that you did. Just as I did deserve to lose the 2 BTC when I accepted payment over Paypal and it was reversed.

Lesson learned. Did you learn yours? Or you will continue to make excuses and whine to the government to fix it for you?

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March 26, 2014, 05:30:35 PM
 #25

BTC is astronomically more secure, it just depends on who you trust your coins with.
Fixed that for you.

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March 26, 2014, 05:37:24 PM
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NO ONE knew Mt.Gox was as toxic as they proved to be.

That's simply ignorant. MtGox has to be blamed, but if you couldn't admit your own fault, you haven't learnt the lesson and you will commit the same fault again.

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Ron~Popeil
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March 26, 2014, 05:40:45 PM
 #27


Despite what some here will have the public believe, NO ONE knew Mt.Gox was as toxic as they proved to be. As compared to what? And honestly, what were the options over 2013? Sure, some burned early adopters avoided Gox, but anyone entering any time last year would not. I'd never trust localcoins as much as an exchange, knowing the dubious intent that exists- seeing the trolls here confirms it for me... But that said, exchanges are clearly far from a guarantee either.

Anyone that sends large amounts of money to any organization without due diligence is opening themselves to risk. I am truly sorry for the people that got burned, but there were many warnings about mt gox. A simple google search and a little reading could have prevented a lot of this.  

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March 26, 2014, 06:07:25 PM
 #28

This is one of the few times I've posted here, and for a reason.  Some of the knee-jerk ignorant comments in all threads are nauseating.  Could it be many of us who lost money were waiting months for Mt.Gox to perform basic functions of an exchange, wishing to withdraw fiat funds and BTC once and for all?  I believe Gox knew their goose was cooked for some time and initiated the delays to try to hold their customers.  However these delays increased over time.

I was partly fortunate, and partly not- after several months of waiting I had them cancel my international wires.  Then I converted to what is now known as "Goxcoin" after they froze withdrawal.  Then the bomb dropped.

Comments about greed/naivete, etc. are offensive.  Grow up.




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