future price, this move may backfire on GOX

[coined]

any chance for some real opinions? I know it get's a little into circle jerk territory for permabulls in here. but you had done well holding so far.

anyway... mtgox deciding when we can sell is not ok with me, since higher price benefits mtgox with high value in fee's. would he freeze market for cooldown mid rally? he is making bitcoin look very bad, just like the first crash from 32 when they halted trading at 17(claiming hackers), it didn't stop anything, it made things far worse.

and he is misleading people also, he is trying to convince people that lag caused people to panic sell. and that by sorting it out, all is well. like a jedi mind trick or something, selling was way overdue, and there system can't handle decent selling, if anything it curbed selling enough over the weeks for it to build to this point,

trust is long gone.

I expect race to get out once again.

unless you think the largest exchange stopping trading due to excessive selling for its own self interest is perfect the time to buy. I worry this may have triggered a long bear market.

goxxed....

[siulynot]

any chance for some real opinions? I know it get's a little into circle jerk territory for permabulls in here. but you had done well holding so far.

anyway... mtgox deciding when we can sell is not ok with me, since higher price benefits mtgox with high value in fee's. would he freeze market for cooldown mid rally? he is making bitcoin look very bad, just like the first crash from 32 when they halted trading at 17(claiming hackers), it didn't stop anything, it made things far worse.

and he is misleading people also, he is trying to convince people that lag caused people to panic sell. and that by sorting it out, all is well. like a jedi mind trick or something, selling was way overdue, and there system can't handle decent selling, if anything it curbed selling enough over the weeks for it to build to this point,

trust is long gone.

I expect race to get out once again.

unless you think the largest exchange stopping trading due to excessive selling for its own self interest is perfect the time to buy. I worry this may have triggered a long bear market.

goxxed....

goxxed indeed!

[Qoheleth]

It was stupid, plain and simple.

A trading freeze on Mt. Gox doesn't stop people from selling; bitcoins are easy to transfer from exchange to exchange (that's the whole point) so anyone who really wanted to sell has already sold by moving their coins to other exchanges.

A trading freeze does, however, prevent buying by people with national currencies that take hours or days to transfer out of the frozen exchange.

[coined]

but mtgox is the leading exchange, when price moves on gox others follow, price cannot completely crash on other bitcoin exchanges till gox lets market move again, the selling you see in the other sites is minor, just people willing to take loss, so that in the event of gox continued selling into the unknown they are not trapped.

[Qoheleth]

but mtgox is the leading exchange, when price moves on gox others follow, price cannot completely crash on other bitcoin exchanges till gox lets market move again, the selling you see in the other sites is minor, just people willing to take loss, so that in the event of gox continued selling into the unknown they are not trapped.

So your contention is that if Mt. Gox is down, people who would otherwise panic sell won't just panic move-to-another-exchange-and-sell? Who in their right mind, believing that the price is going down, would not sell just because their favorite exchange is closed?

[Dargo]

How long before "goxxed" is in the OED?

[coined]

but mtgox is the leading exchange, when price moves on gox others follow, price cannot completely crash on other bitcoin exchanges till gox lets market move again, the selling you see in the other sites is minor, just people willing to take loss, so that in the event of gox continued selling into the unknown they are not trapped.

So your contention is that if Mt. Gox is down, people who would otherwise panic sell won't just panic move-to-another-exchange-and-sell? Who in their right mind, believing that the price is going down, would not sell just because their favorite exchange is closed?

no... I am saying they are doing just that, but that the price can't completely crash in the other sites as it's held up by the frozen gox price, even if somebody sells it down to $20 on btc-e it will come back up because gox will still open at $120 so it affects all exchanges, I saw it the first time round also when they stopped trading at 17. lets say price is $10 and somebody on mtgox buys to $12 all the other exchanges will follow, but if somebody did it on another exchange instead then gox would not necessarily follow.

[impulse]

Whatever happens, it looks like this event will separate the believers and the non-believers. There is really no way to make a good rational decision about price movement right now. This will be an opportunity for any newcomers who believe in bitcoin to get in, and everyone else to get out. Gonna be quite a shakeup. Popcorn time.

[bitcon]

either way, i'm getting more coins for my dollar ready for the next pumpy

[redwraith]

either way, i'm getting more coins for my dollar ready for the next pumpy

Yep, another great buying opportunity.

[Luckybit]

any chance for some real opinions? I know it get's a little into circle jerk territory for permabulls in here. but you had done well holding so far.

anyway... mtgox deciding when we can sell is not ok with me, since higher price benefits mtgox with high value in fee's. would he freeze market for cooldown mid rally? he is making bitcoin look very bad, just like the first crash from 32 when they halted trading at 17(claiming hackers), it didn't stop anything, it made things far worse.

and he is misleading people also, he is trying to convince people that lag caused people to panic sell. and that by sorting it out, all is well. like a jedi mind trick or something, selling was way overdue, and there system can't handle decent selling, if anything it curbed selling enough over the weeks for it to build to this point,

trust is long gone.

I expect race to get out once again.

unless you think the largest exchange stopping trading due to excessive selling for its own self interest is perfect the time to buy. I worry this may have triggered a long bear market.

goxxed....

I hope you're right. I want them all out so I can buy coins all this month and next month at $50-60 each by the THOUSANDS. Get those sellouts back into USD where they came.

Now, to the college students who took out loans and went into debt I can actually feel a bit of sympathy for because I'm one of those college students. Only I know what I'm getting into.

[Luckybit]

Whatever happens, it looks like this event will separate the believers and the non-believers. There is really no way to make a good rational decision about price movement right now. This will be an opportunity for any newcomers who believe in bitcoin to get in, and everyone else to get out. Gonna be quite a shakeup. Popcorn time.

Exactly. If you don't believe in BTC then why did you put so much money into it? If you wanted quick money it's not a good investment. If you're into the long term investment then over the course of 6 months, a year, or longer it's a good investment. Many people got in just wanting to make a quick profit thinking BTC works like the stock market.

[sgbett]

but mtgox is the leading exchange, when price moves on gox others follow, price cannot completely crash on other bitcoin exchanges till gox lets market move again, the selling you see in the other sites is minor, just people willing to take loss, so that in the event of gox continued selling into the unknown they are not trapped.

So your contention is that if Mt. Gox is down, people who would otherwise panic sell won't just panic move-to-another-exchange-and-sell? Who in their right mind, believing that the price is going down, would not sell just because their favorite exchange is closed?

no... I am saying they are doing just that, but that the price can't completely crash in the other sites as it's held up by the frozen gox price, even if somebody sells it down to $20 on btc-e it will come back up because gox will still open at $120 so it affects all exchanges, I saw it the first time round also when they stopped trading at 17. lets say price is $10 and somebody on mtgox buys to $12 all the other exchanges will follow, but if somebody did it on another exchange instead then gox would not necessarily follow.

It will only open at $120 insomuch as that was the last price traded *at gox*.

Trades will only go through at that price if there are orders still left up there (you could still log in and cancel them all day)

More likely when the market opens on gox it will do so with a massive bid/ask spread, which will be filled - probably fairly quickly - as people pile in either side of the order book. Inevitably there will be some swings as bulls and bears fight it out for control.

If I was a day trader I would be creaming my pants, as these kind of conditions are heavenly for them!

If anything I am a swing trader, so I might put in a few lowball bids and see if I get lucky. Mainly though I will be sitting tight, holding my stash, and eating popcorn as the wiggly line goes up and down.

[jago25_98]

Whatever happens, it looks like this event will separate the believers and the non-believers. There is really no way to make a good rational decision about price movement right now. This will be an opportunity for any newcomers who believe in bitcoin to get in, and everyone else to get out. Gonna be quite a shakeup. Popcorn time.

That's a fair point but...
 where else would you park your cash in such a liquid manner? I've investigated many alternatives and Bitcoin still has those unique properties - put the key in your head, protection from being shutdown etc etc. For some the question could be "if not Bitcoin then what?" if there was a clear alternative though.... !

[mgio]

People blame gox for the crash but that wasn't it at all.

It was a bubble, it was bound to burst.

Personally I thought the bubble would last another 2 or 3 weeks, but in retrospect we should have all seen it coming due to how fast it was rising 24 hours before the crash.

The lag was just the needle that popped the bubble. The pop was coming, it just came slightly earlier due to gox. A correction was inevitable.