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May 25, 2013, 01:21:11 PM |
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I think the Liberty Reserve news is a big deal.
LRUSD was the virtual currency of choice for a lot of shady or barely legal businesses.
I estimate a few TENs of millions LRUSD are now suddlenly useless.
In what way big news? My first thought is that it is good for BTC as money has fewer places to go now. Bad, perhaps one can make an argument that money laundering or drug money will come our way now, but that is true of any currency, really. The big difference between BTC and LR, at a minimum, is you can't just shut down BTC and it is already being somewhat regulated. |
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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Its About Sharing
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May 25, 2013, 01:23:03 PM |
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Interesting how Bitstamp isn't too bothered right now. Pretty steady at $128 now, smallest gap with MtGox in weeks.
In Germany on Bitcoin.de the price is holding steady at 97 Euro, as it was yesterday. It is nice to see the other exchanges not being affected, much harder to manipulate a "distributed" system. Can't wait for the real thing... |
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kickinyou
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May 25, 2013, 01:24:19 PM |
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Clark moody is lagging for me  |
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TheKoziTwo
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May 25, 2013, 01:48:39 PM
Last edit: May 25, 2013, 02:00:43 PM by TheKoziTwo |
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The obvious question now: what are LR users going to transact with instead? And how many people had money sitting on LR. Seems like a fairly big deal. Without Dwolla, I'd imagine LR was a fairly big chunk of Gox deposits. Surprised no one is talking about this, they were down all day Friday. Maybe not that many people used LR. Wow this is HUGE big shitz, LR is a gigantic washing machine with millions transiting, many exchange business that deals with LR also do bitcoin, like Aurumxchange. Expect big Losses due to this shutdown for whole digital currency community. Well BTC is Monopoly now , heck i'm turning ubber bull, i'm holding btc for long, to hell with short term trading. Very sad news, USA just can't stay out of anything can they? But at the same time, this is probably quite bullish for bitcoin. LR was the new e-gold, every HYIP, autosurf and similar business was using LR...It was quite massive, tons of people where using it. Now those people can go to perfect money, hdmoney etc, but the same thing could happen there... Perhaps people will start looking for real alternatives that can't be shutdown, otherwise this trend will continue. Money laundering = transfering money outside of the banking system. Such BS charges. edit: just checked a few of those forums, there is desperation... half of all topics on first page was about liberty reserve. |
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fitty
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May 25, 2013, 02:00:16 PM |
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Very sad news, USA just can't stay out of anything can they? But at the same time, this is probably quite bullish for bitcoin. LR was the new e-gold, every HYIP, autosurf and similar business was using LR...It was quite massive, tons of people where using it. Now those people can go to perfect money, hdmoney etc, but the same thing could happen there... Perhaps people will start looking for real alternatives that can't be shutdown, otherwise this trend will continue. Money laundering = transfering money outside of the banking system. Such BS charges.
The one short term risk is people being forced to liquidate BTC. If 150M of fiat just got nuked, people are going to have to sell something to make up for that. Will be interesting to see if there's a number of large coin dumps today. MtGox has now lost Dwolla and LR. I'm not sure how much LR was used but it might slow down some fiat coming into the exchange at least for the very short term. Med/Long term this is great news. |
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TheKoziTwo
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May 25, 2013, 02:07:53 PM |
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The question now is, how much money did mtgox lose? bitinstant? aurumexchange? btc-e? There must be some significant losses here, who are the bag holders and what are they gonna do? Personally I transfered most of my LR into BTC-E only some weeks back, so I doubt I lost much.
I'm not sure I agree that people will start dumping BTC for fiat after LR was just closed, mark could be arrested for money laundering too. If anything, it seems more reasonable that people will buy BTC to secure themselves against such attacks.
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Its About Sharing
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May 25, 2013, 02:34:02 PM |
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The question now is, how much money did mtgox lose? bitinstant? aurumexchange? btc-e? There must be some significant losses here, who are the bag holders and what are they gonna do? Personally I transfered most of my LR into BTC-E only some weeks back, so I doubt I lost much.
I'm not sure I agree that people will start dumping BTC for fiat after LR was just closed, mark could be arrested for money laundering too. If anything, it seems more reasonable that people will buy BTC to secure themselves against such attacks.
Closing down Dwolla and LR as a funding source only inspires and sparks innovation. Remember what happened after Napster was taken down? Enter Torrent. Well, our torrent, for starters, will be a true decentralized exchange. We have battles ahead of us, such is life. |
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Frozenlock
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May 25, 2013, 02:36:59 PM |
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We have battles ahead of us, such is life.
To the Bitcoin machine! *Batman tune* |
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Its About Sharing
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May 25, 2013, 02:57:09 PM |
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We have battles ahead of us, such is life.
To the Bitcoin machine! *Batman tune*You have sort of grown on me.  Looks like we have a few decent sized walls on either side of us, 128 ish and a broken up one at 135 ish. |
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ChartBuddy
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May 25, 2013, 03:01:43 PM |
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molecular
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May 25, 2013, 03:27:12 PM |
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sorry if this has been posted here, but this is pretty cool: |
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TsuyokuNaritai
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May 25, 2013, 03:36:10 PM |
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HEY, BEARS! Bored with our bullish rantings? Wanna show us once and for all where the market is really heading? We need YOU to write a bearish fundamentals analysis thread to counterbalance the bullish one here: https://bitcointalk.org/index.php?topic=143973The list must be true, but you can cherry-pick out the bullish stories and put a bearish spin on whatever's left. Then the bull thread and bear thread can link to the other and people can decide for themselves.
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Bowjob
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May 25, 2013, 03:45:15 PM |
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sorry if this has been posted here, but this is pretty cool: After the rollercoaster ride, bitcoin implodes with a bang! |
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fitty
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May 25, 2013, 03:46:46 PM |
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sorry if this has been posted here, but this is pretty cool: After the rollercoaster ride, bitcoin implodes with a bang! I think I see a candle all the way to $180. Fuck yeah, $180! Bring it! |
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Frozenlock
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May 25, 2013, 03:50:56 PM |
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Clarkmoody playing tricks on me, or is there really a 700 BTC bid at $130?
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fitty
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May 25, 2013, 03:53:51 PM |
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Clarkmoody playing tricks on me, or is there really a 700 BTC bid at $130?
Less Baileys more coffee. |
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ChartBuddy
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May 25, 2013, 04:01:38 PM |
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kickinyou
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May 25, 2013, 04:23:08 PM |
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i was wrong at the moment but if we do not se a bull take us up that slak we have to 133 or at least 132 we may se more fall today or tomorrow.
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ardana123
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May 25, 2013, 04:40:19 PM |
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i was wrong at the moment but if we do not se a bull take us up that slak we have to 133 or at least 132 we may se more fall today or tomorrow.
can someone ban this guy? |
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