kkaspar
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Activity: 140
Merit: 100
banned but not broken
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February 26, 2014, 04:20:05 PM |
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Step 1 is that all deposited bitcoins should be to per-account wallets with the public key known to the depositor.
Fiat? On your own there.
Edit: This does need some kind of cold-storage option though.
I think that the Step 1 you offered is a really good idea. Only option that I have came up with to keep things honest around fiat is a self-regulatory information based system. The exchanges have to pass quarterly audits to show that all the fiat is there and it isn't being used for anything else that it is meant to. These audits will be voluntary of course, but those exchanges who refuse cooperation will be flagged untrustworthy in the wider field of information around bitcoin. This will cause a problem of neutrality, but I think that this can be overcome with proper methods. I think that using information to promote some exchanges and warn people about other exchanges is the only realistic regulatory system that doesn't have to involve the state. And the good thing is that it also works globally, while state enforced regulations only work locally. |
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fluidjax
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February 26, 2014, 04:20:33 PM |
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What most of you seem to not understand is that one of the biggest results of this Gox fiasco is that many many coins are going into encrypted jump drives and paper wallets. They are not Beany Babies. They are Faberge eggs. There are going to get scarce. Really scarce.
I'm pulling most of my holdings off the exchanges. I should have done it long ago. You can figure out for yourself what this will do to the price.
Thats sound plausible, until the exchanges are regulated and your coins are effectively insured, there will be a move towards only having traders with coins on exchanges. This will damage liquidity and increase volatility. |
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dreamspark
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February 26, 2014, 04:22:37 PM |
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What most of you seem to not understand is that one of the biggest results of this Gox fiasco is that many many coins are going into encrypted jump drives and paper wallets. They are not Beany Babies. They are Faberge eggs. There are going to get scarce. Really scarce.
I'm pulling most of my holdings off the exchanges. I should have done it long ago. You can figure out for yourself what this will do to the price.
Got to agree with this, I know I started off with just a small % of my holdings on exchanges but as the price has gone up and Ive traded this has become a substantial figure. While this isn't a bad thing there has been occasions where I have sold more than I would of if I had had less on the exchanges. I guess using your logic, which is fairly sound, supply is going to dry up. I think we will just see more transactions backwards and forwards from personal storage to exchanges but the chance for less panic selling is definately apparent. |
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ChrisML
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February 26, 2014, 04:23:34 PM |
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dreamspark
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February 26, 2014, 04:25:10 PM |
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So much win. New wall paper candidate haha |
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segeln
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February 26, 2014, 04:26:26 PM |
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. Bit of an unsatisfactory answer maybe, but "the next few 6h candles will decide how it'll resolve" is the best answer I think that can be given at the moment.
watch Heiken Ashi and you see better the evolvement than with "normal" candlesticks  sorry I got only 4h chart |
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JorgeStolfi
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February 26, 2014, 04:26:28 PM |
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Jorge, what is illegal about an investor buying coins on other exchanges to inject into Gox?
Of course it is OK to buy coins on other exchanges from the exchange's customers and withdrawing them. What is not OK is buying a big lump of those coins in private from the exchange without the clients' knowledge. |
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lumierre
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February 26, 2014, 04:27:19 PM |
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What a coincidence. My bitcoin price analysis is similar.  |
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dreamspark
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February 26, 2014, 04:30:42 PM |
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Jorge, what is illegal about an investor buying coins on other exchanges to inject into Gox?
Of course it is OK to buy coins on other exchanges from the exchange's customers and withdrawing them. What is not OK is buying a big lump of those coins in private from the exchange without the clients' knowledge. Agree but not likely to happen and I dont think thats what anyone was suggesting when they said investors can buy coins from other exchanges. |
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fluidjax
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February 26, 2014, 04:31:06 PM |
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Jorge, what is illegal about an investor buying coins on other exchanges to inject into Gox?
Of course it is OK to buy coins on other exchanges from the exchange's customers and withdrawing them. What is not OK is buying a big lump of those coins in private from the exchange without the clients' knowledge. Is fractional reserve banking actually illegal, especially with Bitcoins? Banks are quite happy to use it and screw us . |
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kkaspar
Full Member
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Activity: 140
Merit: 100
banned but not broken
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February 26, 2014, 04:31:49 PM |
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It's the steep deflationary nature of bitcoin that turns most people off.
Steep howso? The supply of new coins will slow down and become more expensive, while the user count is increasing. That deflationary part is good to attract investors with promises "buy now, and you will be 10000x richer soon", but it does stop bitcoin from becoming a practical currency. What a quality currency needs is price stability, that is just not possible with bitcoin. Stable deflation rate, that would make a currency work, would be around 1% a year. Bitcoin is far from it. |
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Odrec
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Activity: 112
Merit: 10
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February 26, 2014, 04:35:24 PM |
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I've seen a lot of libertarians whining about MtGox but isn't no regulations what libertarians fight for??
Anyways, everyone of us knew what we were getting into. No use whining now. Thankfully I didn't have any money on MtGox.
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cbutters
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February 26, 2014, 04:37:39 PM |
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What kind of narcissistic invalid is Mark Karpeles? Why is he even issuing these press releases.... I really think he thinks he is God. Why the hell would anyone care if he was in Japan or not? Where is the money? Where is the transparency? Oh, thousands of people's life savings and substantial investments are "unavailable". And he basically posts a selfie saying "Hey guys don't worry... Mark Karpeles is in Japan."
but don't worry.... Mark Karpeles is working hard for you...
What does he fancy himself? He acts like its all about him.
At least he finally admits there is an "issue" now. Previous statements have been so vague and he likes to paint himself as totally infallible.
"Oh, by the way, don't ask any questions..... "
DONT ASK ANY QUESTIONS? IS THIS GUY MENTAL?
There was never a better time for people to be asking questions. A proper response for a company would be to at least provide an outlet for questions to be asked, a helpdesk of some kind, no matter how small the chance of resolution was... damage control mark.... Mark doesn't do this though because Mark doesn't make mistakes, Mark does everything right for the customer, Mark doesn't need to respond to people, Mark knows what is best for Bitcoin, Mark made bitcoin, Mark controls bitcoin, They would be nothing without Mark, Mark answers to nobody,Mark, Mark, Mark,Mark........
Someone get this guy to a therapist.
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Miz4r
Legendary
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Activity: 1246
Merit: 1000
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February 26, 2014, 04:38:15 PM |
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It's the steep deflationary nature of bitcoin that turns most people off.
Steep howso? The supply of new coins will slow down and become more expensive, while the user count is increasing. That deflationary part is good to attract investors with promises "buy now, and you will be 10000x richer soon", but it does stop bitcoin from becoming a practical currency. What a quality currency needs is price stability, that is just not possible with bitcoin. Stable deflation rate, that would make a currency work, would be around 1% a year. Bitcoin is far from it. User count is going to stabilize at some point, and will become lower than the actual BTC inflation rate. I see no reason why that wouldn't lead to price stability (not in USD terms perhaps but that's because USD is actually not stable at all). |
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MicroFi
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February 26, 2014, 04:50:45 PM |
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I can only hope this is true too, but I still consider my Gox coins lost. I'm not hoping for any miracles  |
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JorgeStolfi
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February 26, 2014, 04:51:06 PM |
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I also don't buy the liquidated them to play with the cash story. No one who believes in bitcoin (which he clearly did / does) would do that, they all feel that the price is way under valued and its a life changing tech. Hence why he acquired so many coins and then wanted his own exchange. Why would he then bet against the price going up?
Also back at $100 there wasn't anywhere near the liquidity to sell all of those coins.
That is just a theory, of course (I still think that it is more likely than the stupid malleability hack. Both theories depend on sheer stupidity, but mine also has a greed motive.  Frrom the charts, I see that there were long periods when the price was stable. Perhaps MtGOX expected the price to remain stable for another couple of months, or that it would rise slowly so that they would have time to reverse the deal. In my theory, the sale would probably have happened off-market, in large lots. Suppose that a big investor contacted MtGOX and offered to buy 1,000,000 BTC from their cold storage at 15$ each, when the market price was 10$. Would they let that opportunity pass? |
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kkaspar
Full Member
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Activity: 140
Merit: 100
banned but not broken
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February 26, 2014, 04:53:42 PM |
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User count is going to stabilize at some point, and will become lower than the actual BTC inflation rate. I see no reason why that wouldn't lead to price stability (not in USD terms perhaps but that's because USD is actually not stable at all).
It's hard to believe that the usercount will stop and stay stable. In my idea, it will more probably either increase or decrease. But what remains the same is that the inflow of new coins will slow down and get more expensive. All of it combined will keep bitcoin far away from stability. |
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bassclef
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February 26, 2014, 04:55:16 PM |
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User count is going to stabilize at some point, and will become lower than the actual BTC inflation rate. I see no reason why that wouldn't lead to price stability (not in USD terms perhaps but that's because USD is actually not stable at all).
It's hard to believe that the usercount will stop and stay stable. In my idea, it will more probably either increase or decrease. But what remains the same is that the inflow of new coins will slow down and get more expensive. All of it combined will keep bitcoin far away from stability. Good news for day traders. |
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