End of BitCoin Exchangers

[HappyBitCoinUser]

Huge amounts of money recently got dumped into BTC at a chance to make a quick profit, and now people are racing to withdraw their money cause the exchangers are closing down.

Banks around the world are starting to refuse to do business with anyone involved with BTC. The banks are freezing and closing accounts that have anything to do with BTC.

The banks and government can't take your BTC, but you won't be able to send/receive any real money either for them.

Merchants that accept BTC for payment probably cause they can quickly convert it to cash through exchangers. What will happen to all these merchants when they can't convert to cash anymore? Will they continue to sell product and services for a BTC that can't be converted? At what personal cost are they willing to do this? Gold and Silver coins for example, are those BTC businesses going to continue shipping you gold and silver coins for BTC when they can't get any dollars for BTC?

We all knew it was going to end this way, even though most people were in denial. The big banks and government have no control over BTC itself, so they are going after the exchangers like we knew they would.

BTC will probably be around for a LONG time to come simple cause it can't be shut down. It'll just be fun and have no value real soon. And by no value, I mean not even $0.01 since there will be no more exchangers soon.

Game Over

[1715155099]

1715155099

[1715155099]

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[1715155099]

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[fr33d0miz3r]

Panic!!! We will die!!! Panic!!!

Seriously, it's impossible to ALL banks in ALL countries to gang up and refuse all communications with BTC in the same way as it's impossible to censor ALL the internet in ALL countries.

[San1ty]

This is the stupidest thing I have read on these forums by far. BTC will always have value, banks can never stop you from withdrawing money and trading bitcoin a OTC...

FUD!

[just1nmc]

http://bitcoin.de is partnering with a bank as we speak.

[Coinbuck @ BTCLot]

https://bitcointalk.org/index.php?action=profile;u=94187;sa=showPosts

Spreading FUD must be your hobby.

[San1ty]

https://bitcointalk.org/index.php?action=profile;u=94187;sa=showPosts

Spreading FUD must be your hobby.

Indeed, not even worth your time replying to him. I also got baited...
The troll is strong in this one!

[Francesco]

Banks around the world are starting to refuse to do business with anyone involved with BTC. The banks are freezing and closing accounts that have anything to do with BTC.

Proof? I have successfully withdrawn from Bitstamp just some days ago.

[Herben]

Banks around the world are starting to refuse to do business with anyone involved with BTC. The banks are freezing and closing accounts that have anything to do with BTC.

Proof? I have successfully withdrawn from Bitstamp just some days ago.

Same here. I have withdrawn twice from Bitstamp to different European bank accounts last week. No problems at all.

[HerrDoktor]

Seems like the OP did loose quite some money, with all the bitter stuff he is posting lately. 

So long

[rpietila]

Yeah, the thread is a troll, lol. But I agree with the headline. Bitcoin trading will reform into a two-tier system where BTC100+ transactions will be happening in the dealer network (every professional or large investor may enter but noobs will be kept out by certain requirements), and the retail trade is between a local OTC merchant and a customer.

I think next autumn, the majority of the trade will not happen in exchanges any more. This is a bold call, considering how sovereign the volume of Mt.Gox was last weekend. But they failed the very last time. The old school will not forget, and will discreetly withdraw their business from the casino.

Perhaps it was Mt.Gox's plan all along. If I were incapable of doing the very thing I ended up doing (by a fat chance, such as a 2000% increase in 3 months), I would probably just rake in as much as I could, and keep the service level so bad that it just dies away naturally.

[blueberry]

Huge amounts of money recently got dumped into BTC at a chance to make a quick profit, and now people are racing to withdraw their money cause the exchangers are closing down.

Nice username.

[Gatekeeper]

This is the stupidest thing I have read on these forums by far. BTC will always have value, banks can never stop you from withdrawing money and trading bitcoin a OTC...

FUD!

+1

one of the most stupid threads i've seen

[Piper67]

Yeah, the thread is a troll, lol. But I agree with the headline. Bitcoin trading will reform into a two-tier system where BTC100+ transactions will be happening in the dealer network (every professional or large investor may enter but noobs will be kept out by certain requirements), and the retail trade is between a local OTC merchant and a customer.

I think next autumn, the majority of the trade will not happen in exchanges any more. This is a bold call, considering how sovereign the volume of Mt.Gox was last weekend. But they failed the very last time. The old school will not forget, and will discreetly withdraw their business from the casino.

Perhaps it was Mt.Gox's plan all along. If I were incapable of doing the very thing I ended up doing (by a fat chance, such as a 2000% increase in 3 months), I would probably just rake in as much as I could, and keep the service level so bad that it just dies away naturally.

In general terms I agree, but I'm leaving a sliver of hope still open that the MtGox/Coinlab integration will work as intended.

[bootlace]

There's definitely a huge problem with exchanges right now and denying that makes you look like a blind fanboy.

BTC-24, the second largest exchange, has been completely shut down over the last week and all funds are in danger of being lost. Bitfloor has just announced they had banking troubles and are shutting down. BTC-e has loads of claims of having lost money and is run by suspect Russian owners.  CaVirtEx have had their bank account closed. Even Mtgox as I speak is down, yet again. It doesn't seem there is any where you can really safely buy Bitcoin at this time.

If you think Bitcoin is going to grow to astronomic heights without exchanges allowing people to trade their fiat for BTC, you're crazy. We better hope there's some good news in the near future, because the sky is indeed falling right now and one bad news coming out of Mt. Gox would absolutely send the price back to single digits.

[ElectricMucus]

We better hope there's some good news in the near future, because the sky is indeed falling right now and one bad news coming out of Mt. Gox would absolutely send the price back to single digits.

There isn't any real "good news" to come at this point. The best that can happen is that Gox operates as expected.

[VeeMiner]

This is the stupidest thing I have read on these forums by far. BTC will always have value, banks can never stop you from withdrawing money and trading bitcoin a OTC...

FUD!

+1

one of the most stupid threads i've seen

+1 yep

[rebuilder]

Ah, another addition to my growing ignore list.

[epetroel]

In the worst case scenario, we can just start snail mailing envelopes full of cash around.  Sure, it would be inefficient, but the market would survive without the banks.

[dave111223]

OMG please take my coins for free...

[HappyBitCoinUser]

There's definitely a huge problem with exchanges right now and denying that makes you look like a blind fanboy.

BTC-24, the second largest exchange, has been completely shut down over the last week and all funds are in danger of being lost. Bitfloor has just announced they had banking troubles and are shutting down. BTC-e has loads of claims of having lost money and is run by suspect Russian owners.  CaVirtEx have had their bank account closed. Even Mtgox as I speak is down, yet again. It doesn't seem there is any where you can really safely buy Bitcoin at this time.

If you think Bitcoin is going to grow to astronomic heights without exchanges allowing people to trade their fiat for BTC, you're crazy. We better hope there's some good news in the near future, because the sky is indeed falling right now and one bad news coming out of Mt. Gox would absolutely send the price back to single digits.

This +1

In the worst case scenario, we can just start snail mailing envelopes full of cash around.  Sure, it would be inefficient, but the market would survive without the banks.

This +1

So we now have a more realistic view of the future of BTC to real money exchanges.

[blueberry]

Bitcoin will be still used even without banks. A lot of people who buy drugs on SR pay cash for bitcoins, no bank involved. Or a migrant worker wanting to send money home can exchange cash for bitcoins and send those bitcoins home avoiding WU fees or slow bank transfers.

So no, bitcoins will not be worth $0.00 in the highly unlikely event that all banks accounts of all exchanges were to be closed at the same time. New exchanges will pop up (perhaps in offshore locations) to fill the void. You'd also still have other options such as Liberty Reserve, OK Pay, Linden Dollars etc to exchange your coins as well as local bitcoins.

So edit your OP and quit the BS already.

[lucif]

Or a migrant worker wanting to send money home can exchange cash for bitcoins and send those bitcoins home avoiding WU fees or slow bank transfers.

lolwhat? how much money he will loose if bitcoin drops 10% a day (typical behavior). Will it be less than WU fees?

[BitcoinAshley]

Lol, yes, this is probably THE stupidest thread I've seen on here.

Denying reality like a classic troll.

Yes, there are problems with exchanges. But exchanges are popping up left and right, many exchanges have great relationships with banks. In addition, the OTC market is thriving. It will not be long before coin shops start dealing in BTC, and there are at least 6 individual BTC brokers in my region at the moment and steadily rising ;-)

FUD FUD FUD. You can FUD all you like but that doesn't make your tunnel vision the truth.

Yes, there are problems with exchanges. But the majority of exchanges continue to operate smoothly, there are even more options than there were a month ago, there is Tradehill and Exante for big boys and then there is OTC for ANYONE who wants to avoid exchanges.

People who think banks crushing an exchange here and there will crush BTC are lying to themselves, operating in a paranoid troll world of delusion and fantasy.

Last time I checked, marijuana prices were high and going even higher (the 'shrink ray of inflation' was hitting gram bags when I was in college). What's more, it's STABLE. The average price per ounce has risen significantly but steadily since the 60's, and a gram isn't $10 one day and $20 the next. There is no "marijuana bubble." This is a multi-billion dollar industry. Perhaps we'll see this when BTC reaches $20/mBTC . There is no official bank-sanctioned exchange for marijuana, heck, nearly all of the trade happens OTC in cash, and a SIGNIFICANT portion of the American public uses or has used marijuana, from 12 year old kids to 60 year old adults. And marijuana isn't even useful for anything except getting stoned off your ass! BTC at least has utility - transmission, flipping, mixing storing, putting, calling, sending, receiving, buying, selling, storing, deflating, trading, coloring, betting, hoarding, spending - and you're telling me that banks could crush its price because they fuxx0red a few exchanges, when at this point there are exchanges popping up every week?

BIG, RESOUNDING LOL. Good luck with the FUD, though.

[bootlace]

Lol, yes, this is probably THE stupidest thread I've seen on here.

Really, out of the hundreds of thousands of moronic threads on this god-forsaken subforum, you think THIS one is the stupidest?

Denying reality like a classic troll.

The reality is Bitcoin exchanges are dropping like flies and having problems every other day, who's the one denying reality.

Yes, there are problems with exchanges.

Aha, so the OP does have a point, thanks for admitting.

But exchanges are popping up left and right, many exchanges have great relationships with banks.

We don't need a bunch of new exchanges if they're going to be noobs like the ones before it and create further mess.

In addition, the OTC market is thriving.

Yea good luck getting the mass population to adopt that..

It will not be long before coin shops start dealing in BTC, and there are at least 6 individual BTC brokers in my region at the moment and steadily rising ;-)

The critical mass care about coins almost as little as they care about Bitcoin at the moment.

FUD FUD FUD. You can FUD all you like but that doesn't make your tunnel vision the truth.

Obviously you're brain is going into retard mode here, won't comment further.

Yes, there are problems with exchanges.

What happened it to be "FUD", changed your mind so quick.

But the majority of exchanges continue to operate smoothly,

Majority are not operating smoothly, there's actually 0 that are operating 'smoothly' at this moment.

there are even more options than there were a month ago, there is Tradehill and Exante for big boys and then there is OTC for ANYONE who wants to avoid exchanges.

So my option is either to be a 'big boy' and invest shit loads or I have to use the highly suspect OTC market?

People who think banks crushing an exchange here and there will crush BTC are lying to themselves, operating in a paranoid troll world of delusion and fantasy.

OP himself says "BTC will probably be around for a LONG time to come simple cause it can't be shut down", so you're probably fighting off demons in your head again instead of having a reasonable discussion.

Last time I checked, marijuana prices were high and going even higher (the 'shrink ray of inflation' was hitting gram bags when I was in college). What's more, it's STABLE. The average price per ounce has risen significantly but steadily since the 60's, and a gram isn't $10 one day and $20 the next. There is no "marijuana bubble." This is a multi-billion dollar industry. Perhaps we'll see this when BTC reaches $20/mBTC . There is no official bank-sanctioned exchange for marijuana, heck, nearly all of the trade happens OTC in cash, and a SIGNIFICANT portion of the American public uses or has used marijuana, from 12 year old kids to 60 year old adults. And marijuana isn't even useful for anything except getting stoned off your ass! BTC at least has utility - transmission, flipping, mixing storing, putting, calling, sending, receiving, buying, selling, storing, deflating, trading, coloring, betting, hoarding, spending -

Wow, wtf did I just read...

and you're telling me that banks could crush its price because they fuxx0red a few exchanges, when at this point there are exchanges popping up every week?

Yes banks could crush its price, because the price is based on its fiat value, and if people can't exchange it for fiat then the price will go down.

BIG, RESOUNDING LOL. Good luck with the FUD, though.

Try to keep the rage on the down low, makes you sound like an idiot.

[antimattercrusader]

Well, I don't have time for a point by point but I place my bets on a solution cropping up soon. It's a resilient market and community. We will soon see decenterlized exchanges as well as some banks getting involved. If one doesn't, I'll start one... or a credit union. Seriously, I'm looking into what it'd take. If I am doing that, alot of people smarter than I are probably doing the same around the world as well.

These petty attempts will not kill bitcoin, it will only strengthen bitcoin by granting legitimacy (highlighting the fact that we have a real problem with our current system) and by making it resilient to such attack in the future.

[michaelGedi]

plenty of ways to buy bitcoins without using banks...

very simple and I'm not going to list them


that's it really...


OP is spreading doom on purpose, he's done it since the crash