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HappyBitCoinUser (OP)
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April 18, 2013, 08:55:00 AM |
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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  |
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fr33d0miz3r
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April 18, 2013, 09:06:41 AM |
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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.
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San1ty
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April 18, 2013, 09:08:23 AM |
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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!
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Found my posts helpful? Consider buying me a beer :-)!:
BTC - 1San1tyUGhfWRNPYBF4b6Vaurq5SjFYWk NXT - 17063113680221230777
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San1ty
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April 18, 2013, 09:25:40 AM |
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Indeed, not even worth your time replying to him. I also got baited... The troll is strong in this one! |
Found my posts helpful? Consider buying me a beer :-)!:
BTC - 1San1tyUGhfWRNPYBF4b6Vaurq5SjFYWk NXT - 17063113680221230777
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Francesco
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April 18, 2013, 09:29:26 AM |
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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. |
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Herben
Newbie
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Activity: 7
Merit: 0
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April 18, 2013, 09:44:01 AM |
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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. |
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HerrDoktor
Newbie
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Activity: 56
Merit: 0
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April 18, 2013, 09:55:21 AM |
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Seems like the OP did loose quite some money, with all the bitter stuff he is posting lately.  So long |
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rpietila
Donator
Legendary
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Activity: 1722
Merit: 1036
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April 18, 2013, 09:59:54 AM |
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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.
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HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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blueberry
Member
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Activity: 110
Merit: 10
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April 18, 2013, 10:19:52 AM |
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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.  |
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Gatekeeper
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April 18, 2013, 11:45:18 AM |
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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 |
(1470) <KLYE> But I was far too drunk to fuck a midget
(1470) <KLYE> I will fuck a chicken for 250 btc
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Piper67
Legendary
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Activity: 1106
Merit: 1001
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April 18, 2013, 11:52:25 AM |
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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. |
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bootlace
Full Member
Offline
Activity: 364
Merit: 100
Justice as a Service Infrastructure
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April 18, 2013, 12:39:51 PM |
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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.
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ElectricMucus
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Marketing manager - GO MP
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April 18, 2013, 12:49:40 PM |
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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. |
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VeeMiner
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April 18, 2013, 12:53:25 PM |
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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 |
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rebuilder
Legendary
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Activity: 1615
Merit: 1000
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April 18, 2013, 12:59:50 PM |
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Ah, another addition to my growing ignore list.
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Selling out to advertisers shows you respect neither yourself nor the rest of us.
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Too many low-quality posts? Mods not keeping things clean enough? Self-moderated threads let you keep signature spammers and trolls out!
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epetroel
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April 18, 2013, 01:14:00 PM |
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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.
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dave111223
Legendary
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Activity: 1190
Merit: 1001
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April 18, 2013, 01:41:56 PM |
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OMG please take my coins for free...
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HappyBitCoinUser (OP)
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April 18, 2013, 02:29:06 PM |
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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. |
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