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Author Topic: The first Bitcoin Bank Run?  (Read 2641 times)
PHPAdam
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June 19, 2011, 10:46:52 PM
 #1

http://en.wikipedia.org/wiki/Bank_run
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A bank run (also known as a run on the bank) occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent.

Everyone is panic'ing about their emails and passwords
or crying because MtGox reversed their bargain transactions.

We know MtGox suffers from DDOS, will the website work when their is a "run on the bank" when it comes back live June 20th 11:00am?

After a run, will MtGox sill be able to meet its payments? Will it be around in a year?.. How will it effect the BTC value?

... .I guess we dont have long to wait and find out.

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Synaptic
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June 19, 2011, 10:48:53 PM
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http://en.wikipedia.org/wiki/Bank_run
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A bank run (also known as a run on the bank) occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent.

...Will it be around in a year?...

... .I guess we dont have long to wait and find out.

Yeah, I guess about...a year, right?
PHPAdam
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June 19, 2011, 10:50:45 PM
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Yeah, I guess about...a year, right?
Or the 20th.
IlbiStarz
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June 19, 2011, 10:50:58 PM
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Everyone should hold on to their BTC for the good of the economy. However, that probably isn't going to happen.

People know that other people know that other people will sell all their BTC. Knowing this, the price will drop, to who knows what. And because of that, almost everyone will sell (with someone people buying back in when it hits the bottom) Really scared what's going to happen tomorrow.

It's better to be pissed off, than to be pissed on.
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ixne
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June 19, 2011, 10:52:28 PM
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Personally I'm having a blast.  I've got just enough money in bitcoins to make it interesting without caring too much if I lose it all.  The past few weeks have been a real rollercoaster ride, and the twists and turns keep on coming.  You can't write this stuff!
imperi
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June 19, 2011, 10:52:31 PM
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Everyone should hold on to their BTC for the good of the economy. However, that probably isn't going to happen.

People know that other people know that other people will sell all their BTC. Knowing this, the price will drop, to who knows what. And because of that, almost everyone will sell (with someone people buying back in when it hits the bottom) Really scared what's going to happen tomorrow.

I'm not selling. Bitcoins will be hard to get when Mtgox is gone.
interfect
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June 19, 2011, 11:20:48 PM
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I'm not selling. Bitcoins will be hard to get when Mtgox is gone.

TradeHill (though shuttered by its admins to protect noobs with shared passwords) has worked reasonably well for me.

The problem that non-Gox exchanges have had up until now is that everyone was on Mt. Gox, so nobody wanted to post orders anywhere else. I see that changing relatively quickly.
Bit_Happy
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June 19, 2011, 11:31:44 PM
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Personally I'm having a blast.  I've got just enough money in bitcoins to make it interesting without caring too much if I lose it all.  The past few weeks have been a real rollercoaster ride, and the twists and turns keep on coming.  You can't write this stuff!

+1 For the fun roller-coaster ride.

You can't write this stuff!

Except during a top-secret meeting at NSA or CIA headquarters?   Cheesy

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June 20, 2011, 12:50:22 AM
 #9


We know MtGox suffers from DDOS, will the website work when their is a "run on the bank" when it comes back live June 20th 11:00am?

After a run, will MtGox sill be able to meet its payments? Will it be around in a year?.. How will it effect the BTC value?


I don't they'll open on the 20th, no way they can really be confident they have secured their system by then.  If they do open, I won't eat my hat, but I'd be very concerned that they'd get hacked again.

A bank run will probably happen but it shouldn't be a problem, Mt Gox doesn't do loans and should have bitcoins to back every one on deposit, except possibly for ones in the online wallet which might have been stolen or transfered out.  Hopefully they have kept some of their commission in bitcoins and that will be enough to cover losses.
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