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Author Topic: All this rage and BTC valuation is almost back where it was before the event.  (Read 2959 times)
epii
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June 20, 2011, 10:12:07 PM
 #21

I think this attack on Mt.Gox was a reality check. People's valuation of BTC will be lower as a result. Single digits is not unreasonable.
This is entirely true.  I think what Vladimir's point out is the incredible reality that, in spite of the fact that single digits would be totally reasonable, it hasn't happened that way.  The reality check has come and gone, and yet the loss of value has been minimal.  There are no forces remaining to shock the price lower than it has already gone, except for the flood of liquidity once Mt. Gox reopens, which doesn't really have anything to do with the "reality check".

Unless it's the case that all of the traders who have been transformed into bears by this incident have been unable to trade because they were Mt. Gox users.  In that case, the reopening may bring not only a flood of liquidity, but also a flood of bearishness.

However things happen, this is going to be fun to watch for those of us without much to lose.

Vires In Numeris.
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Gandlaf
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June 20, 2011, 10:13:56 PM
 #22

Does anyone still remember how MtGox handled the last situation where there was a large amount at stake for MtGox?

http://forum.bitcoin.org/index.php?topic=3712.0

That guy explained himself, was hounded by the community, MtGox barely bothered to respond, made some outlandish claims, froze funds and rapidly moved the whole operation to a different jurisdiction (Japan) after the guy finaly decided to get lawyers involved.

MtGox promised to inform the community! No news yet, and it´s been 6 months!

Edit: Sorry wrong thread, posted here by mistake.

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epii
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June 20, 2011, 10:26:46 PM
 #23

Does anyone still remember how MtGox handled the last situation where there was a large amount at stake for MtGox?

http://forum.bitcoin.org/index.php?topic=3712.0

That guy explained himself, was hounded by the community, MtGox barely bothered to respond, made some outlandish claims, froze funds and rapidly moved the whole operation to a different jurisdiction (Japan) after the guy finaly decided to get lawyers involved.

MtGox promised to inform the community! No news yet, and it´s been 6 months!
It's a controversial incident and I don't claim to have all the facts, but for the sake of cutting through the FUD... it's actually only been three months since Mt. Gox commented on this:
http://forum.bitcoin.org/index.php?topic=3712.msg57901#msg57901
http://forum.bitcoin.org/index.php?topic=3712.msg62282#msg62282

The last comment was that they couldn't say anything more because it might go to trial.  This will be satisfactory for some people and not for others, but there is no clear evidence that they ever behaved unprofessionally.

Vires In Numeris.
done
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June 20, 2011, 10:42:00 PM
 #24

Just buy and hold. If the price drops more then buy more and hold. Good luck men.
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June 20, 2011, 10:49:54 PM
 #25

will you be buying or panic-selling?
I plan to be panic-buying, panic-selling, and panic-dancing-around-naked.  It will be a fun day.

Enjoy.   Cheesy

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Vladimir
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June 23, 2011, 09:58:01 AM
 #26

It appears that, unlike "mainstream press" shills, the market still thinks that mtgox episode is irrelevant. All 3 other exchanges with any noticeable volume, namely bitomat, trade hill and britcoin steadily trading at pre "mtgox crash" levels all 3 with good balance of bids and asks.

Kudos to Poles for being immune to BS and continuing trading without any breaks as if nothing has happened.

Once/if mtgox goes online there probably will be a pop in bitcoin valuation due to all the small traders converting fiat to bitcoin and getting it out ASAP.

I already feel like I am a personage of a cyberpank novel and this is just a prologue...


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marcus_of_augustus
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June 23, 2011, 10:35:33 AM
 #27


I already feel like I am a personage of a cyberpank novel and this is just a prologue...


... sure it is not just the mauve sunglasses that's clouding your vision? ... 

.... got some interesting times ahead of us, for sure  Cheesy

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