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Author Topic: Price will not crash due to MtGox crackdown  (Read 3699 times)
WackyWilly
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May 16, 2013, 11:25:02 AM
 #41

Think about it... people will FINALLY stop using Gox! OTC and other exchanges will finally rise to the occasion. People will stop making chicken/egg excuses like "lol volume" or completely made up excuses like "there is no US based exchange" or "no US based exchange accepts X funding method."

One exchange having 80% of market share was NOT healthy for bitcoin. Gox needs to crash and die before Bitcoin can succeed!

I second that. If BTC is EVER going to be a currency (instead of a commodity that it is right now) we are in desperate need of TRUE spreading amoung a vast amount of exchanges. I'd like to see  more than 50 exchanges (at least) in order to be able to talk about an independent price formation.

YET...

For the time being, a Mt.Gox assault by either / and US/Japanese authorities WILL pose a major setback to BTC. As long as it lasts, I know, but IT WILL. There is NO way ordinary people are going to adopt BTC when exchanges are either unreliable, filing fraudulent bank enrollment forms, closing after some months, etc. etc.

Bitcoin deserves better than what we've seen over the past weeks. But let's be honest: it will fail in an epic way if the problems don't get addressed. And let's be honest once more: that is a problem when having such a decentralized currency... All we can hope for is enterpreneurs willing to setup competing exchanges, and to conduct their business in a moral & lawful way. I just can HOPE for the better. Meanwhile, I would not be surprised to pick up BTC at a WAY lower price before the dust settles... And meanwhile, I am partially positioning myself into Ripple as well (now don't laugh - it IS legitimate, and it is a BUSINESS, contrary to the fukcing-up by Mt.Gox)

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May 16, 2013, 03:26:06 PM
 #42

Two words.

Quantum Computers

It's not gonna happen
Quantum computing isn't magic.
Pzi4nk
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May 16, 2013, 04:25:49 PM
 #43

80% of the Bitcoin market is with MtGox and the USG is seeking to shut them down.  There is no way around a price drop.  Question is, how many people will actually get their money and BTC out in time. [emphasis by Pzi4nk]

Still haven't seen a significant price drop. When do you think it's going to happen?
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May 16, 2013, 04:35:06 PM
 #44

Still haven't seen a significant price drop. When do you think it's going to happen?

Weird, isn't it? 

                   
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Streets 2.0
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May 16, 2013, 04:49:15 PM
 #45

80% of the Bitcoin market is with MtGox and the USG is seeking to shut them down. There is no way around a price drop.  Question is, how many people will actually get their money and BTC out in time. [emphasis by Pzi4nk]

Still haven't seen a significant price drop. When do you think it's going to happen?

It isn't going to happen, volume on Gox is down, Bitstamp up, BTC-E up, CampBX up... get the picture??  People are just using different exchanges - Gox needs to go the way of the dinosaur

Still haven't seen a significant price drop. When do you think it's going to happen?

Weird, isn't it?  

I don't see it as odd, confidence is high

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