Price will not crash due to MtGox crackdown

[ElectricMucus]

price(can be manipulated) != value(is not same as price)
it is only in your brain wired  value = price

3 month ago price was @ $35 (bitcoin @ $50 looked like too expensive). And there was only few people buying @ $5 year ago :-)
price spiked @ $265 and dropped to $50 (do you feel the pain?, did not sold @ $260 and rebuy @$50 (no one did) ? ... those are only emotions, do you afraid than price will fall to $35 ? ... bitcoin fundamental value did not changed. Bitcoin did not lose any value, only big players changed the price). Do not take emotions into business.

Maybe tomorrow we are in single number again ! :-)

Since Bitcoin is pegged to the Dollar it's value is directly proportional to the price.

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[Odalv]

price(can be manipulated) != value(is not same as price)
it is only in your brain wired  value = price

3 month ago price was @ $35 (bitcoin @ $50 looked like too expensive). And there was only few people buying @ $5 year ago :-)
price spiked @ $265 and dropped to $50 (do you feel the pain?, did not sold @ $260 and rebuy @$50 (no one did) ? ... those are only emotions, do you afraid than price will fall to $35 ? ... bitcoin fundamental value did not changed. Bitcoin did not lose any value, only big players changed the price). Do not take emotions into business.

Maybe tomorrow we are in single number again ! :-)

Since Bitcoin is pegged to the Dollar it's value is directly proportional to the price.

Water has value (no life without water). Price of water can change (from ZERO to INFINITY), but real value of water does not depends on price (if you have water then life will continue, if you have paper($) then you may not be able to create water) .

[ElectricMucus]

price(can be manipulated) != value(is not same as price)
it is only in your brain wired  value = price

3 month ago price was @ $35 (bitcoin @ $50 looked like too expensive). And there was only few people buying @ $5 year ago :-)
price spiked @ $265 and dropped to $50 (do you feel the pain?, did not sold @ $260 and rebuy @$50 (no one did) ? ... those are only emotions, do you afraid than price will fall to $35 ? ... bitcoin fundamental value did not changed. Bitcoin did not lose any value, only big players changed the price). Do not take emotions into business.

Maybe tomorrow we are in single number again ! :-)

Since Bitcoin is pegged to the Dollar it's value is directly proportional to the price.

Water has value (no life without water). Price of water can change (from ZERO to INFINITY), but real value of water does not depends on price (if you have water then life will continue, if you have paper($) then you may not be able to create water) .

Using this interpretation Bitcoins have no value.

[Odalv]

price(can be manipulated) != value(is not same as price)
it is only in your brain wired  value = price

3 month ago price was @ $35 (bitcoin @ $50 looked like too expensive). And there was only few people buying @ $5 year ago :-)
price spiked @ $265 and dropped to $50 (do you feel the pain?, did not sold @ $260 and rebuy @$50 (no one did) ? ... those are only emotions, do you afraid than price will fall to $35 ? ... bitcoin fundamental value did not changed. Bitcoin did not lose any value, only big players changed the price). Do not take emotions into business.

Maybe tomorrow we are in single number again ! :-)

Since Bitcoin is pegged to the Dollar it's value is directly proportional to the price.

Water has value (no life without water). Price of water can change (from ZERO to INFINITY), but real value of water does not depends on price (if you have water then life will continue, if you have paper($) then you may not be able to create water) .

Using this interpretation Bitcoins have no value.

price is not value
1. if somebody helps you for free => NO VALUE
2. if somebody kills you for taking profit $100,000 USD => $100,000 VALUE

who is more valuable 1 or 2 ?

[||bit]

This is a classical example of a negative feedback within a trend, it can never change the trend nor the outcome.

Bottom line is: There is strong support at 0

lol

[MAbtc]

price is not value
1. if somebody helps you for free => NO VALUE
2. if somebody kills you for taking profit $100,000 USD => $100,000 VALUE

who is more valuable 1 or 2 ?

wat

[CMMPro]

Haha awesome.

[Odalv]

price is not value
1. if somebody helps you for free => NO VALUE
2. if somebody kills you for taking profit $100,000 USD => $100,000 VALUE

who is more valuable 1 or 2 ?

wat

Just question: "Do you know what is difference between PRICE and VALUE?"

EDIT: "Do you know there is difference between PRICE and VALUE? => Price is not same as a value."

[MAbtc]

price is not value
1. if somebody helps you for free => NO VALUE
2. if somebody kills you for taking profit $100,000 USD => $100,000 VALUE

who is more valuable 1 or 2 ?

wat

Just question: "Do you know what is difference between PRICE and VALUE?"

EDIT: "Do you know there is difference between PRICE and VALUE? => Price is not same as a value."

Do you see value as subjective, or don't you?

[Odalv]

price is not value
1. if somebody helps you for free => NO VALUE
2. if somebody kills you for taking profit $100,000 USD => $100,000 VALUE

who is more valuable 1 or 2 ?

wat

Just question: "Do you know what is difference between PRICE and VALUE?"

EDIT: "Do you know there is difference between PRICE and VALUE? => Price is not same as a value."

Do you see value as subjective, or don't you?

1. value is subjective
2. next layer is "to create criteria" to recognize value (criteria will tell you if something has value ... subjective)
3. you behave to meet your criteria because you have your values (subjective)
4. others react to you behavior
5. you will get outcome ... does outcome meet my criteria ? -> continue/change behavior/change values

[MAbtc]

Do you see value as subjective, or don't you?

1. value is subjective
2. next layer is "to create criteria" to recognize value (criteria will tell you if something has value ... subjective)
3. you behave to meet your criteria because you have your values (subjective)
4. others react to you behavior
5. you will get outcome ... does outcome meet my criteria ? -> continue/change behavior/change values

I just don't see how anything follows from #1. You say that bitcoin's value is not directly proportional to the price. If you see value as subjective, then price here is the aggregate of the subjective valuations that individuals place upon it. Nothing more, nothing less.

[dave111223]

I have to say I'm completely surprised by the total lack of reaction to this news by the market.

How is that the coinlab civil lawsuit (which could take years to play out and may just fade away) can send the market into a 20% panic sell, but Mt Gox getting assets frozen (IMHO must worst/more serious than the lawsuit) and market almost no reaction. 

I'm happy if bitcoin has become this resilient, but it just seems a bit unreal.

[notme]

I have to say I'm completely surprised by the total lack of reaction to this news by the market.

How is that the coinlab civil lawsuit (which could take years to play out and may just fade away) can send the market into a 20% panic sell, but Mt Gox getting assets frozen (IMHO must worst/more serious than the lawsuit) and market almost no reaction. 

I'm happy if bitcoin has become this resilient, but it just seems a bit unreal.

Because these events have less impact on price than you assume they do.  The timing of the event has more of an influence over its impact than the details of the event.

[UltimateReaper]

I have to say I'm completely surprised by the total lack of reaction to this news by the market.

How is that the coinlab civil lawsuit (which could take years to play out and may just fade away) can send the market into a 20% panic sell, but Mt Gox getting assets frozen (IMHO must worst/more serious than the lawsuit) and market almost no reaction. 

I'm happy if bitcoin has become this resilient, but it just seems a bit unreal.

I'm holding my breath. I'm actually getting pretty fucking sick of the DDoSs

They don't bring down the price anymore, what they do is stagnate the fucking market. Another half month of "stability" would blow.

[BitPirate]

I have to say I'm completely surprised by the total lack of reaction to this news by the market.

How is that the coinlab civil lawsuit (which could take years to play out and may just fade away) can send the market into a 20% panic sell, but Mt Gox getting assets frozen (IMHO must worst/more serious than the lawsuit) and market almost no reaction. 

I'm happy if bitcoin has become this resilient, but it just seems a bit unreal.

There were some pretty deep sell-offs almost immediately, but to be honest I think that most people with skin in the game right now are stronger hands waiting for the next rally -- each "scare-off" is having diminishing returns.

[Viceroy]

Please contribute meaningfully if you can:

https://bitcointalk.org/index.php?topic=179147.msg2163905#msg2163905

[BitcoinAshley]

Ok, good, so Coinseeker has exposed himself as an absolute idiot:

80% of global trade volume != 80% of USA trade volume.

Really, dude, that's a pretty hilarious mistake you made there. Don't do it again 

Furthermore, the assumption that government intervention to an exchange would cause a price crash is counter to the vast majority of examples that we can find throughout history. Granted, we are talking apples to oranges in all cases, but we can mix analogies. For instance, government intervened and tried to stop torrent downloads. They are more popular than ever before - even though people have to wade through dozens of fake torrent sites and lots and lots of really bad advertisements and malware links just to find the torrent they need. Government intervened and tried to stop drugs. More people (per capita) use drugs than ever before, despite less-than-ideal purchase methods, and drugs cost more than ever. There are other online currencies that were shut down (e-Gold, etc) but those were centralized with single points of failure. Drugs don't have a single point of failure, P2P torrent systems don't have a single point of failure... and as much as the butthurt bears would like us to believe it, Mt.Gox is not Bitcoin's single point of failure. I've said it before and I will say it again... Mt.Gox dying a slow, painful death at the hand of U.S. and Japanese regulators is the BEST POSSIBLE thing that could happen to bitcoin at this point in time.

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!

[trogdorjw73]

I'm going to say that the worst is now past. Oh, we'll see lower (and higher!) prices again, but that's just Bitcoin being Bitcoin. I wrote some thoughts about the whole thing:
http://holynerdvana.blogspot.com/2013/05/analyzing-effects-of-mtgox-and-dwolla.html

Basically, there's no such thing as bad publicity. This might be bad for MtGox, but for Bitcoin as a whole it could easily be a net positive.

[pwi]

I think BTC price will not significantly fall because many people just fear to store their funds on MtGox and will buy Bitcoins to rapidly move money away from gox.

Gox will go up due to buys, others will decline due to fiat conversion. Play accordingly.

[massivebitman]

I've got long term BTC that I never touch (no matter what).

But I've just sold all my current BTC and will sit this one on the sidelines for the next few days until this blows over.  If I have to buy back at 5-15% loss in a few days...so be it...but I have no appetite to take massive haircut if this turns into panic.

(P.S. Sitting on the sidelines at bitstamp. No way I'd keep fiat or btc in Mt Gox right now)

So shall we just assume those coins are lost because they will never be touched?  

I'll never touch them...my great grand kids will use them buy small countries.

Two words.

Quantum Computers

It's not gonna happen