Price will not crash due to MtGox crackdown

[giantdragon]

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.

[Coinseeker]

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.

[Hawker]

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.

You assume the US is 80% of the Bitcoin market.  80% of the noise perhaps but I'm sure the rest of us are way more than 20% of the coin base ;-)

[Babylon]

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.

You assume the US is 80% of the Bitcoin market.  80% of the noise perhaps but I'm sure the rest of us are way more than 20% of the coin base ;-)

no, 80% of the world market, roughly, is on Gox.  At least the bitcoins to fiat market.  Gox going down removes a lot of money, both fiat and coin, from the market.  Presumably the US government is seizing that.

[Hawker]

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.

You assume the US is 80% of the Bitcoin market.  80% of the noise perhaps but I'm sure the rest of us are way more than 20% of the coin base ;-)

no, 80% of the world market, roughly, is on Gox.  At least the bitcoins to fiat market.  Gox going down removes a lot of money, both fiat and coin, from the market.  Presumably the US government is seizing that.

mtgox is not going down.  Worst case, they stop operating direct in US and use Coinlab so some such.

[crazy_rabbit]

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.

You assume the US is 80% of the Bitcoin market.  80% of the noise perhaps but I'm sure the rest of us are way more than 20% of the coin base ;-)

no, 80% of the world market, roughly, is on Gox.  At least the bitcoins to fiat market.  Gox going down removes a lot of money, both fiat and coin, from the market.  Presumably the US government is seizing that.

+1

Europe uses gox quite a lot (and Bitstamp). I've been off gox for while now since they told me my SEPA withdrawl would take weeks. I've been happy ever since.

[1bettor.com]

I think price eventually drops a bit. I dont think BTC is done just think it will go down then slowly rebound. Just an opinion......

[michaelGedi]

everyone chill out, in particular coinseeker... his depressing talk has been, well really depressing me recently.


this is one isolated case and one bank account. NOT ALL GOX. The issue is not that black and white...


This:

http://www.forbes.com/sites/kashmirhill/2013/05/15/the-feds-are-cracking-down-on-mt-gox-not-on-bitcoin/

It’s important to note here that Homeland Security is not cracking down on Bitcoin itself, just on how it’s being exchanged by Mt. Gox. This is actually good news for Mt. Gox’s US-based competitors, such as Seattle-based CoinLab and San Francisco-based Coinbase, Bitcoin exchanges that have registered with the Treasury Department as money transmitters and thus are in the legal clear to conduct Bitcoin <—> $ exchanges.

[Coinseeker]

everyone chill out, in particular coinseeker... his depressing talk has been, well really depressing me recently.

Don't blame me because you sold too late yesterday.  You were told at 119, 118, 117, 116, 115, 114, 113, 112, etc, etc.  You waited to long, sold, the market turned and you took a loss.   Take responsibility for your actions like a grown up and don't blame me.  

This is the speculation forum.  Get over it.

[ElectricMucus]

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

[evolve]

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.

...and sell them on another exchange.

[smoothie]

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.

...and sell them on another exchange.

I can see this happening to a certain extent.

People have bills and in order to pay for most of their bills they need to use fiat.

Until more landlords/electric/utility companies accept bitcoin that is how it will be.

[michaelGedi]

everyone chill out, in particular coinseeker... his depressing talk has been, well really depressing me recently.

Don't blame me because you sold too late yesterday.  You were told at 119, 118, 117, 116, 115, 114, 113, 112, etc, etc.  You waited to long, sold, the market turned and you took a loss.   Take responsibility for your actions like a grown up and don't blame me.  

This is the speculation forum.  Get over it.

I'm over "it", clearly you don't know what position I was in and I don't really care if you do either way and I'm sure you don't either. I take full responsiblity.

What I don't like is your consistent negativity and attitude.

Anyway that is your problem so I shouldn't make it mine and for that I'm sorry

[Coinseeker]

everyone chill out, in particular coinseeker... his depressing talk has been, well really depressing me recently.

Don't blame me because you sold too late yesterday.  You were told at 119, 118, 117, 116, 115, 114, 113, 112, etc, etc.  You waited to long, sold, the market turned and you took a loss.   Take responsibility for your actions like a grown up and don't blame me.  

This is the speculation forum.  Get over it.

I'm over "it", clearly you don't know what position I was in and I don't really care if you do either way and I'm sure you don't either. I take full responsiblity.

What I don't like is your consistent negativity and attitude.

Anyway that is your problem so I shouldn't make it mine and for that I'm sorry

Negativity?  I'm one of the most positive people on this site.  Get real.  I speculated the market would fall and it did.  Now, what does this ignore button do?   Ahhh...nice!   

[noedaRDH]

You mean M.T. Gox will should be EMPTY Gox? Oh boy!

[Nemo1024]

Hmm. Seems like the time to buy is finally here

[dave111223]

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)

[UltimateReaper]

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)

Ditto.

[smoothie]

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? 

[dave111223]

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.