Temporarily, the party is over...

[WackyWilly]

Here is my take on the situation...

If BTC is EVER going to be a currency (instead of a commodity that it is right now) we are in desperate need of a 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 some independent price formation, and stability from within the system.

YET...

For the time being, any 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 simply 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 about exchanges won't get addressed at last... 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... Double digits might well be on their way IMHO. And meanwhile, I am also reducing my risks/exposure and/or uplifting my profit potentials by partially positioning myself into Ripple as well (now don't laugh -yes, that IS legitimate, and it is in fact a BUSINESS well run, contrary to the fukcing-up by Mt.Gox)

To those whom it may concern,
Willy

[Manstef]

For the time being, any 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 simply 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.

One thing is for sure, we'll know how much control government's can exercise over the future of bitcoin.

When this news broke last night we were in the midst of a little correction, about 115 to 100ish. But as it was being discussed and until now, the price has stablised with a positive bias.

This is a great event for BTC as it will display exactly how much 'they' cannot fuck with 'us'

I'm holding half

[Chet]

Yeah more exchanges are needed, but better that BTC gets used like money and not people just day trading. More use as money = less need for exchanges.

[🏰 TradeFortress 🏰]

WebMoney.

[Coinseeker]

TradeFortress is a scam!   

[fendlestick]

Even if you cant trade BTC for USD its not the end of the world, hopefully some small poverty stricken shithole will become the defaco currency for exchanging into, they might be able to even use the exchange fee's, (millions per day?) to help their people with basic stuff like not watching their kids die.

[franky1]

to be used as more of a currency as oppose to a commodity as the OP says, requires a decentralisation of bitcoin.. this does not mean more exchanges, this means more peer-to-peer swaps of bitcoin for fiat.

in there words more of a bigger push on local-bitcoins, to try and get every town in every country to have atleast one person buying and selling bitcoins.

at the moment bitstamp, btc-e are following mtgox like a sheep. no matter how many exchanges there are there will  always be a leader and a bunch of sheep exchanges following the personal attacks of the leader. so the best way is to move away from that model and make it more local and peer-to-peer

[tuliplover]

Bartle Doo

[cosurgi]

I'd like to see  more than 50 exchanges (at least) in order to be able to talk about some independent price formation, and stability from within the system.

sure thing! Talk is cheap. You should start an exchange.

[flound1129]

I'd like to see  more than 50 exchanges (at least) in order to be able to talk about some independent price formation, and stability from within the system.

sure thing! Talk is cheap. You should start an exchange.

If you read to the end, the post was really just a clever pump of XRP

[ratacat]

I'd like to see  more than 50 exchanges (at least) in order to be able to talk about some independent price formation, and stability from within the system.

sure thing! Talk is cheap. You should start an exchange.

If you read to the end, the post was really just a clever pump of XRP

haha =)  but also a good point, if we want a lot of public independent btc exchanges, ripple is a pretty good bet =)

[ixne]

For two years this exact same rant has been made by some entitled idiot about what bitcoin "needs," complete with declarations of bitcoin's immanent death, RANDOM capitalized words, and gimmicky text effects in lieu of rational arguments.

Two years on and bitcoin looks amazing.  Anyone saying that bitcoin would reach $100 was openly laughed at back then. Mining technology and investment has moved beyond the reach of casual amateurs. Venture capital is taking bitcoin seriously.  There are many, many more exchanges and they are miles ahead in terms of security and stability than there used to be.

Bitcoin may yet die, but not today.  The price hasn't even budged with the latest bombshell to rock Mt. Gox.  Personally I wish it would as I'd like to buy some more, but likely I'm not the only one. 

[hammz]

For two years this exact same rant has been made by some entitled idiot about what bitcoin "needs," complete with declarations of bitcoin's immanent death, RANDOM capitalized words, and gimmicky text effects in lieu of rational arguments.

Two years on and bitcoin looks amazing.  Anyone saying that bitcoin would reach $100 was openly laughed at back then. Mining technology and investment has moved beyond the reach of casual amateurs. Venture capital is taking bitcoin seriously.  There are many, many more exchanges and they are miles ahead in terms of security and stability than there used to be.

Bitcoin may yet die, but not today.  The price hasn't even budged with the latest bombshell to rock Mt. Gox.  Personally I wish it would as I'd like to buy some more, but likely I'm not the only one. 

+1

Yet another whogivesa....  Steps up to make proclaimations on what is, and will will ever be...Ehhh...

The tiny violins playing in the background are are deafening...

[Skrapps]

For two years this exact same rant has been made by some entitled idiot about what bitcoin "needs," complete with declarations of bitcoin's immanent death, RANDOM capitalized words, and gimmicky text effects in lieu of rational arguments.

Two years on and bitcoin looks amazing.  Anyone saying that bitcoin would reach $100 was openly laughed at back then. Mining technology and investment has moved beyond the reach of casual amateurs. Venture capital is taking bitcoin seriously.  There are many, many more exchanges and they are miles ahead in terms of security and stability than there used to be.

Bitcoin may yet die, but not today.  The price hasn't even budged with the latest bombshell to rock Mt. Gox.  Personally I wish it would as I'd like to buy some more, but likely I'm not the only one. 

This. This is post is amazing. Bitcoin NEEDS a Bot to automatically insert this post into the majority of threads, for its very survival. Otherwise the government and BANKS will succeed in gaining 51% views through FUD: thereby forking the subconscious will of the community.

[dmartig]

if the government is ever told by its corporate owners to shut bitcoin down it WILL be shut down. to understand the methods one only needs to read "confessions of an economic hitman" by john perkins

[gogxmagog]

Bitcoin needs to take its meds. Its acting bi-polar.

[jamesgarfield]

Here is my take on the situation...

If BTC is EVER going to be a currency (instead of a commodity that it is right now) we are in desperate need of a 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 some independent price formation, and stability from within the system.

YET...

For the time being, any 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 simply 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 about exchanges won't get addressed at last... 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... Double digits might well be on their way IMHO. And meanwhile, I am also reducing my risks/exposure and/or uplifting my profit potentials by partially positioning myself into Ripple as well (now don't laugh -yes, that IS legitimate, and it is in fact a BUSINESS well run, contrary to the fukcing-up by Mt.Gox)

To those whom it may concern,
Willy

I agree with some parts of your post, but I do believe BTC will suceed. Theres a need, and when there a need theres demand.

[joeykrug]

A few alternate exchanges. Coinbase: you can buy with online bank acc transfer. Campbx:  dwolla and other methods to buy. Buybitcoins.com you can buy with credit debit card (though their coins are more expensive than the other 2 sites I listed).

[redwraith]

Ripple would fullfill this need

[Coinseeker]

Ripple would fullfill this need

+1