BitBank (OP)
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May 16, 2013, 04:53:18 PM |
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Based on the details of the recent Homeland Security actions, it appears that EVERY entity that associates or has associated with MtGox is subject to seizure of their money.
With that said.. Why hasn't the price of BTC's crashed today?
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justusranvier
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May 16, 2013, 04:55:20 PM |
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If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?
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deadweasel
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May 16, 2013, 05:08:46 PM |
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If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?
justusranvier, it's crazy, isn't it? When the shit hits the fan I just lock up any free coins in cold storage and wait it out. Emotional humans are emotional. |
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cypherdoc
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May 16, 2013, 05:18:45 PM |
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If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?
If you are holding a currency that can not be debased, why would you sell it for a currency that can be debased after the government starts debasing currency? |
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cypherdoc
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May 16, 2013, 05:21:09 PM |
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b/c when gubmints start seizing money, the best thing to do is convert to Bitcoin and hit "send".
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QuestionAuthority
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You lead and I'll watch you walk away.
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May 16, 2013, 05:25:09 PM |
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As long as people continue to use Bitcoin it will always have value. Regulators are only concerned with fiat.
It is too bad that the few eBay type businesses that sprung up early on didn't fair better. If people trade things for btc so they can buy other things with btc govts couldn't get involved. Speculators would be pissed and no one could dream about getting rich quick.
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coastermonger
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May 16, 2013, 05:29:42 PM |
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it appears that EVERY entity that associates or has associated with MtGox is subject to seizure of their money I'm not sure this is true. Just Mutum Sigillum, which was MtGox's Dwolla-side business. Besides, this is one of those paradoxical cases where if you have USD in MtGox and you want it out quick, you have to buy up the BTC first. |
Bitrated user: Rees.
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imanikin
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May 16, 2013, 05:32:49 PM |
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I think it's because there are more and more other places to exchange B, such as WebMoney just announced. Also, since people can't get fiat in and out of gox as easily, I think they will get it out to other places via Bitcoin. If that's true, the rate should go up?  |
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RodeoX
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The revolution will be monetized!
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May 16, 2013, 05:35:50 PM |
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I think it is because the fundamentals of bitcoin are looking as good as ever.
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Hawker
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May 16, 2013, 05:37:23 PM |
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If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?
That is a fantastic reply  |
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Global BTC
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May 16, 2013, 05:40:29 PM |
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It is too bad that the few eBay type businesses that sprung up early on didn't fair better. If people trade things for btc so they can buy other things with btc govts couldn't get involved. Speculators would be pissed and no one could dream about getting rich quick.
Bitmit is working very well. Coingig and the others have a hard time finding people to buy and sell. The infrastructure is there, what is needed is some marketing. |
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glendall
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May 16, 2013, 06:02:23 PM |
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This bodes great for BTC in general.
One could imagine that without all the bad stuff that happened this week, instead of having it's price stablized, BTC / USD would have instead climbed.
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Risse
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May 16, 2013, 06:04:07 PM |
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If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?
Couldn't have said it better myself. |
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QuestionAuthority
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You lead and I'll watch you walk away.
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May 16, 2013, 06:21:32 PM |
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It is too bad that the few eBay type businesses that sprung up early on didn't fair better. If people trade things for btc so they can buy other things with btc govts couldn't get involved. Speculators would be pissed and no one could dream about getting rich quick.
Bitmit is working very well. Coingig and the others have a hard time finding people to buy and sell. The infrastructure is there, what is needed is some marketing. That's very true. A good marketing campaign would really help. |
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fitty
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May 16, 2013, 06:22:06 PM |
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Based on the details of the recent Homeland Security actions, it appears that EVERY entity that associates or has associated with MtGox is subject to seizure of their money.
With that said.. Why hasn't the price of BTC's crashed today?
It was just their Dwolla account. And it turns out it was their own fault. MtGox being incompetent isn't news. |
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ElectricMucus
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Marketing manager - GO MP
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May 16, 2013, 06:32:02 PM |
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If you are holding a currency that is pegged to another currency why would you exchange it to one to which it is pegged to?
Oh wait...
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dandirk
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May 16, 2013, 06:56:00 PM |
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It is too bad that the few eBay type businesses that sprung up early on didn't fair better. If people trade things for btc so they can buy other things with btc govts couldn't get involved. Speculators would be pissed and no one could dream about getting rich quick.
Bitmit is working very well. Coingig and the others have a hard time finding people to buy and sell. The infrastructure is there, what is needed is some marketing. Also need a good reason to shop there (at least for me). I don't see ANY benefit using BTC to buy stuff unless the stuff is illegal. Again I state at least for me. As a customer I don't see a problem with paypal/ebay even though I know as a seller they have high fees and paypal can mess with your account at anytime (also sides with scammer buyers too). If btc markets/sites would be considerably cheaper (will be honest haven't checked the market), I would think about it. BTC is too volatile to hold for purchases, so I treat it like an investment (aka have less BTC on hand). Its more difficult to get more BTC then paypal $, so why would I use BTC for purchases when I could use any number of other methods that are easier to replace funds then BTC? |
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Peter Lambert
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May 16, 2013, 07:05:12 PM |
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It is too bad that the few eBay type businesses that sprung up early on didn't fair better. If people trade things for btc so they can buy other things with btc govts couldn't get involved. Speculators would be pissed and no one could dream about getting rich quick.
Bitmit is working very well. Coingig and the others have a hard time finding people to buy and sell. The infrastructure is there, what is needed is some marketing. Also need a good reason to shop there (at least for me). I don't see ANY benefit using BTC to buy stuff unless the stuff is illegal. Again I state at least for me. As a customer I don't see a problem with paypal/ebay even though I know as a seller they have high fees and paypal can mess with your account at anytime (also sides with scammer buyers too). If btc markets/sites would be considerably cheaper (will be honest haven't checked the market), I would think about it. BTC is too volatile to hold for purchases, so I treat it like an investment (aka have less BTC on hand). Its more difficult to get more BTC then paypal $, so why would I use BTC for purchases when I could use any number of other methods that are easier to replace funds then BTC? Theoretically, since the seller is protected by bitcoins having no chargebacks, they would be willing to sell for less on a btc site than on a paypal using site. I don't think the market is quite big enough for that to be noticeable yet. |
Use CoinBR to trade bitcoin stocks: CoinBR.comThe best place for betting with bitcoin: BitBet.us |
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NamelessOne
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May 16, 2013, 07:05:50 PM |
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This Dwolla seizure happened only because MtGox CEO screwed up and stupidly filled out his banking forms incorrectly. Lying or otherwise that is the reason. This isn't a war on bitcoin. Homeland security could have just torn down mtgox.com, coinlab, all of them, and be done with it. It isn't crashing because many people have read the news stories properly and aren't panicing weak hands.
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ElectricMucus
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May 16, 2013, 07:09:28 PM |
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MAbtc
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May 16, 2013, 07:11:46 PM |
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Lots of big assumptions ITT  |
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bozak
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May 16, 2013, 07:16:47 PM |
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This Dwolla seizure happened only because MtGox CEO screwed up and stupidly filled out his banking forms incorrectly. Lying or otherwise that is the reason. This isn't a war on bitcoin. Homeland security could have just torn down mtgox.com, coinlab, all of them, and be done with it. It isn't crashing because many people have read the news stories properly and aren't panicing weak hands.
It seems like more of an issue than just filling out the forms incorrectly. I don't think any of the other exchanges are registered either. However, I don't blame them. Since the US has not officially established bitcoin as money, it doesn't make sense to register as a money transfer business. |
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NamelessOne
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May 16, 2013, 07:18:15 PM |
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This Dwolla seizure happened only because MtGox CEO screwed up and stupidly filled out his banking forms incorrectly. Lying or otherwise that is the reason. This isn't a war on bitcoin. Homeland security could have just torn down mtgox.com, coinlab, all of them, and be done with it. It isn't crashing because many people have read the news stories properly and aren't panicing weak hands.
[/quote
It seems like more of an issue than just filling out the forms incorrectly. I don't think any of the other exchanges are registered either. However, I don't blame them. Since the US has not officially established bitcoin as money, it doesn't make sense to register as a money transfer business.
But they still do convert USD and that counts in the government eyes. |
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gogxmagog
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Ad maiora!
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May 16, 2013, 11:22:23 PM |
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Ladies and gentlemen, Elmer FUD has left the building.  |
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Razick
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May 17, 2013, 02:01:45 AM |
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Based on the details of the recent Homeland Security actions, it appears that EVERY entity that associates or has associated with MtGox is subject to seizure of their money.
With that said.. Why hasn't the price of BTC's crashed today?
People are buying BTC in MtGox and transferring to wallets and other exchanges. Note the large price gap between Gox and Bitstamp. |
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relm9
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May 17, 2013, 02:09:51 AM |
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Based on the details of the recent Homeland Security actions, it appears that EVERY entity that associates or has associated with MtGox is subject to seizure of their money.
With that said.. Why hasn't the price of BTC's crashed today?
People are buying BTC in MtGox and transferring to wallets and other exchanges. Note the large price gap between Gox and Bitstamp. On that note, has anyone withdrawled recently? Sent BTC to my wallet address from Gox and it's not even showing on Blockchain.info, hour has passed since. |
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adamstgBit
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Trusted Bitcoiner
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May 17, 2013, 02:21:02 AM |
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If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?
If you are holding a currency that can not be debased, why would you sell it for a currency that can be debased after the government starts debasing currency? If you are holding a currency that can transfer anywhere in the world anonymously, why would you trade it for a currency that can't? |
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Bitcopia
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May 17, 2013, 03:10:12 AM |
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Based on the details of the recent Homeland Security actions, it appears that EVERY entity that associates or has associated with MtGox is subject to seizure of their money.
With that said.. Why hasn't the price of BTC's crashed today?
People are buying BTC in MtGox and transferring to wallets and other exchanges. Note the large price gap between Gox and Bitstamp. On that note, has anyone withdrawled recently? Sent BTC to my wallet address from Gox and it's not even showing on Blockchain.info, hour has passed since. Withdrew last night... took about 5 hours to get my first confirmation. |
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blackreplica
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May 17, 2013, 03:32:28 AM |
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I withdrew some yesterday, it went through in about an hour. Just give it some time. There are probably hordes withdrawing right now and it will take a little longer
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www.sgBitcoin.net - The Premier News, Discussion & Marketplace Destination for the Singaporean Bitcoin Community
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naphto
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May 17, 2013, 08:08:02 AM |
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If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?
A currency is only a currency if people think it is. Every one knows / accepts euro and dollar as a currency, not bitcoin. |
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Zaih
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May 17, 2013, 09:56:47 AM |
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If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?
So perfect. So so perfect. |
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