Bitcoin Forum
October 25, 2020, 04:57:28 AM *
News: Latest Bitcoin Core release: 0.20.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: What happens if Mt. Gox suddenly goes away?  (Read 1035 times)
JimCGSavings
Newbie
*
Offline Offline

Activity: 56
Merit: 0



View Profile
May 17, 2013, 05:31:06 PM
 #1

Say the U.S. government is not happy with Mt. Gox's response to the "Dwolla lesson." Not happy with Mt. Gox continuing to face U.S. citizens with a non-FinCen compliant exchange that "handles over 80% of all Bitcoin trade." Say they take the next step and go after Mt. Gox directly. Freeze its assets, domain, issue warrants, go after any business using them to offer goods or services using BTC, etc. Full blown all out campaign to stop Mt. Gox's ability to function at all. What happens to Bitcoin?
1603601848
Hero Member
*
Offline Offline

Posts: 1603601848

View Profile Personal Message (Offline)

Ignore
1603601848
Reply with quote  #2

1603601848
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1603601848
Hero Member
*
Offline Offline

Posts: 1603601848

View Profile Personal Message (Offline)

Ignore
1603601848
Reply with quote  #2

1603601848
Report to moderator
Noitev
Hero Member
*****
Offline Offline

Activity: 812
Merit: 505


The Last NXT Founder


View Profile
May 17, 2013, 05:35:50 PM
 #2

The price would probably get killed since it's the number one exchange, but it is still a 3rd party, I'm sure another would pop up (or one existing one would get more customers) and it would restabilize
Welsh
Staff
Legendary
*
Offline Offline

Activity: 2114
Merit: 2095



View Profile
May 17, 2013, 05:45:21 PM
 #3

We'll all organise a party, get some pizza's in and buy/sell from a better exchange.

Yinkle7
Newbie
*
Offline Offline

Activity: 5
Merit: 0


View Profile
May 17, 2013, 05:48:52 PM
 #4

Didn't Max Keiser recently state on his show he was trying to set up a Bitcoin exchange in London, England. This I think will be opposed by the City of London banking cartel, but I think he will do it somewhere.
BitshireHashaway
Full Member
***
Offline Offline

Activity: 182
Merit: 100



View Profile WWW
May 17, 2013, 05:53:05 PM
 #5

I think at first the price would tank but it would recover quickly as people switch to rival exchanges.
RodeoX
Legendary
*
Offline Offline

Activity: 3066
Merit: 1143


The revolution will be monetized!


View Profile
May 17, 2013, 05:54:11 PM
 #6

+1 to what everyone is saying.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
zeocrash
Full Member
***
Offline Offline

Activity: 135
Merit: 100


View Profile
May 17, 2013, 06:03:10 PM
 #7

We celebrate and start using better exchanges?


We'll all organise a party, get some pizza's in and buy/sell from a better exchange.



This ^^^



I expect an invite to this party btw.
HeroC
Legendary
*
Offline Offline

Activity: 860
Merit: 1000


GPG: FA122C1A | IRC: HeroCC


View Profile
May 17, 2013, 06:21:47 PM
 #8

Price plummets, below $10 I expect.  Then BTC-E rises and slowly the price restores itself.
bitcoinscanada
Member
**
Offline Offline

Activity: 108
Merit: 10


View Profile
May 17, 2013, 06:38:34 PM
 #9

We celebrate and start using better exchanges?

+1
zahra4576
Newbie
*
Offline Offline

Activity: 32
Merit: 0


View Profile
May 17, 2013, 06:40:09 PM
 #10

Better for them, because I don't like Mtgox at all. BTC-E hope it would dominate over mtgox.
parroquiano
Newbie
*
Offline Offline

Activity: 6
Merit: 0


View Profile
May 17, 2013, 06:48:56 PM
 #11

1. I would there buying cheap coins
2. Hold them until another exchange takes over
3. Huh
4. Profit!!!
Kluge
Donator
Legendary
*
Offline Offline

Activity: 1218
Merit: 1011



View Profile
May 17, 2013, 06:50:12 PM
 #12

The market obviously thinks MtGox should die. It totally boggles my mind, but the price is spiking a little bit, going over $120 -- this might be related to some very recent and major progressions in merchant adoption, or that SR is functioning properly again, but the price did hold pretty steady while the Gox news broke and worsened. I guess we'll see $1000 coins when all the non-compliant exchanges open to US customers (just about all of them) are shut down with funds seized. MtGox probably will die within the next couple years between the bank seizures, Dwolla severing, and valid-seeming $75m lawsuit. If it's CoinLab which kills them, they might at least compensate shafted customers with CL-USD/CL-BTC. Idunno, though. I apparently over-reacted, because I completely sold out a few days ago and won't be going back in until the price tanks or someone challenges Bitcoin legally being a currency in court and wins.
Spieder
Member
**
Offline Offline

Activity: 66
Merit: 10


View Profile
May 17, 2013, 07:45:51 PM
 #13

Probably cause a short term destabilizing situation for all crypto currencies,  at a minimum.
Birdy
Sr. Member
****
Offline Offline

Activity: 364
Merit: 250



View Profile
May 17, 2013, 07:55:03 PM
 #14

[...]because I completely sold out a few days ago and won't be going back in until the price tanks or someone challenges Bitcoin legally being a currency in court and wins.
Never sell all your coins o,O
JimCGSavings
Newbie
*
Offline Offline

Activity: 56
Merit: 0



View Profile
May 17, 2013, 07:58:22 PM
 #15

Now add the sudden cessation of the SatoshiDice effect.
Vikerus
Jr. Member
*
Offline Offline

Activity: 56
Merit: 10


Learning something new everyday.


View Profile
May 17, 2013, 07:59:46 PM
 #16

The price would probably get killed since it's the number one exchange, but it is still a 3rd party, I'm sure another would pop up (or one existing one would get more customers) and it would restabilize

I don't see how it would lose value. Seems retarded that just cause the exchange of coins on one market is removed that people become incapable of working around such a simple road block. Seriously it's like everyone is programmed to think that is just the way it is. And as soon as something remotely out of their hands happens the sky begins falling. Prices aren't volatile, people are. And the sooner we all learn to regulate fear of market collapse the sooner we will have the "Market" off our backs. Instead of the market deciding our moves. We should be actively deciding how the market moves.

I'm sure this seems a retarded point to an "economist"
But I don't think it's without its truth.
parroquiano
Newbie
*
Offline Offline

Activity: 6
Merit: 0


View Profile
May 17, 2013, 08:13:15 PM
 #17

Vikerus, do you realize that "the market" is actually people? That means "the market" is comprised not only of rational people like you and me --which would actually shrug it off if Mt.Gox goes away-- but also speculators, scammers, fools, people without a clue, people waiting to manipulate the price, etc. A substantial part of the Bitcoin market is irrational.
iram1068
Member
**
Offline Offline

Activity: 118
Merit: 10


View Profile
May 17, 2013, 08:17:09 PM
 #18

Mtgox is sh!t is anyway. Most probably the price will collapse. And that is the great time to buy cause the price will increase very soon.

JimCGSavings
Newbie
*
Offline Offline

Activity: 56
Merit: 0



View Profile
May 17, 2013, 08:26:13 PM
 #19

These actions seem to be causing the start of a U.S. government created pump and dump cycle. Accidental or not, that'd be interesting. (grin)
jeremydei
Newbie
*
Offline Offline

Activity: 5
Merit: 0


View Profile
May 17, 2013, 09:08:43 PM
 #20

probablly nothing, none of the other exchanges can do enough volume to make the price go haywire like gox can.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!