Gox BTC hitting TH Auction Block

[BTC Economist]

The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.

No one will fall for your trolling.

Just stating the facts mam.

Oh, I guess facts is facts.

Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???

What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?

Mt. Gox will be shortly irrelevant so I'm not sure the point of your question.  Only a fool would trust their money to Mt. Gox.

For someone representing an economist you suck at answering simple economics questions.

Mt Gox does not exist on an island.  The scenario you are implying is not reality.

[DrYe5]

The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.

No one will fall for your trolling.

Just stating the facts mam.

Oh, I guess facts is facts.

Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???

What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?

Mt. Gox will be shortly irrelevant so I'm not sure the point of your question.  Only a fool would trust their money to Mt. Gox.

For someone representing an economist you suck at answering simple economics questions.

Mt Gox does not exist on an island.  The scenario you are implying is not reality.

+1

In that case the price is either zero or >>>30 on Mt. Gox. In that case people buy or sell, transfer to wallet, and go to a real exchange.

The point is, the Mt. Gox debacle is a large bucket of cold water dumped on an overheated engine.

If you have hundreds of BTC on Mt. Gox and you haven't already transferred 100 and sold them on Trade Hill at reasonable prices, and you don't know who the fool is, it's you.

[grndzero]

The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.

No one will fall for your trolling.

Just stating the facts mam.

Oh, I guess facts is facts.

Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???

What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?

Mt. Gox will be shortly irrelevant so I'm not sure the point of your question.  Only a fool would trust their money to Mt. Gox.

I love how everyone is calling the demise of Mt Gox. Too bad none of them are man enough to eat the humble pie when it's time.

[BTC Economist]

The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.

No one will fall for your trolling.

Just stating the facts mam.

Oh, I guess facts is facts.

Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???

What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?

Mt. Gox will be shortly irrelevant so I'm not sure the point of your question.  Only a fool would trust their money to Mt. Gox.

I love how everyone is calling the demise of Mt Gox. Too bad none of them are man enough to eat the humble pie when it's time.

If Mt Gox does not become irrelevant, it only speaks to the stupidity of its users.

[grndzero]

The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.

No one will fall for your trolling.

Just stating the facts mam.

Oh, I guess facts is facts.

Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???

What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?

Mt. Gox will be shortly irrelevant so I'm not sure the point of your question.  Only a fool would trust their money to Mt. Gox.

I love how everyone is calling the demise of Mt Gox. Too bad none of them are man enough to eat the humble pie when it's time.

If Mt Gox does not become irrelevant, it only speaks to the stupidity of its users.

Yeah, because no corporation, bank, or any other institution has ever been compromised or done anything to lose the trust of their users and successfully recovered to come back and be stronger than they were before. They all went straight out of business and all their customers and investors were "stupid for staying with them". Good point.

[BTC Economist]

The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.

No one will fall for your trolling.

Just stating the facts mam.

Oh, I guess facts is facts.

Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???

What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?

Mt. Gox will be shortly irrelevant so I'm not sure the point of your question.  Only a fool would trust their money to Mt. Gox.

I love how everyone is calling the demise of Mt Gox. Too bad none of them are man enough to eat the humble pie when it's time.

If Mt Gox does not become irrelevant, it only speaks to the stupidity of its users.

Yeah, because no corporation, bank, or any other institution has ever been compromised or done anything to lose the trust of their users and successfully recovered to come back and be stronger than they were before. Good point.

Could you point out a bank that has had all of its clients' usernames and passwords released to the public?

[jerfelix]

I think lots of BTC liberated from MtGox today, but not as many dollars. So for now, the supply and demand leans towards more BTC than dollars.

This is the most insightful post in this thread.

Here are a few things to think about:

1) It's a LOT easier for people to SELL Bitcoins now than to buy them.  (If you had Dollars and Bitcoins tied up in Mt. Gox, you could move your Bitcoins in minutes, but Dollars can't be quickly and easily transferred.  I guess I'd have to take it to Dwolla and then to TradeHill.  Sounds hard and a lengthy process.)

2) If there was a run on withdraws at Mt. Gox, you'd probably see it in the BlockExplorer.  But the 424,242 BTC that they moved the other day haven't been touched.


A few people are selling.  Tomorrow cash will free up, and a few people will be buying.  It'll all sort out over time.  And you can probably make a few bucks buying them cheaply today.

[Valhalla1]

If Mt Gox does not become irrelevant, it only speaks to the stupidity of its users.

this... reminds me of the Ultimate Bet/Absolute Poker 'superuser' scandal in which they had admins secretly playing in 'god mode' able to see everyone's cards, and siphoned millions of dollars out of the games. Yet people still play there to this day

[DrYe5]

No bitcoin institution is trustworthy IMHO. Mt. Gox just happened to illustrate it first by being the largest target.

[stic.man]

bank of america and wachovia had like a million accounts compromised about 5 years ago

[jerfelix]

Could you point out a bank that has had all of its clients' usernames and passwords released to the public?

Probably not a perfect example, but how about
Stolen Fidelity Laptop Contained Info on 196,000 HP Staffers

[BTC Economist]

Some of you have pointed out some fairly good examples.  I suppose the situation would be recoverable..............if only the place wasn't just run by 2 kids in Japan!!

[DrYe5]

Some of you have pointed out some fairly good examples.  I suppose the situation would be recoverable..............if only the place wasn't just run by 2 kids in Japan!!

Stolen data is one thing. Frozen assets is quite another.

[grndzero]

The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.

No one will fall for your trolling.

Just stating the facts mam.

Oh, I guess facts is facts.

Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???

What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?

Mt. Gox will be shortly irrelevant so I'm not sure the point of your question.  Only a fool would trust their money to Mt. Gox.

I love how everyone is calling the demise of Mt Gox. Too bad none of them are man enough to eat the humble pie when it's time.

If Mt Gox does not become irrelevant, it only speaks to the stupidity of its users.

Yeah, because no corporation, bank, or any other institution has ever been compromised or done anything to lose the trust of their users and successfully recovered to come back and be stronger than they were before. Good point.

Could you point out a bank that has had all of its clients' usernames and passwords released to the public?

Same lame apples to oranges arguments. Mt Gox is not a bank, quit trying to pick a nuclear option out of a list of generalized examples.

If all that was compromised at my bank was my password, I'd be ecstatic. Who the hell is going to post a password file when they break into a bank? They steal account info, personal info, everything they need to get credit. Just like Citi.

[stic.man]

paypal freezes assets whenever they feel like it, hasn't seemed to slow them down

[DrYe5]

paypal freezes assets whenever they feel like it, hasn't seemed to slow them down

Thx 3 bmp

[Tasty Champa]

does anyone know how many bitcoins are still in MtGox?
is there some kind of updated volume sheet/chart?

[skyhigh]

All you tradehill monkey spammers are pathetic to put it mildly. If i was admin here Id ban it by now. Other than that, bitcoin is trading well within its usual daily swings.

[grndzero]

does anyone know how many bitcoins are still in MtGox?
is there some kind of updated volume sheet/chart?

No exchange that I know of in existence posts how much money and trade item they store.

[AtlasONo]

And yet the 24hour volume keeps getting lower from yesterday...