gizmoh (OP)
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 Offline
Activity: 1428
Merit: 1000
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June 20, 2013, 10:08:29 AM |
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https://mtgox.com/press_release_20130620.htmlAfter much thought put into this recent news lead to only one outcome: Exodus of USD from Gox, and there currently is only one exit: Buying coins. Expect artificial price boom now.
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How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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"Bitcoin: mining our own business since 2009" -- Pieter Wuille
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smoothie
Legendary
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Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
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June 20, 2013, 10:36:57 AM |
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lol cant withdraw USD... BITCOIN UP! lolz  |
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███████████████████████████████████████
| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ .
LEALANA BITCOIN GRIM REAPER SILVER COINS.
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Mahn
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June 20, 2013, 11:06:35 AM |
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Exodus of USD from Gox, and there currently is only one exit: Buying coins. Expect artificial price boom now.
Except, you know, you could transfer your coins afterwards to another exchange, sell there, and withdraw your USD. |
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Birdy
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June 20, 2013, 11:07:20 AM |
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The funny thing is artificial price boom on Gox results in real price boom everywhere as most people use Gox reference.
(But it's also true for artificial price drops on Gox)
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smoothie
Legendary
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Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
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June 20, 2013, 11:23:25 AM |
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Exodus of USD from Gox, and there currently is only one exit: Buying coins. Expect artificial price boom now.
Except, you know, you could transfer your coins afterwards to another exchange, sell there, and withdraw your USD. And pay twice the fees. =) Yeah good exit. lolz |
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███████████████████████████████████████
| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ .
LEALANA BITCOIN GRIM REAPER SILVER COINS.
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gizmoh (OP)
Legendary
Offline
Activity: 1428
Merit: 1000
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June 20, 2013, 11:26:29 AM |
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Exodus of USD from Gox, and there currently is only one exit: Buying coins. Expect artificial price boom now.
Except, you know, you could transfer your coins afterwards to another exchange, sell there, and withdraw your USD. Sure, but i'm talking of Gox users with Fiat sitting in their accounts. And tens of millions are sitting in Gox right now. |
How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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aigeezer
Legendary
Offline
Activity: 1450
Merit: 1013
Cryptanalyst castrated by his government, 1952
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June 20, 2013, 11:30:58 AM |
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Sudden demand for fiat, US fiat of all things, in large enough quantities that Gox has to adjust its behavior.
At least that's the story so far.
It begs all the "W" questions: who, why, where, how, even when. No doubt the media will be all over it... or not.
Fascinating development.
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Le Happy Merchant
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June 20, 2013, 11:33:30 AM |
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After much thought put into this recent news lead to only one outcome:
Exodus of USD from Gox.
If USD can't leave Gox nobody in their right mind would sell. So when people go to buy what happens? Basically, USD can't leave Gox. |
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Mad_Max
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June 20, 2013, 11:43:43 AM |
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Except, you know, you could transfer your coins afterwards to another exchange, sell there, and withdraw your USD.
And pay twice the fees. =) Yeah good exit. lolz Not twice - triple! Before: 1. withdrawal fee on Gox Now 1. fee to buy btc on Gox 2. fee to sel btc on other exchange 3. withdrawal fee on other exchange And usual lower prices on other exchanges and minor fee to trasfer btc as addition... |
He знaя пoкoя и oтдыxa, Пpи лyннoм и coлнeчнoм cвeтe, Mы дeлaeм дeньги из вoздyxa, Чтoб cнoвa cпycтить иx нa вeтep!
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Mahn
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June 20, 2013, 11:45:50 AM |
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Sudden demand for fiat, US fiat of all things, in large enough quantities that Gox has to adjust its behavior.
At least that's the story so far.
It begs all the "W" questions: who, why, where, how, even when. No doubt the media will be all over it... or not.
Fascinating development.
Dwolla accounts seized -> Dwolla users turn to wire transfers -> Mt. Gox bank accounts transaction volume rises rapidly -> bank eventually urges Mt. Gox to talk and do something. This seems the most plausible theory anyway. |
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smoothie
Legendary
Offline
Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
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June 20, 2013, 11:47:42 AM |
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Except, you know, you could transfer your coins afterwards to another exchange, sell there, and withdraw your USD.
And pay twice the fees. =) Yeah good exit. lolz Not twice - triple! Before: 1. withdrawal fee on Gox Now 1. fee to buy btc on Gox 2. fee to sel btc on other exchange 3. withdrawal fee on other exchange And usual lower prices on other exchanges and minor fee to trasfer btc as addition... +1 thank you for emphasizing my point that much more. Must be late for me to overlook those facts.  |
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███████████████████████████████████████
| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ .
LEALANA BITCOIN GRIM REAPER SILVER COINS.
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prof7bit
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June 20, 2013, 12:04:21 PM |
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If USD can't leave Gox nobody in their right mind would sell. So when people go to buy what happens?
People who don't want to move money out of MtGox will still sell bitcoins for mtgox-dollars at exorbitant prices, speculating that in 2 weeks price will be much lower and they can buy back twice as many BTC then (and they will probably be right and make a huge profit while the ones who are panic buying BTC now will be the losers (as always)). |
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Mad_Max
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June 20, 2013, 12:12:34 PM |
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People who don't want to move money out of MtGox will still sell bitcoins for mtgox-dollars at exorbitant prices, speculating that in 2 weeks price will be much lower and they can buy back twice as many BTC then (and they will probably be right and make a huge profit while the ones who are panic buying BTC now will be the losers (as always)).
+1 ppls who sells btc not for USD but other currences aviable on Gox - EUR (SEPA still works, with delays but works, right?), GBP, RUR, etc |
He знaя пoкoя и oтдыxa, Пpи лyннoм и coлнeчнoм cвeтe, Mы дeлaeм дeньги из вoздyxa, Чтoб cнoвa cпycтить иx нa вeтep!
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gizmoh (OP)
Legendary
Offline
Activity: 1428
Merit: 1000
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June 20, 2013, 12:13:54 PM |
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After much thought put into this recent news lead to only one outcome:
Exodus of USD from Gox.
If USD can't leave Gox nobody in their right mind would sell. So when people go to buy what happens? Basically, USD can't leave Gox. Buy coins and sell on other exchanges. why do you think prices at Bitstamp are stagnating $4 behind? |
How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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gambitv
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June 20, 2013, 12:18:55 PM |
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I think there is more trouble with USD, if Chase Bank thread is any indication. It appears US Banks are on the offensive. |
The stock market today is a war zone, where algobots fight each other over pennies, millions of times a second.
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el_rlee
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Activity: 1600
Merit: 1014
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June 20, 2013, 12:24:20 PM |
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JimboToronto
Legendary
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Activity: 4004
Merit: 4480
You're never too old to think young.
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June 20, 2013, 02:59:10 PM |
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I can't believe how slow the mainstream media have been to report this.
A simple Google news search for "MtGox" and "Bitcoin" reveals nothing.
Usually they jump on anything negative to do with Bitcoin and coat it with as much FUD as possible.
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EuroTrash
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June 20, 2013, 03:01:41 PM |
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<=== INSERT SMART SIGNATURE HERE ===>
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aigeezer
Legendary
Offline
Activity: 1450
Merit: 1013
Cryptanalyst castrated by his government, 1952
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June 20, 2013, 03:39:32 PM |
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chufchuf
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June 20, 2013, 04:18:49 PM |
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My penis is better than an api
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