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Author Topic: Seemingly horrible business decision by whales  (Read 2570 times)
freebit13
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March 02, 2014, 01:27:45 PM
 #21

The first rule about bitcoin: THERE ARE NO BAILOUTS IN BITCOIN!!!

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March 02, 2014, 01:35:56 PM
 #22

I'm only a BTC Newbie, but I am also an economist and I agree that unconditional bailouts are wrong.

Gox was very in-transparent and so far, nobody has been able to establish what really happened.

Bailouts are a trait of fiat currencies and cause economic inefficiencies and lead people to act irresponsibly. If you live in the EU or US, you'll know that the bank that has your money will most likely be bailed out, so you don't bother to ask questions that you should be asking. In a world where exchange/bank failures can happen, people will be more careful with their money and the will ask whether or not it's safe to trust an entity with it.  

Bailouts are also political and unjust.

Lehman wasn't bailed out, others were. Enron wasn't bailed out, GM was. RBS was bailed out, but Barings wasn't. There weren't even any talk over a bailout of Refco. Bailouts lead to moral hazard all over the place. If you know you can't fail, you have the liberty to do whatever you want.

Exchange failure isn't great for BTC's image, fair enough, but I believe that this was an important evolutionary step. BTC Traders are now more likely to spread their money over several exchanges for risk management purposes. This will ensure a more diverse market and prevent one exchange from gaining all the power. Of course, many smaller exchanges will likely mean less liquidity on the individual exchange, but t least the exchanges will be forced to compete, not only on transaction fees, but also in terms of security and transparency.

The reason I like BTC is that it's free from the political influences that fiat currencies are subject to.

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LiteCoinGuy
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March 02, 2014, 02:12:22 PM
 #23

Please look up and understand the concept of "moral hazard." You're are essentially saying Gox was "too big to fail," and should have been bailed-out. Have you learned nothing from the past six years of the current global financial crisis? And we're still not in the clear on this one...

its the "generation bail out". lets bail out everything.

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March 02, 2014, 02:14:13 PM
 #24

The whales decided that gox was not worth saving.  Although we don't have all the facts obviously, I feel that every attempt should have been made by the whales to come up with a solution to gox where everyone received their cash/bitcoin.  This opinion is purely about a business decision to protect and save bitcoin, and has nothing to do with any moral decision to help the gox customers.  You get into bitcoin and you understand that you could lose everything for whatever reason.

While the cost to whales to work out a plan on gox may have been great, the long term cost TO THE REPUTATION OF BITCOIN of not doing so is much greater.  My friends, no matter what the people on this board try to tell you, or what writers on coindesk try to do to keep your confidence up, or what whales try to do to stabilize the price around 560 to give the impression that all is well, BITCOIN IS NOW DEAD IN THE WATER....  ALL THE MOMENTUM AND EUPHORIA ARE GONE. 

It is no longer viewed as a promise of something great, it is viewed as a very dangerous stupid way to lose your money.  I sold enough to have somewhere between a double and a triple, and will hodl the rest.  It's too bad it had to play out like this.  I hope that I am wrong.
Pure nonsense, is all I can see in this thread.
Everyone should have listened back in '11 and left MtGox then.


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r0ach
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March 02, 2014, 02:25:14 PM
 #25

1.   What the hell is a whale?

How to whale:

Faster to mine something else and use funds to buy mint now.  We will see how this purchase looks in a few weeks.



You're not really late right now.  A normal scrypt coin of 80 million units released this late in the game would have hit a max of 0.00025, if even that much, lingered there for a while, then fizzled out and died.  VTC has already hit 0.0003, so it's currently on it's way to take out the "higher end, no reason to exist coins" such as WDC & DGC, putting it around 0.0012.  You're looking at around 400% profit between now and when that occurs.  I don't think it will have a very hard time accomplishing this task.  Once it proves it's position there, there will be a lot of upward pressure pushing it towards LTC levels, if not taking out Litecoin itself.

1000 VTC is not very expensive right now for the potential amount of money there is to make.

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March 02, 2014, 02:36:18 PM
 #26

Failing Gox is promise for better future, decentralized exchange hopefully. Gox is not Bitcoin fault, but centralization failed once again

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