Gigaom NEWS: Feds seized $2.9M in Bitcoin funds from Mt. Gox, court docs show

[coinprize]

Big trouble....
Title: Feds seized $2.9M in Bitcoin funds from Mt. Gox, court docs show
http://gigaom.com/2013/08/19/feds-seized-2-9m-in-bitcoin-funds-from-mt-gox-court-docs-show/

What do you guys think?

[acoindr]

Well, some quick math... Mt.Gox does volume of around 22490 BTC (current) multiplied by $100 equals $2,249,000 in daily trades. Their trade fee is 0.6% which is $13,494 but multiplied by 2 since they charge on both buy/sell side equals 26,988 daily revenue multiplied by 30 days is about $809,640 clear revenue per month.

They don't need to advertise and their hosting costs I'm sure are a small fraction of that. Holding up $2.9M of theirs would be an unfortunate blow, but I don't believe detrimental.

[TippingPoint]

They made it look easy.

[coinprize]

Well, some quick math... Mt.Gox does volume of around 22490 BTC (current) multiplied by $100 equals $2,249,000 in daily trades. Their trade fee is 0.6% which is $13,494 but multiplied by 2 since they charge on both buy/sell side equals 26,988 daily revenue multiplied by 30 days is about $809,640 clear revenue per month.

They don't need to advertise and their hosting costs I'm sure are a small fraction of that. Holding up $2.9M of theirs would be an unfortunate blow, but I don't believe detrimental.

Hope what you said is true, we are only guessing that wouldn't be a big issue.
I just wish BTC price will never flows in big wave any more. We need it to be stablized.

[acoindr]

Well, some quick math... Mt.Gox does volume of around 22490 BTC (current) multiplied by $100 equals $2,249,000 in daily trades. Their trade fee is 0.6% which is $13,494 but multiplied by 2 since they charge on both buy/sell side equals 26,988 daily revenue multiplied by 30 days is about $809,640 clear revenue per month.

They don't need to advertise and their hosting costs I'm sure are a small fraction of that. Holding up $2.9M of theirs would be an unfortunate blow, but I don't believe detrimental.

Hope what you said is true, we are only guessing that wouldn't be a big issue.
I just wish BTC price will never flows in big wave any more. We need it to be stablized.

Just look at the math. There is nothing unbelievable there.

[Serge]

Well, some quick math... Mt.Gox does volume of around 22490 BTC (current) multiplied by $100 equals $2,249,000 in daily trades. Their trade fee is 0.6% which is $13,494 but multiplied by 2 since they charge on both buy/sell side equals 26,988 daily revenue multiplied by 30 days is about $809,640 clear revenue per month.

They don't need to advertise and their hosting costs I'm sure are a small fraction of that. Holding up $2.9M of theirs would be an unfortunate blow, but I don't believe detrimental.

Hope what you said is true, we are only guessing that wouldn't be a big issue.
I just wish BTC price will never flows in big wave any more. We need it to be stablized.

stabilized bitcoin? not in any foreseeable future, it's going to wildly fluctuate until our 'bitcoin market cap' increases many many times over from what it's now, the ride is going to be bumpy. anyone entering bitcoin should be aware and prepared for bitcoin's unstable value property for at least a few years ahead from now.

[coinprize]

Well, some quick math... Mt.Gox does volume of around 22490 BTC (current) multiplied by $100 equals $2,249,000 in daily trades. Their trade fee is 0.6% which is $13,494 but multiplied by 2 since they charge on both buy/sell side equals 26,988 daily revenue multiplied by 30 days is about $809,640 clear revenue per month.

They don't need to advertise and their hosting costs I'm sure are a small fraction of that. Holding up $2.9M of theirs would be an unfortunate blow, but I don't believe detrimental.

Hope what you said is true, we are only guessing that wouldn't be a big issue.
I just wish BTC price will never flows in big wave any more. We need it to be stablized.

stabilized bitcoin? not in any foreseeable future, it's going to wildly fluctuate until our 'bitcoin market cap' increases many many times over from what it's now, the ride is going to be bumpy. anyone entering bitcoin should be aware and prepared for bitcoin's unstable value property for at least a few years ahead from now.

For the sake of Bitcoin as a currency instead of commodity, we need it to be some kind of stable. Aren't we? Unless you only want to benefit from buying/selling like other financial assets.

[acoindr]

For the sake of Bitcoin as a currency instead of commodity, we need it to be some kind of stable. Aren't we? Unless you only want to benefit from buying/selling like other financial assets.

It does need to be relatively stable, but not absolutely stable. Some people will desire to hold for the longer term regardless. For those people volatility is not so much a concern.

Also, as more goods and services become directly available for bitcoins swings in price relative to other currencies is less a concern. In the modern age of electronics and with the digital nature of bitcoins they can remain a usable exchange mechanism so long as their price remains fairly stable for a matter of minutes.

[Paladin69]

They made it look easy.

The honey badger wrote it.  He just don't give a shit.

[Serge]

Well, some quick math... Mt.Gox does volume of around 22490 BTC (current) multiplied by $100 equals $2,249,000 in daily trades. Their trade fee is 0.6% which is $13,494 but multiplied by 2 since they charge on both buy/sell side equals 26,988 daily revenue multiplied by 30 days is about $809,640 clear revenue per month.

They don't need to advertise and their hosting costs I'm sure are a small fraction of that. Holding up $2.9M of theirs would be an unfortunate blow, but I don't believe detrimental.

Hope what you said is true, we are only guessing that wouldn't be a big issue.
I just wish BTC price will never flows in big wave any more. We need it to be stablized.

stabilized bitcoin? not in any foreseeable future, it's going to wildly fluctuate until our 'bitcoin market cap' increases many many times over from what it's now, the ride is going to be bumpy. anyone entering bitcoin should be aware and prepared for bitcoin's unstable value property for at least a few years ahead from now.

For the sake of Bitcoin as a currency instead of commodity, we need it to be some kind of stable. Aren't we? Unless you only want to benefit from buying/selling like other financial assets.

"what we need" and "what I want" is not always instantly readily available regardless. how do you propose stabilize this young new currency when with every passing moment people around world keep hearing and discovering bitcoin, when it's freely trade-able and any large order can shake exchange rates, when some event can cause a panic rush, when you worry that one exchange's partial funds seizure is a big trouble?!
truth is  there's nothing anyone can do to make it stable. while bitcoin is undiscovered and undervalued or simply not abandoned by masses forget about stability in bitcoin.