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Author Topic: IF MT GOX DIES THEN BITCOIN PROBABLY WILL TOO  (Read 3786 times)
juve4v
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February 08, 2014, 11:29:06 AM
 #21

troll thread

Quoting for emphasis. Mt Gox handles a small volume of trades overall. There's plenty of other exchanges, some bigger, some smaller, all ready to take its place.

This!
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February 08, 2014, 12:51:58 PM
 #22

Please do not make the mistake of equating bitcoin with an exchange, especially an exchange that has gone down hill so much that it's extremely difficult to recognize anymore.

Bitcoin is so much bigger than mt.gox. Bitcoin is like the galaxy and mt.gox is like a cockroach.
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February 08, 2014, 01:24:56 PM
 #23

Sorry but I disagree with everyone here, it IS a serious problem for bitcoin going mainstream. While the coin community may have known of Gox's problems for awhile and are un phased, this is the year of Bitcoin's "coming out" to the public and governments all around the world taking notice. If a major exchange collapses or runs off with millions in fiat and coins, I can see the proverbial ban hammer of government happening sooner than we think. I know you can't kill bitcoin as a p2p currency but if there are no legal exchanges to buy or convert currencies to, well good luck...

Also as someone who joined the coin game relatively later, I have to ask a legitimate question, why is it so many bitcoin holders put full faith and their savings into a former Magic the Gathering trading card site run by incompetent boobs yet have spent the last 2 months making fun of meme coins, calling alt coins scam coins and what not? You trusted thousands of dollars to scammers overseas who won't let you withdraw your own money for months yet make fun of a coin with a dog on it? It makes no sense. I mean what did you think would happen, that a bunch of basement dwelling 2nd rate IT guys could become an effective multi-billion dollar international finance operation overnight? It's madness!

What's worse, how many here even routinely paid as much as $150 more per bitcoin on Gox than every other exchange and yet you can't even exchange it back to fiat and get paid in a timely manner! The level of stupidity among bitcoin holders who in theory should be of higher intelligence than the average mouth breather with faith in our Keynesian masters astounds me sometimes. The only thing I can figure is alot of cryptousers are Aspies and unfortunately naive to the world around them sometimes.
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February 08, 2014, 02:20:52 PM
 #24

I know you can't kill bitcoin as a p2p currency but if there are no legal exchanges to buy or convert currencies to, well good luck...

It Bitstamp AND localbitcoins go down, then I'll agree with you. Until then, it's a non-issue.

"There is only one thing that is seriously morally wrong with the world, and that is politics. By 'politics' I mean all that, and only what, involves the State." Jan Lester "Escape from Leviathan"
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February 08, 2014, 02:25:36 PM
 #25

Also as someone who joined the coin game relatively later, I have to ask a legitimate question, why is it so many bitcoin holders put full faith and their savings into a former Magic the Gathering trading card site run by incompetent boobs yet have spent the last 2 months making fun of meme coins, calling alt coins scam coins and what not? You trusted thousands of dollars to scammers overseas who won't let you withdraw your own money for months yet make fun of a coin with a dog on it? It makes no sense. I mean what did you think would happen, that a bunch of basement dwelling 2nd rate IT guys could become an effective multi-billion dollar international finance operation overnight? It's madness!

Agreed.

I can't believe anybody has been stupid enough to put cash into Gox since Spring 2013. The cash in there is almost certainly "legacy" money. But what's amazing  is that people have left their coins there. I'd really like to hear from somebody who did that. Why did you do it?!!!

"There is only one thing that is seriously morally wrong with the world, and that is politics. By 'politics' I mean all that, and only what, involves the State." Jan Lester "Escape from Leviathan"
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February 08, 2014, 02:45:29 PM
 #26

Also as someone who joined the coin game relatively later, I have to ask a legitimate question, why is it so many bitcoin holders put full faith and their savings into a former Magic the Gathering trading card site run by incompetent boobs yet have spent the last 2 months making fun of meme coins, calling alt coins scam coins and what not? You trusted thousands of dollars to scammers overseas who won't let you withdraw your own money for months yet make fun of a coin with a dog on it? It makes no sense. I mean what did you think would happen, that a bunch of basement dwelling 2nd rate IT guys could become an effective multi-billion dollar international finance operation overnight? It's madness!

Agreed.

I can't believe anybody has been stupid enough to put cash into Gox since Spring 2013. The cash in there is almost certainly "legacy" money. But what's amazing  is that people have left their coins there. I'd really like to hear from somebody who did that. Why did you do it?!!!

What surprises me the most is the reason against switching to Bitstamp, one that I've heard a few times by now:

"Hell no, I'm not going to send my money to some shitty rathole country like Slovenia!"

Said the clowns who kept on happily sending their money and coins into the shitty rathole exchange mtgox.

I mean, I can see how you want to have some basic level of trust in the country in which the exchange is located, but even the most superficial research would have given you the following the results: Slovenia (EU member, part of Eurozone in fact), UK (country of registration), Italy (country of origin of their bank -- Unicredit Slovenia being a subsidiary of the Italian Unicredit). You can start ranting about how Slovenia has this and that problem, or how you don't trust Italian banks, or some bullshit, but I *did* this kind of research a year ago and concluded it was still way more reliable than a hacked together exchange in Japan. We'll see, Bitstamp might go down and I'll eat my words, but I don't see any signs for it at the moment.

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February 08, 2014, 03:08:59 PM
 #27

As far as I am concerned Gox has been already dead - I took everything I've got there six months ago. If you have to wait for your money for weeks or months, what is the point of exchange? That said, exchanges are generally a weak spot and --hopefully-- there will be more of them coming online in near future.
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February 08, 2014, 03:13:09 PM
 #28

Right now concerning exchanges there aren't really that many options.
If Mt Gox gues bankrupt everybody just loses all their money ? Who is going to pay the bill ? The CEO ? Nobody ?
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February 08, 2014, 03:15:43 PM
 #29

Right now concerning exchanges there aren't really that many options.
If Mt Gox gues bankrupt everybody just loses all their money ? Who is going to pay the bill ? The CEO ? Nobody ?

Correct answer is nobody!

When a company goes bankcrupt, nobody pays it's creditors!

Do I win £10?

And for a bonus prize, if a Bitcoin exchange goes bankcrupt, that can only mean that they done things with other people's money that they shouldn't have.....and it all went tits up!

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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February 08, 2014, 03:16:15 PM
 #30

Bitcoin Foundation will pay. Cheesy

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February 08, 2014, 03:18:12 PM
 #31

Gox will go down, but the only thing this will cause is moving people to other exchanges.
You are all invited to kraken so the volume will increase  Smiley

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February 08, 2014, 03:30:47 PM
 #32

It won't matter to bitcoin itself.  I have a nub account and I know the Gox was a bad place to do business.  However, it will matter in the court of public opinion.  For some reason all the mainstream articles use Gox as 'the' exchange.  They only quote that price, and they will see this as a big problem.

For bitcoin to go mainstream, the press is important.  If people think bitcoin is a scam, or just for illegal trade, it keeps it bottled up.
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February 08, 2014, 04:20:19 PM
 #33

Gox is NOT dying - what the hell is wrong with you people?

A temporary technical problem - that will be fixed on MONDAY.

You people need to smoke some hodl or something.
Gox said an update to the problem on Monday, not a fix. Gox doesn't fix issues, ever.

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February 08, 2014, 04:38:12 PM
 #34

How is MtGox an exchange?

They accept USD and bitcoins.

They only pay out bitcoins (until recently).

What do they do with the USD? Do they buy bitcoins on another exchange? Or...spend the USD on themselves and hope the small amount of bitcoins lasts long enough that nobody notices. Until they run out of bitcoins...and they have to make up a reason why they can no longer send bitcoins.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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February 08, 2014, 09:07:40 PM
 #35

Game is over.


Славься, Отечество наше свободное,
Братских народов союз вековой,
Предками данная мудрость народная!
Славься, страна! Мы гордимся тобой!
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February 08, 2014, 10:15:41 PM
 #36

byebye Gox. you sucked anyway
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February 08, 2014, 10:27:21 PM
 #37

Although this Gox ordeal may be painful for a lot of people,
I believe it is has done something good for the bitcoin community...
For the first time, people snapped out of looking at Gox for the "reference" price of bitcoin!

Most of the users who are aware of the difficulties of getting fiat out of Gox knew the "Gox price" is distorted for the past year, but it still remains as THE exchange to reference for a lot of people. Currently, Gox is trading below other major exchanges, which I believe is much healthier than before.

As to how Gox is going turn out on Monday, I hold quite a pessimistic view...

For every trade in the exchange, coins are simply changing hands, and no coins are generated or destroyed. Gox SHOULD always have enough bitcoins for traders to withdraw and there should never be ANY holdups. If they have resorted to sending coins manually in these few days to "catch up" with the backlog, they would have said so. The fact they have halted withdraw, it could be something more troubling.

Let's hope we get some good news

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February 09, 2014, 02:34:09 AM
 #38

Whyyyyy are bitcointalk users so damn fascinated by feeding trolls? This has to stopppppppppp!!!!!

Hodl for the longest tiem.

Use it or lose it: http://coinmap.org/
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February 09, 2014, 02:54:33 AM
 #39

Seems like good of a deal if that happens. Now we're getting stable hands.

Micin
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February 09, 2014, 02:44:29 PM
 #40

Countdown is begun,

Tokio/Japan GMT, 23:40
Peking/China  GMT, 22:40

Славься, Отечество наше свободное,
Братских народов союз вековой,
Предками данная мудрость народная!
Славься, страна! Мы гордимся тобой!
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