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Author Topic: MtGox's DEATH - Bitcoin headed towards darkness?  (Read 8098 times)
doom309
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February 09, 2014, 03:03:03 AM
 #61

looks like gox are trying to prevent historys first crypto bank run, quite ironic given that just under a year ago bitcoin rose to fame on the threat of fiat bank runs in cyprus, the more things change the more they stay the same, fingers crossed everyone can get their savings out

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February 09, 2014, 03:06:52 AM
 #62

Hopefully everyone can get their coins back. Sadly the price is media driven, and with bad news, going down.

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February 09, 2014, 03:18:10 AM
 #63

Gox collapse for any reason has a negative effect on price purely out of perception because hype and heavily drive BTC exchange rates.

But their are also supply and demand effects too, when (or if) either half of the Gox books get released they can have significant effects if the quantity is not balanced.

If all the USD on Gox is gone but coins are recovered then it will push exchange rates down, if on the other hand coins are unrecoverable but dollars are recovered then it will actually exert upward pressure.  In both cases the recipients of previously Gox-blocked funds are assumed to move them onto other exchanges and even if they do not 'buy' the simple reality is that exchange rates tend towards the bid-sum ask-sum difference so the addition of more funds to one side of the bid or the ask tends to move price even without significant trading volume, people instinctively move all their bids and asks to respond to depths.

Now in all likelihood their will be only partial recover of both BTC and USD on Gox, as it is very hard to imagine that Gox in it's monumental incompetency contained what ever 'contagion' to only one pool.  I don't need to know if the 'contagion' is embezzlement, gambling with house money, or a federal seizure/freeze, all of these scenario's would have spilled over to the other half of the book by now.  The question is what kind of RATIO of ultimate recover will people get.  Right now it looks like the market is betting on a higher recover of USD then BTC.  If this were the case then it would have a downward effect on exchange rates, which matches the general downtrend right now.

People's perception is probably that if MTGOX is insolvent then going after them with an attorney will likely net them better results if the funds were denominated in USD than BTC.

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February 09, 2014, 03:21:05 AM
 #64

A single tear rolls down my cheek for the 19% of the USD market that still traded on mtgox for some reason.  I'm guessing the mtgox problem is only affecting newbs?
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February 09, 2014, 04:22:09 AM
 #65

Lets just hope that this is the last blow that gox will give to the bitcoin comunity

Ha! We can hope, but it is probably not the case.
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February 09, 2014, 04:24:08 AM
 #66

if Gox crashed the Fascist US Government sold all the bitcoins then that would be funny I think it would be a good test and I hope and think bitcoin would survive and show the freedom hating American central private bank we can ignore you priks.

I hope bitcoin crashes and Feds sell ever last one and we see <<< $100 bitcoin maybe single digits that would be awesome!

Well I'm dreaming but whatever!

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February 09, 2014, 05:02:38 AM
 #67

I would mind a big crash myself either, would buy up as much as I can.

dont forget, mtGox is just a "bank" and we are only experiencing a "bank robbery" it is not the end of bitcoin, far from it!
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February 09, 2014, 02:45:12 PM
 #68

Countdown is begun,

Tokio/Japan GMT, 23:45
Peking/China  GMT, 22:45

Славься, Отечество наше свободное,
Братских народов союз вековой,
Предками данная мудрость народная!
Славься, страна! Мы гордимся тобой!
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February 09, 2014, 02:49:13 PM
 #69

Didn't anyone else think that that Roger Ver video was 100% proof that everything coming out of MtGox is SCRIPTED!?!?

http://www.youtube.com/watch?v=UP1YsMlrfF0

cool pen.  Wink

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February 09, 2014, 03:44:46 PM
 #70

Just logged in to say that daserpent1 is an A-class retard
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February 09, 2014, 03:52:21 PM
 #71

If you understand the last 5000 years of civilisation (in a round about way) you will fight for Bitcoin & t. decentralisation of old powers.
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February 09, 2014, 03:54:45 PM
 #72

It does seem strange that MtGox would stall a one of the highest trading days..
The governments are backed by "billions in dollars".. Of course the governments are trying to shut down "bitcoins"..  Over all though.. United states did the same thing on creating "Dollars" away from british currency 200 years ago..    Humerous that they claim fraud/negative things for something USA already did themselves..

Digital currency IS the future.. 

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February 09, 2014, 03:58:58 PM
 #73

Countdown is begun,

Tokio/Japan GMT, 10 Feb 2014 1:00
Peking/China  GMT, 10 feb 2014 00:00

Славься, Отечество наше свободное,
Братских народов союз вековой,
Предками данная мудрость народная!
Славься, страна! Мы гордимся тобой!
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February 09, 2014, 04:03:12 PM
 #74

Again, Do you really think they can fix a REAL technical issue in just 2 days? If they were this competent, wouldn't they have fixed it a long time ago?
Where do they say they will fix the issue in two days? They've just said they'll give a public statement then. They have two days ascertain what has happened, decide what to do about it and how long it will take, and then draft a statement explaining this.

At the moment I tend to believe it's the technical issue described in the other thread. That is, they'd been issuing slightly invalid transactions, that were rejected by the network but that other nodes were cleaning up and re-issuing as valid but with different hashes. This meant the transactions were getting into the block-chain but MtGox didn't recognise them. This led to them double-spending the same coins, leading to more failures. It's going to take a while to sort out. They need to figure out which transactions they thought had failed, actually succeeded, and which genuinely failed due to double-spending, and they need to relate that to their internal accounts. It should be possible, though, and when they manage it, everyone should end up with the coins they own.

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February 09, 2014, 04:07:30 PM
 #75

Hmm well, if all of the bitcoins got stuck elasticity and demand would say the price will go up because there will be less bitcoin available on the market.  However if people start panic selling then the price will continue to drop because i think the flood of panic bitcoin will keep pushing it down.  But I guess we will have to wait and see.  I do not have any BTC so if it bombs I am going to be buying because I have faith that no matter what happens; BTC is here to stay and the price will recover over time. All I can suggest is stay calm, watch the markets and think long term not sort term gains.  It is your BTC at the end of the day so do what you think is best. If the Fed did buy lots of BTC in an attempt to debase the currency as some economists have said is possible; depending on what happens at MT.Gox they may well carry out that evil plan of flooding an already panicked marketplace and debasing the currency even further.  I am going to watch this very closely and I reiterate if it bombs I am buying.

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February 09, 2014, 04:07:55 PM
 #76

Didn't anyone else think that that Roger Ver video was 100% proof that everything coming out of MtGox is SCRIPTED!?!?

http://www.youtube.com/watch?v=UP1YsMlrfF0

cool pen.  Wink



OMG, hahahahahah thanks for making me laugh!


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February 09, 2014, 04:11:12 PM
 #77

I would mind a big crash myself either, would buy up as much as I can.

dont forget, mtGox is just a "bank" and we are only experiencing a "bank robbery" it is not the end of bitcoin, far from it!

But its a bankrobbery that resulted in MANY MANY MANY bitcoins untouchable..


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February 10, 2014, 12:58:40 AM
 #78

I would mind a big crash myself either, would buy up as much as I can.

dont forget, mtGox is just a "bank" and we are only experiencing a "bank robbery" it is not the end of bitcoin, far from it!

But its a bankrobbery that resulted in MANY MANY MANY bitcoins untouchable..

untouchable by us, not by Gox Wink or rather Sad
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February 10, 2014, 01:02:04 AM
 #79

Gox died about a year ago, ever since they collapsed under their own popularity and the shitty php trading engine couldn't handle concurrent trades > 5.
Decentralization of exchanges in Europe, Canada and Asia has rendered the market immune to Goxxing it doesn't matter if they disappear or continue to fuck up their own business into the dustbin of history it shouldn't have an effect on what happens over at Bitstamp, Localbitcoins, IRC, BTC-E and the dozens of other exchange sites. It would be best if they would finally die so the media can stop pointing to them as an example of complete incompetence which continually dirties Bitcoin's image :P
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February 10, 2014, 07:02:32 AM
 #80

btw, aside polemics, FUD, whatever. I don't get two things:

1- btc value on mtgox is dropped a lot and currently is lower than Btc-e/bitstamp/whichever other exchange I guess.
 This can allow inverse arbitrage giving to gox the possibility to get liquidity buying bitcoins. So, is still possible to withdraw btc on MtGox?
  If this drop was in some way a "led fall", maybe just something willed, well considered, it would mean mtgox heads aren't so dumb. They concretely 
   did something able to stop and incredibly invert the sick spread they had.

2- Today is 10th February and in Japan now is about 16:00 UTC. So what are they waiting for to release the promised update? 23:59 in the night?
 A serious Company would've given news in the early morning IMO.
 This makes me think that goxers are still taking time. They didn't get to the head of a formal solution yet.

What do you think?
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