Why do you panic sell into MtGox manipulation?

[SnakeEater]

You lost nothing when you transfer BTC and USD from left pocket to right pocket.  You can adjust the the exchange rate within an enclosed system but the total BTC and USD on the table is the same.  Only the exchange rate moved.  That is how the FOREX mechanism works as well within a rigged market.

The values of BTC changed when it exit from MTGOX at another rate.

[hilariousandco]

"The owner of Mt Gox’s office building is said to be annoyed at the attention the company has been getting lately, especially with protestors near the front door and various images of the building appearing on the web. This is not surprising in real-estate conscious and superstitious Tokyo, where even the most premium office space can attract a bad reputation that sticks for years."
Lol they got kicked from the building, gj protesters!

Where's that quote from?

[Tirapon]

As a community though I think we should all help out those who lost with gox somehow.

Allow me to help:

Hey guys, we've seen this shit from MT Gox for the last 2 years at least pretty much from the start as far as I can tell. They are the origin of the term 'goxxed'. I suggest using a different exchange.

[hilariousandco]

As a community though I think we should all help out those who lost with gox somehow.

Allow me to help:

Hey guys, we've seen this shit from MT Gox for the last 2 years at least pretty much from the start as far as I can tell. They are the origin of the term 'goxxed'. I suggest using a different exchange.

Bit late for that advice haha, but I am continually flummoxed at how they've managed to even stay afloat so long.

[dynodog]

If Gox is bankrupt it won't matter whether you're holding Bitcoins or Fiat.  You'll get neither.

There's completely no rational reason whatsoever to not to do anything but buy as many Bitcoins as you can at these prices on Gox.

But the market aint rational (that's why there's so much money to be made for the contrarians).  If anyone doubts that try to rationalize a $134.10 Gox price.


[/quote]

The problem is that the contrarian play is to sell the bitcoin on mtgox bc everyone on this board is saying that you should hold your mtgox bitcoin or buy more.  Has there been even one post recommending or stating that they are selling their bitcoin on mtgox?  Some big whale thinks it is the thing to do and all the minnows say to do the opposite.  I think we know who usually wins that battle.  (but I hope that I am wrong bc I have been hodling)

[EvilPanda]

"The owner of Mt Gox’s office building is said to be annoyed at the attention the company has been getting lately, especially with protestors near the front door and various images of the building appearing on the web. This is not surprising in real-estate conscious and superstitious Tokyo, where even the most premium office space can attract a bad reputation that sticks for years."
Lol they got kicked from the building, gj protesters!

Where's that quote from?

http://www.coindesk.com/bitcoin-price-hits-135-mt-gox-office-move-verification-demand/

[Tirapon]

As a community though I think we should all help out those who lost with gox somehow.

Allow me to help:

Hey guys, we've seen this shit from MT Gox for the last 2 years at least pretty much from the start as far as I can tell. They are the origin of the term 'goxxed'. I suggest using a different exchange.

Bit late for that advice haha, but I am continually flummoxed at how they've managed to even stay afloat so long.

I just don't understand why people keep using them  

When I first started trading, I came to this forum and read multiple posts advising not to use MT Gox. I have never used their service. I don't know him personally, but I'm told that Karpeles is not a bad guy, and genuinely just wants to see Bitcoin succeed for the benefits it will bring to the world. Unfortunately, however, I don't think MT Gox is really helping with that...

[bananas]

If people were any rational they would not be paying hundreds of dollars for one bitcoin

[Meuh6879]

they don't use it ... they sell !  

[hilariousandco]

As a community though I think we should all help out those who lost with gox somehow.

Allow me to help:

Hey guys, we've seen this shit from MT Gox for the last 2 years at least pretty much from the start as far as I can tell. They are the origin of the term 'goxxed'. I suggest using a different exchange.

Bit late for that advice haha, but I am continually flummoxed at how they've managed to even stay afloat so long.

I just don't understand why people keep using them 

When I first started trading, I came to this forum and read multiple posts advising not to use MT Gox. I have never used their service. I don't know him personally, but I'm told that Karpeles is not a bad guy, and genuinely just wants to see Bitcoin succeed for the benefits it will bring to the world. Unfortunately, however, I don't think MT Gox is really helping with that...

I don't think people have a choice if their coins are stuck there, but I agree with everything you said.

[yatsey87]

If people were any rational they would not be paying hundreds of dollars for one bitcoin

How much should they be paying?

[hilariousandco]

"The owner of Mt Gox’s office building is said to be annoyed at the attention the company has been getting lately, especially with protestors near the front door and various images of the building appearing on the web. This is not surprising in real-estate conscious and superstitious Tokyo, where even the most premium office space can attract a bad reputation that sticks for years."
Lol they got kicked from the building, gj protesters!

Where's that quote from?

http://www.coindesk.com/bitcoin-price-hits-135-mt-gox-office-move-verification-demand/

Ah. Have people seen this thread about Gox's new office? Apparently it might just be a decoy.

[aztecminer]

Just a question that i would like to have some people that do this answer. We all know MtGox is trying to crash the bitcoin value trying to save their own asses. At the time of writing the difference between Gox and other exchanges is 440 USD ( 73% under other exchanges ).

My question is, why do you go with that exchange, panic sell your bitcoins for fiat that you will most likely never get back anyway, the chances of getting bitcoins out are a bit higher i think, but still extremely low. The only reason MtGox is manipulating their market is so that a massive amount of people will open up new accounts and dump loads of fiat on their bank account to buy cheap bitcoins, then they will open up the exchange again and the value will bounce back and voila, they just made a lot of money out of a manifactured panic.

Why would you sell your coins at a 73% discount to somebody? Why would you knowingly help them achieve panic?
Maybe it's just that you're trying to make a quick profit yourself somehow?

- It hurts your portfolio.
- It hurts the bitcoin economy/trust in general.

I'd love to have some insight into why people do this.

i havent sold any coins. i bought some coins to buy hardware is what i been doing.

[bananas]

If people were any rational they would not be paying hundreds of dollars for one bitcoin

How much should they be paying?

Like any currency Bitcoin can only be worth as much as non speculative market is worth. How many dollars(under bitcoins) are being daily spent in non speculative market? How many bitcoins are available? In such case there is not even shortage for offer and demand value increase. So divide the dollar by bitcoins available and you will get a very low value.

Yes, speculation alters the price of any currency, but it is not real value, once speculation is gone, value is gone too.

[bananas]

And even considering speculation, the current price can't be explained by offer and demand either, people are just paying what is asked believing it will go higher and higher forever.

[Bees Brothers]

I haven't panicked yet...(probably won't)..., but I have not been able to log into my account for 3 days! (Haven't tried for several months)

Type in the user name and password, hit enter and ....nothing. 



I wanted to see if I could convert the remaining $0.13 to btc...

[yatsey87]

I haven't panicked yet...(probably won't)..., but I have not been able to log into my account for 3 days! (Haven't tried for several months)

Type in the user name and password, hit enter and ....nothing. 



I wanted to see if I could convert the remaining $0.13 to btc...

Can everybody else log in or is it just you?

[hilariousandco]

I haven't panicked yet...(probably won't)..., but I have not been able to log into my account for 3 days! (Haven't tried for several months)

Type in the user name and password, hit enter and ....nothing. 



I wanted to see if I could convert the remaining $0.13 to btc...

Maybe you'll just have to just let that thirteen cents go  .

[Bees Brothers]

I haven't panicked yet...(probably won't)..., but I have not been able to log into my account for 3 days! (Haven't tried for several months)

Type in the user name and password, hit enter and ....nothing. 



I wanted to see if I could convert the remaining $0.13 to btc...

Can everybody else log in or is it just you?

Not sure.  That is why I posted this.

There is enough trading going on , nor has there been any threads on the subject, so I suspect it might just be me.

Maybe after this storm passes I will contact them about it.  Not really worth anyone's time over $0.13  (it might be less).

[Bees Brothers]

I haven't panicked yet...(probably won't)..., but I have not been able to log into my account for 3 days! (Haven't tried for several months)

Type in the user name and password, hit enter and ....nothing. 



I wanted to see if I could convert the remaining $0.13 to btc...

Maybe you'll just have to just let that thirteen cents go  .

Right. I had let it go, and then when the prices dropped, I wondered if it was enough to make a minimum purchase.  When I left it there earlier, it was too little to make a purchase.

I'm not concerned about it at all.  More curious about the log in failure.