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February 20, 2014, 05:10:05 PM |
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Hi There,
So I was one of those people who jumped on the band wagon and invested when the price hit 4 figures. Unfortunately when I tried to invest back when the price was $200, my money went missing for 3 months and only legal action against Bitstamp led to me getting my money back (some problem with the international banking system apparently!!!) By that time the price sky rocketed upwards!
Anyway, I'm interested in the effect MTGox is still having on the price at other exchanges. It's obvious that the problems with MTGox undermine the currency, and that's causing people to sell, and not many people to buy. There are a lot of people who want cheap coins, but with all these problems, even those people aren't investing because they expect further problems and lower prices...
I'm not "trading at a loss" because I see myself as holding a currency, and it's just not the same value it once was. If I exchange back to $, at that point I've traded at a loss, so I'm trying to avoid that. At the same time however, I am concerned that MTGox is still controlling the price.
Currently, the Bitstamp price is dependent on one thing only, which is the contents of the next MTGox press release.
If MTGox re-activate withdrawls, the Bitstamp price will shoot up somewhat, and MtGox will also recover though never to it's former level (I believe people will lose trust in them, thus they are a dead exchange either way). If MTGox liquidate, then the Bitstamp price will most likely shoot straight back down with it due to public perception, negative press, many people losing money, and the resulting regulation that is bound to be enforced by Governments worldwide to avoid similar issues.
Based on this, it seems like Bitcoin is damned either way for quite a while and selling at $600 isn't such a bad option right now, with rises not likely until the MTGox situation is fully resolved and trust is restored in the currency?
One irresponsible company has really screwed us all!!!
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