Gox dead, BitStamp freefall, no resistance. $250 Bitcoin this week

[cosmofly]

I told everyone here that Gox is dead and has shutdown but everyone laughed at me.  Well now that it has shutdown I believe there is a huge loss of confidence of the public on bitcoin.

Ppl say yeah its good mtgox died but u forget that 1million ppl used that service, that's a lot of money lost and probably investors who will never return to bitcoin ever again.

I see bitstamp touching April's previous All time high $250 this week.

People lost confidence not just in exchanges but also in the bitcoin foundation lack of development.

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[CrusaderTim]

Mtgox being in $100-300 range for weeks didn't make it fall and people didn't care about it but the complete vanish of Mtgox will make the price drop?
We're going up son.

[pheaonix]

bring the pain

http://www.youtube.com/watch?v=7NCM2Tq52ew

[cosmofly]

Mtgox being in $100-300 range for weeks didn't make it fall and people didn't care about it but the complete vanish of Mtgox will make the price drop?
We're going up son.

Because ppl hoped gox will return as they always did but this time they didnt and actually shutdown.

[Bobsurplus]

Mtgox being in $100-300 range for weeks didn't make it fall and people didn't care about it but the complete vanish of Mtgox will make the price drop?
We're going up son.

You're crazy... All the bad press tomorrow, every single trader/miner who uses an exchange to trade altcoins.. whos going to trust an exchange now..

Nobody.

Coins are going wayyyyyyy wayyyy wwwwaaaayyyyyyyy down,

[Edward50]

I agree, I don't think people realize just how bad this is. The main thing is people will not trust money on the exchanges. I am highly considering pulling off the money I have on campbx, as I just don't trust any of these exchanges anymore.

People will also lose trust like me and not want to keep so much cash on the exchanges. This will be very bad as there needs to be a lot of cash on the exchanges to drive the price up of a very expensive bitcoin at $500 each.

Honestly, it is a sure bet to go lower at this point.

[Bobsurplus]

I agree, I don't think people realize just how bad this is. The main thing is people will not trust money on the exchanges. I am highly considering pulling off the money I have on campbx, as I just don't trust any of these exchanges anymore.

People will also lose trust like me and not want to keep so much cash on the exchanges. This will be very bad as there needs to be a lot of cash on the exchanges to drive the price up of a very expensive bitcoin at $500 each.

Honestly, it is a sure bet to go lower at this point.

I've been selling all my alts for the last few minutes.. The only coins I'm going to hold now are the 5 I have clients for.

Forget this mining on multipool and stacking 100's of alts on 5 different exchanges.. This shit is nuts. Time to get some coins safe, cash out the rest and come back in a year from now to see how it played out.

[pheaonix]

I agree, I don't think people realize just how bad this is. The main thing is people will not trust money on the exchanges. I am highly considering pulling off the money I have on campbx, as I just don't trust any of these exchanges anymore.

People will also lose trust like me and not want to keep so much cash on the exchanges. This will be very bad as there needs to be a lot of cash on the exchanges to drive the price up of a very expensive bitcoin at $500 each.

Honestly, it is a sure bet to go lower at this point.

you have to be pretty bambi to think unlicensed exchanges don't have a short lifetime. even bambier to risk holding fiat on one.

enjoy the panic and discount coins. gox was due to die long ago.

[favelle75]

This thread is funny to me, because the people "in the know" know better and realize that Gox being gone is a GOOD thing.  And the mainstream who don't really know don't have a clue what the fck a Gox is or might be, so they'll be unaffected.

All-in-all......BFD.

[Obi-Wan Coinobi]

Last chance to get cheap coins...ever.

[DeathAndTaxes]

I agree, I don't think people realize just how bad this is. The main thing is people will not trust money on the exchanges. I am highly considering pulling off the money I have on campbx, as I just don't trust any of these exchanges anymore.

Then why not use an exchange which doesn't hold any user Bitcoins?  Keep your coins in YOUR wallet and instantly sell them when.  Security and liquidity without compromising.

[traderCJ]

Mtgox being in $100-300 range for weeks didn't make it fall and people didn't care about it but the complete vanish of Mtgox will make the price drop?
We're going up son.

You're crazy... All the bad press tomorrow, every single trader/miner who uses an exchange to trade altcoins.. whos going to trust an exchange now..

Nobody.

Coins are going wayyyyyyy wayyyy wwwwaaaayyyyyyyy down,

I think a lot of people are hoping the market will react to this like it did to the SR shutdown.

Not likely, in my book.  Bad press used to be good press, because so few people had even heard of Bitcoin.  Not anymore.  Gox had 6% of all the coins in existence stolen from it.  I think we'll get some insight into how corrupt the players in and surrounding Gox have been.  $300-400 is reasonable for the next few days.  And then we've got all these people on Gox who'll want to be bailed out.  The only way to do that is to have the price of Bitcoins driven to the point where Gox actually can honor their agreement.

This underscores how different Bitcoins are from government-backed fiat.  When Bitcoins are stolen, that's it.  They're no longer under your control.  With fiat, if a theft of such a magnitude were ever pulled off so that it would actually threaten the economy as a whole, more fiat would be printed and we would all involuntarily subsidize the victim through inflation.  A more or less equal amount of punishment applied to the innocent.  In this case, a smaller group will take a much larger hit.  Who that will be is not yet clear.

[Bobsurplus]

Mtgox being in $100-300 range for weeks didn't make it fall and people didn't care about it but the complete vanish of Mtgox will make the price drop?
We're going up son.

You're crazy... All the bad press tomorrow, every single trader/miner who uses an exchange to trade altcoins.. whos going to trust an exchange now..

Nobody.

Coins are going wayyyyyyy wayyyy wwwwaaaayyyyyyyy down,

I think a lot of people are hoping the market will react to this like it did to the SR shutdown.

Not likely, in my book.  Bad press used to be good press, because so few people had even heard of Bitcoin.  Not anymore.  Gox had 6% of all the coins in existence stolen from it.  I think we'll get some insight into how corrupt the players in and surrounding Gox have been.  $300-400 is reasonable for the next few days.  And then we've got all these people on Gox who'll want to be bailed out.  The only way to do that is to have the price of Bitcoins driven to the point where Gox actually can honor their agreement.

This underscores how different Bitcoins are from government-backed fiat.  When Bitcoins are stolen, that's it.  They're no longer under your control.  With fiat, if a theft of such a magnitude were ever pulled off so that it would actually threaten the economy as a whole, more fiat would be printed and we would all involuntarily subsidize the victim through inflation.  A more or less equal amount of punishment applied to the innocent.  In this case, a smaller group will take a much larger hit.  Who that will be is not yet clear.

Were all going to take the hit!

[matt4054]

I agree, I don't think people realize just how bad this is. The main thing is people will not trust money on the exchanges. I am highly considering pulling off the money I have on campbx, as I just don't trust any of these exchanges anymore.

Do not trust the exchanges. Only leave as little coins as you need out of your wallets. Bitcoin security is based on cryptography, not trust (you've got Ripple for the latter, but trolling here is not the point)

People will also lose trust like me and not want to keep so much cash on the exchanges.

This is a good thing. I'm sorry that you had to see Gox going down for good to come to that conclusion.

This will be very bad as there needs to be a lot of cash on the exchanges to drive the price up of a very expensive bitcoin at $500 each.

There needn't be any cash or bitcoins stored in exchanges in the long term. Speculation and bubbles aren't needed to sustained price increase over a reasonable, sensible timeframe.

Cash should be stored in a safe. Bitcoins in a wallet. Not at an exchange. Unless you trust them as much as the bank where your cash safe is

Honestly, it is a sure bet to go lower at this point.

You may be right but I wouldn't speak of a sure bet, merely as reasonable bet for the next 48 hours. Then people will start to realise how much better the world will be without Gox... and it will rise again, sooner than later.

[YipYip]

Im game ...ill bet 1btc that it wont touch 200 on stamp or btc-e

Any takers ?

This is a good thing finally gox are GONE !!!!!!  ... i am sorry for the pplz with coinz & fiat there but its not like you did not have any signs that they where fucked up

Anyway its a great time to get cheap coinz

[anu]

I told everyone here that Gox is dead and has shutdown but everyone laughed at me.  Well now that it has shutdown I believe there is a huge loss of confidence of the public on bitcoin.

Ppl say yeah its good mtgox died but u forget that 1million ppl used that service, that's a lot of money lost and probably investors who will never return to bitcoin ever again.

I see bitstamp touching April's previous All time high $250 this week.

People lost confidence not just in exchanges but also in the bitcoin foundation lack of development.

I am wondering where that 1 Million figure comes from. Surely there are more Bitcoin addresses than MtGox users?
https://blockchain.info/charts/n-unique-addresses?showDataPoints=false&timespan=all&show_header=true&daysAverageString=1&scale=0&address=

Or can it really be that such a vast majority is stupid enough to add a counterparty risk where none needs to be?

[TeeBone]

Last chance to get cheap coins...ever.

sure thing kiddo, we've been hearing that from bulltards since 1000+

[Obi-Wan Coinobi]

Last chance to get cheap coins...ever.

sure thing kiddo, we've been hearing that from bulltards since 1000+

Just sayin'

[pungopete468]

https://blockchain.info/charts/n-unique-addresses?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

There's a spike of new users entering the market right now... It seems the pool is growing rather than contracting.

[chesthing]

I agree, I don't think people realize just how bad this is. The main thing is people will not trust money on the exchanges. I am highly considering pulling off the money I have on campbx, as I just don't trust any of these exchanges anymore.

People will also lose trust like me and not want to keep so much cash on the exchanges. This will be very bad as there needs to be a lot of cash on the exchanges to drive the price up of a very expensive bitcoin at $500 each.

Honestly, it is a sure bet to go lower at this point.

I've been selling all my alts for the last few minutes.. The only coins I'm going to hold now are the 5 I have clients for.

Forget this mining on multipool and stacking 100's of alts on 5 different exchanges.. This shit is nuts. Time to get some coins safe, cash out the rest and come back in a year from now to see how it played out.

Your gonna regret panic selling your coins Bob. Sell high buy low, remember?