Seemingly horrible business decision by whales

[dynodog]

The whales decided that gox was not worth saving.  Although we don't have all the facts obviously, I feel that every attempt should have been made by the whales to come up with a solution to gox where everyone received their cash/bitcoin.  This opinion is purely about a business decision to protect and save bitcoin, and has nothing to do with any moral decision to help the gox customers.  You get into bitcoin and you understand that you could lose everything for whatever reason.

While the cost to whales to work out a plan on gox may have been great, the long term cost TO THE REPUTATION OF BITCOIN of not doing so is much greater.  My friends, no matter what the people on this board try to tell you, or what writers on coindesk try to do to keep your confidence up, or what whales try to do to stabilize the price around 560 to give the impression that all is well, BITCOIN IS NOW DEAD IN THE WATER....  ALL THE MOMENTUM AND EUPHORIA ARE GONE. 

It is no longer viewed as a promise of something great, it is viewed as a very dangerous stupid way to lose your money.  I sold enough to have somewhere between a double and a triple, and will hodl the rest.  It's too bad it had to play out like this.  I hope that I am wrong.

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[nipponese]

Please look up and understand the concept of "moral hazard." You're are essentially saying Gox was "too big to fail," and should have been bailed-out. Have you learned nothing from the past six years of the current global financial crisis? And we're still not in the clear on this one...

[r0ach]

Worst case scenario, random yokels like the original poster will go watching Pawn Stars for a year or so, notice Bitcoin isn't dead, then jump back in.

[CoinRocka]

Maybe the Chinese whales wanted cheaper bitcoins to purchase?

[Dalmar]

Ending the Gox ponzi scheme now is far healthier than if the Gox ponzi exploded at 5 to 10k USD price per BTC.

Also, it gives people who build the infrastructure behind bitcoin some breathing space to work on their projects with less hype surrounding bitcoin. So, with the Gox ponzi out of the way and a stronger ecosystem bitcoin actually has a better future.

[nanonano]

I feel that every attempt should have been made by the whales to come up with a solution to gox where everyone received their cash/bitcoin

I've translated this to english: "I think someone (but not me of course) should reward Mt Gox with $500000000.00 for being incompetent (or frauds)".

BITCOIN IS NOW DEAD IN THE WATER....  ALL THE MOMENTUM AND EUPHORIA ARE GONE.

If this could kill bitcoin, then it obviously wasn't a very good idea to begin with. Why do you want someone to give away 500 million on a bad idea?

[cr1776]

I feel that every attempt should have been made by the whales to come up with a solution to gox where everyone received their cash/bitcoin

I've translated this to english: "I think someone (but not me of course) should reward Mt Gox with $500000000.00 for being incompetent (or frauds)".

BITCOIN IS NOW DEAD IN THE WATER....  ALL THE MOMENTUM AND EUPHORIA ARE GONE.

If this could kill bitcoin, then it obviously wasn't a very good idea to begin with. Why do you want someone to give away 500 million on a bad idea?

Lol. Great translation.

[alexeft]

Worst case scenario, random yokels like the original poster will go watching Pawn Stars for a year or so, notice Bitcoin isn't dead, then jump back in.

Yep!!! A lot less than a year too!!! 

[crazynoggin]

For the long-term success of Bitcoin, we need incompetent sites and exchanges like Mt. Gox to fail. We can't allow Mt. Gox to continue to be deceptive in their practices by giving them a second chance and possibly taking down Bitcoin even further than they have already.

[Sir Lagsalot]

When the leaked documents suggested a bailout was being planned, I wrote an article arguing against it: Central Banks Fail to Bail Gox, Proving Superiority of Bitcoin Economy (As Per Satoshi)

Although I hope everyone gets their money back, a bailout would set a terrible precedent. Glad to see that most people realise this.

[corebob]

The whales decided that gox was not worth saving.  Although we don't have all the facts obviously, I feel that every attempt should have been made by the whales to come up with a solution to gox where everyone received their cash/bitcoin.  This opinion is purely about a business decision to protect and save bitcoin, and has nothing to do with any moral decision to help the gox customers.  You get into bitcoin and you understand that you could lose everything for whatever reason.

While the cost to whales to work out a plan on gox may have been great, the long term cost TO THE REPUTATION OF BITCOIN of not doing so is much greater.  My friends, no matter what the people on this board try to tell you, or what writers on coindesk try to do to keep your confidence up, or what whales try to do to stabilize the price around 560 to give the impression that all is well, BITCOIN IS NOW DEAD IN THE WATER....  ALL THE MOMENTUM AND EUPHORIA ARE GONE. 

It is no longer viewed as a promise of something great, it is viewed as a very dangerous stupid way to lose your money.  I sold enough to have somewhere between a double and a triple, and will hodl the rest.  It's too bad it had to play out like this.  I hope that I am wrong.

I understand your concerns, but I have to disagree.
Nothing is too big to fail in the bitcoin sphere, thats why we like it. Those who can't handle it should be sitting at the kiddies table

[pungopete468]

The euphoria will return. This is a normal and rational way to think in times like these...

Bitcoin has so much support from its current user base it's going to regain that euphoria again.

If we have a rally in the next two months and hit $2,000 would you still feel the same way? I think you would be euphoric.

Bitcoin is exciting, people love the rush of it. Just wait until we consolidate and cross over into a bull market. It's almost here...

[jimhsu]

Whales are rational.
Supply and demand.

Next?

[cdog]

This opinion is purely about a business decision to protect and save bitcoin

Bitcoin doesnt need any white knights coming to save it, least of all with you riding one.

Bitcoin dont give a shit about Gox incompetence. Like the Honey Badger, it just keeps going, middle finger high in the air.

[Nagle]

Coinbase is buying at $578. Last October, Bitcoin was around $100.

Now that the whole China thing is over, it's surprising that the price of Bitcoin is still as high as it is. The big runup was because Bitcoins could be used as a legal way around China's exchange controls. Once the People's Bank of China stopped that, the price went down, but it's still 5x higher than it was before the China runup.

So quit whining.

[odolvlobo]

BITCOIN IS NOW DEAD IN THE WATER....  ALL THE MOMENTUM AND EUPHORIA ARE GONE. 

This is a good thing.

Speculation based on momentum and euphoria always ends badly, as it should. Speculation on bitcoin is no more than a distraction from its real value.

[Vitamin]

1.   What the hell is a whale?

2.  They shouldn't bail out MtGox.  Let the damn thing die already.

[odolvlobo]

1.   What the hell is a whale?

A whale is a mythical creature. It is supposedly a trader with a lot of money that uses its wealth to cause all sorts of bad things to happen. Two thousand years ago people  blamed random weather and other environmental events on gods. Today, we blame random events on the exchanges on whales.

[grifferz]

BITCOIN IS NOW DEAD IN THE WATER....  ALL THE MOMENTUM AND EUPHORIA ARE GONE.

If bitcoin is dead, then the participation of people scared by MtGox is irrelevant.

If bitcoin is not dead then people scared by MtGox will be back.

This is now the second bawwww thread you've started calling for a bailout of MtGox by people who were smart enough to not touch MtGox. They are still smart enough to not touch MtGox.

Please move on.

[Bizmark13]

1.   What the hell is a whale?

I think it's people who have a lot of bitcoins. Like over 1k.