Bitstamp is the Next Gox and why Bitcoin will be at $300 soon

[cosmofly]

As i previously predicted, the markets have become 100% manipulated. Look at the pathetic volumes in the past few days why do you think ? That's because all the money from the peasants has been depleted. The Manipulation especially by chinese manipulators has been so severe it bankrupted a large number of new & existing Bitcoin investors. Notice how Bitcoin wasn't really allowed to bottom out, instead they kept playing the market forcing peasants (ie all of u here) to buy expensive bitcoin at $550-$700 so they can sell it to u.

The manipulation WILL continue until there is 0 new peasant money coming in, we might see more price swing upwards but ultimately we are going down to the real bottom at $300 or less. As i also stated earlier, the Gox fiasco is massive even if no one here cares about it, the real world is outside this forum. Every single day in the news there is something bad about Bitcoin, the media officially labeled it as a fraud and this will take atleast 1 year to recover. Like it or not Gox has ruined Bitcoin's image for a while, ontop of that every single day there is news of some bitcoin bank or service getting hacked.

I have been right so far, and most importantly Bitstamp is about to shutdown in the coming months Gox style, look at the signs:


1. Bistamp BTC withdrawals have siginficantly slowed down, before it would take 30min now takes up to 24 hours
2. Just take a look at the service discussion and reddit, you will see just how bad fiat withrawals have become
3. It takes weeks to get a withdrawal processed, especially if in large amounts
4. Bitstamp has been harassing users with pathetic unrequired questions about their personal life when asking to withdraw. This makes people think twice before withdrawing fiat
5. Bitstamp is introducing severe KYC procedure, even my Charles swab account doesn't ask me for so many documents and stupid personal questions. This is nothing but a delay tactic to cover for their losses
6. Don't forget that bitstamp shutdown btc withdrawals for an entire week just recently, this was actually because a large number of bitcoins were stolen but they haven't admitted it yet.
7. Endless complaints by bitstamp users, very similar to the months before gox collapsed

Good luck everyone

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[gizmoh]

Fear Uncertainty Doubt its all in Op's post. Doing a good job Mr. perma bear.  

Lets not forget to talk about the eventual 180k btc payout from gox that might cripple the few fiat left from stamp peasants..

[marvinrouge]

I have withdrawed fiat and btc recently, no pb 

fiat in 2 days, btc in one hour

[rohnearner]

Its good to see all kind of Perceptions..! and few of your prediction might be true..! but I highly doubt it will reach below 500$ anytime soon even if % of your speculation comes true..! but then again I'm no guru here , so lets see what happens in next few months and how things shape Up..! It can go anywhere b/w 500-1k$ only time will tell.

[TERA]

Interesting. I had no idea that there were problems with btc and fiat withdrawals at bitstamp. Can anyone else confirm (besides proudhon)?

[marvinrouge]

Interesting. I had no idea that there were problems with btc and fiat withdrawals at bitstamp. Can anyone else confirm (besides proudhon)?

theory : as they have a real cold wallet and since many user since gox death trust less exchanges and withdraw some of what they have, maybe Bitstamp don't process the BIG withdrawals very fast because they have to transfer manually the Btcs...

[TERA]

I just looked at the first 2 pages in services discussion and there are no topics about Bitstamp currently having problems with withdrawals.  

Is there anything to substantiate "Bitstamp is the next gox" other than that they are following KYC requirements (isn't that a good thing)?

[cosmofly]

I just looked at the first 2 pages in services discussion and there are no topics about Bitstamp currently having problems with withdrawals.  

Is there anything to substantiate "Bitstamp is the next gox" other than that they are following KYC requirements (isn't that a good thing)?

it's not a good thing when they plan to ask for more evidence than Charles Swab, remember that Gox did exactly 100% the same thing in the months following its collapse. They used excessive KYC to create delay tactics, don't forget this fact.

[seleme]

I've withdrawn as much as hundreds BTC from Bitstamp recently, no problems at all.

Now, not saying some people haven't had problems but cosmofly is confirmed butthurt idiot so deal him with caution.

Disclaimer: I'm full in fiat right now except coins I use to trade alts.

[TERA]

I just looked at the first 2 pages in services discussion and there are no topics about Bitstamp currently having problems with withdrawals.  

Is there anything to substantiate "Bitstamp is the next gox" other than that they are following KYC requirements (isn't that a good thing)?

it's not a good thing when they plan to ask for more evidence than Charles Swab, remember that Gox did exactly 100% the same thing in the months following its collapse. They used excessive KYC to create delay tactics, don't forget this fact.

Can you copy your KYC questions here. Mine were about 8 questions. I answered them and then my withdrawal was processed the next day.

[podyx]

FUD is to be expected in bitcoin

expect alot more FUD after the next large bubble

[spiderbrain]

I've withdrawn fiat and bitcoins from stamp recently with no problems. MtGox was a walking corpse for ages before it finally collapsed.

[shizuska]

Nice FUD, I´m using Stamp daily and never had a problem, 12k SEPA withdrawal took excactly 3 days to hit my bank account from the moment of initiation, larger BTC withdraws usually take 2h or so.

[Luno]

Where are all those reports about Bitstamp withdraw delays? If this is true then that would be a very bad sign.

Oddly, I can withdraw both BTC and EUR using SEPA just fine and I am actually slightly surprised by this: They likely got a pretty huge influx of new users when emptyGox closed down (assuming some percentage of the emptyGox users were smart enough to have some BTC or other funds outside it, which may not be true since those users were indeed emptyGox users) and I actually expected that to cause some delays - which isn't happening.

I think it's a myth that ex Gox customers, should scramble to Bitstamp after the bankruptcy.

If they had any there they have less now, and before, they considered Gox the safest option.

If they managed to withdraw in time, they don't intent to have their coins on another exchange.

Volumes are falling on all the exchanges, Ask orders are dwindling too. We will see another sharp dip into in a few days. This time into the sub 300.

The implications of Gox has a lot to do with the future of bitcoin still. more has to come out i the open before it's impact can be assessed. 

[GigaCoin]

I agree that the Gox issue is not something we can just sweep under the rug.

I have indeed noticed that Bitcoin withdrawals at stamp are taking longer, for example previously my BTC withdrawal would take about 15-30 Min it was really fast. However now it takes about 2 hours +, this could be related to other issues though.

As for fiat withdrawals, it's been a while since i tried it so can't comment on it. I have come across some withdrawal delay complaints in service discussion, i see more of them but no where near Gox levels. I don't believe it is a major issue at all.

[rebel24]

Here's one for you OP.
Bitcoins trend: 4 years, went from approx. 1000:1 to $1000
Is a 1m times gain, in 4 years

Which is more than a 30x gain per year, which is 3000% return.
Which comes out to about a 1% gain per day (compounding daily).
So speak all the FUD you want, but 10k in, earns an average $100 per day.


and if you pick a good altcoin, like Dogecoin which should rise multiple times what bitcoin does in the next boom.

Well I'll leave you with something I remember from the book "reminiscences of a stock operator" (one of the greatest books on trading ever released)-- a stock was going down, and the young guns were telling an old trader that. The old trader said "maybe you are right, but I can't sell, its my position"

it is the same thing here. It doesnt matter if it goes down in the short term, it's my position -- and I understand its long term value, I'm not in the day-trading or swing trading game.

[F-bernanke]

Quick, everyone withdraw all their bitcoins and see what happens!

We should have scheduled bank exchange runs until exchanges implement more transparency (on the Bitcoin side of things at least)!

I fully support this idea as I absolutely dispise fractional reserve banking. We saw how this allowed GOX to manipulate the BTC price downward (Selling BTC's they dont have).

We should set up a system which picks a  random day in an manner that is not predictable (as the exchanges will simply Loan BTC from a big holder to cover BTC withdrawals).

cosmofly is confirmed butthurt idiot so deal him with caution.

+1

[TERA]

Where were all these threads when we were rallying to $1250? It's been known for almost a year that gox was dying/dead but during the rally everyone was just "CCMF. Thank god were over gox and we can still CCMF without it due to bitstamp". Where were all the doom mongers then, to say "no, gox dying is bad and you'll be seeing under 300 soon eough". Now suddenly that we're LOW, everyone's going to bring up this old issue and use it to rationalize that we should be even lower?

[smoothie]

watch OP be wrong as Bitcoin makes a new ATH by end of July of 2014.

Sell now OP while the price is "high". 

[CryptKeeper]

Bitstamp had trouble with their banking software in november and one of my deposits get stuck then. Needed about two weeks to clear up. Since then, everything has gone smooth for me. I did several sepa deposits and btc withdrawals without delays, I can really recommend this exchange.