Crossed 500 USD - Bull Market returns ?

[apsvinet]

This bumpy ride is going to continue till a french man dumps his coin wealth to pay his lawyers. As far as I can remember, a thread was made with some kinda blockchain proof, that he is dumping on BTC-e, though I believe he'll split this dumping across the globe. (I wish some exchange suspends FIAT withdrawal when he dumps ) So, be ready to ride the rollercoaster

It took me a while to understand who you are talking about lol

I still haven't fully figured it out, but I get the gist of it, haha.

[leftkout]

We can't say for sure that we have seen the low for this year. The long term trend is bullish but competition from alternative coins may put some pressure.

[freedomno1]

btc high, btc low. its always a wild ride.

Truly it is, the price is one of those factors that we have chartbuddy and a super active speculation subforum for

[BitCoinDream]

We can't say for sure that we have seen the low for this year. The long term trend is bullish but competition from alternative coins currencies may put some pressure.

Shitcoins are not Bitcoin's competitor. Their prices are decided on Satoshi. Global currencies like USD, JPY, INR, EUR, GBP are the true competitors of Bitcoin.

[faiza1990]

We can't say for sure that we have seen the low for this year. The long term trend is bullish but competition from alternative coins currencies may put some pressure.

Shitcoins are not Bitcoin's competitor. Their prices are decided on Satoshi. Global currencies like USD, JPY, INR, EUR, GBP are the true competitors of Bitcoin.

But I think bitcoins competition is just with USD not with other Currencies because if $ drops then bitcoin will go more up

[BitCoinDream]

We can't say for sure that we have seen the low for this year. The long term trend is bullish but competition from alternative coins currencies may put some pressure.

Shitcoins are not Bitcoin's competitor. Their prices are decided on Satoshi. Global currencies like USD, JPY, INR, EUR, GBP are the true competitors of Bitcoin.

But I think bitcoins competition is just with USD not with other Currencies because if $ drops then bitcoin will go more up

But that is true for only USD_BTC pairs ...is not it ? Lot of xchanges now support EUR_BTC ...so that xchange rate will be decided on USD_EUR value on Forex.

[bryant.coleman]

There is a real danger of the prices reaching rock bottom. If Mt Gox is actually liquidated (procedures have started), then its assets (including the 200,000 Bitcoins) will be auctioned. Even if the auction is private, the exchange rate can decline by more than 50%.

[apsvinet]

There is a real danger of the prices reaching rock bottom. If Mt Gox is actually liquidated (procedures have started), then its assets (including the 200,000 Bitcoins) will be auctioned. Even if the auction is private, the exchange rate can decline by more than 50%.

They're auctioning the 200k Bitcoins? Can you link any source where I can read about this?
Seems really bad if it happens :/

[bryant.coleman]

They're auctioning the 200k Bitcoins? Can you link any source where I can read about this?
Seems really bad if it happens :/

The news does not explicitly state that they are going to auction the coins, but it is normal in case of liquidation:

http://dealbook.nytimes.com/2014/04/16/former-bitcoin-exchange-mt-gox-set-to-liquidate-in-absence-of-revival-plan/?_php=true&_type=blogs&_r=0

Check this one as well:

https://bitcointalk.org/index.php?topic=573289

[BitCoinDream]

They're auctioning the 200k Bitcoins? Can you link any source where I can read about this?
Seems really bad if it happens :/

The news does not explicitly state that they are going to auction the coins, but it is normal in case of liquidation:

http://dealbook.nytimes.com/2014/04/16/former-bitcoin-exchange-mt-gox-set-to-liquidate-in-absence-of-revival-plan/?_php=true&_type=blogs&_r=0

Check this one as well:

https://bitcointalk.org/index.php?topic=573289

Does Mt Gox own those 200k Bitcoins (their profit) or those are customer's coins ?

[dreamspark]

They're auctioning the 200k Bitcoins? Can you link any source where I can read about this?
Seems really bad if it happens :/

The news does not explicitly state that they are going to auction the coins, but it is normal in case of liquidation:

http://dealbook.nytimes.com/2014/04/16/former-bitcoin-exchange-mt-gox-set-to-liquidate-in-absence-of-revival-plan/?_php=true&_type=blogs&_r=0

Check this one as well:

https://bitcointalk.org/index.php?topic=573289

Does Mt Gox own those 200k Bitcoins (their profit) or those are customer's coins ?

Theyre customers coins but now this is heading into liquidation then the liquidators will do whats easiest and best. Most people cant even use BTC so I very much doubt that a Japanese liquidator is going to be returning peoples funds in BTC...

[bryant.coleman]

Does Mt Gox own those 200k Bitcoins (their profit) or those are customer's coins ?

That is the problem with the Japanese liquidators. We all know that the coins belong to the customers. But according to the Japanese law, any assets belonging to a liquidated company should be auctioned.

[rohnearner]

Does Mt Gox own those 200k Bitcoins (their profit) or those are customer's coins ?

That is the problem with the Japanese liquidators. We all know that the coins belong to the customers. But according to the Japanese law, any assets belonging to a liquidated company should be auctioned.

That is the law favoring corrupts and riches, If the news about mtgox BTC auction turns true wi might see a new low of 2014..!

[bryant.coleman]

That is the law favoring corrupts and riches, If the news about mtgox BTC auction turns true wi might see a new low of 2014..!

There will be some hope if it is a private auction. Even in that case, if the auction price is much lower than the market rates, then the prices will decline steeply. For example, if the coins are auctioned at $380 when the market price is $480, then the person who purchased those coins will offload them to the market, to get immediate profit. Finally, the market price will also settle at $380.

[RocketSingh]

That is the law favoring corrupts and riches, If the news about mtgox BTC auction turns true wi might see a new low of 2014..!

There will be some hope if it is a private auction. Even in that case, if the auction price is much lower than the market rates, then the prices will decline steeply. For example, if the coins are auctioned at $380 when the market price is $480, then the person who purchased those coins will offload them to the market, to get immediate profit. Finally, the market price will also settle at $380.

And if the auction takes place when the market touches 1K usd ?

[bryant.coleman]

And if the auction takes place when the market touches 1K usd ?

No one can exactly predict the future prices. But I'll give you some hints. The average BTC/USD trade volume in the three biggest exchanges (BTC-E, Bitstamp and Bitfinex) amount to some BTC60,000 per day. That means that selling 200,000 BTC might take more than a week, if everything goes well. 7 days of continuous downfall... how much that will be? Can be 20%.... can be 50%, or can be even 90%.

[Kiki112]

aaaand we're under 500 again

[apsvinet]

aaaand we're under 500 again

Yep, time to forget about bitcoins for 3 years and come back when it has a value again. Damn.

[Salmon1989]

aaaand we're under 500 again

Yep, time to forget about bitcoins for 3 years and come back when it has a value again. Damn.

Don't worry, bitcoin will have a very bright future.

[sanjoea]

This is a great news, good for the industry