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Author Topic: What to do when MTGOX gets shut down ? Are we ready for coincalypse ?  (Read 4989 times)
reg
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April 21, 2012, 03:30:46 PM
 #41

I switched from Mtgox when they became too cosy with cooperating with authorities (kyc and all that) I use Intersango now successfully. Now Intersango use Metro, deposits clear usually within 24hrs and the rest is as anonymous as BTC. so its your choice. reg.
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April 21, 2012, 03:32:11 PM
 #42

+1 for Intersango. Allows SEPA, no stupid verification, lower fees than MtGOX for SEPA withdrawal.

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ShadowOfHarbringer
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April 21, 2012, 04:00:24 PM
 #43

It is quite obvious that in (maximum) few years some of world's Governments are going to start perceiving Bitcoin as a threat.

is it really that obvious?

Yes, it is quite obvious that SOME of the governments will view BTC as threat. I didn't say how many governments, or which governments.

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April 21, 2012, 05:17:27 PM
 #44

Intersango is pretty bloody solid as far as exchanges go, they've not had any of the security vulnerabilities that Gox or others have (actually the point them out to others). And they're the second largest exchange overall after gox.

Disclosure, I work with Intersango.

what about the emails leak
lol
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April 21, 2012, 05:37:17 PM
 #45

Interango will prevail.
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April 22, 2012, 04:44:59 AM
 #46

Interango will prevail.

At just before midnight, Saturday night I transferred some money to Intersango using my UK bank's online banking site.

Just after 3:30am Sunday morning I got an email from Intersango to say the funds had arrived.

I was amazed.  3.5 hours in the early hours of Sunday morning.  Outside of banking hours.

How does that happen?  I thought I'd have to wait at least until Monday morning.

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April 22, 2012, 11:17:41 AM
 #47

How does that happen?  I thought I'd have to wait at least until Monday morning.
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April 22, 2012, 11:15:40 PM
 #48

We can get an idea of what to expect by looking at the history of e-gold. The US government started attacking the exchange sites before they went after e-gold itself, and the banks would deny them accounts, making it increasingly difficult for people to exchange dollars (or whatever) for e-gold. We can certainly expect them to do the same thing with bitcoin exchanges eventually, because they already know it works.

I don't really have an answer to this. While it's nice that Intersango exists because competition is good, it's apparently located in the UK, which is just as subject to the US government as Japan is. Maybe an exchange will crop up that's just as (relatively) easy to get US dollars to and from but is located in a country where the government has both a backbone and a nuclear arsenal, but unless that happens I think we're pretty much enjoying the high point of national currency-to-bitcoin exchange right now.

The good news is that e-gold did hold on after the exchanges started getting shut down--it wasn't until the US government attacked them directly that they went down. With bitcoin there is no central authority, making it much harder for the government to attack. With major economies in the world circling the drain, the demand for bitcoin (or something like it) seems likely to increase, hopefully fast enough to make it impossible to do an attack by controlling the majority of the network.
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April 22, 2012, 11:20:44 PM
 #49

Yeah I think the likes of the e-gold example show the US government won't like bitcoin one bit once it makes their radar!

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April 22, 2012, 11:23:14 PM
 #50

Interango will prevail.

At just before midnight, Saturday night I transferred some money to Intersango using my UK bank's online banking site.

Just after 3:30am Sunday morning I got an email from Intersango to say the funds had arrived.

I was amazed.  3.5 hours in the early hours of Sunday morning.  Outside of banking hours.

How does that happen?  I thought I'd have to wait at least until Monday morning.

They process transfers every hour and a half. They're true champs.

Assuming you have online banking, once you have set up an account on Intersango.com on average it takes an hour to make a payment to your account (providing your bank supports fasterpayments and processes the payment quickly).
https://bitcointalk.org/index.php?topic=75703.msg838712#msg838712
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April 23, 2012, 12:19:08 PM
 #51

We can get an idea of what to expect by looking at the history of e-gold. The US government started attacking the exchange sites before they went after e-gold itself, and the banks would deny them accounts, making it increasingly difficult for people to exchange dollars (or whatever) for e-gold. We can certainly expect them to do the same thing with bitcoin exchanges eventually, because they already know it works.

+ e^x

Imho that's exactly what is going to happen.


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April 24, 2012, 10:59:17 PM
 #52

so why so many people are still using MtGox ?

http://en.wikipedia.org/wiki/Network_effect
http://en.wikipedia.org/wiki/Natural_monopoly

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April 25, 2012, 04:27:49 AM
 #53


I think in this case the network effect has diminishing returns (so maybe not a network effect?). Imagine two exchanges one 10x Gox size and one 1000x, what is the spread and does it matter for 99% of people? They'll care way more about customer service and wires that take only days.

It seems to me the benefit of being with more traders is not dynamic at all and quickly hits a wall.

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Jeremy West spendbitcoins.com
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April 25, 2012, 05:34:39 AM
 #54

The thing is, I and others trade on MtGox because they have the best liquidity, because I can trade large quantities without much slippage there. It’s a natural monopoly, and the MtGox market itself is so small and illiquid that it can hardly be justified retracting volume from it.

If you want to trade out of bitcoins, you can do so at exact Mt Gox current rate with NO slippage and just a $15 wire fee direct to your bank account using the wire option at http://spendbitcoins.com/convert.

This obviously does not work for day trading, but it is a good alternative for exchanging bitcoins (if I do say so myself--well, other say so as well: http://spendbitcoins.com/testimonials). Smiley

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April 25, 2012, 06:10:28 AM
 #55

I think in this case the network effect has diminishing returns (so maybe not a network effect?).

Network effect because it is the largest exchange, and thus has a lot more bids close to the current market price. Ever tried to buy a larger bunch of coins at once at another exchange? The Ask price will rise up quickly. Not so at mtgox. But I agree this problem should diminish if/when Bitcoin has gained more traction.

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Dutch Merganser
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April 25, 2012, 06:17:32 AM
 #56

It is quite obvious that in (maximum) few years some of world's Governments are going to start perceiving Bitcoin as a threat.
...
Government will try to stop Bitcoin, that is only a matter of time. We kind of already know that is going to happen since the beginnings, so why so many people are still using MtGox ?
Bitcoin is no threat to anything other than itself, and that damage is so extensive at this point I doubt it will ever be a successful above ground payment system. It has perhaps been a useful prototype for the payment system(s) that will instantly dwarf it there is actually a market for such things.

There is a bitcoin "underground economy" that is likely to persist amongst aficionados. For that matter I think you can still actually do things with Linden dollars ( Second Life ), but if you think bitcoin isn't fully surrounded and contained, I can only say sorry you got to the party so late.

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ShadowOfHarbringer
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April 25, 2012, 08:00:15 AM
 #57


I am aware of the network effect.
My question was rather rethorical.

What I am actually asking is: "what have we done do diminish MtGox influence ?".
.
.
It is quite obvious that in (maximum) few years some of world's Governments are going to start perceiving Bitcoin as a threat.
...
Government will try to stop Bitcoin, that is only a matter of time. We kind of already know that is going to happen since the beginnings, so why so many people are still using MtGox ?
Bitcoin is no threat to anything other than itself, and that damage is so extensive at this point I doubt it will ever be a successful above ground payment system. It has perhaps been a useful prototype for the payment system(s) that will instantly dwarf it there is actually a market for such things.

There is a bitcoin "underground economy" that is likely to persist amongst aficionados. For that matter I think you can still actually do things with Linden dollars ( Second Life ), but if you think bitcoin isn't fully surrounded and contained, I can only say sorry you got to the party so late.

You are actually trying to start discussion about whether Bitcoin is/will be successful and whether it is a good currency.

But this is a matter for another discussion.

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April 25, 2012, 12:47:17 PM
 #58

what is a harbringer? one who brings hars?

as for the OP, there is nothing to worry about. free market is king, i mean, that's the foundation of bitcoin anyway.

You gotta pay
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April 25, 2012, 04:28:57 PM
 #59

what is a harbringer? one who brings hars?

Yes, i bring free har for everybody everyday !
FREE HARS !! Har har har har....

In no way is this a typo ! Don't even think about it !

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