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Author Topic: MtGox Collapsing (and taking bitcoin down with them?)  (Read 12620 times)
Raoul Duke
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May 11, 2012, 01:02:12 AM
 #21

Just one question: Why would Bitcoin go down with MtGox?

I'm into Bitcoin for more than 1 year and besides opening an account in MtGox I never really used them for anything else... And I bet a lot more people are like me and don't use exchanges.

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Raoul Duke
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May 11, 2012, 01:08:54 AM
 #22

Just one question: Why would Bitcoin go down with MtGox?

I'm into Bitcoin for more than 1 year and besides opening an account in MtGox I never really used them for anything else... And I bet a lot more people are like me and don't use exchanges.
I don't think it would go down the mtgox. I think it would hurt it. Bitcoin, due to its decentralization, could not be taken down by that. It just might hurt popularity.

I think it's exactly the opposite: Bitcoin is being damaged by the existence of MtGox and the centralization on them.
I think if MtGox went down Bitcoin would have more to gain than to lose.

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May 11, 2012, 01:20:32 AM
 #23


I think it's exactly the opposite: Bitcoin is being damaged by the existence of MtGox and the centralization on them.
I think if MtGox went down Bitcoin would have more to gain than to lose.
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If BTC became the global currency & money supply = 100 Trillion then ⊅1.00 BTC = $4,761,904.76.
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May 11, 2012, 02:06:49 AM
 #24

Just before 00:00 GMT there was a volume of 220,000 dropping BTC to $4.80. It's back to around $5 now but someone is certainly making a lot of moves.
How do you set the computer to make loud annoying buzzing alarm when the wiggle like that? I don't want to miss the action.

For Bitcoin to be a true global currency the value of BTC needs always to rise.
If BTC became the global currency & money supply = 100 Trillion then ⊅1.00 BTC = $4,761,904.76.
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May 11, 2012, 02:45:42 AM
 #25

My main concern is that if MtGox collapses, the price of bitcoin will collapse with them.

People need to diversify and trade on other exchanges in addition to Mt. Gox.
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May 11, 2012, 02:49:11 AM
 #26

I share the OP's concerns.  All of my dwolla withdrawals have been nearly instantaneous in the past (I even posted on that thread that my last withdrawal had gone through quickly), but two recent withdrawals have taken 6 days (just received) and 3 days (so far) to get the funds in my dwolla account, respectively.

I'm going to take my business to Intersango until they get this figured out.  It makes me too nervous...

I have had the same experience, however as soon as I open a support ticket about the missing transfer they get my transfers resolved.
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May 11, 2012, 02:51:13 AM
 #27

I bet a lot more people are like me and don't use exchanges.

Or they're like me and use ALL the exchanges (:
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May 11, 2012, 03:03:43 AM
 #28

Just one question: Why would Bitcoin go down with MtGox?

I'm into Bitcoin for more than 1 year and besides opening an account in MtGox I never really used them for anything else... And I bet a lot more people are like me and don't use exchanges.
I don't think it would go down the mtgox. I think it would hurt it. Bitcoin, due to its decentralization, could not be taken down by that. It just might hurt popularity.

I think it's exactly the opposite: Bitcoin is being damaged by the existence of MtGox and the centralization on them.
I think if MtGox went down Bitcoin would have more to gain than to lose.
I don't think centralization is actively hurting Bitcoin.  It could hurt Bitcoin significantly if something happens to Mt. Gox, but I don't see it as hurting Bitcoin NOW.
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May 11, 2012, 08:07:58 AM
 #29

Let's see what it brings...

https://www.facebook.com/MtGox/posts/294260660658348
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May 11, 2012, 10:54:25 AM
 #30

A Mt.Gox shutdown would undoubtedly hurt bitcoin's price.  Part of the valuation of bitcoin includes the availability of a large exchange for cashing in and out.

However, bitcoin wouldn't die if Mt.Gox went.  There are other exchanges, and once they took on the liquidity that Mt.Gox represents the price would recover (modulo reputational losses for bitcoin services generally).

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May 11, 2012, 07:19:21 PM
 #31

Just before 00:00 GMT there was a volume of 220,000 dropping BTC to $4.80. It's back to around $5 now but someone is certainly making a lot of moves.
How do you set the computer to make loud annoying buzzing alarm when the wiggle like that? I don't want to miss the action.

A few months ago, a user of this forum named Jesse had created a web app alarm that would sound a bull or bear sound upon crossing a price threshold.  I remember it being clever and useful; however, I don't know that it exists anymore...  I searched the board for a link, but to no avail.  Either I need more coffee or this forum's search sucks.

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May 11, 2012, 07:39:41 PM
 #32

Funny enough, even if I wanted to sell my BTC to panic over this, I'm disinclined to do so, because if the concern is that MtGoxUSD aren't fully backed by USD, my BTC in the hand are more valuable than the MtGoxUSD I'd receive at MtGox.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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May 11, 2012, 11:21:23 PM
 #33

A Mt.Gox shutdown would undoubtedly hurt bitcoin's price.  Part of the valuation of bitcoin includes the availability of a large exchange for cashing in and out.

However, bitcoin wouldn't die if Mt.Gox went.  There are other exchanges, and once they took on the liquidity that Mt.Gox represents the price would recover (modulo reputational losses for bitcoin services generally).
MtGox did not build a large exchange. It became a large exchange because the users were to lazy to diversify. When it goes away, the users will move to other exchanges, making these larger. So this effect will only lead to small fluctuations, if at all.

You're right about the reputation thing, however. But on the long run, we will all be grateful when this happens. It's always dangerous when a single company can jeopardize the reputation of bitcoin as a whole through their own decisions. When people start to diversify, this effect will have a much lower impact in the future (if another exchange stumbles).

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the joint
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May 11, 2012, 11:30:13 PM
 #34

Just before 00:00 GMT there was a volume of 220,000 dropping BTC to $4.80. It's back to around $5 now but someone is certainly making a lot of moves.
How do you set the computer to make loud annoying buzzing alarm when the wiggle like that? I don't want to miss the action.

A few months ago, a user of this forum named Jesse had created a web app alarm that would sound a bull or bear sound upon crossing a price threshold.  I remember it being clever and useful; however, I don't know that it exists anymore...  I searched the board for a link, but to no avail.  Either I need more coffee or this forum's search sucks.

I've been thinking about this all week!  That thing was hilarious (and useful).

If anybody has any info on what happened to this, I'd love to know.

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May 12, 2012, 12:16:19 AM
 #35

Just before 00:00 GMT there was a volume of 220,000 dropping BTC to $4.80. It's back to around $5 now but someone is certainly making a lot of moves.
How do you set the computer to make loud annoying buzzing alarm when the wiggle like that? I don't want to miss the action.

A few months ago, a user of this forum named Jesse had created a web app alarm that would sound a bull or bear sound upon crossing a price threshold.  I remember it being clever and useful; however, I don't know that it exists anymore...  I searched the board for a link, but to no avail.  Either I need more coffee or this forum's search sucks.
Is this the app?

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the culture of naive fools and conmen, the former convinced that BTC is a magic box that will turn them into millionaires, and the latter arriving by the busload to devour them.
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May 12, 2012, 12:33:35 AM
 #36

Just before 00:00 GMT there was a volume of 220,000 dropping BTC to $4.80. It's back to around $5 now but someone is certainly making a lot of moves.
How do you set the computer to make loud annoying buzzing alarm when the wiggle like that? I don't want to miss the action.

A few months ago, a user of this forum named Jesse had created a web app alarm that would sound a bull or bear sound upon crossing a price threshold.  I remember it being clever and useful; however, I don't know that it exists anymore...  I searched the board for a link, but to no avail.  Either I need more coffee or this forum's search sucks.
Is this the app?

Nice!!!

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May 13, 2012, 08:09:26 AM
 #37

MTGOX MUST ANSWER THESE QUESTIONS STRAIGHT.

DO YOU EVER ISSUE MORE MTGOX BTC REDEEMABLE CODE THAN YOU HAVE ACTUAL BITCOINS?

AND

DO YOU EVER ISSUE MORE MTGOX USD REDEEMABLE CODE THAN YOU HAVE ACTUAL USD?

I used to debate Libertarian nut cases who think that all fractional reserve banking is fraud. My usual response is to ask them if they really think there actually exists anyone who thinks that when you deposit money in a bank, they put your money in the safe so that you can withdraw it when you want to. I guess I'll have to find a new argument, because it now appears there is at least one such person.

I am an employee of Ripple.
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May 13, 2012, 08:49:52 AM
 #38

People need to diversify and trade on other exchanges in addition to Mt. Gox.
There's often better prices on other exchanges too.
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May 13, 2012, 11:06:38 AM
 #39

The problem is easily getting money to other exchanges. It's such a PITA and then all of the fees to do so.

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May 13, 2012, 04:43:12 PM
 #40

This post is for any n00b that sees any discouraging news about MTGOX and contemplates a negative reaction...

I've used MTGOX for over a year now. I've had one single problem and it was MY FAULT for not clearly identifying my account with a deposit. I've purchased thousands of dollars of Bitcoin through them and not a single problem. On the 4th, a friday, I wired some more dollars and by sunday evening, I was funded and able to trade. No delays at all.

Pro-Tips: Don't be shady, submit your identification information, and comply with all the banking requirements on your last trip out of the system (just hold your middle finger high to the banking system as you transfer your Bitcoins to your personal wallet).

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