Papayas Posted February 27, 2014 Share Posted February 27, 2014 1. Mt. Gox WAS the biggest trade center. Most had very little trust in gox anymore and saw this collapse coming for a long time. 2. Again, gox was the biggest at one time. As for the price, look at it this way. Yes, it was worth around $1000 2 months ago. What was it worth 2 months before that? Over all, it's doing very well. 3. Anything is easily manipulated with the right amount of money or power. I may take you op on your dare. Jesus Christ and you can't even understand what happen when the former biggest trade center collapse and disappear along with 350 millions worth of usd? Ffs do you actually think everything will be rainbow and candies later if mt gox permanently goes down?? Link to comment Share on other sites More sharing options...
nuckin_futz Posted February 27, 2014 Share Posted February 27, 2014 Jesus Christ and you can't even understand what happen when the former biggest trade center collapse and disappear along with 350 millions worth of usd? Ffs do you actually think everything will be rainbow and candies later if mt gox permanently goes down?? While the answer is unknown. The most likely answer is that what is coming for this digital currency is a poop storm. Think back to when Bear Stearns collapsed. Then six months later Lehman Brothers buckled. When confidence and liquidity dry up it's over. Some of these BTC exchanges are run by some very dumb and untrustworthy people. A little history on the Mt.Gox exchange. It was originally created as an online exchange for "Magic:The Gathering" trading cards. That's where the name came from. Magic The Gathering Online Exchange. It was then rebranded and sold to an unqualified buffoon. In 2013 The Winklevoss twins (yes them), led a $1.5 million in seed funding of BitInstant, a bitcoin payment processor. However, in January 2014, Charlie Shrem, CEO of BitInstant, was arrested and charged with money laundering related to the Silk Road online black market investigation. Some of the shadiest people are involved in the financial industry. If you let them operate without regulation what do people expect to happen. Link to comment Share on other sites More sharing options...
Grapefruits Posted February 27, 2014 Share Posted February 27, 2014 Jesus Christ and you can't even understand what happen when the former biggest trade center collapse and disappear along with 350 millions worth of usd? Ffs do you actually think everything will be rainbow and candies later if mt gox permanently goes down?? For all intensive purposes, gox has been dead for months. It was no longer the big player for a very long time. Just because it was the biggest at one time, doesn't mean it was big at the time of collapse. Most people moved their coins out of gox a long time ago. Link to comment Share on other sites More sharing options...
Papayas Posted February 27, 2014 Share Posted February 27, 2014 For all intensive purposes, gox has been dead for months. It was no longer the big player for a very long time. Just because it was the biggest at one time, doesn't mean it was big at the time of collapse. Most people moved their coins out of gox a long time ago. Sure, the 350 million dollars sure sound like a small amount. I am done with people like you who have zero sense of the scale of the numbers they are talking about Link to comment Share on other sites More sharing options...
Papayas Posted February 27, 2014 Share Posted February 27, 2014 While the answer is unknown. The most likely answer is that what is coming for this digital currency is a poop storm. Think back to when Bear Stearns collapsed. Then six months later Lehman Brothers buckled. When confidence and liquidity dry up it's over. Some of these BTC exchanges are run by some very dumb and untrustworthy people. A little history on the Mt.Gox exchange. It was originally created as an online exchange for "Magic:The Gathering" trading cards. That's where the name came from. Magic The Gathering Online Exchange. It was then rebranded and sold to an unqualified buffoon. In 2013 The Winklevoss twins (yes them), led a $1.5 million in seed funding of BitInstant, a bitcoin payment processor. However, in January 2014, Charlie Shrem, CEO of BitInstant, was arrested and charged with money laundering related to the Silk Road online black market investigation. Some of the shadiest people are involved in the financial industry. If you let them operate without regulation what do people expect to happen. This is exactly what I am thinking. It just hurts my brain so much to see so many people still believe in this Bitcoin market. It's almost like their action is base on blind faith instead of logic and reasoning. The Bitcoin market, like you stated, is just a chaotic place where those shady people can run around freely without regulation, and just watch other people to give them their money. Link to comment Share on other sites More sharing options...
Canada Hockey Place Posted February 27, 2014 Share Posted February 27, 2014 Just additional info for those interested. This is NOT a request for 10 posts about your financial expertise on the matter and how wrong everybody is. OK? Interesting article by Macleans - "The real driver of the price of Bitcoin can be summed up in one word: China." - http://www2.macleans.ca/2014/02/26/why-bitcoin-isnt-dead-in-one-chart/ 1 Link to comment Share on other sites More sharing options...
Jägermeister Posted February 28, 2014 Share Posted February 28, 2014 4 Link to comment Share on other sites More sharing options...
nuckin_futz Posted February 28, 2014 Share Posted February 28, 2014 Mt. Gox Exchange Files for Bankruptcy Mt. Gox, once the world’s largest Bitcoin exchange, filed for bankruptcy in Japan, focusing attention on the digital currency’s risks. The company, which had revenue of 135 million yen ($1.33 million) in the year ended March, applied in Tokyo District Court today with debt exceeding its assets by 2.7 billion yen, Mt. Gox said in a statement. The exchange announced on Feb. 24 that it had lost 750,000 Bitcoins belonging to users and 100,000 of its own, it said. The collapse follows weeks of turmoil amid reports that hackers had pilfered the missing $473 million in Bitcoin from Mt. Gox, leading the company to halt withdrawals on Feb. 7. The regulation of Bitcoin, let alone derivatives of it, is an unresolved question in many parts of the world. Mt. Gox Chief Executive Officer Mark Karpeles said his company lost Bitcoins because its computer systems were weak, according to remarks broadcast on NHK today. The firm had 6.5 billion yen in debt. “We are in a situation close to what you would call Chapter 11 in the U.S.,” Karpeles said in an e-mailed statement. ********************* Not really a surprise to anyone but a proper eulogy is in order. rest of the article can be found here. http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankruptcy.html Link to comment Share on other sites More sharing options...
avelanch Posted February 28, 2014 Share Posted February 28, 2014 dang, beat me to it Link to comment Share on other sites More sharing options...
Papayas Posted February 28, 2014 Share Posted February 28, 2014 In before someone tells ppl the bankruptcy of mt gox and the disappearance of 470 million worth of bit coins will only make Bitcoin stronger than everrrrr Link to comment Share on other sites More sharing options...
Grapefruits Posted March 1, 2014 Share Posted March 1, 2014 So I guess all this means that Bitcoin is dead... again? I mean the biggest exchange filing for bankruptcy protection must have killed it on the spot. Link to comment Share on other sites More sharing options...
silverpig Posted March 1, 2014 Share Posted March 1, 2014 In before someone tells ppl the bankruptcy of mt gox and the disappearance of 470 million worth of bit coins will only make Bitcoin stronger than everrrrr How many US banks failed in 2009? How much $ value was destroyed with the markets crashed? Did the USD die? http://techcrunch.com/2014/02/28/whats-not-being-said-about-bitcoin/ Link to comment Share on other sites More sharing options...
Papayas Posted March 1, 2014 Share Posted March 1, 2014 How many US banks failed in 2009? How much $ value was destroyed with the markets crashed? Did the USD die? http://techcrunch.co...-about-bitcoin/ This will be the last time I say this, STOP using idiocy fallacy when it comes to this issue. Just because something happened to usd a few years ago, it doesn't automatically makes any other options okay. you want to talk about value? find me a currency what drops 50% in value in 2 months, and you can come here and tell me that the bitcoin market is legit. but sure~ let's invest into something that has zero regulation. All it takes is a few big companies to come out and tell ppl they don't accept Bitcoins, and the coins would be as worthless as a weapon on wow because you can't buy crap with them. Also, the amount of money the bank lost is FAR from being 4-6 % of the total value of bitcoins. Do you even understand the scale of 4-6% of bitcoins disappeared overnight without a trace?? 2 Link to comment Share on other sites More sharing options...
silverpig Posted March 2, 2014 Share Posted March 2, 2014 This will be the last time I say this, STOP using idiocy fallacy when it comes to this issue. Just because something happened to usd a few years ago, it doesn't automatically makes any other options okay. you want to talk about value? find me a currency what drops 50% in value in 2 months, and you can come here and tell me that the bitcoin market is legit. but sure~ let's invest into something that has zero regulation. All it takes is a few big companies to come out and tell ppl they don't accept Bitcoins, and the coins would be as worthless as a weapon on wow because you can't buy crap with them. Also, the amount of money the bank lost is FAR from being 4-6 % of the total value of bitcoins. Do you even understand the scale of 4-6% of bitcoins disappeared overnight without a trace?? The Brazilian Real lost 32% of its value to the USD over 1 month in September 2008. It recovered, then lost that value again. Most companies already don't accept bitcoins. Try buying something at Walmart with bitcoins. You can't do it. Bitcoins started off with NO merchant acceptance and it has only grown. No one cares if Walmart says they won't accept them, because they never have. There are however other merchants which do accept them, and the list of accepting merchants grows every day. What's more, bitcoins are most valuable for peer-to-peer transactions because the fees are so incredibly low. In-country P2P and international remittances are huge markets that standard currencies don't serve well. Mt Gox was an exchange. An exchange is different than the currency. When a US bank goes under, you don't question the value of the USD, you question the ability of the managers of that bank to run a business. Mt Gox was a very poorly run exchange. In fact, it was a video game trading site for Magic: The Gathering. That's how it got it's name. Magic The Gathering Online eXchange. Then someone bought it and handed it over to someone who had no idea how to run an exchange and it went under. And your point about losing 4-6% of all bitcoins is completely opposite of what it will do to the value. Because there are a limited number of them, removing some bitcoins from circulation only makes the remaining bitcoins MORE valuable. They can't just create more of them. I'd suggest you read a bit more about bitcoins, currencies, exchanges, and economics before acting like everyone in this thread who doesn't agree with you is an idiot. 2 Link to comment Share on other sites More sharing options...
MillerGenuineDraft Posted March 2, 2014 Author Share Posted March 2, 2014 The Brazilian Real lost 32% of its value to the USD over 1 month in September 2008. It recovered, then lost that value again. Most companies already don't accept bitcoins. Try buying something at Walmart with bitcoins. You can't do it. Bitcoins started off with NO merchant acceptance and it has only grown. No one cares if Walmart says they won't accept them, because they never have. There are however other merchants which do accept them, and the list of accepting merchants grows every day. What's more, bitcoins are most valuable for peer-to-peer transactions because the fees are so incredibly low. In-country P2P and international remittances are huge markets that standard currencies don't serve well. Mt Gox was an exchange. An exchange is different than the currency. When a US bank goes under, you don't question the value of the USD, you question the ability of the managers of that bank to run a business. Mt Gox was a very poorly run exchange. In fact, it was a video game trading site for Magic: The Gathering. That's how it got it's name. Magic The Gathering Online eXchange. Then someone bought it and handed it over to someone who had no idea how to run an exchange and it went under. And your point about losing 4-6% of all bitcoins is completely opposite of what it will do to the value. Because there are a limited number of them, removing some bitcoins from circulation only makes the remaining bitcoins MORE valuable. They can't just create more of them. I'd suggest you read a bit more about bitcoins, currencies, exchanges, and economics before acting like everyone in this thread who doesn't agree with you is an idiot. Essentially, this. Excellent post, by the way! Link to comment Share on other sites More sharing options...
Grapefruits Posted March 3, 2014 Share Posted March 3, 2014 (edited) Remember everyone, the bank is on your side: BMO customer's account emptied of $87K as bank falls for scam Bank delayed taking financial responsibility for mistake for months http://www.cbc.ca/news/canada/british-columbia/bmo-customer-s-account-emptied-of-87k-as-bank-falls-for-scam-1.2555647?cmp=rss Edited March 3, 2014 by Grapefruits Link to comment Share on other sites More sharing options...
mdehaan Posted March 4, 2014 Share Posted March 4, 2014 Remember everyone, the bank is on your side: BMO customer's account emptied of $87K as bank falls for scam Bank delayed taking financial responsibility for mistake for months http://www.cbc.ca/ne...2555647?cmp=rss He was reimbursed with interest. So the bank made it all better. He got his 'money' back. The saddest part of this is the poor family had been saving the 'money' for 50 years starting in 1964. Broken down it is basically the equivalent of ~$35 per week. What do you think $35 bought them in 1964 versus what it will buy them today? Link to comment Share on other sites More sharing options...
silverpig Posted March 4, 2014 Share Posted March 4, 2014 He was reimbursed with interest. So the bank made it all better. He got his 'money' back. The saddest part of this is the poor family had been saving the 'money' for 50 years starting in 1964. Broken down it is basically the equivalent of ~$35 per week. What do you think $35 bought them in 1964 versus what it will buy them today? Uh, just because you can divide and get $35/wk doesn't actually mean they put away the same amount every week and ignored inflation. Link to comment Share on other sites More sharing options...
mdehaan Posted March 4, 2014 Share Posted March 4, 2014 Uh, just because you can divide and get $35/wk doesn't actually mean they put away the same amount every week and ignored inflation. Sure it does, read the article. Link to comment Share on other sites More sharing options...
Offensive Threat Posted March 4, 2014 Share Posted March 4, 2014 Regulation of online currencies is on its way. Too late for Mt. Gox but its coming in Japan, Canada, China and other countries. In the US its a bit more of a "we dont want to deal with this how about we hand it off to someone else" type of response. From The New York Times: Janet L. Yellen, the chairwoman of the Federal Reserve, responded to a question from Senator Manchin at a recent hearing that her agency “simply does not have authority to supervise or regulate Bitcoin in any way.” So if there is going to be a push to restrict, or even ban, the use of virtual currencies, it will have to come from Congress. The rest of the article looks at how current commissions are looking to expand their framework to include Bitcoin and other online currencies, namely the Securities and Exchange Commission and the Commodity Futures Trading Commission. Make it legit. Article: http://dealbook.nyti...type=blogs&_r=0 Link to comment Share on other sites More sharing options...
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