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Mt. Gox Impact Diminishes as Market Price Dissociates

thegenesisblock.com

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Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#11
post #9
post #6

Earlier quoted context omitted.

The withdrawals will be supposedly enabled after the 20th with limits! They are clearly insolvent and I hope to see Mark Karpeles and Roger Ver in jail sool! "The Bitcoin Satan" (i.e. Roger Ver) is actually soliciting people on Bitcoin Forums to buy their coins and dollars at Mt.Gox at a discounted rate, i.e. they are trying with Mark to steal coins from customers and cover up the loss from theft that's most probably…

People have lost every last penny trying to recover from ______ by gambling

Bitcoin gambling has a very low entry point.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#12
post #8
post #6

Earlier quoted context omitted.

The withdrawals will be supposedly enabled after the 20th with limits! They are clearly insolvent and I hope to see Mark Karpeles and Roger Ver in jail sool! "The Bitcoin Satan" (i.e. Roger Ver) is actually soliciting people on Bitcoin Forums to buy their coins and dollars at Mt.Gox at a discounted rate, i.e. they are trying with Mark to steal coins from customers and cover up the loss from theft that's most probably…

Well said. This is the really interesting thing about BitCoin for me, making cryptocurrency work without regulation. I appreciate that folks are trying. It touches on the fundamental difference between so called 'legal tender' and markers for barter.

We're not comparing apples to apples to say Bitcoin transactions are free or cheap. Credit cards are a mature piece of technology that has optimized the costs over the years. The credit cards processing fee is something that has so much behind it (consumer protection, interest-free crediting, etc.) - you cannot compare Bitcoin to this at all. There's no consumer protection with Bitcoin - you're on your own, so, compare transaction fees of cash to Bitcoin, not credit card or remittance fees to Bitcoin if you want to be taken seriously! Yeah, it works with the young and inexperienced who don't know all the complexity behind the status quo.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#13
post #10
post #4

Bitcoin at its best - ignore and outshout truths that don't help the value of your stash go up.

Why do you think the market is wrong on this one?

"Market" is an exaggeration. It's a battleground of flawed trading bot algos, immature investors, internal fraud by exchanges, and some shady characters ("Fontas", "whales", etc.).

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#15
post #6
post #3

The market is clearly betting against MtGox having a fix soon. Based on this article it seems like their revenues are strong but their customer acquisition and retention will suffer immensely if they don't manage to re-instate withdrawals. I find it hard to imagine that they won't solve the withdrawal concern soon. Especially with today's update.

The withdrawals will be supposedly enabled after the 20th with limits! They are clearly insolvent and I hope to see Mark Karpeles and Roger Ver in jail sool! "The Bitcoin Satan" (i.e. Roger Ver) is actually soliciting people on Bitcoin Forums to buy their coins and dollars at Mt.Gox at a discounted rate, i.e. they are trying with Mark to steal coins from customers and cover up the loss from theft that's most probably…

You want to ban Bitcoin gambling more that it's already banned? So betting is only OK when it's a state lottery?? I can most decidedly assure you that people where I live routinely spend their last pennies on state lottery tickets.

And the people who lost some of their money by investing in a volatile new market, then tried to gamble their way back to a break-even point and lost? They bear no responsibility for this? Instead, your solution is to outlaw gambling?

Sometimes I despair of my fellow man. By the way, I don't even gamble (in my entire life, I've gambled one single time, not counting two-dollar NCAA basketball pools in HS).

But it really disturbs me how people want to just outlaw what people should be free to do if they wish. Do you have any idea what they're doing to gamblers because of laws like you're advocating? They're sending in SWAT squads in massive raids, where the "target" frequently ends up shot, or at least their dog.

What about alcohol, do you want to outlaw that? It sure causes a lot of problems. Why not just return to Prohibition?

On the other hand, if some powerful Bitcoin player somehow has insider information on Gox's (in)solvency (quite possible) and is still trying to sell Gox coins or Gox bucks that he/she knows to be worthless, that's clearly crossed the line into fraud, and existing fraud regulations are more than adequate for that. Absolutely no additional regulation is needed to prosecute that (see what's happening to pirateat40). However, I have not seen that this is happening, so I'd like to see the thread you're referring to. As it is, your position on gambling makes me extremely skeptical toward your claims.

Edit: OK, edited out "are you fucking kidding me". I apologize to fellow HNers for such an emotional comment -- first time ever (check my history). But I'm so tired of people calling for more laws when we're so close to living in a police state.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#16
post #3

The market is clearly betting against MtGox having a fix soon. Based on this article it seems like their revenues are strong but their customer acquisition and retention will suffer immensely if they don't manage to re-instate withdrawals. I find it hard to imagine that they won't solve the withdrawal concern soon. Especially with today's update.

Anyone that thinks this is going to turn out well for people with money in Gox is off their rocker. Just saw this this morning from a veteran of the online poker industry talking about how the Gox situation has strong parallels to online poker companies that saw a rash of insolvencies due to funds seizures, theft, and banking issues. Just cemented my view.

http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#17
post #6
post #3

The market is clearly betting against MtGox having a fix soon. Based on this article it seems like their revenues are strong but their customer acquisition and retention will suffer immensely if they don't manage to re-instate withdrawals. I find it hard to imagine that they won't solve the withdrawal concern soon. Especially with today's update.

The withdrawals will be supposedly enabled after the 20th with limits! They are clearly insolvent and I hope to see Mark Karpeles and Roger Ver in jail sool! "The Bitcoin Satan" (i.e. Roger Ver) is actually soliciting people on Bitcoin Forums to buy their coins and dollars at Mt.Gox at a discounted rate, i.e. they are trying with Mark to steal coins from customers and cover up the loss from theft that's most probably…

I don't see why you need new rules and regulations for what is clearly fraud. Roger Ver, is that the same guy that is associated with that btc mine that makes 80k /day but tried to declare bankruptcy to avoid contract obligations to deliver several thousand coins for under $20 each?

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#18
post #13
post #10

Earlier quoted context omitted.

Why do you think the market is wrong on this one?

"Market" is an exaggeration. It's a battleground of flawed trading bot algos, immature investors, internal fraud by exchanges, and some shady characters ("Fontas", "whales", etc.).

If the "battleground" is the exchange value of Bitcoin, then calling it a market is not an exaggeration.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#19
post #13

Earlier quoted context omitted.

"Market" is an exaggeration. It's a battleground of flawed trading bot algos, immature investors, internal fraud by exchanges, and some shady characters ("Fontas", "whales", etc.).

If the "battleground" is the exchange value of Bitcoin, then calling it a market is not an exaggeration.

Ideally, the market price is driven purely by demand and supply, not by bots and speculators.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#20
post #19

Earlier quoted context omitted.

If the "battleground" is the exchange value of Bitcoin, then calling it a market is not an exaggeration.

Ideally, the market price is driven purely by demand and supply, not by bots and speculators.

.... "bots and speculators" are participants in supply and demand.
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