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Mt. Gox Impact Diminishes as Market Price Dissociates

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Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#31

Post by samolang »

hatu wrote: post #29
samolang wrote: post #7

For anyone that is interested there is now a market for trading "real" bitcoins for "gox" bitcoins. https://bitcoinbuilder.com/

Can you explain what is stuck at Gox? Is it peoples bitcoins or their cash? How can they get them out to trade to other people and if they can why are they valued lower than normal bitcoins?

My understanding is that both bitcoins and cash are stuck at Gox. But you are still able to do internal bitcoin transfers within Gox. Person A transfers their "gox" bitcoins to bitcoinbuilder.com's "gox" bitcoin address, person B transfers their "real" bitcoins to bitcoinbuilder.com's "real" bitcoin address, bitcoinsbuilder.com transfers the "gox" bitcoins to person B's "gox" bitcoin address, and bitcoinsbuilder.com transfers the "real" bitcoins to person A's "real" bitcoin address. No bitcoins enter or leave Gox, they just trade hands within Gox using bitcoinsbuilder.com as the intermediary.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#32

Post by kolev »

jnbiche wrote: post #26
kolev wrote: post #22

Earlier quoted context omitted.

People should stop using vulgarism as crutches for their frail thoughts. State lottery is regulated. It also physically prevents people from putting money into it, which they cannot afford to lose (well, there are services that automate this for you at a price). Gambling is addictive and more often ruins lives than it makes people rich - I know this first-hand as I have relatives who just cannot get out of the viciou…

You know, I'll let your ad hominem stand with no comment, but I will point out that I removed my initial "vulgarism" before you responded, leaving only an edit trail for the benefit of other commenters. And I understand better now, you're emotionally involved in the issue. I'm sorry your relatives have this problem, but they'd have the same issue with the state lottery in every state I've ever lived, since none of th…

Be fair - you edited to avoid downvotes. I can't simply by offended by words especially today when even women curse like sailors. It was a suggestion to you. Strong emotions can be expressed better by using proper language as well - it's harder, but it has a stronger effect. A startup covered here had a moto "Do Shit That Matters". I tweeted suggesting them to change it do "Do What Matters", which has the same meaning, but is less ghetto. I like "I fucking love science" Facebook page, but, really, how was that F word really necessary?

Regarding gambling, I am talking about distant future (20+ years from now). In 20 years, alcohol might be irrelevant, but today, two glasses of red wine, for example, have a health benefit. What is the benefit of putting $20 in a slot machine? Maybe some arm exercise.

Gambling tricks the brain differently. If you get a hangover, next time most people will be more careful drinking as much. I got drunk once pretty severely and now I get stick just smelling hard liquor (thank God, red wine is okay). With gambling, after a big loss, people often rush back in the casino as soon as possible to try to recover what they've lost.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#33

Post by kolev »

Crito wrote: post #28
kolev wrote: post #11

Earlier quoted context omitted.

Bitcoin gambling has a very low entry point.

Are you kidding? You need to be rather computer literate to gamble with bitcoin, and you have to be aware that gambling with bitcoin exists, and you have to buy bitcoin which is still a high bar just by itself. The high bar to bitcoin gambling is evidenced by the fact that relatively few people are doing it, for how many people love to gamble. Bitcoin gambling is astronomically dwarfed by other forms of gambling. It'…

I am talking about the people who already have bitcoins.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#34

Post by [deleted] »

kolev wrote: post #13
kiba wrote: 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.).

[deleted]

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#35

Post by dragontamer »

blibble wrote: post #2

that top image has to be the most questionable trendline I've ever seen

Agreed.

Fortunately, it isn't meant to be a "trendline", but instead a measure to show that correlation between exchanges does not exist anymore.

Different exchanges are supposed to have correlations near 1.00. (.99 to .95 is to be expected) However, with correlations near .5, it is clear that Bitstamp prices are very different from Mt. Gox prices.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#36

Post by kolev »

YoukaiCountry wrote: post #25
kolev wrote: post #22

Earlier quoted context omitted.

People should stop using vulgarism as crutches for their frail thoughts. State lottery is regulated. It also physically prevents people from putting money into it, which they cannot afford to lose (well, there are services that automate this for you at a price). Gambling is addictive and more often ruins lives than it makes people rich - I know this first-hand as I have relatives who just cannot get out of the viciou…

Please elaborate on the safety mechanisms/services, I'm not aware of them. But if I was poor, there would be nothing to stop me from going to a gas station and spending my last $20 bill on lottery tickets, instead of food.

You can't easily put thousands of dollars in lottery tickets.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#37

Post by kolev »

oafitupa wrote: post #27
kolev wrote: post #24

Earlier quoted context omitted.

@Karunamon Sorry for not being clear. My point is that increasing price it's not indicative that more people are getting interested in Bitcoin like many are trying to present it. It's purely speculation and we saw recent polls showing regular people not being interested in alternatives to the dollar.

Demand != number of people. For example, you can get twice the demand from the same number of people if they decide to invest more.

I know, but the increasing price is often presented like the average Joes are rushing to put their savings in Bitcoin, which is not the case.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#38

Post by Crito »

kolev wrote: post #33
Crito wrote: post #28

Earlier quoted context omitted.

Are you kidding? You need to be rather computer literate to gamble with bitcoin, and you have to be aware that gambling with bitcoin exists, and you have to buy bitcoin which is still a high bar just by itself. The high bar to bitcoin gambling is evidenced by the fact that relatively few people are doing it, for how many people love to gamble. Bitcoin gambling is astronomically dwarfed by other forms of gambling. It'…

I am talking about the people who already have bitcoins.

By that logic, racing Italian sports cars at track days is a low barrier to entry hobby.

I mean, it obviously isn't, but if you are willing to ignore the "acquire an Italian sports car and know how to drive it" part...

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#39

Post by greatsuccess »

Its hard to say whether this disassociation is really good for anyone. Its probably a fair assumption that some exchanges have accounts at Gox to take advantage of their (formerly) higher exchange rate. If my speculation is correct Mt Gox while being dissociated may protect individuals, but could doom other exchanges if they have significant holdings there. Individuals wont know until its too late.

Re: Mt. Gox Impact Diminishes as Market Price Dissociates

#40

Post by dustcoin »

pmorici wrote: post #17
kolev wrote: 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…

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?

You are thinking of Peter Venesses (Coinlab/Alydian), not Roger Ver.
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