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Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows

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Re: Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows

#41

Post by James_Duval »

if_by_whisky wrote: post #30
hnnewguy wrote: post #20

Earlier quoted context omitted.

> I almost bought 1,000 btc Are you just as bitter that you missed Apple, Microsoft, Tesla, Priceline, Intuitive Surgical or CNR? Point being, these opportunities are everywhere, always. You're surrounded by them right now, they're just not obvious. But neither was BitCoin. And with the above you're actually buying into a real company, rather than speculating on a price change.

Buying into a real company is not speculating on a price change?

Well, even if the price doesn't go up you may be able to increase your original investment with a DRIP. BTC don't give dividends.

Re: Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows

#42

Post by [deleted] »

koliber wrote: post #40
minimax wrote: post #37

Consider this a reminder that while Bitcoin may be an interesting technological achievement, as a tradable asset it is still basically a toy. Crappy exchange technology combined with low liquidity is a perfect recipe for this kind of volatility.

While I am in no position to predict the future of bitcoins, all new markets have these problems. At an early point in their history, stocks also had low liquidity and crappy technology. Both of these conditions will improve as an asset becomes more popular. It is a chicken-and-egg problem.

[deleted]

Re: Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows

#43

Post by lgieron »

if_by_whisky wrote: post #30
hnnewguy wrote: post #20

Earlier quoted context omitted.

> I almost bought 1,000 btc Are you just as bitter that you missed Apple, Microsoft, Tesla, Priceline, Intuitive Surgical or CNR? Point being, these opportunities are everywhere, always. You're surrounded by them right now, they're just not obvious. But neither was BitCoin. And with the above you're actually buying into a real company, rather than speculating on a price change.

Buying into a real company is not speculating on a price change?

What else would you buy it for (assuming no dividends are being paid out)?

Re: Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows

#44

Post by Torn »

maxerickson wrote: post #35
mcherm wrote: post #31

Earlier quoted context omitted.

1. Number of users holding bitcoins 2. Number of users SPENDING bitcoins to purchase goods 3. Number of merchants accepting bitcoins for goods 4. Total $ value of bitcoins being spent to purchase goods 5. Total $ value of bitcoins being spent to perform international money transfers 6. Amount of press (bad press OK, good press is worth much more) that bitcoins are getting as it drives 1 and 3. I'm sure others have th…

Is there anybody publishing reliable numbers for any of those?

IMO Bitcoin's limited amount incentivises speculation/hoarding over spending. Dogecoin, on the other hand, with its inflationary approach feels much more like something that can be used as a currency.

Re: Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows

#45

Post by pmorici »

dsjoerg wrote: post #12
Xdes wrote: post #3

I think all of us veteran Bitcoin users saw this coming for awhile now. It's all the new users (<1 year) that are affected. They tend to disregard our advice to steer clear of Mt. Gox (and holding their BTC in an exchange like a bank). They're probably the same people who keep supporting scammers like BFL.

Is there anyplace I can go to get the summary of advice from the Sage Old Veteran Bitcoin Graybeards?

bitcointalk.org or the bitcoin subredit has this info plastered all over the place.

Also before you do business with any BTC company you should probably search Google and Pacer for pending lawsuits. BFL has had lawsuits pending against it in state and federal court alleging fraud since at least late Nov. 2013 but no one noticed until yesterday because they named BFL as "BF Labs" which is an uncommon way of referring to them. Some other mining equipment manufactures have federal lawsuits pending against them for fraud as well.

Re: Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows

#48

Post by eru »

yebyen wrote: post #17
nwh wrote: post #14

Earlier quoted context omitted.

The BFL gear is cute and all, but there's a simple fact with selling Bitcoin mining hardware that is probably never going to be overcome. Why would you sell something you could make profit on if you kept it for yourself? This is pretty much the reason why we have ASICminer, KNCminer and Bitfury all either running or building mammoth sized facilities of their own. I particularly liked this juxtaposition on their store…

I think a more appropriate question is, why would you ship on time when all of your previous customers' viability depends on your delaying new shipments as long as possible?

Because you already have their money?

Re: Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows

#49

Post by pmorici »

hnnewguy wrote: post #20
plg wrote: post #8

I'm not bitter that when bitcoin was ~ $1/btc I almost bought 1,000 btc ... no not bitter at all :|

> I almost bought 1,000 btc Are you just as bitter that you missed Apple, Microsoft, Tesla, Priceline, Intuitive Surgical or CNR? Point being, these opportunities are everywhere, always. You're surrounded by them right now, they're just not obvious. But neither was BitCoin. And with the above you're actually buying into a real company, rather than speculating on a price change.

It's a bit harder to get in on those opportunities at a good price since to get in before the IPO you have to be an accredited investor. Bitcoin has no such restriction and in that way really was/is a one of a kind opportunity.

Re: Mt. Gox Halts Bitcoin Withdrawals, Price Drop Follows

#50

Post by yebyen »

eru wrote: post #48
yebyen wrote: post #17

Earlier quoted context omitted.

I think a more appropriate question is, why would you ship on time when all of your previous customers' viability depends on your delaying new shipments as long as possible?

Because you already have their money?

> I bought some Jalapeños [again] ... after my January order was not shipped until August > I will probably not order from them again.

Do you have it already now, are you completely sure of that?

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