do not worry - you can trade on google docs again in a few weeks. I can do escrow for you.
Topic: Did the Bitstamp fiasco kill Bitcoin? (Read 1513 times)
do not worry - you can trade on google docs again in a few weeks. I can do escrow for you.
From an investor perspective, putting money into Bitcoin requires an exchange that isn't crooked or incompetent, and has significant volume. There are none left. Of the US dollar exchanges:
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
- Bitstamp - two guys somewhere in Slovenia with a mailbox in London who are $15 million in the hole.
- Mt. Gox - in liquidation.
- Bitfinex - "The Bitfinex trading platform is currently in a beta phase (testing phase). The platform is owned and operated by iFinex Inc. (Bvi), and during this final phase the platform is being prepared to operate under a fully licensed model."
- BTC-e - total buy side market depth right now, BTC225.
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
Bitstamp made it very hard for itself by making it apparently so easy for the hacker(s) to steal 14% of their total coins.
We all know that exchanges and services using and storing Bitcoin are a huge target for hackers.
But a theft with such size is making even Bitcoiners lose trust in current exchanges.
At least Bitstamp came back and sort of fixed what was broken. It will take time for people to gain their confidence back.
It will take sometimes but it will happen. Coinbase has not be stained and Bitcoin businesses are growing and learning.
From an investor perspective, putting money into Bitcoin requires an exchange that isn't crooked or incompetent, and has significant volume. There are none left. Of the US dollar exchanges:
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
- Bitstamp - two guys somewhere in Slovenia with a mailbox in London who are $15 million in the hole.
- Mt. Gox - in liquidation.
- Bitfinex - "The Bitfinex trading platform is currently in a beta phase (testing phase). The platform is owned and operated by iFinex Inc. (Bvi), and during this final phase the platform is being prepared to operate under a fully licensed model."
- BTC-e - total buy side market depth right now, BTC225.
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
Bitstamp made it very hard for itself by making it apparently so easy for the hacker(s) to steal 14% of their total coins.
We all know that exchanges and services using and storing Bitcoin are a huge target for hackers.
But a theft with such size is making even Bitcoiners lose trust in current exchanges.
At least Bitstamp came back and sort of fixed what was broken. It will take time for people to gain their confidence back.
The exchange situation is loathsome.
The BTC market shouldn't have gotten as far as it has with the utter crap that passes as acceptable right now.
The BTC market shouldn't have gotten as far as it has with the utter crap that passes as acceptable right now.
Too much selling and very little support because bulls have been destroyed in 2014. The price will increase again but the question is when?
I don't see this happening until the next halving at the least - or until something big happens for BTC that drives the demand for it way up.
The exchange situation is loathsome.
The BTC market shouldn't have gotten as far as it has with the utter crap that passes as acceptable right now.
The BTC market shouldn't have gotten as far as it has with the utter crap that passes as acceptable right now.
Too much selling and very little support because bulls have been destroyed in 2014. The price will increase again but the question is when?
I agree with your sentiment. Exchanges that don't scam you are vital for price discovery, and IMO it's a big reason why MtGox and Bitstamp have been huge blows to the demand side.
Still the exchanges will avoid to even be properly audited, in this trustless climate, even though it would help them gain volume and raise the price (both increases income with % based fees). Because they are run by crooks and amateurs.
Hell, Bitstamp has been hacked recently and no audit is coming forth. How crazy is that?
Still the exchanges will avoid to even be properly audited, in this trustless climate, even though it would help them gain volume and raise the price (both increases income with % based fees). Because they are run by crooks and amateurs.
Hell, Bitstamp has been hacked recently and no audit is coming forth. How crazy is that?
Completely agree, and something needs to be done to give the public assurances that these exchanges are solvent and run by the book.
Unfortunately though, I'm not sure how this could be handled without a trusted third party entity that periodically runs audits and issues certifications. Kind of like a worldwide Better Business Bureau for Cryptocurrency exchanges. Perhaps this is what the Bitcoin Foundation could evolve into one day. I'm not a fan of regulation per se, but I just don't see how exchanges can be trusted otherwise.
The exchange situation is loathsome.
The BTC market shouldn't have gotten as far as it has with the utter crap that passes as acceptable right now.
The BTC market shouldn't have gotten as far as it has with the utter crap that passes as acceptable right now.
Well there are still Kraken and maybe Coinbase. People in the EU have some more options, still. I'm really curious how the whole Bitstamp thing is playing out. If they really managed to do audits, etc. they could come out as the winner.
From an investor perspective, putting money into Bitcoin requires an exchange that isn't crooked or incompetent, and has significant volume. There are none left. Of the US dollar exchanges:
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
- Bitstamp - two guys somewhere in Slovenia with a mailbox in London who are $15 million in the hole.
- Mt. Gox - in liquidation.
- Bitfinex - "The Bitfinex trading platform is currently in a beta phase (testing phase). The platform is owned and operated by iFinex Inc. (Bvi), and during this final phase the platform is being prepared to operate under a fully licensed model."
- BTC-e - total buy side market depth right now, BTC225.
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
It is true that bitcoin's weak spot is its exchanges.
I don't think it is the exchanges as much as the inherent riskiness of bitcoin. No?
One of the reasons that prevented me from the start of investing into bitcoin were the fact that it was too easily stolen.
The other big reason was that the Government would ban it if it got too popular.
This was years ago I had these ideas and it seems to have been somewhat it's demise. Think all the bitcoin thefts and also China and Russia banning it.
I think the other big reason I had was the coins being stuck at a set number, I don't know how much of a problem that is but it seems to also cause problems being so expensive and people's psychology.
Everything is risky and volatile when it begins. Bitcoin are not that easily stolen but there is a big governement risk.
From an investor perspective, putting money into Bitcoin requires an exchange that isn't crooked or incompetent, and has significant volume. There are none left. Of the US dollar exchanges:
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
- Bitstamp - two guys somewhere in Slovenia with a mailbox in London who are $15 million in the hole.
- Mt. Gox - in liquidation.
- Bitfinex - "The Bitfinex trading platform is currently in a beta phase (testing phase). The platform is owned and operated by iFinex Inc. (Bvi), and during this final phase the platform is being prepared to operate under a fully licensed model."
- BTC-e - total buy side market depth right now, BTC225.
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
It is true that bitcoin's weak spot is its exchanges.
I don't think it is the exchanges as much as the inherent riskiness of bitcoin. No?
One of the reasons that prevented me from the start of investing into bitcoin were the fact that it was too easily stolen.
The other big reason was that the Government would ban it if it got too popular.
This was years ago I had these ideas and it seems to have been somewhat it's demise. Think all the bitcoin thefts and also China and Russia banning it.
I think the other big reason I had was the coins being stuck at a set number, I don't know how much of a problem that is but it seems to also cause problems being so expensive and people's psychology.
From an investor perspective, putting money into Bitcoin requires an exchange that isn't crooked or incompetent, and has significant volume. There are none left. Of the US dollar exchanges:
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
- Bitstamp - two guys somewhere in Slovenia with a mailbox in London who are $15 million in the hole.
- Mt. Gox - in liquidation.
- Bitfinex - "The Bitfinex trading platform is currently in a beta phase (testing phase). The platform is owned and operated by iFinex Inc. (Bvi), and during this final phase the platform is being prepared to operate under a fully licensed model."
- BTC-e - total buy side market depth right now, BTC225.
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
It is true that bitcoin's weak spot is its exchanges.
Exchanges are weak but Bistamp could recover since they got a lot of capital and seem to have "only" lost 19 000 BTC.
Agree with you 100%. One of the things I like about that Exchange is the Liquidity page. How much more transparent can you get?
I agree with your sentiment. Exchanges that don't scam you are vital for price discovery, and IMO it's a big reason why MtGox and Bitstamp have been huge blows to the demand side.
Still the exchanges will avoid to even be properly audited, in this trustless climate, even though it would help them gain volume and raise the price (both increases income with % based fees). Because they are run by crooks and amateurs.
Hell, Bitstamp has been hacked recently and no audit is coming forth. How crazy is that?
Still the exchanges will avoid to even be properly audited, in this trustless climate, even though it would help them gain volume and raise the price (both increases income with % based fees). Because they are run by crooks and amateurs.
Hell, Bitstamp has been hacked recently and no audit is coming forth. How crazy is that?
Just waiting for Atomic-Trade to get moving along. Definitely needs volume but it just went through a very nice upgrade of the platform.
D
D
The investors need an ETF anyway. For the common folks, there is Coinbase, there is also nothing wrong with buying on Bitstamp, or Bitfinex, or Kraken, or whatever. Just don't hold too much money on any exchange.
From an investor perspective, putting money into Bitcoin requires an exchange that isn't crooked or incompetent, and has significant volume. There are none left. Of the US dollar exchanges:
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
- Bitstamp - two guys somewhere in Slovenia with a mailbox in London who are $15 million in the hole.
- Mt. Gox - in liquidation.
- Bitfinex - "The Bitfinex trading platform is currently in a beta phase (testing phase). The platform is owned and operated by iFinex Inc. (Bvi), and during this final phase the platform is being prepared to operate under a fully licensed model."
- BTC-e - total buy side market depth right now, BTC225.
Everybody else in USD is too tiny to matter.
The China exchanges matter, but the volume there is widely assumed to be fake, and the prices may also be fake.
Bitstamp was the last exchange that appeared to be legit, and they blew it.
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