For the life of me I can't understand why people used Gox to begin with

rikkejohn

hero member

Activity: 644

Merit: 500

Quote from: BittBurger on February 24, 2014, 10:47:49 AM

They used it because they were trying to make a quick buck arbitraging.

Which is partially why I have very little pity for them, whining that they can't get their money out now.

90% of the people I know (and have read in articles) who have money stuck there, were trying to play the system. And those people, in my opinion, are why Bitcoin's price has been so volatile. Therefore in my opinion, those people were doing a disservice to Bitcoin and its reputation, and its growth. So part of me is quite happy that they've been clipped at the wings.

I am not sure why, but people who try to play the system, at the expense of the system over and over just to make a couple bucks, remind me of bottom feeders.

-B-

That is pretty stupid reply if you don't mind me saying. Bitcoin is utterly manipulated by big players, and has been ever since I bought into it.

If you find some moral purpose to it in its current state then I pity you.

rikkejohn

hero member

Activity: 644

Merit: 500

Gox was more expensive, but not at the bottom of a crash. I had bitcoin there just for that reason. Sell at a high, buy at the low, which is the essence of bitcoin trading.

solid12345

legendary

Activity: 1246

Merit: 1000

Quote from: joshv06 on February 24, 2014, 10:56:17 AM

Nothing wrong with new people. But a bit of research would be nice. Especially all the buy on gox and sell on another exchange new people.

I don't think one has to "research" to have the common sense to know you should NEVER store huge sums of wealth on an exchange long-term, no matter how trustworthy you think they are until we see some legal and notarized insurance in place. It is an exchange, not a bank. I have sympathy for people who may be out a few bitcoins but come on, people who had hundreds and even thousands of bitcoins stored there? That is insane.

Anyway thank you to all others on this thread who are welcoming

BitCoinsLOL

full member

Activity: 214

Merit: 100

New people are always welcome to join the cause. When I started I just read posts and learned a lot about BTCs function and community. There are some really bright people on this site and you will learn so much. Glad to have you aboard enjoy.

joshv06

hero member

Activity: 991

Merit: 500

Nothing wrong with new people. But a bit of research would be nice. Especially all the buy on gox and sell on another exchange new people.

Biomech

legendary

Activity: 1372

Merit: 1022

Anarchy is not chaos.

Quote from: solid12345 on February 24, 2014, 10:43:38 AM

Bitstamp has been around since 2011, BTC-E and CampBX since 2011 as well just to name a few. No one woke up one day and realized Gox's problems, there was plenty of time to get out and go somewhere else but people kept buying.

Quote from: joshv06 on February 24, 2014, 10:24:14 AM

What's with all these new people coming in?

If you want your Bitcoin to be worth anything in the future you better expect new blood.

Well said! This place can be hard on new guys. OTOH, there's some really interesting people here.

On topic, I never used Gox cuz I got involved in BTC about the time they started unravelling. I am a new guy, and I saw this coming a while back.

There is one upside though. When it all shakes out, bitcoin should rocket up a ways again. Ok, two. I'm pretty sure that even if they get it sorted, Gox is done.

BittBurger

hero member

Activity: 924

Merit: 1001

They used it because they were trying to make a quick buck arbitraging.

Which is partially why I have very little pity for them, whining that they can't get their money out now.

90% of the people I know (and have read in articles) who have money stuck there, were trying to play the system. And those people, in my opinion, are why Bitcoin's price has been so volatile. Therefore in my opinion, those people were doing a disservice to Bitcoin and its reputation, and its growth. So part of me is quite happy that they've been clipped at the wings.

I am not sure why, but people who try to play the system, at the expense of the system over and over just to make a couple bucks, remind me of bottom feeders.

-B-

eldentyrell

donator

Activity: 980

Merit: 1004

felonious vagrancy, personified

Quote from: joshv06 on February 24, 2014, 10:24:14 AM

"Why don't people just buy on Gox and sell on other exchanges!"

Yeah, I am getting really sick of that one.

It's the same lack of deep comprehension of counterparty risk that blocks a lot of people from understanding the gold market.

pinkmonkey

newbie

Activity: 14

Merit: 0

Quote from: joshv06 on February 24, 2014, 10:24:14 AM

You just made your account a month ago.

Mt. Gox used to be the best. It was all we used back when we could use Dwolla and Mt. Gox.

What's with all these new people coming in?

Another example:

"Why don't people just buy on Gox and sell on other exchanges!"

new people not allowed or what?

solid12345

legendary

Activity: 1246

Merit: 1000

Bitstamp has been around since 2011, BTC-E and CampBX since 2011 as well just to name a few. No one woke up one day and realized Gox's problems, there was plenty of time to get out and go somewhere else but people kept buying.

Quote from: joshv06 on February 24, 2014, 10:24:14 AM

What's with all these new people coming in?

If you want your Bitcoin to be worth anything in the future you better expect new blood.

joshv06

hero member

Activity: 991

Merit: 500

You just made your account a month ago.

Mt. Gox used to be the best. It was all we used back when we could use Dwolla and Mt. Gox.

What's with all these new people coming in?

Another example:

"Why don't people just buy on Gox and sell on other exchanges!"

solid12345

legendary

Activity: 1246

Merit: 1000

I can understand being tied up in the beginning when there were few exchanges and their reputation wasn't sullied yet...but to keep paying as much as $100-$150 MORE per Bitcoin versus all other exchanges when all their problems have been known for at least 2 years now, what were people smoking? Gox's effects on the market wouldn't have been so bad if people hadn't propped it up into the giant entity it had become in the first place.

Topic: For the life of me I can't understand why people used Gox to begin with (Read 648 times)