Topic: Gox BTC hitting TH Auction Block - page 2. (Read 7517 times)
No bitcoin institution is trustworthy IMHO. Mt. Gox just happened to illustrate it first by being the largest target.
If Mt Gox does not become irrelevant, it only speaks to the stupidity of its users.
this... reminds me of the Ultimate Bet/Absolute Poker 'superuser' scandal in which they had admins secretly playing in 'god mode' able to see everyone's cards, and siphoned millions of dollars out of the games. Yet people still play there to this day
I think lots of BTC liberated from MtGox today, but not as many dollars. So for now, the supply and demand leans towards more BTC than dollars.
This is the most insightful post in this thread.Here are a few things to think about:
1) It's a LOT easier for people to SELL Bitcoins now than to buy them. (If you had Dollars and Bitcoins tied up in Mt. Gox, you could move your Bitcoins in minutes, but Dollars can't be quickly and easily transferred. I guess I'd have to take it to Dwolla and then to TradeHill. Sounds hard and a lengthy process.)
2) If there was a run on withdraws at Mt. Gox, you'd probably see it in the BlockExplorer. But the 424,242 BTC that they moved the other day haven't been touched.
A few people are selling. Tomorrow cash will free up, and a few people will be buying. It'll all sort out over time. And you can probably make a few bucks buying them cheaply today.
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
Oh, I guess facts is facts.
Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???
What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?
Mt. Gox will be shortly irrelevant so I'm not sure the point of your question. Only a fool would trust their money to Mt. Gox.
I love how everyone is calling the demise of Mt Gox. Too bad none of them are man enough to eat the humble pie when it's time.
If Mt Gox does not become irrelevant, it only speaks to the stupidity of its users.
Yeah, because no corporation, bank, or any other institution has ever been compromised or done anything to lose the trust of their users and successfully recovered to come back and be stronger than they were before. Good point.
Could you point out a bank that has had all of its clients' usernames and passwords released to the public?
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
Oh, I guess facts is facts.
Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???
What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?
Mt. Gox will be shortly irrelevant so I'm not sure the point of your question. Only a fool would trust their money to Mt. Gox.
I love how everyone is calling the demise of Mt Gox. Too bad none of them are man enough to eat the humble pie when it's time.
If Mt Gox does not become irrelevant, it only speaks to the stupidity of its users.
Yeah, because no corporation, bank, or any other institution has ever been compromised or done anything to lose the trust of their users and successfully recovered to come back and be stronger than they were before. They all went straight out of business and all their customers and investors were "stupid for staying with them". Good point.
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
Oh, I guess facts is facts.
Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???
What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?
Mt. Gox will be shortly irrelevant so I'm not sure the point of your question. Only a fool would trust their money to Mt. Gox.
I love how everyone is calling the demise of Mt Gox. Too bad none of them are man enough to eat the humble pie when it's time.
If Mt Gox does not become irrelevant, it only speaks to the stupidity of its users.
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
Oh, I guess facts is facts.
Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???
What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?
Mt. Gox will be shortly irrelevant so I'm not sure the point of your question. Only a fool would trust their money to Mt. Gox.
I love how everyone is calling the demise of Mt Gox. Too bad none of them are man enough to eat the humble pie when it's time.
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
Oh, I guess facts is facts.
Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???
What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?
Mt. Gox will be shortly irrelevant so I'm not sure the point of your question. Only a fool would trust their money to Mt. Gox.
For someone representing an economist you suck at answering simple economics questions.
Mt Gox does not exist on an island. The scenario you are implying is not reality.
+1
In that case the price is either zero or >>>30 on Mt. Gox. In that case people buy or sell, transfer to wallet, and go to a real exchange.
The point is, the Mt. Gox debacle is a large bucket of cold water dumped on an overheated engine.
If you have hundreds of BTC on Mt. Gox and you haven't already transferred 100 and sold them on Trade Hill at reasonable prices, and you don't know who the fool is, it's you.
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
Oh, I guess facts is facts.
Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???
What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?
Mt. Gox will be shortly irrelevant so I'm not sure the point of your question. Only a fool would trust their money to Mt. Gox.
For someone representing an economist you suck at answering simple economics questions.
Mt Gox does not exist on an island. The scenario you are implying is not reality.
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
Oh, I guess facts is facts.
Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???
What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?
Mt. Gox will be shortly irrelevant so I'm not sure the point of your question. Only a fool would trust their money to Mt. Gox.
For someone representing an economist you suck at answering simple economics questions.
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
Oh, I guess facts is facts.
Riddle me this DrYe5... What happens to the exchange rate when one side of the orderbook is empty???
What do you think will happen when Mt. Gox opens with no BTC on the orderbook because everybody withdrew it?
Mt. Gox will be shortly irrelevant so I'm not sure the point of your question. Only a fool would trust their money to Mt. Gox.
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
No facts, just inaccurate numbers and speculation.
Todays high at Tradehill was 16.50. The rate has not even been close to the 14,85 required for a 10% fall.
Stop trolling!
They can set the market to any price they'd like and it makes absolutely no difference. Price doesn't move unless there's a transaction. MtGox isn't setting the price, the market will quickly fix it.
Yes . . . but setting the price so high, for right now, limits the number of BTC that can be withdrawn.The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
Just stating the facts mam.
The plummet continues... >10% fall from today's high since Mt. Gox opened. No news to break the trend in sight, many holders traumatized by the hack.
No one will fall for your trolling.
They can set the market to any price they'd like and it makes absolutely no difference. Price doesn't move unless there's a transaction. MtGox isn't setting the price, the market will quickly fix it.
Yes . . . but setting the price so high, for right now, limits the number of BTC that can be withdrawn.Mt. Gox hack is only the surface of the problem right now....some fundamental problems (ie. lack of recourse to criminal activity) with the currency are contributing to the sell-off.
If you look at the upwards trend for the last days, its clear that the selloff of the last hours has to do with MtGox opening.obviously as that's where the funds were trapped.
There is so much money locked up since Mt Gox went down that the last few days are mostly irrelevant. Tradehill was less well known and most of the people in there right now are techie types. Mt. Gox did have some investor types because of its higher profile and these people are going to price systemic risk into their trading.
Mt. Gox hack is only the surface of the problem right now....some fundamental problems (ie. lack of recourse to criminal activity) with the currency are contributing to the sell-off.
If you look at the upwards trend for the last days, its clear that the selloff of the last hours has to do with MtGox opening.obviously as that's where the funds were trapped.
Attempting to reach parity with Gox' 17.5 at the purported starting times does, however.
Mt. Gox hack is only the surface of the problem right now....some fundamental problems (ie. lack of recourse to criminal activity) with the currency are contributing to the sell-off.
If you look at the upwards trend for the last days, its clear that the selloff of the last hours has to do with MtGox opening.obviously as that's where the funds were trapped.
yay an uptick!
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