Topic: How will market react when MtGox reopens trade? (Read 8747 times)

Last price:$78.05000 5 minutes after the open.  Been waiting all day to see this happen.  Now who is an idiot??? HAHAHAHAAHAHAHAHAHAHAHAHAHAHA!

This begs the question of "will MtGox servers actually stay up this time". The answer is: not likely. They still have nothing to handle DDOS or load spikes. Good luck..

when i want to get to mt.lag it says:

Database access error, please retry later

fkn holy sheit: i did send sepa € towards gox two days ago. it will for sure be to late on my account to buy cheap. but soon enough to be gone completly when gox crashes all the way.

+1
The price is low because USD liquidity is much lower in these other less known exchanges.

MtGox was almost always at the forefront when it was time to sell at the highest price.

MtGox is was also the best place to make big purchases (1m$+).

The real believer in bitcoin don't hold more USD in an exchange than they need.

As for the price, safe to say between 100 and 200$ in 24hrs

Of course not! Is MtGox!! This is going to last through the weekend. We know Mark fat-ass Karpeles!

Just days ago I read about there is a new circuit break system developed for stock exchange to avoid such kind of flash crash, seems MtGox need one too

http://www.marketwatch.com/story/jitters-as-flash-crash-response-rules-take-effect-2013-04-08

Has anyone successfully transferred BTC into their MTGox account during the closure?

3hours and 35mins left

but will they open on time?

BTC withdrawals from MTGox work just fine during the trading closure. I know because I have withdrawn BTC from MTGox about 3 hours ago.

True. However, I am guessing that the majority that are selling off right now and are panicking don't have over 100BTC to withdraw? Maybe I am wrong, but it seems as if over the past 2 weeks there was a major influx of people buying. With prices over the $75-$100/mark, they would have been investing $7500+. How many of the "Get Rich Quick" folks plunked down enough $ to cover 100BTC in that short of time? I dunno, maybe I am wrong and people REALLY WERE that stupid to invest their life savings into it. I was guessing that more people probably did a few hundred dollars. Money that was meant for their rent or car payment or monthly bills. Are people who have been in the game for years selling off in a panic? Why would they be doing so during a crash? Even if the price drops to $50BTC, they're still holding more than they did when they invested. I dunno, just sitting here bored since everything is pretty much frozen and was wondering why people aren't cashing out through other exchanges if they are needing whatever is left of their money asap.

I am sitting here wondering how low it will go. I am not going to let this scare me off like it obviously has 10's of thousands of other people who freaked over the last few days. I am going to sit here for the long haul. I'm looking more at months and years rather than days.

I could log onto my Gox account earlier and aside from the big red "trading halted" notification, it appears the account was fine.  I presume you could move coins out but I didn't try anything.

Here's my question though, and it may be a dumb question, but going to ask anyways...

Those people who are panic selling right now and have their BitCoins in MTGOX, right now they can transfer those BTCs out of MTGOX. Why would they wait until MTGOX came back up to sell? Why wouldn't they just transfer their BTC's out now and go sell them on a different exchange if they are needing to "get out immediately"?

Are people just not aware they can do that? If you're in a panic, wouldn't you try and unload your BTCs now instead of waiting for MTGOX to come back up?

That's why I am wondering if when it comes back up, if there is going to be a shit load of buying going on or selling. If it were me and I was needing to recoup my "rent money" or whatever funds that I couldn't afford to lose, I'd be moving them to a different exchange ASAP and unloading them while I still could.

There are trades slowly going on on mtgox...?

This is so exciting. Anything can happen when  MtGox reopens trade.

So, why aren't you buying with all your fiat in all exchanges right now? Are you thinking it will be even lower or are you strictly arbitraging?

You realize that at current price, the new bitcoins generated per day, will be worth a mere $75,000.


There is no chance in hell that price would go to $10 for any time over 60 seconds if any exchange is able to take orders. It would mean $15,000 per day.

Seriously now.

You have the trade I say cannot be done backwards.   I am saying for people that believe in bitcoin and have CASH (fiat), you CANNOT get that cash into one of these exchanges in quantity to BUY bitcoin.   But, you CAN move BTC quickly and SELL it.   That makes the selling pressure high.   Great buying opportunity that we can just sit and watch....

Personally I don't care much whether the price goes up or down. I simply try to transfer as much of my paycheck as possible into BTC and hold, hold, hold.

I'm not enough of a trader to predict short-term prices. All I know is that the narrative of BTC is so logical that it is the only rational choice. Of course, with all the FUD that's being spread around it might take years for most people to penetrate the media hype and grasp that. In the meantime I know that every BTC I buy will be worth more in the future, no matter what I pay for it.

If I had heard about BTC in 2011 and bought at the peak, even now after the recent crash I would have still have a 100% gain.

As for where the price will go after Gox opens again, I assume that with my luck it will probably hit $300 before my fiat deposit is accepted (I don't buy at Gox). But if I'm lucky, the guys at Mt. Lag are continuing their incompetence streak and the lag will depress the market long enough for me to get my next transfer through and buy more BTC.

You are a smart man, and you are the future of bitcoin, not the speculators.

And btw: I'm quite sure that the weakest point of BTC is its vulnerability to speculation. Sure, FBIA cannot effectively attack the p2p network or wipe out the technology, but the FED can pump and dump and pump and dump and pump and dump... effectively ruining the lives of a lot of people. And there goes your store of value.

Yesterday this site it said Yes you should buy.  There are different types of investors and if you like long term pain without no short term gain I'd recommend listening to this site's advice.