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Topic: IF MT GOX DIES THEN BITCOIN PROBABLY WILL TOO - page 2. (Read 4076 times)

newbie
Activity: 17
Merit: 0
It won't matter to bitcoin itself.  I have a nub account and I know the Gox was a bad place to do business.  However, it will matter in the court of public opinion.  For some reason all the mainstream articles use Gox as 'the' exchange.  They only quote that price, and they will see this as a big problem.

For bitcoin to go mainstream, the press is important.  If people think bitcoin is a scam, or just for illegal trade, it keeps it bottled up.
full member
Activity: 140
Merit: 100
Gox will go down, but the only thing this will cause is moving people to other exchanges.
You are all invited to kraken so the volume will increase  Smiley
hero member
Activity: 504
Merit: 500
Moderator
Bitcoin Foundation will pay. Cheesy
hero member
Activity: 840
Merit: 1000
Right now concerning exchanges there aren't really that many options.
If Mt Gox gues bankrupt everybody just loses all their money ? Who is going to pay the bill ? The CEO ? Nobody ?

Correct answer is nobody!

When a company goes bankcrupt, nobody pays it's creditors!

Do I win £10?

And for a bonus prize, if a Bitcoin exchange goes bankcrupt, that can only mean that they done things with other people's money that they shouldn't have.....and it all went tits up!
sr. member
Activity: 644
Merit: 250
Right now concerning exchanges there aren't really that many options.
If Mt Gox gues bankrupt everybody just loses all their money ? Who is going to pay the bill ? The CEO ? Nobody ?
sr. member
Activity: 334
Merit: 250
As far as I am concerned Gox has been already dead - I took everything I've got there six months ago. If you have to wait for your money for weeks or months, what is the point of exchange? That said, exchanges are generally a weak spot and --hopefully-- there will be more of them coming online in near future.
legendary
Activity: 1470
Merit: 1007
Also as someone who joined the coin game relatively later, I have to ask a legitimate question, why is it so many bitcoin holders put full faith and their savings into a former Magic the Gathering trading card site run by incompetent boobs yet have spent the last 2 months making fun of meme coins, calling alt coins scam coins and what not? You trusted thousands of dollars to scammers overseas who won't let you withdraw your own money for months yet make fun of a coin with a dog on it? It makes no sense. I mean what did you think would happen, that a bunch of basement dwelling 2nd rate IT guys could become an effective multi-billion dollar international finance operation overnight? It's madness!

Agreed.

I can't believe anybody has been stupid enough to put cash into Gox since Spring 2013. The cash in there is almost certainly "legacy" money. But what's amazing  is that people have left their coins there. I'd really like to hear from somebody who did that. Why did you do it?!!!

What surprises me the most is the reason against switching to Bitstamp, one that I've heard a few times by now:

"Hell no, I'm not going to send my money to some shitty rathole country like Slovenia!"

Said the clowns who kept on happily sending their money and coins into the shitty rathole exchange mtgox.

I mean, I can see how you want to have some basic level of trust in the country in which the exchange is located, but even the most superficial research would have given you the following the results: Slovenia (EU member, part of Eurozone in fact), UK (country of registration), Italy (country of origin of their bank -- Unicredit Slovenia being a subsidiary of the Italian Unicredit). You can start ranting about how Slovenia has this and that problem, or how you don't trust Italian banks, or some bullshit, but I *did* this kind of research a year ago and concluded it was still way more reliable than a hacked together exchange in Japan. We'll see, Bitstamp might go down and I'll eat my words, but I don't see any signs for it at the moment.
hero member
Activity: 552
Merit: 501
Also as someone who joined the coin game relatively later, I have to ask a legitimate question, why is it so many bitcoin holders put full faith and their savings into a former Magic the Gathering trading card site run by incompetent boobs yet have spent the last 2 months making fun of meme coins, calling alt coins scam coins and what not? You trusted thousands of dollars to scammers overseas who won't let you withdraw your own money for months yet make fun of a coin with a dog on it? It makes no sense. I mean what did you think would happen, that a bunch of basement dwelling 2nd rate IT guys could become an effective multi-billion dollar international finance operation overnight? It's madness!

Agreed.

I can't believe anybody has been stupid enough to put cash into Gox since Spring 2013. The cash in there is almost certainly "legacy" money. But what's amazing  is that people have left their coins there. I'd really like to hear from somebody who did that. Why did you do it?!!!
hero member
Activity: 552
Merit: 501
I know you can't kill bitcoin as a p2p currency but if there are no legal exchanges to buy or convert currencies to, well good luck...

It Bitstamp AND localbitcoins go down, then I'll agree with you. Until then, it's a non-issue.
legendary
Activity: 1246
Merit: 1000
Sorry but I disagree with everyone here, it IS a serious problem for bitcoin going mainstream. While the coin community may have known of Gox's problems for awhile and are un phased, this is the year of Bitcoin's "coming out" to the public and governments all around the world taking notice. If a major exchange collapses or runs off with millions in fiat and coins, I can see the proverbial ban hammer of government happening sooner than we think. I know you can't kill bitcoin as a p2p currency but if there are no legal exchanges to buy or convert currencies to, well good luck...

Also as someone who joined the coin game relatively later, I have to ask a legitimate question, why is it so many bitcoin holders put full faith and their savings into a former Magic the Gathering trading card site run by incompetent boobs yet have spent the last 2 months making fun of meme coins, calling alt coins scam coins and what not? You trusted thousands of dollars to scammers overseas who won't let you withdraw your own money for months yet make fun of a coin with a dog on it? It makes no sense. I mean what did you think would happen, that a bunch of basement dwelling 2nd rate IT guys could become an effective multi-billion dollar international finance operation overnight? It's madness!

What's worse, how many here even routinely paid as much as $150 more per bitcoin on Gox than every other exchange and yet you can't even exchange it back to fiat and get paid in a timely manner! The level of stupidity among bitcoin holders who in theory should be of higher intelligence than the average mouth breather with faith in our Keynesian masters astounds me sometimes. The only thing I can figure is alot of cryptousers are Aspies and unfortunately naive to the world around them sometimes.
sr. member
Activity: 448
Merit: 250
Please do not make the mistake of equating bitcoin with an exchange, especially an exchange that has gone down hill so much that it's extremely difficult to recognize anymore.

Bitcoin is so much bigger than mt.gox. Bitcoin is like the galaxy and mt.gox is like a cockroach.
hero member
Activity: 505
Merit: 500
troll thread

Quoting for emphasis. Mt Gox handles a small volume of trades overall. There's plenty of other exchanges, some bigger, some smaller, all ready to take its place.

This!
sr. member
Activity: 522
Merit: 266
Gox smocks ts ts. See ya. The crypto idea is too big to be brought down by someplace that has only had the past as claim to fame.  "too big to fail" ring any bells ? Crypto actually is. With no need for bailout. It has a chance to restore our financial sovereignty or at least put up a good fight. The first thing of hope I have seen in many years of despair about where we are heading ie into debt slavery.

That being said: Sorry if anybody will loose funds. Likely, but eternal vigilance is not only the price of freedom. Don't have too much sitting around at arms length.

hero member
Activity: 798
Merit: 1000
If Gox goes under it will be the best thing for BTC in the long run. Yes, bad in the short term and I do feel for those that ignored the red flags or were too green to see them, but the situation has gone on for too long and needs to be resolved one way or the other.
It is an opportunity for the community to take control from the inside and clean up it's own house. BTC will survive whatever happens, but the more proactive the community is in this the better it looks to the regulators.
At the moment their continued existence in this state is a major PR embarrassment ...

On the other hand there may yet be other unknown factors at play here that they are unable to disclose (still working with the authorities on SR related accounts for example), in which case, we may be being sabotaged from the outside if they have Gox by the balls ... just a thought ... IDK, and I am not trying to spread FUD

newbie
Activity: 13
Merit: 0
Guys, are you living in a fantasy world?  I own plenty of bitcoin - some on gox, some on bitstamp and mostly w coin base.  I'm not trolling.  Regardless of whether gox's volume is decreasing, the bottom line is that bitcoin is always in need of new people getting into it.  If you think that mt gox going under is going to be a blip on the radar, then you are truly delusional.  Imagine the thought process of a new possible bitcoin purchaser:  "yeah, let me wire some money to slovenia or bulgaria after gox goes under" - hell no.  Trust of the major exchanges is critical.  If gox is a fraud, then this will be a huge crushing blow to bitcoin.  The fact that there are other exchanges doesn't mean s**t to the public. even though the underlying protocol is still sound, this is all about trust and faith - the very backbone of bitcoin.  bc without trust and faith behind bitcoin, there is nothing.   The vast majority of people thinking about buying bit coin will not do so if gox ends up being a fraud.  not everything written here that is negative about bit coin is trolling. 

This is exactly why I always point new folks to coinbase...simple and familiar to Americans. The majority of the public doesn't know or understand how to use the other exchanges.  I really have very little concern for what happens to Gox for the new guys.
legendary
Activity: 4186
Merit: 4855
You're never too old to think young.
Yeah... No. Mt. Gox is already pretty insignificant, so bitcoin will do just fine with or without them.

Ahhh. The voice of reason.

Perhaps you as a global moderator can see the need for a tightening of the rules allowing clueless noobs to start troll threads.

Would a higher minimum activity rating help?
legendary
Activity: 1526
Merit: 1001
Gox is irrelevant right now as noone gets money in or out. troll thread
sr. member
Activity: 339
Merit: 250
Gox is NOT dying - what the hell is wrong with you people?

A temporary technical problem - that will be fixed on MONDAY.

You people need to smoke some hodl or something.
hero member
Activity: 722
Merit: 500
I own plenty of bitcoin - some on gox 

OP fail

Yup,the real story is he's craping his pants over his GOX bitcoins

The fate of all the coins in GOX,unfortunately now has nothing to do with the depositors,you'll get a FUD  update from them on Monday,do you really trust what they say now anyway?

Sorry OP,accept they gone,or if you think a legal move would help you ,else move on
hero member
Activity: 658
Merit: 500
The massive holders of bitcoin are hopefully working something out w Mark K if there is something foul at gox.  If gox dies, almost no one will buy bitcoin going forward.  Who would have guessed that a young dude sitting on a blue ball would be the ruin of such a great idea?

Stupid noobs come here to spread FUD  Roll Eyes How original.

Stop opening your mouth for a month and READ you idiot.
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