Topic: IF MT GOX DIES THEN BITCOIN PROBABLY WILL TOO - page 2. (Read 4084 times)

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.

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 

Bitcoin Foundation will pay.

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!

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 ?

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.

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.

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?!!!

It Bitstamp AND localbitcoins go down, then I'll agree with you. Until then, it's a non-issue.

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.

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.

This!

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.

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

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.

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?

Gox is irrelevant right now as noone gets money in or out. troll thread

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.

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

Stupid noobs come here to spread FUD  How original.

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