If Mtgox were insolvent, what happens to the average bitcoin price elsewhere?

btbrae

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Quote from: JustAnotherSheep on February 15, 2014, 12:42:58 PM

Quote from: lucas.sev on February 15, 2014, 11:19:15 AM

Price will go up as it's repressed by looming prospect of gox coins being dumped once the withdrawals resume. Gox saying they dont have any coins will remove that fear.

You are fooling yourself. While that may be true in the long term, I think it more likely a sudden destruction of Gox will prompt some serious public re-evaluation of the current trust in the exchange ecosystem, perhaps giving strength to a transition towards decentralized solutions which in the short term is going to guarantee chaos and a severe loss of value 2011-style.

This. Bitcoin will carry on but the momentum will take a huge hit because every mention of Bitcoin in the media will be followed by "1 million customers lost money X months ago when MtGox collapsed".

raskul

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i'll just put this here;

https://bitcointalksearch.org/topic/m.5184569

Mivexil

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Gox opens withdrawals, everybody sells their cheaply-bought BTC on other exchanges equalizing the price between Gox and other players. Price goes down.

Gox screws people off their money, every news outlet paints BTC as a scam because of it, people panic and sell. Price goes down.

In other words, we're pretty screwed.

bennybong

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Quote from: ?? on ??

Avesdude - And who is going to bail out MtGox? Let me guess you. Why don't you get back to taking it in the ass like you are good at. Probably getting paid in bitcoins dumbass.

P.S. I can't wait for this Ponzi scheme to come tumbling down and all you frigging lemmings to take it right up the ass. I will be partying in the street.

Someone is jealous that they don't have any BTC. Poor you.

gambitx

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Quote from: ?? on ??

Avesdude - And who is going to bail out MtGox? Let me guess you. Why don't you get back to taking it in the ass like you are good at. Probably getting paid in bitcoins dumbass.

Dumbass? Bitcoin is a dumbass?

Oh no, no no nooo plz nooooooooooo....

Help...plz.....I...I...I...help...

HELP!

avesdude

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Quote from: ?? on ??

Do you morons ever listen to yourselves, or read your retarded posts? I am sure you don't but I will help you hapless retards.

"If they shutdown and said they couldn't pay and that too much was stolen by hackers exploiting the bug; and no one bailed gox out."

BAILED GOX OUT? Is that supposed to be a joke. You sir are a complete and utter MORON. Nobody is bailing anybody else with bitcoin. No government, agency, law enforcement arm, corporation, or any other frigging entity can save you tulip-chasing morons. The fact that you mention bail out and a bitcoin exchange in the same sentence shows how truly retarded you are. Now please give me all your bitcoin fool, before I find you, beat your ass, and take them.

Oh and bennybong, you better do a few more hits on your bong, or your boyfriends bong/schlong, because you are not suing anybody, period. Courts can't help either, they are for real currencies, and government-backed instruments. Tax dollars pay for court, bitcoin pays for nothing.

Wow you're an idiot. You know MtGox actually bailed out bitomat after their wallet file was destroyed?
https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-old-83794

linusinthesapphire

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Quote from: ?? on ??

Do you morons ever listen to yourselves, or read your retarded posts? I am sure you don't but I will help you hapless retards.

"If they shutdown and said they couldn't pay and that too much was stolen by hackers exploiting the bug; and no one bailed gox out."

BAILED GOX OUT? Is that supposed to be a joke. You sir are a complete and utter MORON. Nobody is bailing anybody else with bitcoin.

is it impossible for a private entity with 4 million bitcoins to roll up and 'buy them out' last minute, make good, be a hero and then make more money? Maybe Satoshi himself

bennybong

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Quote from: ?? on ??

Do you morons ever listen to yourselves, or read your retarded posts? I am sure you don't but I will help you hapless retards.

"If they shutdown and said they couldn't pay and that too much was stolen by hackers exploiting the bug; and no one bailed gox out."

BAILED GOX OUT? Is that supposed to be a joke. You sir are a complete and utter MORON. Nobody is bailing anybody else with bitcoin. No government, agency, law enforcement arm, corporation, or any other frigging entity can save you tulip-chasing morons. The fact that you mention bail out and a bitcoin exchange in the same sentence shows how truly retarded you are. Now please give me all your bitcoin fool, before I find you, beat your ass, and take them.

Now now, there's no need for that kind of behaviour. Newbie.

bennybong

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My point is: mtgox have a SHIT TON of bitcoin (or at least Mark does). Worst come to worst and we all take gox to court. We will get our BTC simply because they do have them.

31337157

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What happened to Internet searches when Altavista, Lycos, HotBot, and AskJeeves failed? We got a more refined, higher quality search experience through a smaller, select group of companies.

The first successful Bitcoin exchange doesn't have to last forever. Can you imagine if we were still using single core processors? This is just a natural progression. Mtgox has clearly shown that they are not ready to move forward along with the current advancements and demands in the btc community.

seleme

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Duelbits.com

Nothing happened to people who did much worse things than Gox so probably no, Mark would be fine.

krneki

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In case that Mtgox is done and closed and people lose their money, do you think that something bad can happen to the owner of Mtgox ?

I never had an account there so i don't have any issues with them, but just asking other people how they feel about owner ?

seleme

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Duelbits.com

Should mean f'all, exchange as exchange, nothing to do with btc itself.

But should is not would in bitcoin, so there would be flash crash that would leave more pigs without balls slaughtered.

bennybong

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Quoting myself here:

Quote from: bennybong on February 15, 2014, 05:36:31 AM

Quote

Dear Valued Customer,

Sorry for the inconvenience that have may caused. Our technical team is working hard to fix this issue and it will be fixed as soon as possible. All your BTC's are very safe and secured. Once the issue is fixed you will be able to initiate the BTC withdrawal and there is no time measure at this moment, we will be able to provide a clear picture soon.

We deeply apologize for the inconvenience caused, and thank you for your kind support and considerations.

Best regards,

MtGox Team
https://www.mtgox.com

From my email inbox. I just asked if our BTC is safe because everyone is freaking out.

I honestly think we will get our BTC back. There's no doubt in my mind they have enough Bitcoin to cover users funds. They've been the most prominent exchange since forever. You don't think they are sitting on HUGE amounts of BTC? Look how much Silk Road 2 had amassed just after a couple of months!

How much fiat GOX has is a whole different matter though.

Ibian

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Price would drop, of course. Fear does that, even when it is ridiculous. Long term, getting rid of gox will only be a good thing.

JustAnotherSheep

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Quote from: lucas.sev on February 15, 2014, 11:19:15 AM

Price will go up as it's repressed by looming prospect of gox coins being dumped once the withdrawals resume. Gox saying they dont have any coins will remove that fear.

You are fooling yourself. While that may be true in the long term, I think it more likely a sudden destruction of Gox will prompt some serious public re-evaluation of the current trust in the exchange ecosystem, perhaps giving strength to a transition towards decentralized solutions which in the short term is going to guarantee chaos and a severe loss of value 2011-style.

F-bernanke

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It means that gox has been working with a fractional reserve system, which means there are even less coins available then we thought.

lucas.sev

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Price will go up as it's repressed by looming prospect of gox coins being dumped once the withdrawals resume. Gox saying they dont have any coins will remove that fear.

TERA

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If mtgox dies then I will have more faith in bitcoin.

Wit22

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Anyone have any idea?
If they shutdown and said they couldn't pay and that too much was stolen by hackers exploiting the bug; and no one bailed gox out.

Would people rebuy their lost coins? Or would people lose some faith in bitcoin?
Or would those stolen coins by hackers get dumped?
Or would MtGox dump their coins to cover the legal battle?

What would happen to the average price - post mtgox collapse.

Topic: If Mtgox were insolvent, what happens to the average bitcoin price elsewhere? (Read 2835 times)