Is Gox to be blamed? | Bitcointalksearch.org

Sugarape

newbie

Activity: 52

Merit: 0

Quote from: stellar69 on January 08, 2015, 04:14:24 AM

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down 👇.
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

We can blame gox for the initial crash but we can't keep blaming them forever. We need to move away from trying to place blame all the time as maybe this is just what happens to bitcoin. There hasn't really been any logic as to why the price has continued to fall ever since and there's no gox to blame for that.

picolo

hero member

Activity: 1022

Merit: 500

Quote from: WillyBTC on February 08, 2015, 04:14:54 AM

Gox is just a blip on the radar. Can't go from $0-$1200 (or $5000 or $50,000) in a straight line, ya know. Tongue

It will go to 5000$ then back to 800$ then up again...

WillyBTC

sr. member

Activity: 312

Merit: 250

Gox is just a blip on the radar. Can't go from $0-$1200 (or $5000 or $50,000) in a straight line, ya know. Tongue

CoinCidental

legendary

Activity: 1316

Merit: 1000

Si vis pacem, para bellum

Quote from: readysalted89 on February 07, 2015, 08:16:41 PM

Quote from: Brewins on February 07, 2015, 07:09:50 PM

Quote from: stellar69 on January 17, 2015, 09:01:17 AM

Quote from: waterpile on January 16, 2015, 07:59:35 PM

Quote from: puzzel.me on January 16, 2015, 04:53:02 PM

Quote from: stellar69 on January 08, 2015, 04:14:24 AM

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down .
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

Agree that gox was behind pushing the coin down to such lows. But now we are seeing a new co consistent low. What caused this?

scammers and hackers may have caused it. they are getting big chunks of coin doing bad things

would you care to specify that what kind of hackers and spammers are you talking about?
what was the latest scam in recent times that could have caused this low?

650k of gox coins are missing. Also there was the bitcoin auction, bitstamp hack, etc...

there are 1000's of coins around in the hands of unknown people that may or may not being in a slow process of dump right now

How many gox coins does gox have left?

i believe karpeles "lost" all 850,000 btc
then a few were reportedly recovered during the following audit in a wallet someone "forgot about"
but i dont know if these are going to be repaid to the losers or maybe karpo will get to keep them ....
not sure if japanese law even recognises btc as money yet so chances are ,nothing will happen to him ..

CoinCidental

legendary

Activity: 1316

Merit: 1000

Si vis pacem, para bellum

Quote from: Brewins on February 07, 2015, 07:09:50 PM

Quote from: stellar69 on January 17, 2015, 09:01:17 AM

Quote from: waterpile on January 16, 2015, 07:59:35 PM

Quote from: puzzel.me on January 16, 2015, 04:53:02 PM

Quote from: stellar69 on January 08, 2015, 04:14:24 AM

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down .
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

Agree that gox was behind pushing the coin down to such lows. But now we are seeing a new co consistent low. What caused this?

scammers and hackers may have caused it. they are getting big chunks of coin doing bad things

would you care to specify that what kind of hackers and spammers are you talking about?
what was the latest scam in recent times that could have caused this low?

650k of gox coins are missing. Also there was the bitcoin auction, bitstamp hack, etc...

there are 1000's of coins around in the hands of unknown people that may or may not being in a slow process of dump right now

the main hole in your logic is these people can only dump once and there are many buyers to snap up coins in a low slump
thats why the price has not fell to zero and if it slumps it will rise again
dump as much as you like ,someone will snap them up ,bitcoin will survive and thrive

QuantumCurrency

jr. member

Activity: 45

Merit: 10

Exchange at the speed of Quantum Entanglement

Quote from: stellar69 on January 08, 2015, 04:14:24 AM

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down 👇.
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

http://youtu.be/K2ku1A5Ox8U

Gox is always to be blamed. 30 years from now in BTCv8.4, SHA2048 will be broken by a quantum computer and will cause a crash... it WILL be MtGox's and Mark's fault.

Ok but in all seriousness, MtGox IMO threw fuel on the crash fire, but was not the cause of it.

P.S. If the above situation unfolds in 30 years it actually wouldn't suprise me if Mark was somehow involved...

readysalted89

sr. member

Activity: 327

Merit: 250

Quote from: Brewins on February 07, 2015, 07:09:50 PM

Quote from: stellar69 on January 17, 2015, 09:01:17 AM

Quote from: waterpile on January 16, 2015, 07:59:35 PM

Quote from: puzzel.me on January 16, 2015, 04:53:02 PM

Quote from: stellar69 on January 08, 2015, 04:14:24 AM

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down .
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

Agree that gox was behind pushing the coin down to such lows. But now we are seeing a new co consistent low. What caused this?

scammers and hackers may have caused it. they are getting big chunks of coin doing bad things

would you care to specify that what kind of hackers and spammers are you talking about?
what was the latest scam in recent times that could have caused this low?

650k of gox coins are missing. Also there was the bitcoin auction, bitstamp hack, etc...

there are 1000's of coins around in the hands of unknown people that may or may not being in a slow process of dump right now

How many gox coins does gox have left?

sgbett

legendary

Activity: 2576

Merit: 1087

Quote from: Brewins on February 07, 2015, 07:09:50 PM

Quote from: stellar69 on January 17, 2015, 09:01:17 AM

Quote from: waterpile on January 16, 2015, 07:59:35 PM

Quote from: puzzel.me on January 16, 2015, 04:53:02 PM

Quote from: stellar69 on January 08, 2015, 04:14:24 AM

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down .
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

Agree that gox was behind pushing the coin down to such lows. But now we are seeing a new co consistent low. What caused this?

scammers and hackers may have caused it. they are getting big chunks of coin doing bad things

would you care to specify that what kind of hackers and spammers are you talking about?
what was the latest scam in recent times that could have caused this low?

650k of gox coins are missing. Also there was the bitcoin auction, bitstamp hack, etc...

there are 1000's of coins around in the hands of unknown people that may or may not being in a slow process of dump right now

There are trillions of dollars around in the hands of unknown people that may or may not being [sic] in a slow process of dump right now

Brewins

legendary

Activity: 1120

Merit: 1000

Quote from: stellar69 on January 17, 2015, 09:01:17 AM

Quote from: waterpile on January 16, 2015, 07:59:35 PM

Quote from: puzzel.me on January 16, 2015, 04:53:02 PM

Quote from: stellar69 on January 08, 2015, 04:14:24 AM

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down .
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

Agree that gox was behind pushing the coin down to such lows. But now we are seeing a new co consistent low. What caused this?

scammers and hackers may have caused it. they are getting big chunks of coin doing bad things

would you care to specify that what kind of hackers and spammers are you talking about?
what was the latest scam in recent times that could have caused this low?

650k of gox coins are missing. Also there was the bitcoin auction, bitstamp hack, etc...

there are 1000's of coins around in the hands of unknown people that may or may not being in a slow process of dump right now

usairx

full member

Activity: 206

Merit: 100

If these Bitcoin holders really wanted to hold Bitcoins, that would be no reason to start selling. And even if it was, they would have already bought back.

CoinCidental

legendary

Activity: 1316

Merit: 1000

Si vis pacem, para bellum

Quote from: puzzel.me on February 05, 2015, 05:20:26 AM

Quote from: CoinCidental on February 04, 2015, 10:52:22 PM

Quote from: ronald98 on February 04, 2015, 03:15:35 PM

Quote from: puzzel.me on February 04, 2015, 02:25:32 PM

Quote from: CoinCidental on January 20, 2015, 12:12:05 PM

Quote from: picolo on January 19, 2015, 09:07:19 AM

Quote from: stellar69 on January 18, 2015, 07:35:07 AM

Quote from: AnswerQuestion on January 17, 2015, 03:01:41 PM

Quote from: CoinCidental on January 17, 2015, 09:50:30 AM

Quote from: Melbustus on January 15, 2015, 04:59:26 AM

Quote from: dropt on January 15, 2015, 04:48:30 AM

So I've seen the number that 250,000 BTC sold off. While that's probably people misinterpreting the trading volume as pure selloff volume, wouldn't that be SOME SHIT if we found it was the remaining GOX coins being liquidated to repay creditors? Cheesy

GOXED FROM THE GRAVE!

I still feel like there's potentially one more Goxing out there somewhere, somehow.

i guess btc-e will be the next gox, its probably just a matter of time IMO

I would disagree. btc-e has never gotten hacked. On the other hand gox was hacked on a regular basis and it's overall security setup was a joke

What makes you think that something that hasn't happened before won't happen in the future? Your point is totally invalid. You are just ignoring the impact of the highly improbable.

The solution resides in professional auditing of the exchanges and more experience in protecting their business and their client's funds.

they should be forced to purchase insurance BEFORE taking hundreds of millions of usd /btc in customer deposits and then being "hacked"
eventually it will be mandatory but for now,use them at your own risk
anyone can operate an exchange as it stands ,even people with a history of scamming (mintpal etc )

Who will provide these guys with an insurance? You? No. Me? No.
I don't think that anyone would agree to provide them insurance because of other exchange's history and government's tough stand on bitcoin.

How could an insurer know how much to agree to insure them for if the amount of money on any exchange is constantly varying? During bubbles and crashes all the exchanges hold far more than at quiet times. They always seem to get hacked during peak trading times.

if coinbase has managed to get insured theres no excuse for the rest of them not doing it
when they are in a position to steal huge amounts ..........

I guess coinbase is way more established and trusted than other sites and maybe that's why they got insured. Or it can be true the other way round, they got trusted because they got insured.
But all of them wont worry to buy insurances.

eventually the ones that dont will have zero volume ...........its just a matter of time
no serious investor is going to send anything more than loose change to an uninsured exchange
in eastern europe or asia and just "hope for the best "
(by serious im talking about hedge funds and people will real capital ,not teenagers with a couple of hundred usd )

puzzel.me

full member

Activity: 210