Topic: Markets not reacting to loss of 100s of Millions of $ is disturbing - page 2. (Read 5633 times)

They almost certainly exist, so this whole "oh 6% less bitcoins, bitcoin should go up by 1000% because there are 6% less" thing is absolute bullshit.

And the defense of bitcoin doesnt need Gox? No, of course it doesnt need Gox. It needs investor confidence. And the death of Gox just siphoned every drop of it out.

They almost certainly exist, so this whole "oh 6% less bitcoins, bitcoin should go up by 1000% because there are 6% less" thing is absolute bullshit.

And the defense of bitcoin doesnt need Gox? No, of course it doesnt need Gox. It needs investor confidence. And the death of Gox just siphoned every drop of it out.

Um, market is not reacting to hundreds of millions of dollars worth of lost BITCOIN - Bitcoins that either didn't exist, or will cease to exist for the forseeable future. That would indicate that the market is manipulared DOWNWARD, not UPWARD. And, in this case, the manipulator wouldn't be a malicious super-smart insider doing complex market analysis infront of a computer screen somewhere in China, but a mass of super-dumb news outlets that don't understand wtf is going on.

I seriously DO NOT GET why people are under the impression that somehow Bitcoin needs gox to exist. In my "bitcoining career" I have sent a grand total of 1 bank wire to gox, and a grand total of 0.06 BTC, and both of these were like a year + ago - unless you count my flipping on Bitcoinbuilder. My experience with all other exchanges has been much less shady and is just in general a lot less dubious, from day 1. So wtf did Gox ever contribute in the last 6 months? If people had just stopped using it when it started sucking months ago this wouldn't be happening. If it really needs to blow sky high just to finally get people to quit it, then so be it.

Markets not reacting to gox bankruptcy and loss of hundreds of millions of dollars worth of customer money is not just disturbing but confirms my earlier statements about market manipulation.

People here shrug gox bankruptcy like its nothing, but it is very huge and a major dent in bitcoin public confidence. This event has also delayed any major wall street institution from getting involved until there is a major regulated and licensed US exchange running.

In a way I'm glad this is happening as it confirms my position, as I stated before we will see a major dip soon on or before March 16

Markets not reacting to gox bankruptcy and loss of hundreds of millions of dollars worth of customer money is not just disturbing but confirms my earlier statements about market manipulation.

People here shrug gox bankruptcy like its nothing, but it is very huge and a major dent in bitcoin public confidence. This event has also delayed any major wall street institution from getting involved until there is a major regulated and licensed US exchange running.

In a way I'm glad this is happening as it confirms my position, as I stated before we will see a major dip soon on or before March 16

Everyone thinking this is a good thing is 100% delusional.

Well, I've been telling people I know to buy BTC for a damned long time; friends, family, and coworkers.

I have since told everyone to sell everything, because we are going nowhere but down from here, until something good comes out of Gox. If that never happens? Then down to double digits.

Everyone thinking this is a good thing is 100% delusional.

Well, I've been telling people I know to buy BTC for a damned long time; friends, family, and coworkers.

I have since told everyone to sell everything, because we are going nowhere but down from here, until something good comes out of Gox. If that never happens? Then down to double digits.

Everyone thinking this is a good thing is 100% delusional.

The pricing in of gox's failure began all the way back in May and June, when investors could not withdraw fiat, funds were seized by DHS, and there was the lawsuit with coinlab. At that point, investors probably assumed that all their fiat was missing and that gox was insolvent, since they couldn't withdraw, and the pricing in began. This caused a crash from $130 to $66, until offline investors decided that was a good price and led a recovery. Bitstamp rapidly grew in August with the orderbook growing exponentially every day, and during the breakout in October it was well known that Bitstamp was where true liquidity interchange in U.S.D. was occuring and that gox was no longer relevant. Gox became a joke. "emptygox". Gox probably put a nice damper on the entire rally, and we might have gone higher without it.

Just recently, gox led another crash. The drop from $800 began when users started having issues withdrawing bitcoin from gox. At the moment when gox announced their malleability issue and it became official that users could neither withdraw fiat nor btc, all hope in gox became lost. Gox was now truly insolvent, as you could not withdraw ANY funds. This became especially apparent once every other exchange had fixed their malleability issue, in one day, EXCEPT gox, who was at two weeks and counting.  The death spiral of prices on gox all the way to $88 was continually confirming everyone's suspicions - that kind of price action would not be happening unless something was seriously wrong. Nobody would sell their bitcoins at 15% of the real value of a bitcoin unless they were SURE gox was insolvent. So this action led a crash in prices all the way from $800 to $530 and below. When the website went down, prices crash all the way down to $400. That's a 50% loss from $800, on top of all the previous crashes gox had driven.

Prior to gox's recent bankruptcy announcement, it was about 90% certain to anyone with a brain that all of gox's customer funds had been lost, and this had already been getting priced in to the bitcoin price for nearly a year.  The bankruptcy announcement simply turned a 90% certainty into a 100% certainty. Big deal... Maybe it will cause a little dip, but not a huge crash like everyone is calling for - that already happened, multiple times.

Markets not reacting to gox bankruptcy and loss of hundreds of millions of dollars worth of customer money is not just disturbing but confirms my earlier statements about market manipulation.

People here shrug gox bankruptcy like its nothing, but it is very huge and a major dent in bitcoin public confidence. This event has also delayed any major wall street institution from getting involved until there is a major regulated and licensed US exchange running.

In a way I'm glad this is happening as it confirms my position, as I stated before we will see a major dip soon on or before March 16

I also find it funny how ppl just say well too bad the gox clients will just have to buy their coins again at the current price. Um no, they won't fucking rebuy the coins no one will fucking rebuy coins, especially at the current rates.

This is like someone losing a ton of gold at a bank and then he's like oh OK NP let me just go buy another fucking ton , no it doesn't work that way cuz that person is depleted of money plus won't have the confidence for sometime to rebuy.

The missing bitcoins are irrelevant, because no one is going to buy or sell them. Its not even clear if they are missing or alreafy circulating the markets. What matters is there is hundreds of millions of fiat dollars missing these dollars matter because they r going to create the liquidity in the market that will buy ur overpriced coins. Now there is a massive chunk gone, the markets will collapse as a result to compensate.

Ppl have gotten so used to bashing fiat that u forget to calculate it in the bigger picture. U forget that bitcoin price depends on fucking fiat buying and sell it.

I also find it funny how ppl just say well too bad the gox clients will just have to buy their coins again at the current price. Um no, they won't fucking rebuy the coins no one will fucking rebuy coins, especially at the current rates.

Mt.Gox being bankrupt is not news. The markets have anticipated that for weeks now. This is why the price dropped from the 800s to where we are now in the last few weeks.