Topic: MtGox Collapsing (and taking bitcoin down with them?) - page 4. (Read 13643 times)

There's often better prices on other exchanges too.

I used to debate Libertarian nut cases who think that all fractional reserve banking is fraud. My usual response is to ask them if they really think there actually exists anyone who thinks that when you deposit money in a bank, they put your money in the safe so that you can withdraw it when you want to. I guess I'll have to find a new argument, because it now appears there is at least one such person.

Nice!!!

Is this the app?

I've been thinking about this all week!  That thing was hilarious (and useful).

If anybody has any info on what happened to this, I'd love to know.

MtGox did not build a large exchange. It became a large exchange because the users were to lazy to diversify. When it goes away, the users will move to other exchanges, making these larger. So this effect will only lead to small fluctuations, if at all.

You're right about the reputation thing, however. But on the long run, we will all be grateful when this happens. It's always dangerous when a single company can jeopardize the reputation of bitcoin as a whole through their own decisions. When people start to diversify, this effect will have a much lower impact in the future (if another exchange stumbles).

Funny enough, even if I wanted to sell my BTC to panic over this, I'm disinclined to do so, because if the concern is that MtGoxUSD aren't fully backed by USD, my BTC in the hand are more valuable than the MtGoxUSD I'd receive at MtGox.

A few months ago, a user of this forum named Jesse had created a web app alarm that would sound a bull or bear sound upon crossing a price threshold.  I remember it being clever and useful; however, I don't know that it exists anymore...  I searched the board for a link, but to no avail.  Either I need more coffee or this forum's search sucks.

A Mt.Gox shutdown would undoubtedly hurt bitcoin's price.  Part of the valuation of bitcoin includes the availability of a large exchange for cashing in and out.

However, bitcoin wouldn't die if Mt.Gox went.  There are other exchanges, and once they took on the liquidity that Mt.Gox represents the price would recover (modulo reputational losses for bitcoin services generally).

Let's see what it brings...

https://www.facebook.com/MtGox/posts/294260660658348

I don't think centralization is actively hurting Bitcoin.  It could hurt Bitcoin significantly if something happens to Mt. Gox, but I don't see it as hurting Bitcoin NOW.

Or they're like me and use ALL the exchanges (:

I have had the same experience, however as soon as I open a support ticket about the missing transfer they get my transfers resolved.

People need to diversify and trade on other exchanges in addition to Mt. Gox.

Just before 00:00 GMT there was a volume of 220,000 dropping BTC to $4.80. It's back to around $5 now but someone is certainly making a lot of moves.
How do you set the computer to make loud annoying buzzing alarm when the wiggle like that? I don't want to miss the action.

+1
Alpha Exchange to the rescue! Restoring decentralization to trading.

I think it's exactly the opposite: Bitcoin is being damaged by the existence of MtGox and the centralization on them.
I think if MtGox went down Bitcoin would have more to gain than to lose.

Just one question: Why would Bitcoin go down with MtGox?

I'm into Bitcoin for more than 1 year and besides opening an account in MtGox I never really used them for anything else... And I bet a lot more people are like me and don't use exchanges.

Do you also have references for these bank account freezing issues?

Of course it's sad that all these excuses were necessary before, but I think it's an important first step to re-establish a good reputation that they admit the liquidity issues now.

At this point, I think it will important to also approach a generally more customer-centric way of doing business if they wish to stay on the market. Because, if they keep their policy of making the customer the last one to inform about what's going on, we will not know how the liquidity issues were solved when they are. Did it suffice to get the accounts unfrozen? Did they also sell their sports cars? Or is the money coming from being a real-time data warehouse for the DEA and other dubious federal data consumers?


As written above, I think transparency is needed for more than the financial status. Otherwise, the reputation can hardly be restored. Customers need to see that their concerns are now priority issues for MtGox. For example, how serious is a company about allowing pseudonymous use of their service when they state that they'll require identifying documents when someone uses Tor?? And why doesn't their data privacy statement make it clear that customer data will only be disclosed to third parties upon absolute legal necessity?

I hope they'll get their act together and learn from the current crisis. All the experience gathered so far should not be lost after all.

But even if not: It's not the exchanges which dictate the exchange rates. It's the supply and the demand. If the price really changes when taking MtGox out of the equation, it will most likely be due to differences in the deposit and withdrawal methods available (which have an effect on the currency supply...). Should this hurt someone, some exchange will fill the gap...

Lol, it seems we need to make a thread titled ["WAIT LIST"] Mt. Gox Funds Sent Date / Received Date.