Topic: MtGox the only reason for bitcoin crash? (Read 1478 times)

Russia is the only country that banned bitcoin. And even then, they did so the same way they did with the dollar, euro, yen and anything that isn't their national currency. IOW they granted it legitimacy.

It is not the only reason for bitcoin crash but I think there is either more to it or it is a panic crash fed by the negative sentiment on bitcoin and the negative trend, there are good news also like this one : https://bitcointalk.org/index.php?topic=464099.0;topicseen

400$ on mtgox at the moment, it is crazy but explainable

Ohhh... you give them no credit at all! They know exactly what they are doing.

Yes. You forgot all the FUDsters crawling out from under their rocks that don't know what they are talking about.

Apple bans blockchain app
Russia bans bitcoin
Major exchanges are broken and locked down due to protocol bug discovered in 2011 that was never patched
Silk Road 2 hacked; coins stolen

am i forgetting anything?

at this point, mtgox is only a small part in the crash

Not everyone knows this!
And when you have 1 million people to scare the shit out of them you do it!

And the rest of people who have accounts on other exchanges like bitstamp and btc-e will follow

Look at localbitcoins price it is around 700$ because there people make the price not boots like on mtgox and other exchanges!

It is the only reason. If/when MT Gox decide to resume BTC withdrawals the price on MT-Gox will shoot up as people rush to get all their trapped funds out of MT-Gox. The price on MT Gox is just a gamble on which way the closest exit is,  the other exchanges have just followed for no reason. Transaction malleability is old news, it's Gox's problem that they let it be exploited.

MtGox should switch to Magic the Gathering: Online eXchange instead of crypto.

Mt Gox should switch to Litecoin instead of Bitcoin

Now it's a good time for a lot of small exchanges with perfect customer support!
Because big exchanges can't handle 1 million customers! maybe you would need to have 10.000 employes to take care of 100 clients each

now just imagine you get 100 emails a day where you need to verify the info provided and replay to that email with a good answear

Let's say it will take you 10 minutes to verify the info and another 5 to formulate an answer that's a total of 15 minutes / email and this takes us to 15*100=1500 minutes!

Now guess what! there are only 1440 minutes in a day!so every day you will have 4 customers delayed if we suppose they are robots and we don't do anything else besides working!

MtGox announced that they have 1 million customers on 19 December 2013

58 days passed already so 58*4=232 delayed customers(again I repeat at least if they would have had 10.000 employes)

Now let's calculate with a normal schedule of 8 hours/day

That's 480 minutes so this will result in a 68 customers delayed/day

68*58s = 3944

How many customers did they had? I doubt they had more than 200-500 hundreds

You are free to elaborate more if you wish!


NOTE! In this example I didn't considered the emails from delayed customers who are sending like 2-5 emails/day asking where is their money!
The point is that the numbers of delayed customers increase every day!

You have a point here. And the question is, will these 1 million customers will ever trust any exchange or Bitcoin again. Besides, I also dont trust Bitstamp anymore and am worried about my coins.

It's the main reason. Russia, the mal thing are just secondaries. Gox is going to bottom out, and everyone else will follow them part of the way down. Once they are out of the picture, one way or another, price will recover.

if that is the only reason then it will go up only when people from that exchange will sign up to new ones

keep in mind that they have more than 1 million customers and it will take a while until everyone will get his money out

some of them need money fast and they can't withdraw btc so they sell it .... there are other people who will see this opportunity and buy all the cheap btc in slow process

No, its not the only reason.

Try to search "transaction malleability".

Is MtGox's frozen withdraws the only reason bitcoin price is crashing?if so will it get back to $800+ when they resume withdraws?