Topic: MTGOX to collapse if Japan goes "the Cyprus way" ? (Read 4600 times)

Boom tish...

but you probably get something you never bargained for

You are right... to the markets.

Even at a one billion dollar market cap bitcoin is still in its infancy. People flock to Mt.gox because many other exchanges have folded or been victims of theft (Tradehill, Bitcoinica, Bitfloor). Decentralization will eventually come to bitcoin.

I'd be glad to take part in the experiments for that! WINK WINK!

But seriously I bet they'll just adopt Bitcoin, it's not like a penniless government will be able to stop them.

yes but the Japanese are smart
they have good infrastructure
they work hard

they will find a way

its infrastructure and workforce that counts

however I admin the declining population may be the issue....

though they can maybe figure that out to.

Not sure what factor will outweigh in this scenario - emerging needs of the Japanese in bitcoins, or, panic generated by the collapse of centralized exchange.

If Japan collapse like Cyprus, bitcoin will skyrocket. Japan economy is huge, imagine them all buying bitcoins  MT Gox will be in the right place at the right moment to cater to that need 

Yes, about the MtGox part. I believe we all need decentralized bitcoin markets to not have to worry about any country or any particular market having too much influence on us.

Last year I heard about a dumbass who recommended to hoard german notes (X letter). I'd love someone tried to reject my G notes… .

I'd be more concerned if North Korea try and nuke Japan, given the way the DPRK and Kim Jong-Un seem to be upping the threats lately.

And now AEP writes this:

"Capital controls have shattered the monetary unity of EMU. A Cypriot euro is no longer a core euro. We wait to hear the first stories of shops across Europe refusing to accept euro notes issued by Cyprus, with a G in the serial number."

http://www.telegraph.co.uk/finance/debt-crisis-live/9958402/Cyprus-bailout-live.html

https://en.bitcoin.it/wiki/Category:Exchanges

Really? What I know is, that the EU will only help Cypres with another billions if the Cypres don't just sit there and spend the money of the Germans, Dutch, Fins and so on. Cypres can leave the EURO everytime they want then they can inflate their money to the moon. I always argued, that even the money in a bank deposit is not to 100% without risk. Not it is that way, but only for high numbers.

And Mt-Gox? Is Mt-Gox bankrupt? Do they have a fractional reserve? If not, why are you worrying? The "robbery" in Cypres has nothing to do with solvent banks.

And: Mt-Gox is to Bitcoin what Facebook is too friendship. It is a tool. Without Facebook friendships will not be destroyed. A new social network would arise. And I bought my bitcoins in a firm located in Germany...

Is there a list of other sites and maybe recommendations or reviews about them? Thanks

My primary interest is to keep BTC strong as from now it's the last safe harbor for my assets.
But I'm really worried about possible crash if something happen to its centralized exchanger.

What are you trying to achieve by talking down the fx rate by reinterpreting the past in a FUD manner?
BTC has saved your finances while the euro has a heart attack, so now you want BTC to fall as well??

I don't think that Mt. Gox's hack had much to do with things.  I remember it distinctly because, by happenstance, they were down when I got serious enough to start doing wire transfers and Tradehill had just come online.  The peak had defiantly rolled over by the first whiff of Mt. Gox problems and the decline remained steady for months through a whole string of hacks and other accidents.  The most interesting thing to me was how Bitcoinica's implosion seemed to have had a negligible effect on almost anything.  I didn't expect that.

I never expected the price to get to $2/BTC and treated it as an unexplained gift from the unknown.  And bought with both hands since I had extra fiat needing a home.  Nothing in the fundamentals which attracted me at $16/BTC had changed and thus nothing about my theory of the potential value of the proposition had changed either.  And it was amazing to be able to acquire blocks of Bitcoin which had been undreamed of only months before.

I always expected a high likelihood of losing 100% of my outlay but it was a magical moment when a significant $$$ loss would not kill me and there was enough of a chance of a long-shot win to induce me to make what currently appears to have been a good bet.  I'm not in buying mode now at $80-ish, but if I had no BTC I probably would either be buying or transferring a percentage of my other wealth into BTC as a speculative bet.  And, as always, considering the strong possibility of a full loss.

Yes, there might be a temporary sell off, but that's more of an opportunity to get btc cheap rather than anything close to an existential threat.

CAvirtex is a great alternative for BTC/CAD. It's very solid now.

It's more than just the exchange. A lot (perhaps the majority?) of apps and services rely on the mtgox api for pricing and such. It is still a precarious situation to be in. Bitstamp is growing for EU users, i'm not sure about US alternatives, but we need a few more exchange hubs in different jurisdictions before my mind will be set at ease.