MTGOX to collapse if Japan goes "the Cyprus way" ? - page 2.

Bitobsessed

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Quote from: zeroday on March 25, 2013, 12:14:54 PM

All USD wires are still go to their Japanese account. Just imagine their losses in case of Cyprus scenario.
It's time to think about alternatives. I believe decentralization is the key factor in bitcoin's stability.

http://coinlab.com/transition

"If you're already a Gox customer and domiciled in the US / Canada, you don't have to do anything. We'll notify you when your funds have moved over to the US, and from then on, sending and receiving money in and out of the exchange will get a lot easier."

"Your dollars are deposited with Silicon Valley Bank"

Am I missing something?

zeroday

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Quote from: GideonGono on March 26, 2013, 04:40:58 AM

Not such a big problem unless you are crazy enough to store your btc with them. If the losses cause them to collapse it will just make it more difficult to purchase btc but bitcoin will live on.

But I remember what happened to bitcoin when MtGox got into troubles in 2011.

Dabs

legendary

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The Concierge of Crypto

If Japan collapses, the bigger companies will be affected first, like Toyota, Honda, all those other Japanese cars and motorcycle manufacturers. The samurai will take over and ninjas will be recruited by organized crime Yakuza... Did you see what happened after some disasters like floods and earthquakes recently? The Japanese people are very patient waiting for relief goods and weren't about to kamikaze each other.

GideonGono

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★Bitvest.io★ Play Plinko or Invest!

Quote from: zeroday on March 25, 2013, 12:08:18 PM

I suppose that some people are happy to see Cyprus sinking in the financial abyss as BTC price skyrockets and causes megaprofits.
But, did you ever think what would happen to MTGOX if Japan goes the Cyprus way and grab bank deposits to repay its debt?

Some of alarming articles in press.
Forget Cyprus, Japan Is The Real Crisis - Forbes
Financial Ticking Time Bomb 2013, Japan the Greece of Asia
Looming financial crisis in Japan deserves our attention

Not such a big problem unless you are crazy enough to store your btc with them. If the losses cause them to collapse it will just make it more difficult to purchase btc but bitcoin will live on.

bitdragon

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peace

Quote from: HorseRider on March 26, 2013, 02:50:52 AM

The central bank of Japan can print JPY. so please don't worry.

they have been doing that for ages

HorseRider

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The central bank of Japan can print JPY. so please don't worry.

Bitcoinpro

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Now can Mtgox collapse? i seriously doubt it maybe if the bitcoin price got high enough say in the $100,000 US Dollar range and Mtgox had sold more coin than what they actually owned, then users wanted to withdraw these coins then yes they would have a big problem on their hands!

Bitcoinpro

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Even in France when the government tried to extend the public servant retirement age to something stupid like 70 years of age while also moving the pension benefit date to the same age, also the later was not retrospective as far as i understand, the result was a massive public outrage and protests grinding to halt all the oil ports and trucking facilities.

Bitcoinpro

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Quote from: zeroday on March 25, 2013, 12:22:46 PM

Quote from: kgo on March 25, 2013, 12:19:10 PM

The EU forced Cyprus' hand. Why would Japan force Japan to seize bank funds so that Japan will bailout Japan.

Just two weeks ago I couldn't imagine that EU can go robbing bank savings. Now I have lost most of my assets. I got a hard lesson.

as far as we where aware there has been many financial confiscations in the eurozone

like pension fund write downs public servant paycuts and holiday amendments, retirement date changes etc etc etc

in Australia the same changes have been implemented, many newer workers will never have the same benefits public or private as the

exact same workers still employed in similar positions because they are slightly older and financial law changes are not retrospective they only

affect new contracts and or people born after a certain date, Australia has some mineral wealth and even greater oil wealth not to mention

a relatively low population so you can imagine they would not dream of taking bank savings

the government would be overthrown in a matter of days NOT WEEKS and then all the old benefits would be reinstalled because Australia is infact a wealthy country

not to mention the massive oil deposits that are hidden from the mainstream Australian public and exploited by foreign countries

dserrano5

legendary

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Quote from: solex on March 26, 2013, 02:08:41 AM

I advised them to [...] collect euro banknotes with German, Luxembourg and Finland prefixes.

This makes no sense. All banknotes are equally valid across the whole eurozone. The initial letter in the serial number only indicates which central bank issued the note, nothing else. Plus, there are no banknotes with Luxembourg's prefix (letter R).

solex

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100 satoshis -> ISO code

Quote from: zeroday on March 25, 2013, 12:22:46 PM

Quote from: kgo on March 25, 2013, 12:19:10 PM

The EU forced Cyprus' hand. Why would Japan force Japan to seize bank funds so that Japan will bailout Japan.

Just two weeks ago I couldn't imagine that EU can go robbing bank savings. Now I have lost most of my assets. I got a hard lesson.

zeroday, I have a lot of sympathy for you, especially as I have relatives in Pentakomo, Cyprus, and they are suffering too. Two years ago (before I ever heard of Bitcoin) I advised them to put savings into gold and collect euro banknotes with German, Luxembourg and Finland prefixes. The writing was on the wall then for a banking crisis in Cyprus, but it doesn't seem that they listened.

However, Japan is different, they want to print yen and damn the torpedoes. They will stealth tax their savers through inflation, which could get nasty and damage that country, but businesses will still tick over. I can't see Mt Gox being affected more than any other company in Japan. In fact less, as pointed out already, they must be stacking up the BTC from commissions!

Littleshop

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Quote from: BitcoinAshley on March 25, 2013, 05:53:22 PM

Quote from: ARapalo on March 25, 2013, 05:44:34 PM

There really needs to be another exchange site. Bitcoin is not very decentralized if nearly all trading happens at a "centralized" place.

...

...

there are plenty of other exchange sites. sometimes I wish people would use them rather than hanging around bitcointalk complaining about how slow & evil gox is ;-)

Really. And the volume is now there at these other sites for most people. I have not used gox in a year now since somehow my account became unverified and they did not respond to my email.

BitcoinAshley

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Quote from: ARapalo on March 25, 2013, 05:44:34 PM

There really needs to be another exchange site. Bitcoin is not very decentralized if nearly all trading happens at a "centralized" place.

...

...

there are plenty of other exchange sites. sometimes I wish people would use them rather than hanging around bitcointalk complaining about how slow & evil gox is ;-)

BitcoinAshley

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Y'all make some good points that Japan (unlike Cyprus) has the power to print more of its own currency. It can't easily be forced by an external entity (Asian Union lol) to rob from its citizens' bank accounts. This means it has a smaller chance of becoming the "next Cyprus."

...

But "smaller chance" doesn't mean "no chance." Correct me if I'm wrong, but several other countries (I'm thinking Argentina? Brazil perhaps?) have seized funds from depositors in times of financial crisis. And there ain't no "South American Union" refusing to print more SoAmericos - they just went and done it.

ARapalo

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There really needs to be another exchange site. Bitcoin is not very decentralized if nearly all trading happens at a "centralized" place.

Littleshop

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Quote from: zeroday on March 25, 2013, 12:08:18 PM

I suppose that some people are happy to see Cyprus sinking in the financial abyss as BTC price skyrockets and causes megaprofits.
But, did you ever think what would happen to MTGOX if Japan goes the Cyprus way and grab bank deposits to repay its debt?

Some of alarming articles in press.
Forget Cyprus, Japan Is The Real Crisis - Forbes
Financial Ticking Time Bomb 2013, Japan the Greece of Asia
Looming financial crisis in Japan deserves our attention

MTGOX would be only partially effected. They have, at least by fees, half of money in BTC. If BTC rises and yen drop it is a near wash. In addition even with hyper-inflation, as long as it less then 10% a month they can even mitigate that with clever financial planning.

Japan has a printing press, Cyprus does not. They are in very different situations.

mai77

newbie

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lets face it:

if china hits the sell button on their U$ t-bills, Shocked

it's all being flushed down the tubes anyway Cry

TTBit

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Japan can't print up US dollars and EUR, isn't that what MtGox holds?

Japan is a disaster. Check out youtube for Kyle Bass, here is an example: http://www.youtube.com/watch?v=ZY6IEpKRA7Y

tvbcof

legendary

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They are welcome to my zero fiat balance I have with them, and if they take the several BTC in my account, well, 'my bad.'

allthingsluxury

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Quote from: kgo on March 25, 2013, 12:19:10 PM

The EU forced Cyprus' hand. Why would Japan force Japan to seize bank funds so that Japan will bailout Japan?

Exactly, Japan has a printing press (Not saying that is a good thing) and cannot be forced by the EU.

Topic: MTGOX to collapse if Japan goes "the Cyprus way" ? - page 2. (Read 4660 times)