Now that Gox is dead, shouldn't we have a rally?

ruletheworld

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Quote from: Spekulatius on February 25, 2014, 07:34:00 PM

I expect some BTC businesses to be struck hard by this. Some may have had the bulk of their capital in MtGox, probably the smaller ones that dont check news too often or have an old account with them. But even big ones that distribute their holdings accross exchanges will loose 20-30% by this.Does anybody know which companies have substantial holdings at Gox?

Why would BTC businesses have a substantial holding in MtGox?
1. If you want immediate conversion to fiat, they mostly use BitPay or Coinbase, not Gox
2. If they want to expense in BTC, they'll probably hold coins themselves e.g. blockchain.info where you control the private keys

Also, withdrawals were delayed for a long time, hopefully most businesses wouldn't want to live with that and moved their funds out, if at all they were thinking otherwise.

Spekulatius

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I expect some BTC businesses to be struck hard by this. Some may have had the bulk of their capital in MtGox, probably the smaller ones that dont check news too often or have an old account with them. But even big ones that distribute their holdings accross exchanges will loose 20-30% by this.Does anybody know which companies have substantial holdings at Gox?

favelle75

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Quote from: SlidingHorn on February 24, 2014, 11:24:44 PM

Quote from: undeadbitcoiner on February 24, 2014, 11:21:47 PM

Better to remain silent and be thought a fool than to speak out and remove all doubt.

Abraham Lincoln

But untill how long?
By By Gox

I believe it was Twain, but truth, no less...

Lincoln.

lyth0s

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Quote from: Edward50 on February 24, 2014, 11:38:23 PM

Guys this is pretty bad news about Mt Gox.

Who can really trust any exchange at this point?

It makes me want to pull the bulk of my money which is on CampBX right now after losing money on Mt. Gox.

I can imagine what this will do to other people. They surely will not want to risk much money anymore, especially money needed for bitcoin to go to 10,000 that most of you think it will go there.

I just don't see the price staying as high as it is, which at $500 is still a very high price.

If any of you are still sitting on bitcoins, I would recommend to pull them out ASAP and sit out. It is almost a sure bet to go lower at this point.

You should never keep "the bulk" of your coins on an exchange...

dynodog

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Yeah, a rally bc there are going to be so many new bitcoin adopters getting on board now that a bunch of people have been determined to be defrauded out of a ton of money. Are you for real?

People don't understand bitcoin's security. All they know is people got screwed by a major exchange. you think people are going to start researching exchanges and the bitcoin protocol? F**k no. Owning bitcoin is not that important to potential new adopters. They will hear this news, and run for the hills. The last thing they are going to do is send money to slovenia or a couple of anonymous russian dudes. It simply becomes too risky for the new potential investor.

smoothie

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Quote from: Edward50 on February 24, 2014, 11:38:23 PM

Guys this is pretty bad news about Mt Gox.

Who can really trust any exchange at this point?

It makes me want to pull the bulk of my money which is on CampBX right now after losing money on Mt. Gox.

I can imagine what this will do to other people. They surely will not want to risk much money anymore, especially money needed for bitcoin to go to 10,000 that most of you think it will go there.

I just don't see the price staying as high as it is, which at $500 is still a very high price.

If any of you are still sitting on bitcoins, I would recommend to pull them out ASAP and sit out. It is almost a sure bet to go lower at this point.

I have moved everything off of all exchanges I use.

No need to trade right now. Just gonna keep up with the news and watch the fireworks later this year.

Obi-Wan Coinobi

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Quote from: YipYip on February 24, 2014, 11:51:52 PM

blah blah blah

FEAR FEAR FEAR....cheap coinz

Its the limbo dance of how low will she go .... I have a trigger on the buy waiting for capitulation Cheesy

Well? You pull the trigger yet or what?

kireinaha

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investor confidence means little in this market. it was mere hours ago that the majority of people on this forum were making excuses for mtgox and dismissing every.single.red.flag emitting from that exchange on a daily basis. this is going to be a wake up call to some, sure, but it will be forgotten soon.

don't forget, we had a rally up to $650 just last weekend because of some rumors that were obvious bullshit. so it doesn't take much.

glendall

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Buzz App - Spin wheel, farm rewards

I don't know about a rally, but a party could be in order for the downfall of Gox. I really, really, really hope it is the last time they cause a crash. I'll be stoked if they never recover and close up shop.

YipYip

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blah blah blah

FEAR FEAR FEAR....cheap coinz

Its the limbo dance of how low will she go .... I have a trigger on the buy waiting for capitulation Cheesy

YipYip

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Quote from: chesthing on February 24, 2014, 11:23:06 PM

Quote from: smoothie on February 24, 2014, 11:19:39 PM

Quote from: JoelKatz on February 24, 2014, 10:50:45 PM

Quote from: gog1 on February 24, 2014, 10:37:05 PM

One of the reason the other exchange's prices are depressed was the belief that Gox will resume withdraw, which caused cheap coins being picked up at gox to be dumped elsewhere. Now that Gox seems to have lost everything, shouldn't we have a massive rally now that this 'phantom' dump will no longer take place.

This also means:

1) There are fewer coins than people thought there were, thus supply is reduced. All the coins believed held at Mt Gox probably didn't exist and were already in circulation.

2) People have fewer coins than they wanted to have, thus demand is increased. Everyone who thought they had coins at Mt Gox now knows they probably don't.

Both these factors should put upward pressure on the price. The downward movement is irrational. (Unless Gox is dumping Bitcoins on Bitstamp.)

This is exactly what I was thinking.

Likely this is a temporary downward pressure and as those who panic sell off (whether or not GOX) will eventually not have any more coins to sell.

Cheap coins!

So you buying right now or waiting for a lower price?

Lets wait for the bottom

Patel

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Quote from: Edward50 on February 24, 2014, 11:38:23 PM

Guys this is pretty bad news about Mt Gox.

Who can really trust any exchange at this point?

It makes me want to pull the bulk of my money which is on CampBX right now after losing money on Mt. Gox.

I can imagine what this will do to other people. They surely will not want to risk much money anymore, especially money needed for bitcoin to go to 10,000 that most of you think it will go there.

I just don't see the price staying as high as it is, which at $500 is still a very high price.

If any of you are still sitting on bitcoins, I would recommend to pull them out ASAP and sit out. It is almost a sure bet to go lower at this point.

Good luck with that, Campbx is almost as bad as Gox.

MrPiggles

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Decentralized Ascending Auctions on Blockchain

I put 8 on LBC @ $500 each and sold 2 within mins.

Pulled the other 6. there is still massive demand at $500 i'm surprised.

Dunno if I should just flog the lot and buy a bit lower.

Edward50

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Guys this is pretty bad news about Mt Gox.

Who can really trust any exchange at this point?

It makes me want to pull the bulk of my money which is on CampBX right now after losing money on Mt. Gox.

I can imagine what this will do to other people. They surely will not want to risk much money anymore, especially money needed for bitcoin to go to 10,000 that most of you think it will go there.

I just don't see the price staying as high as it is, which at $500 is still a very high price.

If any of you are still sitting on bitcoins, I would recommend to pull them out ASAP and sit out. It is almost a sure bet to go lower at this point.

EuroTrash

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Agreed downward move is irrational but think of bad publicity ponzi blablabla... The market could stay irrational for weeks before stabilizing then turning irrational upwards.

(some Europeans like me are wide awake on a eventful night like this one, and will no doubt have a pretty f*cked day at work)

ruletheworld

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Quote from: spiderbrain on February 24, 2014, 11:00:38 PM

Quote from: BreathOfZen on February 24, 2014, 10:51:40 PM

No? It turns out that one of the most entrenched and well known Bitcoin vendors was a large fraud, casting the doubt of "ponzi" on all of Bitcoin as a whole. Most people didn't know that MtGox was a problem, and now they will hear in the media that "bitcoin==fraud". Why would it go up?

The 'most people' who will think this aren't the people who buy and sell bitcoins.

Touche.
Most people involved with Bitcoin know that MtGox was a problem, not Bitcoin.

Bobsurplus

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Making money since I was in the womb! @emc2whale

Quote from: smoothie on February 24, 2014, 11:25:13 PM

Quote from: Edward50 on February 24, 2014, 11:10:04 PM

Quote from: Cluster2k on February 24, 2014, 11:07:17 PM

For a long time MtGox was the go-to exchange for the media when reporting bitcoin's price. In the short to medium term MtGox's disappearance will hurt. A lot. It affects the entire credibility of bitcoin as a viable means to do business. What business wants to conduct their transactions in a commodity that can fluctuate violently in value and have the previously major exchange disappear? Critics of bitcoin can point to MtGox as evidence that the whole thing is a money making scam and far too unstable to be useful.

The key thing to watch is how MtGox will be wound up over the coming months and years. Will account holders receive their bitcoins and money back?

Hey Cluster2k, Funny how the bitcoin bulls will spin really bad news into good news. Most are still obvious in the delusional stage.

Yup us bulls are delusional when price went from $65 to $1200.

We will also be delusional to you when price goes from $~350 to $5000 this year. Tongue

Not this year and I`m a megabull.

nick32768

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I expect another sharp decrease when the Europeans will wake up (it's 5:28 AM)

Nick.

Bobsurplus

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Making money since I was in the womb! @emc2whale

The price has to go down more, its just human behavior. People on the east coast will wake up tomorrow morning and realize all their hopes and dreams of one day becoming mega rich has gone down the drain. They lost their life savings and cant pay the bills anymore. Some I'm sure were even borrowing money from the banks to cover the money they had stuck in the goxblackhole.

It will be all over ever news station all day tomorrow. People will lose faith in bitcoin and sell what ever they have left..

I see the price hitting $250-$300 and staying there for a bit before bouncing back closer the end of the year.

smoothie

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Quote from: Edward50 on February 24, 2014, 11:07:20 PM

I always wondered how any big hedge fund etc. would invest into bitcoins without easily risking losing all of their bitcoins. I mean all it would take is someone internal to transfer out/steal the bitcoins.

I guess my concern had validity.

Anyway looks like I'm out $670 dollars that I had left on Mt Gox. Oh well..

Good job. lol

$0 and 0 BTC for me there.

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: Edward50 on February 24, 2014, 11:10:04 PM

Quote from: Cluster2k on February 24, 2014, 11:07:17 PM

For a long time MtGox was the go-to exchange for the media when reporting bitcoin's price. In the short to medium term MtGox's disappearance will hurt. A lot. It affects the entire credibility of bitcoin as a viable means to do business. What business wants to conduct their transactions in a commodity that can fluctuate violently in value and have the previously major exchange disappear? Critics of bitcoin can point to MtGox as evidence that the whole thing is a money making scam and far too unstable to be useful.

The key thing to watch is how MtGox will be wound up over the coming months and years. Will account holders receive their bitcoins and money back?

Hey Cluster2k, Funny how the bitcoin bulls will spin really bad news into good news. Most are still obvious in the delusional stage.

Yup us bulls are delusional when price went from $65 to $1200.

We will also be delusional to you when price goes from $~350 to $5000 this year. Tongue

SlidingHorn

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Quote from: undeadbitcoiner on February 24, 2014, 11:21:47 PM

Better to remain silent and be thought a fool than to speak out and remove all doubt.

Abraham Lincoln

But untill how long?
By By Gox

I believe it was Twain, but truth, no less...

chesthing

legendary

Activity: 1414

Merit: 1000

Quote from: smoothie on February 24, 2014, 11:19:39 PM

Quote from: JoelKatz on February 24, 2014, 10:50:45 PM

Quote from: gog1 on February 24, 2014, 10:37:05 PM

One of the reason the other exchange's prices are depressed was the belief that Gox will resume withdraw, which caused cheap coins being picked up at gox to be dumped elsewhere. Now that Gox seems to have lost everything, shouldn't we have a massive rally now that this 'phantom' dump will no longer take place.

This also means:

1) There are fewer coins than people thought there were, thus supply is reduced. All the coins believed held at Mt Gox probably didn't exist and were already in circulation.

2) People have fewer coins than they wanted to have, thus demand is increased. Everyone who thought they had coins at Mt Gox now knows they probably don't.

Both these factors should put upward pressure on the price. The downward movement is irrational. (Unless Gox is dumping Bitcoins on Bitstamp.)

This is exactly what I was thinking.

Likely this is a temporary downward pressure and as those who panic sell off (whether or not GOX) will eventually not have any more coins to sell.

Cheap coins!

So you buying right now or waiting for a lower price?

undeadbitcoiner

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Undeadbitcoiner Will not DIE until 1BTC=50K

Better to remain silent and be thought a fool than to speak out and remove all doubt.

Abraham Lincoln

But untill how long?
By By Gox

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: DieJohnny on February 24, 2014, 10:58:58 PM

Quote from: JoelKatz on February 24, 2014, 10:50:45 PM

Quote from: gog1 on February 24, 2014, 10:37:05 PM

One of the reason the other exchange's prices are depressed was the belief that Gox will resume withdraw, which caused cheap coins being picked up at gox to be dumped elsewhere. Now that Gox seems to have lost everything, shouldn't we have a massive rally now that this 'phantom' dump will no longer take place.

This also means:

1) There are fewer coins than people thought there were, thus supply is reduced. All the coins believed held at Mt Gox probably didn't exist and were already in circulation.

2) People have fewer coins than they wanted to have, thus demand is increased. Everyone who thought they had coins at Mt Gox now knows they probably don't.

Both these factors should put upward pressure on the price. The downward movement is irrational.

If bitcoin were not already worth 6 billion dollars, maybe I would be more aligned with your sentiment. Billions are hard to come by even today.

We also do not know the extent of the fraud, incompetence, et cetera... and the vulnerability of the current market. Only time will tell...

I think we will see a capitulation ahead as we still have lots of mining going on and people will continue to convert to fiat to pay their bills. could see $100 coins IMHO.... Bitcoin is vulnerable right now, keeping my eye on all possibilities.

Better hope another bitcoin technology vulnerability is not exposed in the next few weeks.....

The fed is printing between $60 and $80 billion of new notes a month. So no shortage there. Lots of trees to turn into FRN's.

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: JoelKatz on February 24, 2014, 10:50:45 PM

Quote from: gog1 on February 24, 2014, 10:37:05 PM

One of the reason the other exchange's prices are depressed was the belief that Gox will resume withdraw, which caused cheap coins being picked up at gox to be dumped elsewhere. Now that Gox seems to have lost everything, shouldn't we have a massive rally now that this 'phantom' dump will no longer take place.

This also means:

1) There are fewer coins than people thought there were, thus supply is reduced. All the coins believed held at Mt Gox probably didn't exist and were already in circulation.

2) People have fewer coins than they wanted to have, thus demand is increased. Everyone who thought they had coins at Mt Gox now knows they probably don't.

Both these factors should put upward pressure on the price. The downward movement is irrational. (Unless Gox is dumping Bitcoins on Bitstamp.)

This is exactly what I was thinking.

Likely this is a temporary downward pressure and as those who panic sell off (whether or not GOX) will eventually not have any more coins to sell.

Cheap coins!

lyth0s

legendary

Activity: 1260

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World Class Cryptonaire

Account holders won't see their money back. However, mt gox being at $100/coin has spread really bad news about bitcoin, let alone their insolvency. Getting rid of gox all together will at first hurt the price of BTC, but then it will be able to resume growth. I have friends that are completely bitcoin "noobs" and btc being low on mt gox has scared everyone away from it. get rid of mt gox, btc can grow again.

Disclosure: Long term I've very bullish on bitcoin...

Edward50

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Quote from: Cluster2k on February 24, 2014, 11:07:17 PM

For a long time MtGox was the go-to exchange for the media when reporting bitcoin's price. In the short to medium term MtGox's disappearance will hurt. A lot. It affects the entire credibility of bitcoin as a viable means to do business. What business wants to conduct their transactions in a commodity that can fluctuate violently in value and have the previously major exchange disappear? Critics of bitcoin can point to MtGox as evidence that the whole thing is a money making scam and far too unstable to be useful.

The key thing to watch is how MtGox will be wound up over the coming months and years. Will account holders receive their bitcoins and money back?

Hey Cluster2k, Funny how the bitcoin bulls will spin really bad news into good news. Most are still obvious in the delusional stage.

Edward50

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Activity: 602

Merit: 500

I always wondered how any big hedge fund etc. would invest into bitcoins without easily risking losing all of their bitcoins. I mean all it would take is someone internal to transfer out/steal the bitcoins.

I guess my concern had validity.

Anyway looks like I'm out $670 dollars that I had left on Mt Gox. Oh well..

Cluster2k

legendary

Activity: 1692

Merit: 1018

For a long time MtGox was the go-to exchange for the media when reporting bitcoin's price. In the short to medium term MtGox's disappearance will hurt. A lot. It affects the entire credibility of bitcoin as a viable means to do business. What business wants to conduct their transactions in a commodity that can fluctuate violently in value and have the previously major exchange disappear? Critics of bitcoin can point to MtGox as evidence that the whole thing is a money making scam and far too unstable to be useful.

The key thing to watch is how MtGox will be wound up over the coming months and years. Will account holders receive their bitcoins and money back?

redhawk979

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If Gox was a fly-by-night exchange that folded, I don't think the price would have fluctuated much.

However as others have said, because Gox was very public and well known and it was often the exchange cited in the press (even if that was a poor choice). I wouldn't be surprised to see the story crop up on one of the larger news outlets like WSJ. I would expect the price to continue dropping for another few days until some positive news flows in.

orpington

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Totally rally time!

Pop the cork!

Finally that mess is gone.

nmersulypnem

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An important thing to understand is that a lot of the people who *would* usually rally, have just lost all their money on the Gox platform.

Bitcoin_is_here_to_stay

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Quote from: JoelKatz on February 24, 2014, 10:50:45 PM

Quote from: gog1 on February 24, 2014, 10:37:05 PM

2) People have fewer coins than they wanted to have, thus demand is increased. Everyone who thought they had coins at Mt Gox now knows they probably don't.

Both these factors should put upward pressure on the price. The downward movement is irrational. (Unless Gox is dumping Bitcoins on Bitstamp.)

LOL, you really think that people who "thought they had coins on Mt Gox" would now run to give away more of their $$$$ to another completely unregulated exchange?

I beg to differ. What is worst, the ppl who planned to invest in bit coin may now have second thoughts

spiderbrain

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Quote from: BreathOfZen on February 24, 2014, 10:51:40 PM

No? It turns out that one of the most entrenched and well known Bitcoin vendors was a large fraud, casting the doubt of "ponzi" on all of Bitcoin as a whole. Most people didn't know that MtGox was a problem, and now they will hear in the media that "bitcoin==fraud". Why would it go up?

The 'most people' who will think this aren't the people who buy and sell bitcoins.

DieJohnny

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Quote from: JoelKatz on February 24, 2014, 10:50:45 PM

Quote from: gog1 on February 24, 2014, 10:37:05 PM

One of the reason the other exchange's prices are depressed was the belief that Gox will resume withdraw, which caused cheap coins being picked up at gox to be dumped elsewhere. Now that Gox seems to have lost everything, shouldn't we have a massive rally now that this 'phantom' dump will no longer take place.

This also means:

1) There are fewer coins than people thought there were, thus supply is reduced. All the coins believed held at Mt Gox probably didn't exist and were already in circulation.

2) People have fewer coins than they wanted to have, thus demand is increased. Everyone who thought they had coins at Mt Gox now knows they probably don't.

Both these factors should put upward pressure on the price. The downward movement is irrational.

If bitcoin were not already worth 6 billion dollars, maybe I would be more aligned with your sentiment. Billions are hard to come by even today.

We also do not know the extent of the fraud, incompetence, et cetera... and the vulnerability of the current market. Only time will tell...

I think we will see a capitulation ahead as we still have lots of mining going on and people will continue to convert to fiat to pay their bills. could see $100 coins IMHO.... Bitcoin is vulnerable right now, keeping my eye on all possibilities.

Better hope another bitcoin technology vulnerability is not exposed in the next few weeks.....

BreathOfZen

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No? It turns out that one of the most entrenched and well known Bitcoin vendors was a large fraud, casting the doubt of "ponzi" on all of Bitcoin as a whole. Most people didn't know that MtGox was a problem, and now they will hear in the media that "bitcoin==fraud". Why would it go up?

JoelKatz

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Democracy is vulnerable to a 51% attack.

Quote from: gog1 on February 24, 2014, 10:37:05 PM

One of the reason the other exchange's prices are depressed was the belief that Gox will resume withdraw, which caused cheap coins being picked up at gox to be dumped elsewhere. Now that Gox seems to have lost everything, shouldn't we have a massive rally now that this 'phantom' dump will no longer take place.

This also means:

1) There are fewer coins than people thought there were, thus supply is reduced. All the coins believed held at Mt Gox probably didn't exist and were already in circulation.

2) People have fewer coins than they wanted to have, thus demand is increased. Everyone who thought they had coins at Mt Gox now knows they probably don't.

Both these factors should put upward pressure on the price. The downward movement is irrational. (Unless Gox is dumping Bitcoins on Bitstamp.)

damnek

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Quote from: gog1 on February 24, 2014, 10:37:05 PM

One of the reason the other exchange's prices are depressed was the belief that Gox will resume withdraw, which caused cheap coins being picked up at gox to be dumped elsewhere. Now that Gox seems to have lost everything, shouldn't we have a massive rally now that this 'phantom' dump will no longer take place.

That is also what I'm expecting. It will take a little while for the irrational selling to cool off, and then the whole situation with mtgox should be priced in, and we can start the recovery.

bitcon

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many people viewing this fiasco as a blackeye on bitcoins reputation. many investors being scared off.

pungopete468

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within a day we will; it's going to crash a bit but then it's back to normal possibly even a rally.

gog1

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One of the reason the other exchange's prices are depressed was the belief that Gox will resume withdraw, which caused cheap coins being picked up at gox to be dumped elsewhere. Now that Gox seems to have lost everything, shouldn't we have a massive rally now that this 'phantom' dump will no longer take place.

Topic: Now that Gox is dead, shouldn't we have a rally? (Read 2989 times)