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Topic: Seemingly horrible business decision by whales - page 2. (Read 2718 times)

member
Activity: 70
Merit: 10
I feel that every attempt should have been made by the whales to come up with a solution to gox where everyone received their cash/bitcoin

I've translated this to english: "I think someone (but not me of course) should reward Mt Gox with $500000000.00 for being incompetent (or frauds)".

Quote
BITCOIN IS NOW DEAD IN THE WATER....  ALL THE MOMENTUM AND EUPHORIA ARE GONE.
If this could kill bitcoin, then it obviously wasn't a very good idea to begin with. Why do you want someone to give away 500 million on a bad idea?
hero member
Activity: 1106
Merit: 500
Life is short, practice empathy in your life
Ending the Gox ponzi scheme now is far healthier than if the Gox ponzi exploded at 5 to 10k USD price per BTC.

Also, it gives people who build the infrastructure behind bitcoin some breathing space to work on their projects with less hype surrounding bitcoin. So, with the Gox ponzi out of the way and a stronger ecosystem bitcoin actually has a better future.
sr. member
Activity: 249
Merit: 250
Maybe the Chinese whales wanted cheaper bitcoins to purchase?
legendary
Activity: 1260
Merit: 1000
Worst case scenario, random yokels like the original poster will go watching Pawn Stars for a year or so, notice Bitcoin isn't dead, then jump back in.
newbie
Activity: 23
Merit: 0
Please look up and understand the concept of "moral hazard." You're are essentially saying Gox was "too big to fail," and should have been bailed-out. Have you learned nothing from the past six years of the current global financial crisis? And we're still not in the clear on this one...
member
Activity: 97
Merit: 10
The whales decided that gox was not worth saving.  Although we don't have all the facts obviously, I feel that every attempt should have been made by the whales to come up with a solution to gox where everyone received their cash/bitcoin.  This opinion is purely about a business decision to protect and save bitcoin, and has nothing to do with any moral decision to help the gox customers.  You get into bitcoin and you understand that you could lose everything for whatever reason.

While the cost to whales to work out a plan on gox may have been great, the long term cost TO THE REPUTATION OF BITCOIN of not doing so is much greater.  My friends, no matter what the people on this board try to tell you, or what writers on coindesk try to do to keep your confidence up, or what whales try to do to stabilize the price around 560 to give the impression that all is well, BITCOIN IS NOW DEAD IN THE WATER....  ALL THE MOMENTUM AND EUPHORIA ARE GONE. 

It is no longer viewed as a promise of something great, it is viewed as a very dangerous stupid way to lose your money.  I sold enough to have somewhere between a double and a triple, and will hodl the rest.  It's too bad it had to play out like this.  I hope that I am wrong.
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