Seemingly horrible business decision by whales - page 2.

nanonano

member

Activity: 70

Merit: 10

Quote from: dynodog on March 01, 2014, 11:37:49 AM

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?

Dalmar

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.

CoinRocka

sr. member

Activity: 249

Merit: 250

Maybe the Chinese whales wanted cheaper bitcoins to purchase?

r0ach

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.

nipponese

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...

dynodog

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.

Topic: Seemingly horrible business decision by whales - page 2. (Read 2711 times)