Personally if I had anything at Gox I would have moved it out already, just to improve the quality of my sleep at night.
If they do not open USD withdrawals as announced, we will probably see the same trend continuing, people will buy BTC with their USD, and move it out, resulting in higher prices at Gox compared to other exchanges.
If that's all that happens, there will be no dramatic impact on prices - dramatic would be Gox closes down, goes out of business.
Topic: So what happens if Gox misses their deadline in one week? - page 4. (Read 4729 times)
i had a feeling i should have transferred to btce or bitstamp when they were at parity with gox about a week ago...
moral of my story?
trust your gut or get goxxed
moral of my story?
trust your gut or get goxxed
If there was going to be chaos, it would have happened after the 1st announcement. There was no chaos. Sure, some people who wanted their cash out of Gox had to buy BTC on Gox, then transfer to Bitstamp or a.n.other, but apart from that, its been business as usual.
So no, no panic, no chaos. Just Gox gradually losing market share. But thank god for other exchanges else the whole thing would have collapsed.
I disagree with this. There is a world of difference between making an announcement of "it will just be 2 weeks" or an announcement of "we couldnt do it" AND they've already been holding your money. Those are two very distinct opportunities for chaos, one does not follow the other. So no, no panic, no chaos. Just Gox gradually losing market share. But thank god for other exchanges else the whole thing would have collapsed.
There's basically no room for Gox to say, "uh, we need another 2 weeks" - none.
I think that would be up to each individual to decide.
For example, I have $ on Gox and am in absolutely no hurry to withdraw them, so they can take another 2 months for all I care.
It might take that long for me to snare some more sub-$80 coins anyway
My prediction is inevitably some people will panic, and some won't
If there was going to be chaos, it would have happened after the 1st announcement. There was no chaos. Sure, some people who wanted their cash out of Gox had to buy BTC on Gox, then transfer to Bitstamp or a.n.other, but apart from that, its been business as usual.
So no, no panic, no chaos. Just Gox gradually losing market share. But thank god for other exchanges else the whole thing would have collapsed.
So no, no panic, no chaos. Just Gox gradually losing market share. But thank god for other exchanges else the whole thing would have collapsed.
In the second statement, they say USDs withdraws are not suspended, but that they are being processed slowly. After the term of the second week, they will just say that things are now almost normal, but because of all the withdraw requests their processing will take some time. That will give them two weeks more.
In the end, the consequences will be dependent on the real cause of the delays. If Citibank is indeed blocking transfers to MtGox, other American banks might adopt the same policy...
In the end, the consequences will be dependent on the real cause of the delays. If Citibank is indeed blocking transfers to MtGox, other American banks might adopt the same policy...
I'm trying to form hypotheses on what happens if Gox misses their deadline. Note my use of the word "deadline". In my mind, Gox painted themselves into a corner by saying "we will be back in 2 weeks" - you need to be 100% sure before you're holding people's money and you make a statement like that.
We are now 1 week into this period. My fear is that if they miss that deadline then there will be chaos in the BTC market. Obviously there are other exchanges but Gox remains highly influential and I think that panic will ensue. There's basically no room for Gox to say, "uh, we need another 2 weeks" - none.
So my prediction is pure chaos and a severe devaluation of BTC. Whats your prediction?
We are now 1 week into this period. My fear is that if they miss that deadline then there will be chaos in the BTC market. Obviously there are other exchanges but Gox remains highly influential and I think that panic will ensue. There's basically no room for Gox to say, "uh, we need another 2 weeks" - none.
So my prediction is pure chaos and a severe devaluation of BTC. Whats your prediction?
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