So what happens on Monday morning? | Bitcointalksearch.org

proudhon

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Quote from: Nagle on February 16, 2014, 04:25:27 PM

So what happens on Monday morning? (A common phrase on Wall Street.)

Well, Bitstamp is back up, doing Bitcoin withdrawals as usual. The market has already recognized this; Coinbase and Bitstamp are back in sync, and BTC-E is trailing a bit. LocalBitcoins has a big bid/ask spread, but it's centered around the Bitstamp price, currently 610. (Note that the LocalBitcoins price on bitcoincharts.com (a Mt. Gox service) is wrong.) So the markets are back to normal, slightly lower than a week ago.

Except, of course, for Mt. Gox. Customers can't get anything out, so the price is a speculation on whether Mt. Gox will ever resume withdrawals of anything.

What's different this time is that the mess last week made headlines in the business press all over the world as a finance story. Not a tech story. Not a weird story. Bitcoin is now taken seriously by the financial press. Bitcoin is now being looked at like any other investment.

This doesn't mean Bitcoin is a success. It just means it's another financial product, judged on that basis. Risk, return, management competence, financial statements, the usual. Amateur hour is over. Expect more press scrutiny of Bitcoin as a financial product.

Nagle, sup brother?!

roslinpl

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Quote from: smoothie on February 16, 2014, 05:15:28 PM

The fact that Bitstamp has already resumed all withdrawal options and MTGOX hasn't shows us that MTGOX is indeed insolvent.

Dont be surprised if they choose to delay or perhaps let you withdraw 5 BTC every 3 days or something like that.

Yep absolutly right. Better stay away from MtGox

and wait till your money will be possible to withdraw.

indiekiduk

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Monday morning preview:

Rumours of insolvency debunked (ref)
Withdrawals enabled (ref)
Price on gox sky rockets (you have to buy BTC on gox to transfer out)
Price on other exchanges crash (you have to sell on other exchanges to get your money out of bitcoin)

mysidia

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Quote from: smoothie on February 16, 2014, 05:15:28 PM

The fact that Bitstamp has already resumed all withdrawal options and MTGOX hasn't shows us that MTGOX is indeed insolvent.

Insolvent, or inept compared to the others, at fixing things expeditiously?
Their delays and constant problems of course cast doubt on their solvency and future viability as an exchange.
It is certainly no proof that MtGox is insolvent.

But yes... it may be in the worst case that they halt withdrawals indefinitely, and those waiting to withdraw are left holding the bag until some indefinite date in the future that might or might not ever come.

sickpig

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Quote from: BitcoinSteve on February 16, 2014, 05:02:51 PM

$100 btc

sure, you're right. we forgot that maybe you were off by a week....

smoothie

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LEALANA Bitcoin Grim Reaper

The fact that Bitstamp has already resumed all withdrawal options and MTGOX hasn't shows us that MTGOX is indeed insolvent.

Dont be surprised if they choose to delay or perhaps let you withdraw 5 BTC every 3 days or something like that.

KJO

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Quote from: BitcoinSteve on February 16, 2014, 05:02:51 PM

$100 btc

I can only hope so.

BitcoinSteve

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$100 btc

CiaIgle

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Interesting thinking

MakeBelieve

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Maybe it doesn't mean Bitcoin was a success overall but it was a success this time around as it did recover and no real damage was done.

Meuh6879

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bitcoin need cash.

if "all bank account" transfer money on bitcoin ... more business install a android phone to pay with bitcoin QR-code.

hjbuell

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Writer $0.10/word +

Solid observation. +1.

Nagle

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So what happens on Monday morning? (A common phrase on Wall Street.)

Well, Bitstamp is back up, doing Bitcoin withdrawals as usual. The market has already recognized this; Coinbase and Bitstamp are back in sync, and BTC-E is trailing a bit. LocalBitcoins has a big bid/ask spread, but it's centered around the Bitstamp price, currently 610. (Note that the LocalBitcoins price on bitcoincharts.com (a Mt. Gox service) is wrong.) So the markets are back to normal, slightly lower than a week ago.

Except, of course, for Mt. Gox. Customers can't get anything out, so the price is a speculation on whether Mt. Gox will ever resume withdrawals of anything.

What's different this time is that the mess last week made headlines in the business press all over the world as a finance story. Not a tech story. Not a weird story. Bitcoin is now taken seriously by the financial press. Bitcoin is now being looked at like any other investment.

This doesn't mean Bitcoin is a success. It just means it's another financial product, judged on that basis. Risk, return, management competence, financial statements, the usual. Amateur hour is over. Expect more press scrutiny of Bitcoin as a financial product.

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