Gox will turn into the greatest exchange ever. The Phoenix like rebirth will reinforce the public perceptions about the resilience of the bitcoin.
Because it will turn into the closest thing to a truly decentralized exchange, controled by the public. And of course will probably be more trusted than all the exchanges
https://bitcointalksearch.org/topic/open-letter-to-mark-karpeles-voluntary-reorganization-is-the-best-option-for-us-488483
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 29198. (Read 26608306 times)
February 26, 2014, 11:04:45 AM
February 26, 2014, 11:02:46 AM
February 26, 2014, 10:59:55 AM
What I find amazing it the variation in opinion about Gox.
But, We have almost no facts and information!, everything is guess work based on a couple of lines of text here and there.
Everyone seems to be going down a mental trip, coming up with their own plausible outcome, but its simply fantasy.
Its interesting reading these ideas, and I should think one or two people may get it spot on, but that would be luck, not their Poirot style intellect.
But, We have almost no facts and information!, everything is guess work based on a couple of lines of text here and there.
Everyone seems to be going down a mental trip, coming up with their own plausible outcome, but its simply fantasy.
Its interesting reading these ideas, and I should think one or two people may get it spot on, but that would be luck, not their Poirot style intellect.
Well, yes. But I think even from those few lines of text it's pretty obvious that something is seriously rotten in the state of Karpeles, Mark.
February 26, 2014, 10:57:42 AM
What I find amazing it the variation in opinion about Gox.
But, We have almost no facts and information!, everything is guess work based on a couple of lines of text here and there.
Everyone seems to be going down a mental trip, coming up with their own plausible outcome, but its simply fantasy.
Its interesting reading these ideas, and I should think one or two people may get it spot on, but that would be luck, not their Poirot style intellect.
But, We have almost no facts and information!, everything is guess work based on a couple of lines of text here and there.
Everyone seems to be going down a mental trip, coming up with their own plausible outcome, but its simply fantasy.
Its interesting reading these ideas, and I should think one or two people may get it spot on, but that would be luck, not their Poirot style intellect.
February 26, 2014, 10:56:45 AM
Well, thank the stars he's still in Japan.
Quote
Winter's cityside, crystal bits of snowflakes
All around my head and in the wind
I had no illusions that I'd ever find
A glimpse of summer's heatwaves in your eyes
You did what you did to me
Now it's history I see
Here's my comeback on the road again
Things will happen while they can
I will wait here for my man tonight
It's easy when you're big in Japan
When you're big in Japan, tonight
Big in Japan, be tight
Big in Japan, where the Eastern sea's so blue
Big in Japan, alright
Pay, then I'll sleep by your side
Things are easy when you're big in Japan
When you're big in Japan...
All around my head and in the wind
I had no illusions that I'd ever find
A glimpse of summer's heatwaves in your eyes
You did what you did to me
Now it's history I see
Here's my comeback on the road again
Things will happen while they can
I will wait here for my man tonight
It's easy when you're big in Japan
When you're big in Japan, tonight
Big in Japan, be tight
Big in Japan, where the Eastern sea's so blue
Big in Japan, alright
Pay, then I'll sleep by your side
Things are easy when you're big in Japan
When you're big in Japan...
February 26, 2014, 10:53:20 AM
"Well, d'uh, of course it was good news. The worst run exchange in the BTC ecoystem *finally* went down. That's what brought us to the new ATH of 6000."
I don't strongly agree or disagree with anything your saying except this. gox being gone is not going to lead us to $6000 per bitcoin, or really any rise in price, lol. Not one person invests in bitcoin because gox is gone. gox probably wouldn't stop anyone from investing in bitcoin until now. Maybe some people will celebrate by buying a little for the good occasion, but it is no reason to make the price go up. You completely misunderstood my point. Mtgox closing is not the "reason" for reaching (hypothetical) 6k coins. Nothing is ever the reason, besides market psychology (and fundamentals, as seen through the lens of market sentiment). The point is that, if we reach a new ATH, I'm sure people will look back at Mtgox closing and quoting it as "one of the reasons", just like they now quote "SR closed" or "the Chinese came in" as *the* reason, when in reality those are factors influencing the price, but never in such a straightforward and obvious way as it is made out to be in retrospect.
February 26, 2014, 10:52:00 AM
Hi im new here.
yesterday i put short on 520$. I still hope we will see retest at arround 500$.
yesterday i put short on 520$. I still hope we will see retest at arround 500$.
Obligatory "I had a freind who shorted Bitcoin once, haven't heard from him since."
Reminds me of this clip from the show Freaks and Geeks
February 26, 2014, 10:48:14 AM
From my "Predict the next Gox revelation here and win respect from fellow forum members" thread:
Feel free to join in!
I'll go first: Mark has been manipulating trade data since at least last September.
He certainly had the incentive to do so. And we now know he is willing to do almost anything to save Gox, including mislead the public.
He certainly had the incentive to do so. And we now know he is willing to do almost anything to save Gox, including mislead the public.
Feel free to join in!
Didn't they replay a segment of the transaction log and price charts, several times, during the December crash --- so that their clients could not see the real depth of the plunge? (I read that in a customer's blog at the time.)
February 26, 2014, 10:45:32 AM
February 26, 2014, 10:44:37 AM
How much fiat was destined for btc that ended up getting gox paper btc. Now when funds are wired to an exchange to purchase btc they will be purchasing btc. Future fiat will have a greater impact as it's not traveling down a black hole.
there will also be a percentage of people who lost all of there stash but now fully buy into the bitcoin bull scenario. They must buy again
there will also be a percentage of people who lost all of there stash but now fully buy into the bitcoin bull scenario. They must buy again
I agree that the market system will be of better quality without gox. But the market system hasn't restarted itself yet. The problem with gox is still without answers and solutions.
It was funny to me how many people translated gox just shutting it's doors as the solution and how everything is fixed now.
Step 1 is that all deposited bitcoins should be to per-account wallets with the public key known to the depositor.
Fiat? On your own there.
Edit: This does need some kind of cold-storage option though.
February 26, 2014, 10:44:04 AM
It took me a long time to understand the Gox situation, so I am not surprised to see people here in the same stages I have gone through. You have to understand who Mark Karpeles is. Look at his cat videos. This is a man selling a dead parrot. There is no credible buy-out in the making. There are no coins at Gox. He is still in denial, trying to restart the engines on the Titanic after all the lifeboats have launched. The coins are gone. forever. The magnitude of the loss is hard to fathom, but when it does sink in, the realization of how precious and rare bitcoins are starts to become clear.
Denial is a powerful psychological force. Some things are too awful to contemplate. But who is in denial here, bulls or bears? critics or boosters? This Gox thing has shaken me to the core. We should all question our assumptions. Bears, I don't disrespect you. I just disagree. Bitcoin exhibits anti-fragile characteristics and just experienced a major stress shock and got much much stronger as a result.
Denial is a powerful psychological force. Some things are too awful to contemplate. But who is in denial here, bulls or bears? critics or boosters? This Gox thing has shaken me to the core. We should all question our assumptions. Bears, I don't disrespect you. I just disagree. Bitcoin exhibits anti-fragile characteristics and just experienced a major stress shock and got much much stronger as a result.
February 26, 2014, 10:40:00 AM
From my "Predict the next Gox revelation here and win respect from fellow forum members" thread:
Feel free to join in!
I'll go first: Mark has been manipulating trade data since at least last September.
He certainly had the incentive to do so. And we now know he is willing to do almost anything to save Gox, including mislead the public.
He certainly had the incentive to do so. And we now know he is willing to do almost anything to save Gox, including mislead the public.
Feel free to join in!
February 26, 2014, 10:39:32 AM
There was no leak at their fiat account, right? Only their BTC deposits was narrowed by the thefts.
Perhaps they were using the fiat to buy bitcoins in order to allow them to continue paying out there and on the assumption that the price would continue rising and they'd be able to buy some of the fiat back. Once the Bitcoin price started falling again, game over.
February 26, 2014, 10:38:53 AM
Serious question: Would anyone use "GOX" if it was bought by a reputable company and re branded allowing limited customer withdrawals but with a guarantee that finds are safe. Then if they implemented full transparancy of user funds??
If the company is well known and can win back trust (e.g. by implementing a proof-of-ownership for all funds) I'm sure many people would. Also MK would need to be driven away with a large stick first.
If the customer base of MtGOX could generate enough money to cover its debts, they would not be insolvent. They could get loans to pay those debts with pressing deadlines, and eventually get back into the black.
Being insolvent means that they have more debts than assets, and their expected revenues in the medium term (say, two years) are not enough to fill the gap.
A company that acquires MtGOX will inherit their debts, and cannot expect to make more money than they did a month or two ago. That means net losses (and big losses, while the clients withdraw their balances), for years perhaps. What is the point of the takeover then?
Thus, I would be very surprised if MtGOX gets rescued.
I wouldn't be. I made the argument here, although it's a simplistic one:
http://theblogchain.com/2014/02/26/mtgox-is-getting-rescued-by-other-bitcoin-businesses/
February 26, 2014, 10:36:47 AM
Serious question: Would anyone use "GOX" if it was bought by a reputable company and re branded allowing limited customer withdrawals but with a guarantee that finds are safe. Then if they implemented full transparancy of user funds??
If the company is well known and can win back trust (e.g. by implementing a proof-of-ownership for all funds) I'm sure many people would. Also MK would need to be driven away with a large stick first.
If the customer base of MtGOX could generate enough money to cover its debts, they would not be insolvent. They could get loans to pay those debts with pressing deadlines, and eventually get back into the black.
Being insolvent means that they have more debts than assets, and their expected revenues in the medium term (say, two years) are not enough to fill the gap.
A company that acquires MtGOX will inherit their debts, and cannot expect to make more money than they did a month or two ago. That means net losses (and big losses, while the clients withdraw their balances), for years perhaps. What is the point of the takeover then?
Thus, I would be very surprised if MtGOX gets rescued.
February 26, 2014, 10:35:03 AM
in other Bitcoin related matter, Blockchain.info is being DDOS-ed and in there were 9 found blocks in only 20 minutes, how odd is that ?
9 found blocks in only 20 minutes from different pool: nothing to see here, it just means it will be more and more difficult to mine bitcoin
I didn't mean "hey there is a problem..." read my question: how odd is that ? possible answer : 1- huh, what a luck ! 2- wow that difficulty is going to sky rocket 3- well it happened many times...
February 26, 2014, 10:32:34 AM
Let's make a short list for the 3 biders !
Idea anyone ?
Idea anyone ?
Secondmarket
Winkelvii
Some of the SF-area VCs?
edit: Paypal would be awesome, but a bit unrealistic
@paulbuitink
"the 3 companies bidding on Gox are well-known in the #bitcoin industry."
February 26, 2014, 10:31:07 AM
Since when you are such a bull?
I'm just keeping my word. You asked me earlier when I'd stop being a bear and I said at 400. February 26, 2014, 10:30:04 AM
in other Bitcoin related matter, Blockchain.info is being DDOS-ed and in there were 9 found blocks in only 20 minutes, how odd is that ?
9 found blocks in only 20 minutes from different pool: nothing to see here, it just means it will be more and more difficult to mine bitcoin
February 26, 2014, 10:29:59 AM
"Well, d'uh, of course it was good news. The worst run exchange in the BTC ecoystem *finally* went down. That's what brought us to the new ATH of 6000."
I don't strongly agree or disagree with anything your saying except this. gox being gone is not going to lead us to $6000 per bitcoin, or really any rise in price, lol. Not one person invests in bitcoin because gox is gone. gox probably wouldn't stop anyone from investing in bitcoin until now. Maybe some people will celebrate by buying a little for the good occasion, but it is no reason to make the price go up. Jump to: