Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33050.

billington.mark

full member

Activity: 153

Merit: 100

Quote from: ardana123 on June 21, 2013, 05:37:01 AM

How the fuk would gox become insolvent... They're sitting on a goldmine of trading fees alone. You guys really need to stop thinking the worst possible scenarios, I personally think Gox isn't as bad as you guys make it seem. Yes, they have problems, but that's to be expected of an online exchange operating in a novelty area like bitcoin...

+1. People seem to be very quick to criticize even though they couldn't develop a better trading engine themselves. Thats not even taking into account the fact that banks seem to be taking a close look at exchanges bank accounts and causing issues on that front as well. Once the dust settles after the next couple of weeks, things should pick up.

ardana123

hero member

Activity: 504

Merit: 500

Quote from: gizmoh on June 21, 2013, 05:48:35 AM

Quote from: N12 on June 21, 2013, 05:26:55 AM

we will continue processing withdrawals next week, but limit to 1 million USD per day

Congrats to everyone who took a ~10% loss betting against MtGox's solvency. Cheesy

This statement screams cash flow issues.
Why limit to $1milliion USD per day ? and not like 100 wires per day? if they are having issues with overload of request,they should limit the request and not the amount.

Because that's the limit imposed by their bank maybe?

solex

legendary

Activity: 1078

Merit: 1006

100 satoshis -> ISO code

Quote from: gizmoh on June 21, 2013, 05:48:35 AM

Quote from: N12 on June 21, 2013, 05:26:55 AM

we will continue processing withdrawals next week, but limit to 1 million USD per day

Congrats to everyone who took a ~10% loss betting against MtGox's solvency. Cheesy

This statement screams cash flow issues.
Why limit to $1milliion USD per day ? and not like 100 wires per day? if they are having issues with overload of request,they should limit the request and not the amount.

Absolutely. And long delay problems with euro withdrawals are also strange as the gox notice specifies USD only

Coinseeker

sr. member

Activity: 252

Merit: 250

Quote from: 420 on June 21, 2013, 05:46:37 AM

who has used ripples to withdraw from bitstamp USD?

No one, since it's not possible.

gizmoh

legendary

Activity: 1428

Merit: 1000

Quote from: N12 on June 21, 2013, 05:26:55 AM

we will continue processing withdrawals next week, but limit to 1 million USD per day

Congrats to everyone who took a ~10% loss betting against MtGox's solvency. Cheesy

This statement screams cash flow issues.
Why limit to $1milliion USD per day ? and not like 100 wires per day? if they are having issues with overload of request,they should limit the request and not the amount.

samson

legendary

Activity: 2097

Merit: 1070

Quote from: ardana123 on June 21, 2013, 05:37:01 AM

How the fuk would gox become insolvent... They're sitting on a goldmine of trading fees alone. You guys really need to stop thinking the worst possible scenarios, I personally think Gox isn't as bad as you guys make it seem. Yes, they have problems, but that's to be expected of an online exchange operating in a novelty area like bitcoin...

LOL, I was making a business plan 20 years ago and I was talking about worst case scenarios and the 'advisor' I was speaking to told me that I shouldn't really think along the lines of a worst case scenario. He was an idiot.

You should always plan for the worst but work towards and hope for the best.

Coinseeker

sr. member

Activity: 252

Merit: 250

Quote from: ardana123 on June 21, 2013, 05:37:01 AM

How the fuk would gox become insolvent... They're sitting on a goldmine of trading fees alone. You guys really need to stop thinking the worst possible scenarios, I personally think Gox isn't as bad as you guys make it seem. Yes, they have problems, but that's to be expected of an online exchange operating in a novelty area like bitcoin...

GOX is doomed. The sob stories are going to be classic, as millions evaporate to fund the retirement of Gox executives.

420

hero member

Activity: 756

Merit: 500

who has used ripples to withdraw from bitstamp USD?

N12

donator

Activity: 1610

Merit: 1010

Quote from: gizmoh on June 21, 2013, 05:34:45 AM

Event 2 is not so correct.
"People realize they bought based upon nothing" What has changed? What would they realize now? That Gox is not a professionally run exchange?They will just move to other exchanges.
Coins can flow and already flown to bitstamp.
We will still be in a bear market until economic crisis deepens or other good news for the coin pop up.

Price discrepancy of ~10% on MtGox vs. Bitstamp would vanish. Some are buying on MtGox and withdrawing Bitcoin because they are panicking over their solvency. Once it becomes clear they aren't insolvent, that would change as those people move back to USD.

ardana123

hero member

Activity: 504

Merit: 500

How the fuk would gox become insolvent... They're sitting on a goldmine of trading fees alone. You guys really need to stop thinking the worst possible scenarios, I personally think Gox isn't as bad as you guys make it seem. Yes, they have problems, but that's to be expected of an online exchange operating in a novelty area like bitcoin...

gizmoh

legendary

Activity: 1428

Merit: 1000

Quote from: N12 on June 21, 2013, 05:14:02 AM

Quote from: samson on June 21, 2013, 05:09:15 AM

Quote from: lucas.sev on June 21, 2013, 05:06:37 AM

5 and 20BTC buys with 1.5$ slippage, seems like people desperately want to keep the price high

LOL, it's just a matter of time.

Even without the latest fuckup by MtGox it was only a matter of time anyway

Pretty much. I'm now even more certain of a bear market. Thinking about it, there are two scenarios:

1) MtGox is insolvent, and a LOT of fiat money goes down the drain along with a lot of Bitcoins. Faith in the Bitcoin market is shattered, no big fish will be buying at exchanges again for years until an established player decides to deal with it, if ever. Price collapses.

2) MtGox is solvent, and a lot of fiat money flows out of MtGox once it is possible again. Some of the coins flow to Bitstamp. People realize they bought based upon nothing, and sell for the same reason. Price collapses.

Totally agree on Event 1.

Event 2 is not so correct.
"People realize they bought based upon nothing" What has changed? What would they realize now? That Gox is not a professionally run exchange?They will just move to other exchanges.
Coins can flow and already flown to bitstamp.
We will still be in a bear market until economic crisis deepens or other good news for the coin pop up.

N12

donator

Activity: 1610

Merit: 1010

we will continue processing withdrawals next week, but limit to 1 million USD per day

Congrats to everyone who took a ~10% loss betting against MtGox's solvency. Cheesy

N12

donator

Activity: 1610

Merit: 1010

Quote from: samson on June 21, 2013, 05:09:15 AM

Quote from: lucas.sev on June 21, 2013, 05:06:37 AM

5 and 20BTC buys with 1.5$ slippage, seems like people desperately want to keep the price high

LOL, it's just a matter of time.

Even without the latest fuckup by MtGox it was only a matter of time anyway

Pretty much. I'm now even more certain of a bear market. Thinking about it, there are two scenarios:

1) MtGox is insolvent, and a LOT of fiat money goes down the drain along with a lot of Bitcoins. Faith in the Bitcoin market is shattered, no big fish will be buying at exchanges again for years until an established player decides to deal with it, if ever. Price collapses.

2) MtGox is solvent, and a lot of fiat money flows out of MtGox once it is possible again. Some of the coins flow to Bitstamp. People realize they bought based upon nothing, and sell for the same reason. Price collapses.

gizmoh

legendary

Activity: 1428

Merit: 1000