What if Gox runs out of Bitcoins? - page 3.

SheHadMANHands

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Quote from: TERA on October 18, 2013, 02:31:39 PM

Then there is no real bitcoin and no real USD left on gox and it is all an imaginary game played by bots and hopeless traders. Eventually volume dwindles to zero as people realize they are working for nothing and just spending fees. The market realizes gox is no longer relevant and bases all services and speculations on other exchanges (this has for the most part already occurred). After a possible brief panic sale at some point, bitcoin continues its rally due to its exponential growth, China, etc. Litecoin reaches sub $1.

This.

Gox isn't leading anything these past few days. They sit and wait to see what happens elsewhere, then match the action.

Gox is dead. Oh well..

wopwop

sr. member

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planet earth will explode but bitcoin mining rigs will be recoded to mine a new planet

TERA

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Then there is no real bitcoin and no real USD left on gox and it is all an imaginary game played by bots and hopeless traders. Eventually volume dwindles to zero as people realize they are working for nothing and just spending fees. The market realizes gox is no longer relevant and bases all services and speculations on other exchanges (this has for the most part already occurred). After a possible brief panic sale at some point, bitcoin continues its rally due to its exponential growth, China, etc. Litecoin reaches sub $1.

Miz4r

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Quote from: Walsoraj on October 18, 2013, 02:21:18 PM

Quote from: qwk on October 18, 2013, 02:17:09 PM

Quote from: Walsoraj on October 18, 2013, 02:13:52 PM

What happens to the price in USD when it is just as difficult, if not more so, to withdraw btc as it is fiat?

Simple. The only thing left would be sending btc into MtGox. That would make the price drop. Probably it would lead to a situation where in the end, MtGox/USD would be lower than bitstamp/USD.

Who would be foolish enough to send coins to Gox in the above scenario? Fiat is still stuck there and now it would be clearer than ever that Gox is in fact bankrupt. I think we would see price stagnation and close to zero volume.

Gox will just follow China or Bitstamp, they have no choice.

Walsoraj

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Ultranode

Quote from: qwk on October 18, 2013, 02:17:09 PM

Quote from: Walsoraj on October 18, 2013, 02:13:52 PM

What happens to the price in USD when it is just as difficult, if not more so, to withdraw btc as it is fiat?

Simple. The only thing left would be sending btc into MtGox. That would make the price drop. Probably it would lead to a situation where in the end, MtGox/USD would be lower than bitstamp/USD.

Who would be foolish enough to send coins to Gox in the above scenario? Fiat is still stuck there and now it would be clearer than ever that Gox is in fact bankrupt. I think we would see price stagnation and close to zero volume.

qwk

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Shitcoin Minimalist

Quote from: Walsoraj on October 18, 2013, 02:13:52 PM

What happens to the price in USD when it is just as difficult, if not more so, to withdraw btc as it is fiat?

Simple. The only thing left would be sending btc into MtGox. That would make the price drop. Probably it would lead to a situation where in the end, MtGox/USD would be lower than bitstamp/USD.

Walsoraj

hero member

Activity: 686

Merit: 500

Ultranode

I'm starting to see reports in the Service section and on Reddit of delays in withdrawing btc from Gox. It has taken several days in some cases. So far, looks like everyone eventually received their coins.

However, some of Gox's explanations are complete bullshit. For example, when they blame "net congestion." lol. That excuse, along with tapping a cold wallet, will only last so long.

Let's suppose Gox has been selling their btc to meet demand for fiat withdrawals and they are now running low. What happens to the price in USD when it is just as difficult, if not more so, to withdraw btc as it is fiat?

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