Topic: What is going to happen with bitstamp down (Read 3396 times)

OK...good to know.

I am new to all this, and glad to hear we are trending towards more and more decentralization of the levers of power v.v. bitcoin.

You must be new here. Back in the day we had MTGOX and that was it. They single handedly caused a number of huge crashes. Slowly but surely more and more exchanges are opening up. This does not happen overnight and we are a much better situation today than we were a few years ago. In any case, short of a completely decentralized exchange system (which isn't even possible today) then there will ALWAYS be market corrections due to exchange issues, all we can do is reduce them by having more exchanges. There is probably an optimal number though because ultimately an exchange is only worthwhile if there is enough volume.

P.S nothing wrong with Bitstamp at this time, this thread is fucking bullshit.

Apparently you seem to overestimate his power.

I don't care how well or efficient or patriotic or smart or handsome the janitors are at bitstamp.

My point is, one individual should not have the power to affect the price of BTC as much as this cat apparently does.

True. When I've decided to have some adventure with bitcoin, I've applied for account verification on both MtGox and Bitstamp. During a month I've got Bitstamp account verified, managed to earn my first $50, then to loose them yesterday ;-). Anyway I'm still a learning noob, so kinda expected this . MtGox is still processing my verification and just changed "10 working days" to "20". It turned to be good for me as in the meantime I've read a lot and learned about where the MtGox vs Bitstamp spread comes from. So I've avoided "let's buy on Bitstamp then sell on MtGox" trap...

Yesterday incident in fact raised my trust in Bitstamp. I guess they were dealing with DDoS attack, and they dealt it well. The rest of their site and the trade system were running continuously. I was able to withdraw my BTC0.x to my private wallet while the main page was out. Transaction was processed in less than two minutes (and confirmed a minute later). Maybe I've panicked a bit, but anyway now I have decided to hold and wait, to get my $50 back ;-). Of course I will be back on Bitstamp then. In fact I have not withdrawn fiat from Bitstamp yet, but there are no complaints on Internet, while MtGox problems are broadly described. Then if MtGox finally approve my verification I will maybe sell some small amount of BTC there and try to withdraw fiat, to see for myself how many months it takes...

As far as i know There is nothing weird nor wrong concerning bitstamp. The company is located in UK and the owner is somehow involved with the bitcoin foundation and promoting bitcoin in a "honest" way. I would be more concerned about mtGox and their obvious problem regarding fiat withdrawal, which may become even more complicated whilst bitcoin gains in value and thus dramatically increase the amounts in stake. At some point it might just become impossible to withdraw cash over this exchange. Hence a possible shutdown?!  

you are hysterical..

because bitstamp is the best platform for bitcoin trading in EU right now in my opinion, site works flawless.

try bitcoin.de instead and it starts with the account creation being a pain in the ass.

So how does one guy hold such power over bitcoin, in general, through ownership of another company not tied directly to bitcoin?? 

I find that both weird and troubling.

his name is nejc kodric.

use google 

Who owns bitstamp?

If Gox ever (eventually?) dies; community will move on and blame the (at that time) leading BTC exchange....
Only way for this to end is have a wide variety of possibilities, globally accessible

  marvellous

How will it happen that exchange places won't let people get fiat out ?

Just saying in case it happens again and everybody knows that exchange operators are full of shit.

By being up and running?

It is depressing that so many exchanges won't allow people to actually get fiat out.

Please see my post here for confirmation and verified sources (all Chinese language, of course).  This problem likely has something to do with the Chinese firewall situation, which is confirmed.  Just read the sources I linked to.  It's all there.

Market manipulation they're trying to prevent a crash.

spooky... exchanges been hacked one at the time?! next BTC-e?