Topic: why no crash ? (Read 2566 times)

Okay, my bad.

Clearly it came across as you being unable to read, rather than being a joke. If it was intended as a joke, then you really need to work on your humor delivery.

Clearly it was a joke.

Please read before answering.

I wonder if cryptocurrencies can be regulated as software.

I think the market already adjusted to reality back at the time of the "crash" (which still left its price well over what it had been before the bubble).  I think the market has realized it will survive Gox, regardless of what happens.  Any remaining exchanges will either get legal in the United States, if they want to and can do so and remain profitable, or find a more favorable market.

This really doesn't change anything except for the businesses that exist to convert to fiat.  Peer-to-peer transactions, such as for goods and services, remain beyond regulation, or at least beyond this regulation.

The fact is that if you want to operate a real business and make real money, you'll end up having to deal with real laws and real government agencies and real possibilities of real legal liability.  Now, that can be dealt with by actually complying with laws and regulations, or by staying below the radar enough nobody goes after you or just being too big to stop.  But staying below the radar, you don't get to do fun things like ACH transfers that you need to deliver the kinds of services people clearly want.

Obviously, outlaws will keep being outlaws.  But operations like Gox will have to get legal or get out of business, or operate in an area with a less oppressive regulatory scheme.  But good luck doing business in dollars and interfacing with the profitable U.S. market doing that, because anything connected to the U.S. banking establishment basically inherits the same regulatory scheme, directly or indirectly, and every first world country has such a scheme.

Facebook is adopting bitcoin?

If there is a large increase in demand, then yes, it will go up. 

In the words of Walter White...  "Supply and demand rule this world." 

But bitcoins can allow people to gamble even though their regional overlords keep saying no to gambling. So I think it is a valid comparison

Perhaps, but I doubt it. I think after(or during) the conference a lot of new infrastructure is going to be revealed and that people and companies will hit gold rush mode and it will take off from there. I think Bitcoin is a lot farther along than even we think it is. Things move faster than press releases come out.

https://twitter.com/MtGox

Gox addresses customer service complaints on a public twitter account. Their incompetence is news every day.

i don´t think the drugs/alcohol analogy is correct. drugs i can use to get high. getting high is as basic a need as eating, drinking or fucking. try to roll up some bitcoins.

(on the other hand... bitcoin did bent me over occasionally )

Great post. MtGox was trying to operate in the USA without properly setting up the company. They're incompetent. That's not news.

I don't think you have the cause-effect relationship correct for April. Bitcoin spiked and then crashed, causing huge jump in the MtGox order volume, which caused MtGox to have server failure.

People are overstating the effect MtGox has on the market.

There is nothing to date to suggest the US government is going to war against bitcoin.

FinCEN for example provided guidance on the applicability of existing regulation on exchanges.  If FinCEN believed Bitcoin was illegal they wouldn't be regulating it.  Now the regulation is a little heavy handed and in some parts nonsensical.  It likely will raise cost and stifle innovation but that is something a thousands different industries deal with everyday.

Even DHS warrant outlines the violations of MSB regulations as the reason not that Bitcoin is defacto illegal.  I mean if the government is seeking a seizure warrant for a drug dealer (an activity completely illegal) they don't cite technical violations of money transmitter laws they site the underlying illegal activity (namely selling illegal drugs).

This could change in the future but it always could have changed in the future. 

Also one can be "immune" to the US government by simply operating outside of the US (to include US residents).  An exchange could open tomorrow taking steps to prevent use by US residents and not deal with the hassle of US regulation.  Granted the "US market" is a lucrative one but also a regulatory minefield.  Some companies may opt to simply bypass the entire issue.

I agree that there may be some money trying to stabilize the price right now during the conference.  Once that money steps out, it should actually dip down I would think.  Seems like there is a good base above $100.  So, it may dip down to the 100-110 range.  

Candidate translation, original to Simple English: "many different things can become reasons for bitcoins growth, because bitcoin is growing very fast."

Please rate translation.

People do not like to be controlled.  There is some truth in this.

I think the big money is trying to hold Bitcoin stable through this conference. It's right in Silicon Valley, too important to showcase a wildly fluctuating product to investors. I think they might let go of the reigns after and it'll shoot up quick as companies start making grabs.

U.S.law is just a local ordinance  for bitcoin. Why would the rest of the world care? In fact U.S. regulation may be a huge win for overseas exchanges. Our regulators may be so short sighted and ignorant as to kill the golden goose for our own citizens, but they can't stop a savvy foreign power from embracing the future and running our shitty debt based economy into the ground.
I think that bitcoin is now too big to be stopped. There is nothing anyone can do to dissuade me from using it. How about you?