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Topic: Why no crash today? (Read 2738 times)

hero member
Activity: 504
Merit: 500
May 17, 2013, 04:56:47 AM
#31
If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?

So perfect. So so perfect.
sr. member
Activity: 392
Merit: 250
May 17, 2013, 03:08:02 AM
#30
If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?


A currency is only a currency if people think it is.
Every one knows / accepts euro and dollar as a currency, not bitcoin.

full member
Activity: 224
Merit: 100
May 16, 2013, 10:32:28 PM
#29
I withdrew some yesterday, it went through in about an hour. Just give it some time. There are probably hordes withdrawing right now and it will take a little longer
hero member
Activity: 715
Merit: 500
May 16, 2013, 10:10:12 PM
#28
Based on the details of the recent Homeland Security actions, it appears that EVERY entity that associates  or has associated with MtGox is subject to seizure of their money. 

With that said.. Why hasn't the price of BTC's crashed today?

People are buying BTC in MtGox and transferring to wallets and other exchanges. Note the large price gap between Gox and Bitstamp.

On that note, has anyone withdrawled recently? Sent BTC to my wallet address from Gox and it's not even showing on Blockchain.info, hour has passed since.

Withdrew last night... took about 5 hours to get my first confirmation.
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
May 16, 2013, 09:21:02 PM
#27
If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?

If you are holding a currency that can not be debased, why would you sell it for a currency that can be debased after the government starts debasing currency?

If you are holding a currency that can transfer anywhere in the world anonymously, why would you trade it for a currency that can't?
hero member
Activity: 840
Merit: 1000
May 16, 2013, 09:09:51 PM
#26
Based on the details of the recent Homeland Security actions, it appears that EVERY entity that associates  or has associated with MtGox is subject to seizure of their money. 

With that said.. Why hasn't the price of BTC's crashed today?

People are buying BTC in MtGox and transferring to wallets and other exchanges. Note the large price gap between Gox and Bitstamp.

On that note, has anyone withdrawled recently? Sent BTC to my wallet address from Gox and it's not even showing on Blockchain.info, hour has passed since.
legendary
Activity: 1330
Merit: 1003
May 16, 2013, 09:01:45 PM
#25
Based on the details of the recent Homeland Security actions, it appears that EVERY entity that associates  or has associated with MtGox is subject to seizure of their money. 

With that said.. Why hasn't the price of BTC's crashed today?

People are buying BTC in MtGox and transferring to wallets and other exchanges. Note the large price gap between Gox and Bitstamp.
legendary
Activity: 1456
Merit: 1010
Ad maiora!
May 16, 2013, 06:22:23 PM
#24
Ladies and gentlemen, Elmer FUD has left the building.

legendary
Activity: 840
Merit: 1000
May 16, 2013, 02:18:15 PM
#23
This Dwolla seizure happened only because MtGox CEO screwed up and stupidly filled out his banking forms incorrectly. Lying or otherwise that is the reason. This isn't a war on bitcoin. Homeland security could have just torn down mtgox.com, coinlab, all of them, and be done with it. It isn't crashing because many people have read the news stories properly and aren't panicing weak hands.
[/quote

It seems like more of an issue than just filling out the forms incorrectly.  I don't think any of the other exchanges are registered either.  However, I don't blame them.  Since the US has not officially established bitcoin as money, it doesn't make sense to register as a money transfer business. 

But they still do convert USD and that counts in the government eyes.
full member
Activity: 120
Merit: 100
May 16, 2013, 02:16:47 PM
#22
This Dwolla seizure happened only because MtGox CEO screwed up and stupidly filled out his banking forms incorrectly. Lying or otherwise that is the reason. This isn't a war on bitcoin. Homeland security could have just torn down mtgox.com, coinlab, all of them, and be done with it. It isn't crashing because many people have read the news stories properly and aren't panicing weak hands.

It seems like more of an issue than just filling out the forms incorrectly.  I don't think any of the other exchanges are registered either.  However, I don't blame them.  Since the US has not officially established bitcoin as money, it doesn't make sense to register as a money transfer business.  
hero member
Activity: 826
Merit: 508
May 16, 2013, 02:11:46 PM
#21
Lots of big assumptions ITT  Wink
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
May 16, 2013, 02:09:28 PM
#20
legendary
Activity: 840
Merit: 1000
May 16, 2013, 02:05:50 PM
#19
This Dwolla seizure happened only because MtGox CEO screwed up and stupidly filled out his banking forms incorrectly. Lying or otherwise that is the reason. This isn't a war on bitcoin. Homeland security could have just torn down mtgox.com, coinlab, all of them, and be done with it. It isn't crashing because many people have read the news stories properly and aren't panicing weak hands.
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
May 16, 2013, 02:05:12 PM
#18
It is too bad that the few eBay type businesses that sprung up early on didn't fair better. If people trade things for btc so they can buy other things with btc govts couldn't get involved. Speculators would be pissed and no one could dream about getting rich quick.

Bitmit is working very well. Coingig and the others have a hard time finding people to buy and sell. The infrastructure is there, what is needed is some marketing.

Also need a good reason to shop there (at least for me).  I don't see ANY benefit using BTC to buy stuff unless the stuff is illegal.  Again I state at least for me.

As a customer I don't see a problem with paypal/ebay even though I know as a seller they have high fees and paypal can mess with your account at anytime (also sides with scammer buyers too).

If btc markets/sites would be considerably cheaper (will be honest haven't checked the market), I would think about it.

BTC is too volatile to hold for purchases, so I treat it like an investment (aka have less BTC on hand).  Its more difficult to get more BTC then paypal $, so why would I use BTC for purchases when I could use any number of other methods that are easier to replace funds then BTC?

Theoretically, since the seller is protected by bitcoins having no chargebacks, they would be willing to sell for less on a btc site than on a paypal using site. I don't think the market is quite big enough for that to be noticeable yet.
full member
Activity: 143
Merit: 100
May 16, 2013, 01:56:00 PM
#17
It is too bad that the few eBay type businesses that sprung up early on didn't fair better. If people trade things for btc so they can buy other things with btc govts couldn't get involved. Speculators would be pissed and no one could dream about getting rich quick.

Bitmit is working very well. Coingig and the others have a hard time finding people to buy and sell. The infrastructure is there, what is needed is some marketing.

Also need a good reason to shop there (at least for me).  I don't see ANY benefit using BTC to buy stuff unless the stuff is illegal.  Again I state at least for me.

As a customer I don't see a problem with paypal/ebay even though I know as a seller they have high fees and paypal can mess with your account at anytime (also sides with scammer buyers too).

If btc markets/sites would be considerably cheaper (will be honest haven't checked the market), I would think about it.

BTC is too volatile to hold for purchases, so I treat it like an investment (aka have less BTC on hand).  Its more difficult to get more BTC then paypal $, so why would I use BTC for purchases when I could use any number of other methods that are easier to replace funds then BTC?
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
May 16, 2013, 01:32:02 PM
#16
If you are holding a currency that is pegged to another currency why would you exchange it to one to which it is pegged to?

Oh wait...
hero member
Activity: 728
Merit: 501
CryptoTalk.Org - Get Paid for every Post!
May 16, 2013, 01:22:06 PM
#15
Based on the details of the recent Homeland Security actions, it appears that EVERY entity that associates  or has associated with MtGox is subject to seizure of their money. 

With that said.. Why hasn't the price of BTC's crashed today?

It was just their Dwolla account. And it turns out it was their own fault. MtGox being incompetent isn't news.
legendary
Activity: 2156
Merit: 1393
You lead and I'll watch you walk away.
May 16, 2013, 01:21:32 PM
#14
It is too bad that the few eBay type businesses that sprung up early on didn't fair better. If people trade things for btc so they can buy other things with btc govts couldn't get involved. Speculators would be pissed and no one could dream about getting rich quick.

Bitmit is working very well. Coingig and the others have a hard time finding people to buy and sell. The infrastructure is there, what is needed is some marketing.

That's very true. A good marketing campaign would really help.
jr. member
Activity: 47
Merit: 2
May 16, 2013, 01:04:07 PM
#13
If you are holding a currency that can not be seized, why would you sell it for a currency that can be seized after the government starts seizing currency?

Couldn't have said it better myself.
legendary
Activity: 2156
Merit: 1018
Buzz App - Spin wheel, farm rewards
May 16, 2013, 01:02:23 PM
#12
This bodes great for BTC in general.

One could imagine that without all the bad stuff that happened this week, instead of having it's price stablized, BTC / USD would have instead climbed.
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