Re:Mt. Gox CEO Karpeles says Bitcoin exchange is at "turning...
by goldenkey on Tuesday February 25, 2014 @12:34PM
(#7299021)
Ah, how good it feels to not have been a greedy bitcoin evangelist. That is, 90% of the people pushing positive opinions about Bitcoin, have a stake in it, in investment - not actual, real use. Just a 'hope it goes up, so I can make money like a bandit.'
The truth is that if one really wanted to assist Bitcoin, they'd buy a few; not a treasure trove for speculative investment.
The really sad thing about this situation is that Bitcoin investors are not the usual class of investors that measure safety, volatility, and other factors. These are your hardware monkeys and computer geeks who have 15k saved up, find an investment they can finally relate to, and foolishly attach all their emotion to their savings floating inside a glass ball. I wish our kind could be more rational when it comes to enthusiasm and unbridled ignorance surrounding bits and bytes. Because it usually doesn't hurt us but when it does, we never see it coming.
Re:Mt. Gox CEO Karpeles says Bitcoin exchange is at "turning...
by shiftpgdn on Tuesday February 25, 2014 @12:43PM
(#7299085)
The vast majority of bitcoin users aren't in it just for speculation. Besides this only affects Mt. Gox and not the dozens of other trade floors that are legitimate. If you'd do even a modicum of research you'd find there is more to Bitcoin than ponzi scheme price pumping.
Re:Mt. Gox CEO Karpeles says Bitcoin exchange is at "turning...
by maaku on Tuesday February 25, 2014 @01:10PM
(#7299281)
How is buying and holding for long durations any different from destroying coins, at least until those coins are sold?
EDIT: Btw, I don't think we're as far apart as it may seem. I co-created Freicoin afterall. But in this case I'm not sure there's a notable difference until the coins re-enter circulation.
Re:Mt. Gox CEO Karpeles says Bitcoin exchange is at "turning...
by snorkel on Tuesday February 25, 2014 @01:04PM
(#7299239)
Turning into an epic fiasco, I'd say. This story is unfolding like the second half of every episode for American Greed that I've ever seen on CNBC. You'd swear it's the same story over and over just the character names have been changed.
My prognosis is Bitcoin will survive and thrive as a technology, but current Bitcoin businesses and investments are about to take a big hit.
Re:Mt. Gox CEO Karpeles says Bitcoin exchange is at "turning...
by meson2k on Tuesday February 25, 2014 @12:44PM
(#7299090)
This is what their website says:
"
Dear MtGox Customers,
In light of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.
Re:Mt. Gox CEO Karpeles says Bitcoin exchange is at "turning...
by goldenkey on Tuesday February 25, 2014 @12:37PM
(#7299049)
I doubt Mt Gox is listening. You may want to seek a therapist to help deal with the highly likely crash if you are deeply attached to your Gox coins. And I say this without sarcasm or vindictiveness. Talking to someone about uncontrollable circumstances is pretty much the only way to come to grips.
The truth is that if one really wanted to assist Bitcoin, they'd buy a few; not a treasure trove for speculative investment.
The really sad thing about this situation is that Bitcoin investors are not the usual class of investors that measure safety, volatility, and other factors. These are your hardware monkeys and computer geeks who have 15k saved up, find an investment they can finally relate to, and foolishly attach all their emotion to their savings floating inside a glass ball. I wish our kind could be more rational when it comes to enthusiasm and unbridled ignorance surrounding bits and bytes. Because it usually doesn't hurt us but when it does, we never see it coming.
Do any of these "legitimate" trading houses let you sell Bitcoins and then /take out the money/, yet?
Until that's actually possible, for decent amounts, as a regular thing, Bitcoin's price is a sham of artificially trapping and holding people's money.
When anyone can sell any amount of bitcoins they like so the price could adjust freely, then the price would not be a scam.
Why? What's the difference?
EDIT: Btw, I don't think we're as far apart as it may seem. I co-created Freicoin afterall. But in this case I'm not sure there's a notable difference until the coins re-enter circulation.
No shit it involves other parties: all your customers, for one.
This is the end for Gox and Karpeles. There is literally nothing they could do at this point to turn it around.
My prognosis is Bitcoin will survive and thrive as a technology, but current Bitcoin businesses and investments are about to take a big hit.
In light of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.
Best regards, MtGox Team"