Mt.Gox Meltdown
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Rather professionally they're back in a hotel / short-rent centre of some sort.
Gox:
BBC News - MtGox chief Mark Karpeles quits Bitcoin Foundation
Twitter acct deleted: https://twitter.com/MtGox
Good luck bros
BBC News - MtGox chief Mark Karpeles quits Bitcoin Foundation
Twitter acct deleted: https://twitter.com/MtGox
Good luck bros
It's a problem with Gox, not Bitcoin. Bitcoin's future is not linked to Gox's. The Gox problems are factored into the price.
When it's announced that Gox is closing it's doors, that's the time to buy.
When it's announced that Gox is closing it's doors, that's the time to buy.
Don't worry, Bitcoin isn't going anywhere for the time being. Just MtGox is.
Bitcoin might disappear sometime down the road though, but now isn't that time.
Agree. Although I do not think that it is completely factored in. There are a lot of sheep out there that will panic sell.
If Gox does go down, I would expect the price to dip further. Which I would have to agree would create a very good buying opportunity.
Factored into the price lol.
This is not a proper asset class, with swings so big that it would not look out of place in a casino and you are trying to talk like its a mature market forward factoring things into prices.
The second a tiny piece of shit news story breaks the prices swing wildly all over the place.
Factored into the price lol.
Poor old Karpeles. He's run mtgox badly, but he doesn't deserve to be tossed to the lions like this. Ideally mtgox should be bailed out and reformed.
Karpeles himself conducted a bailout of another exchange back in 2011 - cost him 17,000 BTC to make sure no-one lost any money, which was very altruistic of him (and which helped build confidence in BTC).
The problem is the community has changed - hard-nosed speculators have swamped the idealists. And mtgox is too big for an individual or a small group of individuals to bail out - and people with the dosh like the Winkevii don't give a toss about Karpeles, mtgox and their contribution to the project.
I guess the whole community could do a bailout collectively, I'd happily contribute 1BTC to the cause. But who would organize it, and would most of the community even agree to it? In the mainstream world, these types of bailouts are done by govts who extract the contributions from the community via tax - but there is nothing like that in bitcoin world.
It's a sad, sad testament to the fact the communities deteriorate the bigger they get. It's fascinating for anthropologists but not so great for those who've given everything and are then left to perish. If Karpeles still had his 17,000 BTC from his first bailout I guess he could bail out himself. Is the moral of the story that altruism doesn't pay?
Karpeles himself conducted a bailout of another exchange back in 2011 - cost him 17,000 BTC to make sure no-one lost any money, which was very altruistic of him (and which helped build confidence in BTC).
The problem is the community has changed - hard-nosed speculators have swamped the idealists. And mtgox is too big for an individual or a small group of individuals to bail out - and people with the dosh like the Winkevii don't give a toss about Karpeles, mtgox and their contribution to the project.
I guess the whole community could do a bailout collectively, I'd happily contribute 1BTC to the cause. But who would organize it, and would most of the community even agree to it? In the mainstream world, these types of bailouts are done by govts who extract the contributions from the community via tax - but there is nothing like that in bitcoin world.
It's a sad, sad testament to the fact the communities deteriorate the bigger they get. It's fascinating for anthropologists but not so great for those who've given everything and are then left to perish. If Karpeles still had his 17,000 BTC from his first bailout I guess he could bail out himself. Is the moral of the story that altruism doesn't pay?
Since when is forward factoring not a part of immature market places?
Forward factoring of prices is the only reason Bitcoin has any value what-so-ever. The value buyers place on the currency is based on the chance that "some day" it will be worth something.
Likewise, buyers are aware that Gox is failing, and a major/minor proportion of those buyers will factor that into what they are willing to pay.
I'm retracting my original opinion because I've been privy to some information that is fact, not speculation, not even 24 hours ago from writing this... and they are doomed. Get out. Now.
