Meltdown at MtGox. Update: 2/28 BANKRUPTCY FILED

[BugFreak]

I think that is a rather limited way to look at it, no offense. I'm sure that can be said about any currency. Regulation, if done correctly, can mean protection for you and me. Think about what would happen if actual banks blamed some random event and just shut the doors with all our money in it. They just said sorry, your money went somewhere but we aren't sure where and can't get it back. That is basically what happen here and no one can do anything about it. The worst part is they could just change the name and reopen down the road because there is no licencing involved here.

What we need are bitcoin assassins that can take care of these things their own way.

That, in a way is regulation. Unfortunately it is random and uncontrolled but it is. The problem with doing that is that is just feeds the same people that cause these issues.

 

[KonaKona]

If I didn't already have bout 200$ "Invested" in hardware that I plan to sell back later I'd probably buy some BTC right now. Heck I might still do that anyway. Problem is I don't like to invest money I don't mind losing and that could still happen here somehow if gox tries hard enough...

 

[eaglescouter]

“Thank you for your patience this week while we are working on re-initiating bitcoin withdrawals. In addition to the technical issue, this week we have experienced some security problems, and as a result we had to relocate MtGox to our previous office building in Shibuya (details can be found here https://support.mtgox.com/home). The move, combined with some other security and technical challenges, pushed back our progress.

“As much as we didn’t want to only provide an “update on an update”, this is the current status. We are committed to solving this issue and will provide more information as soon as possible to keep everyone in the loop.

“We are very sorry for the delays and deeply appreciate your kind understanding and continuous support.”
- See more at: http://www.pfhub.com/speculators-pu...-amid-price-decline-389/#sthash.tRTk85bB.dpuf

 

[gsrcrxsi]

lol

 

[Silver_Pharaoh]

Is it just me or should Gox leave now while they still can?

 

[KonaKona]

Is it just me or should Gox leave now while they still can?

There is a pretty good chance of the people running the site being physically attacked at this point isn't there? We've seen people protesting at the gox headquarters already, and it seems like the management (or staff, I guess. They don't have more than a dozen or two people running the whole thing right?) is much more exposed than other similar organizations.

Kinda interesting actually, if you think about it. If large banks operated more visibly like gox does I imagine some of the management there would have faced similar problems during all of that mess back in 07-08. I can't say I condone the kind of thing, but the aftereffects would be interesting to say the least...

 

[ssjwizard]

Im absolutely going to buy some BTC today or tomorrow. Im kinda waiting to see if this crash keeps on going so I dont buy too high. Ive got about 3 benny sitting here that Im gonna throw at it. I generally prefer to mine cryptos, but with all my PC troubles lately I just haven't had the time. I figure if I can snag 0.5+ BTC right now and hold it till summer it could mean half price GTX 880.

I do wish that gox would hurry up and die instead of laying there slowly bleeding to death.

 

[eaglescouter]

Im absolutely going to buy some BTC today or tomorrow. Im kinda waiting to see if this crash keeps on going so I dont buy too high. Ive got about 3 benny sitting here that Im gonna throw at it. I generally prefer to mine cryptos, but with all my PC troubles lately I just haven't had the time. I figure if I can snag 0.5+ BTC right now and hold it till summer it could mean half price GTX 880.

I do wish that gox would hurry up and die instead of laying there slowly bleeding to death.

Cash on hand is not so easy to immediately convert to BTC unless there is a BTC-ATM in your area.
Or are you saying you have cash sitting on an exchange, ready to go?

 

[ssjwizard]

Cash on hand is not so easy to immediately convert to BTC unless there is a BTC-ATM in your area.
Or are you saying you have cash sitting on an exchange, ready to go?

No I have cash on hand, and converting cash into BTC is easy. Going the other way not so much. I generally just trade my bits for stuff that I want though, so I dont really worry about converting the other way.

There are a couple of exchanges out there that accept WU/MG, and LBC provides all sorts of ways to acquire coins for cash IE, bank deposit, WU/MG, dwolla etc. Mind you there is usually a convenience charge for doing it this way in the form of slightly higher prices.

Edit. Just popped over to bitcointalk's marketplace and there are a TON of people selling GOX BTC for way low rates, so if anyone is willing to risk it you may want to check over there. Some people are taking as low as 20% of the BitStamp price just go get the GOX monkey off there backs.

 

[ZL1]

gox-btc ? as in not btc in hand ? I wouldn't risk that to be honest

 

[I.M.O.G.]

I would under no circumstance take gox BTC right now. I do think it is a huge opportunity, as are the risks however. It does look tempting... 10 coins for a little over $1000, the upside in that is huge compared to only a $1k risk. You would need to have extra sized kahunas though, like the kind you need a wheelbarrow to carry around.

But I have bought outright 2BTC from coinbase in the last week. Price could continue dropping and I could get a better price perhaps later, but including fees and all I got 2BTC at ~$585/each, which stands a pretty damn good chance at turning a large profit at some point in the next year... And long term even better.

With how bad things have been with Gox and all the negativity lately stemming from it, I have a hard time imagining anything else that is likely and has the potential to cause anything worse in the near future.

Who knows what will happen when Gox comes out on the other side, dead or alive, but things will likely get even more volatile and I want to be holding coin when it happens for better or worse.

In my opinion, based on no facts whatsoever, I think in hindsight this will be the best buying opportunity of 2014. Its hard to keep perspective, but just a couple months ago everyone would have jumped at the opportunity of sub-$600 coins.

 

[xsuperbgx]

I think that once the MT gox issue is settled, we will see a huge rally, as long as there is little or no other bad news. I think that MTgox is like a huge weight around bitcoin's neck. They need a miraculous turn around or they need to close the doors -either way I think the recovery will fuel the next peak.

 

[torin3]

The CEO of MtGox resigned from the Bitcoin Foundation today.

I wonder if that has anything to do with the BTC price dropping to about $550 USD today.

 

[cw823]

In my opinion, based on no facts whatsoever, I think in hindsight this will be the best buying opportunity of 2014. Its hard to keep perspective, but just a couple months ago everyone would have jumped at the opportunity of sub-$600 coins.

Completely agree. time to go all-in.

 

[gsrcrxsi]

im tired of this sh*t.

i really could use the 900-1000 that 1 BTC would give me for some car parts, but cant bring myself to let it go for ~600

 

[Silver_Pharaoh]

Completely agree. time to go all-in.

By all in I assume you mean buy?

 

[KonaKona]

By all in I assume you mean buy?

BUY BUY BUY

 

[cw823]

By all in I assume you mean buy?

definitely buy.

 

[Silver_Pharaoh]

BUY BUY BUY

I cannot afforda

 

[KonaKona]

I cannot afforda