Bitcoins are officially donkdown

[Sanlmar]

To buy, Gox would need some capital. But suspend that disbelief for a moment.

The best outcome would be that Gox does play that game and some kid genius (Sonatine?) susses out the ownership back to Gox.

The damage to BTC's image would be immeasurable.

The way the bubble plays out is namely declining interest by the speculators. This would speed along the process.

Can't wait.

[Dan Druff]

Regarding this statement on Gox:

Tokyo, Japan, February 20th, 2014

Dear MtGox Customers,

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.
*
Best regards,

MtGox Team

As already posted here, this is horrible news for anyone still hoping Gox isn't broke/shady.

If you click on that link, you'll see that their move was announced yesterday. While I believe that the move was real, obviously this can't happen overnight, and clearly they knew about it for some time.

So while we don't know why they're moving (perhaps so broke that they have to move to a cheaper location?), this clearly isn't the reason for the problems.

Again, no technical updates, no assurances that everyone's coins are safe, no dates withdrawals can be expected, etc.

Just vague excuses regarding "pushing back" the schedule. Amazingly, their front page still reads the following:

SECURE
MtGox is protected by Akamai and all communications with our servers are encrypted with SSL technology.

RELIABLE
We're always on. Buy and sell Bitcoin 24/7/365 with the world's most sophisticated trading platform.

EASY
Buying and selling Bitcoin doesn't have to be complicated! Get trading in a few simple steps.

GLOBAL
The only multi-currency Bitcoin trading platform where you can trade with the entire world in your local currency.

So they are still promoting themselves as "secure, reliable, easy, and global", when in reality you can't remove the bitcoin once you buy in.

Not even a notice on the front page honestly explaining that they are having problems, and properly warning potential BTC buyers there.

Just so shady.

Reminds me a lot of Lock Poker.

[chinamaniac]

Last:$111.76 High:$271.43 Low:$110.01

[Dan Druff]

On a side note, pretty unbelievable that Bitstamp and the others have remained relatively stable (moderate losses, but not too bad) in the mid-high 500s through all of this.

I think there's a lot of denial of reality going on here.

This is a HUGE black eye to bitcoin. The BTC values were rising so quickly because the general public was excited by this "new" concept and the possibilities it seemed to have. It was also propelled by general distrust of government, and a decentralized currency was very attractive to people.

Now reality is setting in. The once-biggest exchange is lying, manipulating, and stealing, and all of a sudden this whole thing doesn't look nearly as attractive as it once did. It's kind of like meeting what seems like the perfect girl, falling in love with her, and then realizing less than a year later that she has all kinds of major problems (and you can't trust her). There's really no coming back from that.

[zealanddonk]

On a side note, pretty unbelievable that Bitstamp and the others have remained relatively stable (moderate losses, but not too bad) in the mid-high 500s through all of this.

I think there's a lot of denial of reality going on here.

This is a HUGE black eye to bitcoin. The BTC values were rising so quickly because the general public was excited by this "new" concept and the possibilities it seemed to have. It was also propelled by general distrust of government, and a decentralized currency was very attractive to people.

Now reality is setting in. The once-biggest exchange is lying, manipulating, and stealing, and all of a sudden this whole thing doesn't look nearly as attractive as it once did. It's kind of like meeting what seems like the perfect girl, falling in love with her, and then realizing less than a year later that she has all kinds of major problems (and you can't trust her). There's really no coming back from that.

According to DDD once you buy bitcoins you can never be a skeptic, better wash your mouth out.

How much faith do you have in the other "derived" crypto-coins now?

[simpdog]

While I'm sure it is a large amount, what % of all bitcoins/money does this effect?

Is it 20%?

[Sanlmar]

On a side note, pretty unbelievable that Bitstamp and the others have remained relatively stable (moderate losses, but not too bad) in the mid-high 500s through all of this.

I think there's a lot of denial of reality going on here.

This is a HUGE black eye to bitcoin. The BTC values were rising so quickly because the general public was excited by this "new" concept and the possibilities it seemed to have. It was also propelled by general distrust of government, and a decentralized currency was very attractive to people.

Now reality is setting in. The once-biggest exchange is lying, manipulating, and stealing, and all of a sudden this whole thing doesn't look nearly as attractive as it once did. It's kind of like meeting what seems like the perfect girl, falling in love with her, and then realizing less than a year later that she has all kinds of major problems (and you can't trust her). There's really no coming back from that.

We are drilling for 2 month lows. Hardly "stable" here in mid $500's. It really seems to be on a mission to test $500 support. Bounce?

If it capitulates hard to $500 I'm in for bounce. But this ain't a healthy chart.

[Sanlmar]

So much for stable, Druff. Just kidding around with you, old man!

But seriously, this thing is drilling again. May be dealt the final blow to $500 later tonight. $500 isn't the hard number. But a series of big red candles down around $500 and I'm in.

[4BET]

Someone has a buy order for 3121 coins @110 on gox

[Sanlmar]

Someone has a buy order for 3121 coins @110 on gox

It's like someone showing up at the $5 BlackJack table with 3 racks of black. But the table is closed.

Stylin

[monsterj]

Someone has a buy order for 3121 coins @110 on gox

When someone has a buy order in you say "Someone is willing to pay 110 on 3121" for selling purposes you say "Someone is willing to sell 3121 @ 110".

If you said the word "at" when you are buying something you will get fined 5K by the CME/CBOT and punched in the dick by fellow traders/brokers.

[BeerAndPoker]

[lvpkr1009]

Someone has a buy order for 3121 coins @110 on gox

It's like someone showing up at the $5 BlackJack table with 3 racks of black. But the table is closed.

Stylin

This is the real problem with this "currency" and why I don't think it's possible for stuff like this to be mainstream. You can't have a unit be worth x amt of dollars at one place and y amt of dollars at another place.

[Sanlmar]

I have always quick to dismiss Druff's feeling that the Fed would someday come out against Virtual currencies.

In fact, the Fed has publicly stated that they will leave virtual currencies alone. I have posted the quote before and am too lazy to recite it.

It just occurred to me that Mt Gox may trigger some Senator on the make to push for regulation. While having Big Brother looking out for my best interests never interests me, it will kill BTC.

How many days before we hear a call for regulation?

The chart is so vulnerable here. BTC would not survive the noise.

So, while I'm definitely down for a bounce off $500 - I am not going to set this aside for my retirement fund. This is just a scalp.

[BHS]

For all intensive purposes, GOX is done regardless of what they do imo.. Ideally they get their shit together and die peacefully but I'm skeptical they will ever "recover".

I think you guys are really missing the boat here between gox problems vs bitcoin problems.

Yes it's a problem for bitcoin that their biggest exchange has lost all control of their bowels, but seriously, did full tilt shitting the bed make poker no longer a game? Gox can suck it but won't "kill" bitcoin by any stretch. Just like FT didn't kill poker.

Bitcoin can do a lot of cool shit and there is absolutely going to be a future for cryptography and better banking/exchange/escrow/law. It's only natural for their to be some major struggles along the way, It's still exceptionally early and clearly btc has a long way to go..

Here are some examples of practical blockchain applications that could be very useful (smartlaw/trusts in particular) -

http://voices.yahoo.com/bitcoin-20-e...ampaign=buffer

[lvpkr1009]

For all intensive purposes, GOX is done regardless of what they do imo.. Ideally they get their shit together and die peacefully but I'm skeptical they will ever "recover".

I think you guys are really missing the boat here between gox problems vs bitcoin problems.

Yes it's a problem for bitcoin that their biggest exchange has lost all control of their bowels, but seriously, did full tilt shitting the bed make poker no longer a game? Gox can suck it but won't "kill" bitcoin by any stretch. Just like FT didn't kill poker.

Bitcoin can do a lot of cool shit and there is absolutely going to be a future for cryptography and better banking/exchange/escrow/law. It's only natural for their to be some major struggles along the way, It's still exceptionally early and clearly btc has a long way to go..

Here are some examples of practical blockchain applications that could be very useful (smartlaw/trusts in particular) -

http://voices.yahoo.com/bitcoin-20-e...ampaign=buffer

Problem is you still need some sort of standardization of what 1 BTC is worth you can't have these great variations in price from one site to another and that isn't happening right now. Add also that what's to stop a company from saying whoops we were hacked and all of our BTC coins were stolen, sorry you mopes you're screwed. That's like a bank saying Sorry we were robbed today and your accts are shit out of luck

[Sanlmar]

For all intensive purposes, GOX is done regardless of what they do imo.. Ideally they get their shit together and die peacefully but I'm skeptical they will ever "recover".

I think you guys are really missing the boat here between gox problems vs bitcoin problems.

Yes it's a problem for bitcoin that their biggest exchange has lost all control of their bowels, but seriously, did full tilt shitting the bed make poker no longer a game? Gox can suck it but won't "kill" bitcoin by any stretch. Just like FT didn't kill poker.

Bitcoin can do a lot of cool shit and there is absolutely going to be a future for cryptography and better banking/exchange/escrow/law. It's only natural for their to be some major struggles along the way, It's still exceptionally early and clearly btc has a long way to go..

Here are some examples of practical blockchain applications that could be very useful (smartlaw/trusts in particular) -

http://voices.yahoo.com/bitcoin-20-e...ampaign=buffer

Great example.

FullTilt contributed to Black Friday.

Mt Gox will prolly contribute to Black Friday Deux

Full Tilt had cool software.

I guess Bitcoin does too.

Virtual currencies are here to stay, IMO. They just won't be as bublicious. Bitcoin the speculation is much different than Bitcoin for buying K Cups on OverStock.

[4BET]

Someone has a buy order for 3121 coins @110 on gox

It's like someone showing up at the $5 BlackJack table with 3 racks of black. But the table is closed.

Stylin

Not really the same as of now they filled 1300+ coins @110

[Sanlmar]

It's like someone showing up at the $5 BlackJack table with 3 racks of black. But the table is closed.

Stylin

Not really the same as of now they filled 1300+ coins @110

Interesting. Hardly a rally. But the patient has a pulse.

Bitstamp just opened another fun filled trading day.

[monsterj]

Not really the same as of now they filled 1300+ coins @110

Interesting. Hardly a rally. But the patient has a pulse.

Bitstamp just opened another fun filled trading day.

someone sold 1300 @ 110, it shouldn't have rallied. duhhh. resting bids by definition won't move the markets positive.