MtGox closes shop!

[MM78]

Dear MtGox Customers,

In the event 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

[unkown5454]

I had a PP rep recommend bitcoin. It was hilarious.

[itemauctions]

It's like a bank but got robbed and doesn't even know who lol

[BiN4RY]

And yet people are still optimistic about how Bitcoin is the future after having numourous fraudulent exchange/market sites closures like this

[download3000]

Has nothing to do with bitcoin, thats like blaming the dollar because a bank shuts down. Would you blame the dollar if per say chase lended more than what they had? No this is an error made by a greedy corporation.
Bitcoin is still up 5000% since the price in 2012... People are trying to get into bitcoin thinking there going to get rich quick, stay away if that's your idea.

[oompaloompa]

Originally Posted by itemauctions

It's like a bank but got robbed and doesn't even know who lol

someone robbed some magic beans......

[Sandy D]

Originally Posted by unkown5454

I had a PP rep recommend bitcoin. It was hilarious.

LOL

You know when a pp rep does this watch out!!

[rsot]

That's hilarious about the pp rep...too bad you didnt record it hah

[unkown5454]

Originally Posted by download3000

Has nothing to do with bitcoin, thats like blaming the dollar because a bank shuts down. Would you blame the dollar if per say chase lended more than what they had? No this is an error made by a greedy corporation.
Bitcoin is still up 5000% since the price in 2012... People are trying to get into bitcoin thinking there going to get rich quick, stay away if that's your idea.

Division of power with BTC is absurd. That's why it's the most volatile currency on the planet. One company mucks up and prices spiral out of control from one day to the next. BTC will stay alive, but for those invested, every day is a bet. Who knows how long it will take to stabilize and stopped getting slammed by hackers every sodding day. People are committing crime without a trace and there is no end in sight.

[BiN4RY]

Originally Posted by download3000

Would you blame the dollar if per say chase lended more than what they had?

If Chase is a bank that had a 70% market capitalization of all US Dollars and then closed their door one day and ran off exactly like MtGox's scenario, then yes I would say the Dollars is an pretty awful and corrupt currency.

This however, isn't the only reason why I'm believing Bitcoin is unreliable. There has been far too many cases of companies running off with people's coins. I also strongly agree with what Unknown is saying, Bitcoin has no physical monetary instruments backing it up. The price is strongly reflecting on interests and thus makes it extremely volatile with an extremely high elasticity and unreliable as an actual currency.

[jeffweico]

At the end of the day, it all is all about CONFIDENCE. Money, both the printed kind and the electronic debits and credits, have no actual value. The reason it is worth something is because we all agree on what a dollar (or pound, or euro, or bitcoin) is worth. Once the confidence is gone, that's it!

Still, Bitcoin MAY survive. It is still the only well-known currency that can be used for black market transactions (I am not advocating that, but it IS a market) and a lot of enthusiasts would REALLY like to see it succeed. If it DOES stick around, I would expect the value to be very volatile. If I were to accept it as payment, I would try to convert it into dollars ASAP.

[unkown5454]

Originally Posted by jeffweico

If I were to accept it as payment, I would try to convert it into dollars ASAP.

And therein lies yet another huge problem. Just read the stores online on the MONTHS it can take to exchange your BTC.

[vogeltron]

Max Coin looks interesting

[vogeltron]

Interested to see if this Magic the gathering online exchange going down makes Bitcoin weaker or stronger.

Iceland several years back took flack for allowing their fraudulent banking institutions to go under. They have recovered quite nicely. The rest of the western world still has most large banks marked to market unsolivent.

What I find interesting is that Bitcoin did not fail. The blockchain is the same as always. I do think when investors look to buy an exchange they will want to know reserves etc.

It may be ironic but Mt. Gox may have saved the Free Market. I.E. the 300,000 Chinese bitcoins purchased directly afterwards compared to about the 400 in the States.

Very interesting to see how Crypto plays out. I don't own any. But this is absolutely fascinating story.

[rsot]

Magic the Gathering online exchange?

[unkown5454]

Originally Posted by rsot

Magic the Gathering online exchange?

That's what the CEO's operated before Mt. Gox.

Silly loner nerds controlling hundreds of millions of dollars. Who had any idea that would end up bad?

[vogeltron]

Originally Posted by rsot

Magic the Gathering online exchange?

that's the acronym

MAGIC
THE
.
GATHERING
ONLINE
XCHANGE

[rsot]

Oh okay - thanks for clarification

[Sandy D]

I thought I just saw the CEO of bitcoin was found dead in Singapore??

[oompaloompa]

think it was a female CEO of a bitcoin exchange called meta....

[rsot]

Bitcoin CEO found dead: ‘Everything has its price’ | New York Post

[itemauctions]

Such a tragic she's too young to be a CEO