time to buy ;)
You don’t think that this fake fiat digital nothing currency is rigged when one exchange service is pricing it at over $600US and another is less than $125US and is bottoming out and freezing transactions just about every other week?!
Come on people! You’re not really that stupid are you?
the reason every other exchange beyond Mt Gox is around 600 dollars while MTG is tanking is because people continue to flee Mt Gox due to security concerns. Mt Gox is making it worse with their current withdrawal policy and thats why we see the price on mt gox tanking. Every other exchange from Cryptsy to btc-e to Coinbase has bitcoin priced at a rate near 600.
What we are seeing is the destruction of an exchange, not a currency.
The argument for this crypto fiat currency is still flawed.
Example: A local bank is insolvent - this doesn’t mean that you can take your one dollar out and move to a new bank and claim a value of over 50/1 mark up.
Bitcoin is bullshit.
There is something completely suspicious about a form of currency and monetary exchange that no one knows where it came from, not really sure how it works, and the value is contained in a massive pseudo-encrypted blockchain piece of open architecture software that anyone can manipulate (yes I said manipulate - no one out there can verify without a doubt that a hacker or bot can not infiltrate or infect the chain or the hosts and wipe it all out - Yet no one cares). There is no intrinsic value to this currency other than what it will trade against another currency at it’s current standing. No one can tell you what that actual value of one bitcoin will buy you other than what they can exchange it for - be it USD, AUD, EUD …
This shit sounds like some manipulative tool that is being beta tested. We all know how beta tests go these days …
I think that you either ignored my first response to you or you’re incapable of understanding.
It’s a fire sale.
People with bitcoins held at Mt Gox are willing to sell at any price to get out of those holdings. You can’t buy a bitcoin for $100 at Mt Gox and sell elsewhere because Mt Gox won’t let you withdraw bitcoins, HENCE WHY THE PRICES AT MT GOX HAVE PLUMMETED.
If you want to buy bitcoins from Mt Gox, go right ahead, it’s your risk. You might be able to withdraw them one day or them might walk away with them or simply go into liquidation or etc, etc, etc. Unsurety is very high, hence the price is very low.
Besides, commodity arbitrage happens in all markets, not just bitcoins. The majority of the stuff sold on ebay is repackaged goods that someone got for a deal on from somewhere else. Have you never heard of Currency Traders? They literally make money be exchanging or betting on currency valuation margins and the volatility of those exchange rates.
What you describe in that 4th paragraph can literally be applied to dollars, euros, or any currency. Yet the world functions perfectly fine with those currencies. I’d argue that bitcoin is safer than that. You’d have to change all of the ledgers, including those that are offline. If there is any disagreement, then the transaction isn’t completed. Yes, there are some flaws, they are being hammered out. But there are flaws in dollars, as well, or in credit cards.
Someone can physically print money and then what? Someone can hack a bank and take money or increase money, and then what? Some one can steal or duplicate credit card info and then use it (Target hack anyone?) and then what?
Nothing is perfect, nothing is 100% secure. Don’t be an idiot.
I didn’t ignore anything you stated. FIRE SALE OR NOT - your response shows me two things;
1 - you just proved my point for me on the whole Mt. Gox fiasco and how a host can force manipulate the currency.
A host isn’t manipulating the currency! The people who have holdings within that host are acting to isolated market conditions and setting prices accordingly. You think Mt Gox wants a fire sale? This will lead to Mt Gox’s failure and bankruptcy.
If it was up to Mt Gox, prices would not tank, as they have. People wouldn’t make a run on deposits, as they are attempting, and Mt Gox can go on conducting translation transactions and collecting their fee, which they aren’t and can’t.
This is in NO ONE’S best interest.
2 - the whole thing holding up the global financial system right now as all currencies are fiat, and the main stabilizing factor is the USD’s status as the global petro-dollar which is then based off fractional reserve debt lending (which is a whole other ball of wax covered pissed-off bees). If anyone doesn’t understand that then they really need to back out of any economic conversation.
Fiat currency isn’t what’s the issue at large. The issue is that the US can no longer maintain the dollars value through peaceful means, such as production, quality, demand or other market forces so they have more and more depended on coercive means, such as war, military pressure and threats. This isn’t a fiat currency problem. This is a problem of debt-liquidity issues being dealt with through military means.
Outside of the US, when most fiat currencies lose value, they try to figure out how to up productivity and/or quality of goods and services and increase the global demand for that currency.
The US deals with such economic issues by sending bombers and troops to take assets, enforce trade or economic sanctions and to delay or derail other countries from trading in non-dollar currencies.
It’s a political strategy issue, not a monetary selection issue.
I am not going to “wrong on the internet” with you and I am sorry if you are one of these people about to loose your ass in this bullshit exchange but in this day and this climate of collapse - if you can’t eat it, grow it, hold it or use it, - or if it doesn’t hold historical precedent as a currency (gold or silver) it isn’t worth shit. Even the USD - once a collapse starts - money will only be good for about 72 hours and after that - you could have a wheel-barrow full of $50s and wouldn’t be able to buy a loaf of bread.
I actually don’t have any bitcoins at the moment. Actually, that’s not true, I have 0.07 BTC held at CampBX for reasons that I don’t even know. I’ve expressed in the past where my holdings currently sit, you can search my #investment tag all you want.
And yes, you’re wrong. Because the majority of bitcoin holders/users are completely unscathed by the Mt Gox issues.
Oh, you’re one of those “crazies”…
Listen, gold isn’t any more “intrinsically” valuable than dog shit. It just so happens that some people like gold in today’s society. If we discovered another planet with life on it, they might have zero value for gold and then what? Gold is worthless in exchange with them. All prices and all value are relative and subjective.
If you want to hoard gold in preparation of a global collapse, be my guest. I’d love to see you run from hoards of starving, angry, armed humans while trying to carry 10 kgs of gold.