
Mt. Gox CEO Karpeles says Bitcoin exchange is at "turning point" - marban
http://www.reuters.com/article/2014/02/25/us-bitcoin-mtgox-ceo-idUSBREA1O12T20140225
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goldenkey
Ah, how good it feels to not have been a greedy bitcoin evangelist. That is,
90% of the people pushing positive opinions about Bitcoin, have a stake in it,
in investment - not actual, real use. Just a 'hope it goes up, so I can make
money like a bandit.'

The truth is that if one really wanted to assist Bitcoin, they'd buy a few;
not a treasure trove for speculative investment.

The really sad thing about this situation is that Bitcoin investors are not
the usual class of investors that measure safety, volatility, and other
factors. These are your hardware monkeys and computer geeks who have 15k saved
up, find an investment they can finally relate to, and foolishly attach all
their emotion to their savings floating inside a glass ball. I wish our kind
could be more rational when it comes to enthusiasm and unbridled ignorance
surrounding bits and bytes. Because it usually doesn't hurt us but when it
does, we never see it coming.

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shiftpgdn
The vast majority of bitcoin users aren't in it just for speculation. Besides
this only affects Mt. Gox and not the dozens of other trade floors that are
legitimate. If you'd do even a modicum of research you'd find there is more to
Bitcoin than ponzi scheme price pumping.

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jodrellblank
_dozens of other trade floors that are legitimate._

Do any of these "legitimate" trading houses let you sell Bitcoins and then
/take out the money/, yet?

Until that's actually possible, for decent amounts, as a regular thing,
Bitcoin's price is a sham of artificially trapping and holding people's money.

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shiftpgdn
I sold 2BTC on coinbase (a YC comapny) recently. So no the price is not a
sham.

~~~
jodrellblank
That's not enough evidence to support that claim.

When anyone can sell any amount of bitcoins they like so the price could
adjust freely, then the price would not be a scam.

~~~
shiftpgdn
But anyone CAN sell bitcoins freely. Just because you've tied them up in an
exchange doesn't prevent bitcoins from being sold.

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tjaerv
"We are currently at a turning point for the business. I can't tell much more
for now as this also involves other parties."

No shit it involves other parties: all your customers, for one.

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650REDHAIR
Wow. I can't believe with all of the money that they made that they can't
afford a professional crisis management team.

This is the end for Gox and Karpeles. There is literally nothing they could do
at this point to turn it around.

~~~
marban
To quote /r/Bitcoin:

    
    
        "If there will ever be a book on MtGox, it will have two Chapter 11s"

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snorkel
Turning into an epic fiasco, I'd say. This story is unfolding like the second
half of every episode for American Greed that I've ever seen on CNBC. You'd
swear it's the same story over and over just the character names have been
changed.

My prognosis is Bitcoin will survive and thrive as a technology, but current
Bitcoin businesses and investments are about to take a big hit.

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meson2k
This is what their website says: " Dear MtGox Customers,

In light 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"

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Pxtl
Well yes, it is at a turning point. It has turned straight down. It has hit
rock-bottom and is starting to dig.

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cantbecool
So they got acquired and all the Bitcoin investors will get pennies per each
coin. I think that's the best case scenario right now.

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charlesism
Sure. A turning point from bad to worse.

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frodopwns
I just hope MT Gox doesn't take the rest of us down with them.

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m1k3yboi
This was posted over 2 hours ago..... Whats with the duplicates? Can't people
use search here?

