I just thought about this (Possible Bitcoin boom?)

[TopWargamer]

So, as we all know, Gox is essentially shut down. We dunno when it's coming back online or if it's even going to. Other exchanges (such as BTC-e and Bitstamp) had the same issue as Gox and fixed it within a few days, which leads me to believe that Gox basically stole all of that BTC in their exchange. I dunno, I could be wrong, but it sure does look that way.

 

Anyways, all of the Mt Gox customers now need a new exchange, and some Bitcoins. So if any of Gox's customers want to get back into BTC, they'll have to buy some, unless they have stored locally already. 

 

So with these "new old" customers, do you think the price of BTC will go up due to them (possibly) buying BTC from other exchanges?

[Tea1337]

With the price sitting around $557, I'm sure there will be a small increase from them moving to a new trader, but, if Mt. Gox comes back after they fix their problems we might see an increase. That's if they didn't take the coins for themselves

[dragosudeki]

The first part is speculation that many have.

BTC could possibly go up, but I would also think that some customers would lose faith in the bitcoin exchanges. Along with that exchange crash, I would also think governments would want to somehow regulate it. However, the future of cryptocurrencies is very unpredictable which makes it interesting.

[TopWargamer]

With the price sitting around $557, I'm sure there will be a small increase from them moving to a new trader, but, if Mt. Gox comes back after they fix their problems we might see an increase. That's if they didn't take the coins for themselves

I'd really like to see Gox come back, just because I know it will cause the price of BTC to go up. 

[Mac]

I think Mt. Gox has too much of a bad reputation now, people won't use them again.

 

I can see some people 'quitting' Bitcoin because of this whole fiasco losing a lot of money, however Mt. Gox said they've temporarily taken the website offline.

 

I think people will be suing, but only those with Euros, Dollars or Pounds will have a chance of getting their money back.

 

There has been a good price recovery tonight, currently sitting at just under $600 when it was at $500 yesterday morning. I took that opportunity to buy. 

[Shack Tastic]

I think Mt. Gox has too much of a bad reputation now, people won't use them again.

 

I can see some people 'quitting' Bitcoin because of this whole fiasco losing a lot of money, however Mt. Gox said they've temporarily taken the website offline.

 

I think people will be suing, but only those with Euros, Dollars or Pounds will have a chance of getting their money back.

 

There has been a good price recovery tonight, currently sitting at just under $600 when it was at $500 yesterday morning. I took that opportunity to buy. 

Suing for what? That's pretty much what investing is, you know the risks and and are willing to lose whatever you put in. People who are going to sue don't know the first rule of investing, and probably shouldn't have been investing anyways. 

[nofxz]

If you have watch a few of the videos by people of blockchain and other organizations. Mtgox was a more of a problem then anything else. I hope to see them pay out whatever they still have left in the coffers equally and proportionally to what people had in there accounts. Even if they only had 50 or 60 percent of what is owed to people it would be better then nothing but I think its a classical ponzi scheme.

[Fred Castellum]

I think Mt. Gox has too much of a bad reputation now, people won't use them again.

 

I can see some people 'quitting' Bitcoin because of this whole fiasco losing a lot of money, however Mt. Gox said they've temporarily taken the website offline.

 

I think people will be suing, but only those with Euros, Dollars or Pounds will have a chance of getting their money back.

 

There has been a good price recovery tonight, currently sitting at just under $600 when it was at $500 yesterday morning. I took that opportunity to buy. 

Lol they won't have any luck in court if they tried suing Mt. Gox, Crypto currencies are unregulated after all. 

As Shack Tastic stated above, buying bitcoins and storing them on a online wallet is basically investing. If you view that online wallet as a bank account then your doing it wrong.

[Mac]

Suing for what? That's pretty much what investing is, you know the risks and and are willing to lose whatever you put in. People who are going to sue don't know the first rule of investing, and probably shouldn't have been investing anyways. 

 

 

Lol they won't have any luck in court if they tried suing Mt. Gox, Crypto currencies are unregulated after all. 

As Shack Tastic stated above, buying bitcoins and storing them on a online wallet is basically investing. If you view that online wallet as a bank account then your doing it wrong.

I mean they would be suing for the USD and EURO that was in the exchange, they have no chance suing for Bitcoin.

[Lays]

I think Mt. Gox has too much of a bad reputation now, people won't use them again.

 

I can see some people 'quitting' Bitcoin because of this whole fiasco losing a lot of money, however Mt. Gox said they've temporarily taken the website offline.

 

I think people will be suing, but only those with Euros, Dollars or Pounds will have a chance of getting their money back.

 

There has been a good price recovery tonight, currently sitting at just under $600 when it was at $500 yesterday morning. I took that opportunity to buy. 

 

 

I think it's safe to bet that people are quitting bitcoin over this, it's quite difficult to make it in the bitcoin mining industry, I doubt people would just bail on it.   

 

@RuecanOnRails made an interesting post awhile back about how 90% of the smart BTC people weren't going anywhere near Mt Gox long before it had issues, I think it's been blown outta proportion a bit.

[WhiteSkyMage]

Why not go LTC? It's more profitable - I know it's kind of hard to exchange it for USD, but why not? BTC went a lot in ASICs, so unless you don't put an ASIC USB or card (coming in Q3 this year), you can't make any profit with your GPU (need to have like 4-6 in SLI, even that is going to be slow). In LTC it's easier to mine, there are no ASICs and it's just more affordable....Leave that BTC - LTC will get harder with generations with GPUs....it's even more secure with SCRYPT than BTC. Lots of people have lost their Bitcoins for some reason...someone just hacked (which seems impossible but I still see people reporting it). 

[Tricksterboom]

I find it interesting that people are quick to say the Gox stole the money themselves. I think that they have been robbed due to their incredibly slack way of dealing with the Tx hash allowing people to exploit it rampantly. When I say that though it was only people with lots of money to start with that were able to exploit this. 

 

Gox may have lost a significant portion of its bitcoins, I'm not sure, but I am sure as hell glad I never went there.

 

Why not go LTC? It's more profitable - I know it's kind of hard to exchange it for USD, but why not? BTC went a lot in ASICs, so unless you don't put an ASIC USB or card (coming in Q3 this year), you can't make any profit with your GPU (need to have like 4-6 in SLI, even that is going to be slow). In LTC it's easier to mine, there are no ASICs and it's just more affordable....Leave that BTC - LTC will get harder with generations with GPUs....it's even more secure with SCRYPT than BTC. Lots of people have lost their Bitcoins for some reason...someone just hacked (which seems impossible but I still see people reporting it). 

 

Scrypt miners are already starting to be deployed I believe, Gridseed seems to be the first. There are a large number of other suppliers looking to maybe enter the market as well in the next 2-3 months bit before Q3 I think (but then again delays so Q3 sounds pretty accurate)