Hmmm...last I've heard from the news broadcasted in my country, mtgox got a decent stash of their bitcoins stolen and is filing for bankruptcy. And because of that, it caused a pretty decent drop in the value of a bitcoin. (Furthermore, the news did mention that mtgox was a pretty large company that handles bitcoin exchanges....so if mtgox is just a small-timer from your point of view...then I'm sorry about that...must be something wrong with the news network over here then.)
True, it might still not be the end of the world as a result of this...but my perception from this is still the same...the risk is just too high to be jumping onto the bandwagon for something that's still in its infancy stages.
Just for your info: I did read at least the first post actually, and I do realize that OP's idea was to go for an immediate by-pass so that MA don't "see" and need to handle the bitcoins. But I'm not really sure how the whole process would be like for the transaction...what if there's some sort of time-lag in the transactions between MA and whichever "big" bitcoin exchange that they decide to deal with...that causes a failure to receive the cash payment from that company, like sudden bankruptcy,...Would MA have to eat up the loss? (However big or small that sum may be...)
As for my comment about "bitcoin, think again"...to be honest, it wasn't targeted at the OP actually. It's just to...hmmm...voice out that people need to re-evaluate about the value of bitcoins.
(PS: Hopefully that's clear enough for you. Good luck and take care...if some of you out there do happen to be holding onto some.)
as I told you in a +rep I made, most of what you say is false, and even if you might not like it, it is indeed pointless to argue about something, when you as exemple only rely on mainstream news, and have not much clue to all of that, as opposed to me who is indeed following all the crypto world very closely for a long time, and I don't say I am great, but most of what You said is for sure wrong.that is my reality based on facts I have.
but this thread is not made to make you understand what you don't.
As for what you said about exchange.
I will point out to you that using bitpay , does not rely on an exchange, it is not an exchanger.
it's a paiement processor, not to be misstaken with an exchanger, both are differents things.
whatever those third party paiement processor does, its their problem, not mindark one.
as for bankruptcy or problem with exchanger, whoever kept bitcoin in mtgox since 2011 and their hacks,
or the loads of lies and problems they encountered has to be silly.
there was red flags for long about it.
Mtgox was suposelly making loads of money everyday, yet they could not pay some withdraw since a year !
some withdraw would take up to 6 month even !
and -that's just talking about the last year withdraw problems with mtgox-
and after mtgox went down, what happened with bitstamp exchanger as exemple, is that they will now give quarter year report audit on their finances
that's what should be done
and who ever deal with problematic exchanger, or see fishy stuff and is still in, thats their own stupidity to do so.
there will always be thieves, in real world and virtual worlds, there will always be problem, especially on such special currency, such as bitcoin, which is a very new system based on an awesome protocol.
it does not mean it's a wrong thing or necessary dangerous to deal with, it's the people you choose to deal with that can be a problem, and if you do things smart, such problem as you talk about can be non existent.
also about mtgox, the news that came maintstream was not even based on facts, there was no proof of insolvency yet, so they actually made assumptions for now (which are mostly right for sure, but still -assumptions on whats going on-)
Mark karpeles, the CEO of mtgox is for sure a noob, and the way he was handling his multi millionar company was in a silly way security wise.
It seems that such business is awesome, as you can easily make 500k$ daily just relying on fee from people trading on that exchange, but the guy behind it does not seem like a huge rocket sciensist either, so whatever happened he killed the exchange himself.
but that is still -assumptions for now-
If you also check mtgox page, you will see it got updated, and there is rumors of mtgox being bought back, and saved.
personnaly I hope it dies for good, as it's only been a cancer of the bitcoin IMO, but if it's bought back, saved somehow with new CEO ,new organisations, withdraw back in fast mode, and new advantage, then it will just be a new beginning i guess.
time will tell how things turn to be, but an end of world ?for sure not.
Did I personnaly used mtgox ? No, for the reasons mentionned up there and many more, too many fishy stuff that do not make me confident at all.
Did I use other exchangers ? Definetly.
Did I choose them randomly or based on mainstream news ? thx god , not.
Mtgox.com update :
February 26th 2014
Dear MtGox Customers,
As there is a lot of speculation regarding MtGox and its future, I would like to use this opportunity to reassure everyone that I am still in Japan, and working very hard with the support of different parties to find a solution to our recent issues.
Furthermore I would like to kindly ask that people refrain from asking questions to our staff: they have been instructed not to give any response or information. Please visit this page for further announcements and updates.
Sincerely,
Mark Karpeles
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
