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http://www.bitcoin.org/smf/index.php?topic=6864.0 http://www.bitcoin.org/smf/index.php?topic=6864.0 It's an infowar conducted by a Russian exchange guy who tur

by kiba 16y ago

http://www.bitcoin.org/smf/index.php?topic=6864.0 http://www.bitcoin.org/smf/index.php?topic=6864.0 It's an infowar conducted by a Russian exchange guy who turned to the dark side.

zbanks 16y ago
Thanks for providing that. The biggest question I had was "Why?" Even still, I don't completely understand his point (is he being rational?). Hasn't mtgox been invaluable in giving value to Bitcoins? Without it, it'd be harder to liquidate to hard currency, and the market value would be considerably lower. He doesn't seem to be affiliated with a direct competitor to mtgox either, because that would also explain it... EDIT: Yeah, I have a feeling he's being irrational: "The day before yesterday I was owed [owed] 100 BTC = $160 but today it $320 and it is too much for me. And it continues to grow simply because everyone is looking for people who cabal [can?] draw their own exchange rate on mtgox." Although he has a completely valid point: the increased valuation of btc has increased his debts in real currency, he's approaching the problem in the wrong way. He technically is justified to a certain degree: mtgox has had this effect on btc. And now that it's down, I'm sure the exchange rate will fall. In addition, it turns out that he runs btcex.com, a Russian competitor to mtgox.
- kiba 16y ago
  The Russian dude was a competitor of Mt Gox.
pemulis 16y ago
So, bitcoinex sold a bunch of Bitcoin futures and got burned when the exchange rate shot up? Is that basically his beef here? I've been following the story in the Bitcoin forums and the #bitcoin-otc channel for a few hours, but it's not totally clear to me. Edit: I consider owing somebody a certain number of Bitcoins and agreeing to transfer them by a certain time to be essentially the same thing as selling futures. In the long run, the value of Bitcoins will either go up dramatically or drop to almost nothing, depending on whether or not they become widely adopted as a medium of exchange. The idea of "regulating" the market to provide "stability" makes no sense when the very concept of Bitcoin is speculative at this point.

by kiba 16y ago

http://www.bitcoin.org/smf/index.php?topic=6864.0 http://www.bitcoin.org/smf/index.php?topic=6864.0 It's an infowar conducted by a Russian exchange guy who turned to the dark side.

zbanks 16y ago

Thanks for providing that. The biggest question I had was "Why?" Even still, I don't completely understand his point (is he being rational?). Hasn't mtgox been invaluable in giving value to Bitcoins? Without it, it'd be harder to liquidate to hard currency, and the market value would be considerably lower. He doesn't seem to be affiliated with a direct competitor to mtgox either, because that would also explain it... EDIT: Yeah, I have a feeling he's being irrational: "The day before yesterday I was owed [owed] 100 BTC = $160 but today it $320 and it is too much for me. And it continues to grow simply because everyone is looking for people who cabal [can?] draw their own exchange rate on mtgox." Although he has a completely valid point: the increased valuation of btc has increased his debts in real currency, he's approaching the problem in the wrong way. He technically is justified to a certain degree: mtgox has had this effect on btc. And now that it's down, I'm sure the exchange rate will fall. In addition, it turns out that he runs btcex.com, a Russian competitor to mtgox.

kiba 16y ago
The Russian dude was a competitor of Mt Gox.

pemulis 16y ago

So, bitcoinex sold a bunch of Bitcoin futures and got burned when the exchange rate shot up? Is that basically his beef here? I've been following the story in the Bitcoin forums and the #bitcoin-otc channel for a few hours, but it's not totally clear to me. Edit: I consider owing somebody a certain number of Bitcoins and agreeing to transfer them by a certain time to be essentially the same thing as selling futures. In the long run, the value of Bitcoins will either go up dramatically or drop to almost nothing, depending on whether or not they become widely adopted as a medium of exchange. The idea of "regulating" the market to provide "stability" makes no sense when the very concept of Bitcoin is speculative at this point.