Bitcoin plunges after marketplace indefinitely halts withdrawals

Price dropped but is climbing again so hopefully get back to 900$ soon :)
 
A unregulated currency has its advantages but also its disadvantages.

The problem with Bitcoin is that the players in the market i.e. Mt. Gox can essentially do as they please and the owners of the virtual coins can do little to nothing about it.
 
MKFrost said:
A unregulated currency has its advantages but also its disadvantages.
Click to expand...

That's just the thing. Bitcoin is regulated. Just by peer to peer block checks instead of some government entity that is capable of fudging the numbers anyway
 
envo said:
That's just the thing. Bitcoin is regulated. Just by peer to peer block checks instead of some government entity that is capable of fudging the numbers anyway
Click to expand...

The currency itself yes and only in so far as how its generated but not the environment in which it operates. Also, most of the 'peer to peer' takes place through places like Mt. Gox which are not regulated and whom can at a whim [as now happened] decide on a course of action that impacts almost all role-players [holders of coins] without them being able to do anything about it and or without any outside regulatory body having a say in the matter. That is unregulated.
 
There is no government or an institution that regulates Bitcoin. The very nature of bitcoins prevents this as I think it was designed to be.

However there is a form of "Autoregulation that you can spot in the system. With any action there is a reaction, if an exchange like Mt. Gox acts irregular then that exchange could become less popular and eventually dissolve.

Not regulation as we are used to.
 
Btc-e is sitting at about $150 more than MtGox - it's effecting MtGox much more than everyone else, especially when you consider than MtGox is normally around $150 more than Btc-e. Based on the rate at Btc-e, the normal would be for MtGox to be sitting $300 higher than they are.
 
Bitcoin has no security. Im guessing some people have lost big in this. Sounds like someone could have swindled a lot.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X