Ninjastic
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Board Speculation
Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
by
ardana123
on 14/06/2013, 22:28:19 UTC
Quote from: Rampion on June 14, 2013, 10:06:15 PM
Quote from: lucas.sev on June 14, 2013, 09:41:33 PM
Quote from: Rampion on June 14, 2013, 09:38:53 PM

I cannot even imagine being totally out. Every man needs his untouchable paper wallet. The feeling of being 100% out has to be unbearable even for the biggest bear Cheesy

I guess it is a bit different if you mined. I casually mine LTC (2.5/day) and I don't even care about their price, shorting them etc. The mindset changes completely once you buy virtual currency.

Still I can't bear (LOL) being 100% out. Feels too risky. Infrastructure is fragile and having all the eggs in one basket (fiat on exchanges) seems kinda reckless to me. A paper wallet with some long-term holdings feels good. I expect the price to go down, thus 100% fiat to buy cheaper would be more profitable, but I may be wrong, or Gox may be running fractional reserve and go bust at some point (unlikely, but are you willing to bet your right hand on it? Not worth the risk).

I guess I'm too emotionally attached to my BTC Cheesy

I'd choose having my money in fiat on one of these exchanges over having my money in BTC... BTC might crash at any given point and fuck you over completely when it catches you off guard. And how exactly would mtgox run fractional reserve, only banks can do that... Given the amount of money that's being traded on Gox (millions), i'd say we're pretty safe... It wouldn't be easy to get away with theft of that magnitude.