Re: Hi! I run a exchange in the US, I need posts, so ask me questions if you want?
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No, of course Gox won't pay out millions of dollars - they can't pay out now. Though, it is true that any other exchange is likely unable to handle massive cash withdrawals on a massive scale simultaneously. Even so, you do understand how an exchange works, yes? Gox, for example, isn't buying your coins and giving you cash out of their account (if one existed) ..if I sell $2 million worth of BTC on an exchange, it means that another individual has bought, and paid in, the necessary funds. Further, if BTC should ever reach $1 million, a person would be buying goods and services directly - no reason to exchange into a different currency, particularly one that loses value as you hold it.
I agree with you that if BTC reached $1million each it would enjoy greater acceptance to pay for physical goods- but- one can only buy so much sushi, coffee shop treats and ipads, mp3's and the like. Withdrawing my 114,293 BtC (theoretical) would just not be possible to withdraw 114 Billion dollars out of Gox or anywhere. To say one has no need to withdraw it into a hard currency is pointless and illogical. Only so much goods can be bought with BTC and who really would keep their $114 Billion in BTC and not trade out to buy a small country? Seriously do people think they will be able to do that? My guess is no, most are in it for the run up and get out quick before it ends, make a few bucks etc...
That isn't too mention the fact of how many others would be in the same withdrawal conundrum boat with Billions or possibly Trillions of dollars in BTC-, Will the Winklevosses or Donald Trump end up with possibly 999 Trillion dollars or more to withdraw??? There just wouldn't be that money IN the exchanges unless someone else PAID that amount into it.
Anyone literally envision someone else paying hundreds of billions into Gox for my withdrawal -let alone countless others?
somethings just not right about that...