Re: The Saddest Day

So in watching Bitcoinwisdom; it's apparent to me that the other exchanges are following the trading activity on MtGox.

I don't know if it's mostly bot trading or if there are actually people stupid enough to follow this trend...

In any case, it looks like a $200 spread is about all we will see. If Gox goes down to $1 then it looks like Stamp, BTC-e, and Huobi will slit their own throats...

This is a sad day indeed. The hearts of man have failed; a foul darkness spreads...

(I sold 1/3 of my BTC at $796 after the BitcoinSteve prediction just as a safe hedge... I'm still saddened by this series of events even when I stand to profit greatly from it.)

Well, yes its sad to see other exchanges following Gox but its particularly hard not to while being manipulated.... I say most of those large dumps on other exchanges are made by Mark and his friends: https://bitcointalk.org/index.php?topic=464465.0

These exchanges are rat poison. They are anything but transparent and are susceptible to complete corruption. An incredible amount of money can be made by trading based solely private exchange data, let alone directly monkeying around with the books.

Couldnt agree more.

Without proper regulatory for exchanges, we're not gonna see any real investors. Those "whales" on the exchanges are either 1) very early adopters gambling or 2) manipulators( exchanges themselves)

+1. After following BTC for almost 2 years (but have never written here before) i feel sad to observe that although this marvelous product of human intellect has been developing and increased its reputation it comes across basic human disadvantages like greed and FUD spread, which is almost impossible to beat. The more idealists of the community should understand that the "rosy" days are probably over. A lot of things need to happen first if the BTC is to have any real meaning in the real world (i mean on a mass scale). And one of the prime is to shed more light into all these shady businesses the so called "exchanges". By definition an exchange is used to exchange one thing for another. Their current behavior (not ignoring their past one) creates artificial lack of either fiat or BTC distorting completely the "market" ( or this ultra fully manipulated thing that is called the market - combine it with all bad news coming out all of a sudden)