With all the shit going on, would you feel more comfortable with BTC in Gox or fiat in Gox?
You can take legal action if they mishandle one of those two things
I think people are selling off their coins while they can for fear that Gox goes under with whatever they have in their accounts. At least with dollars there's a chance for recovery. You have to remember that the vast majority of Bitcoin owners have a collection of coins in the single digits. A lot of people with a few coins each man... it adds up.
I've heard this, but are you really 5.5 times more comfortable with GoxUSD than GoxBTC? You have to think that the odds of Gox failing and eventually paying back USD deposits is over 5.5 times the odds of them allowing BTC withdrawals again. The numbers just don't make sense to me, as I explained here.You can take legal action if they mishandle one of those two things
I think people are selling off their coins while they can for fear that Gox goes under with whatever they have in their accounts. At least with dollars there's a chance for recovery. You have to remember that the vast majority of Bitcoin owners have a collection of coins in the single digits. A lot of people with a few coins each man... it adds up.
If I had stuck funds, I'd totally be long GoxBTC at these prices. Just a 5% chance they allow BTC withdrawals likely has a much better EV than any liquidation scenario at 100 GoxUSD/BTC.