Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
I was never much sympathetic to the people who got Goxed, because it was their damnfool fault for storing coins on a centralized exchange. Even though "not your keys, not your coins" was not yet a meme being stapled to the forehead of every n00b, it was damn obvious from 3-Jan-2009. Storing money in the custody of a trusted party, who may turn out to be incompetent or malicious - wasn't Bitcoin invented so we could stop doing that?
as i recall peeps at that time when it was obvious they were having problems some folks were deliberately buying coins on mtgox at a discount (they were cheap due to loss on confidence of them being able to withdraw) to try and move to another exchange or their own wallets because of the arbitrage opportunity.
i believe some managed it and got a bit of profit however we all know what happened to the unlucky ones.
It's been so long, but wasn't there a website where you could even trade coins trapped in GOX after they started to shut down?
dunno bout that but peeps were offering to buy peoples mtgox accounts after it was shut down for like 10% (or whatever) of the accounts btc value.
I think that's what I remember. Somebody quickly put up a site with bids and asks for GOX coins (payable in real BTC).
As the time passed and the hopes that GOX would be back got diminished, the prices for the GOX coins decreased further and further.
I think they started out with about 80% of the real BTC value.
I still regret a bit not selling my password there for real Bitcoin, at that time.
But in these years the coins I had on GOX weren't even worth 1k$. And who knew that we would do a 100x and more in a few years...
