Mt gox 2.0 & altcoins

could we have an intelligent discussion on what could happen to altcoins if bitfinex becomes the next mt gox?
I wasn't around for mt gox, so I don't know what happened to alts afterwards. how did they perform on multiple timeframes after the exchange hack?
I personally think that if it were to happen, alts would suffer for a while, but once bitcoin inevitably starts going sideways they would have a huge bull market. I don't really know though; the market dynamics seem so different now.
what's your opinion, fellow Veeky Forumsraelis?

Whoa. What happened to that dude? I hate seeing that .. makes me sad.

yeah what the fuck is up with that pic you little perv

Get off Veeky Forums then cuck

wowzer that picture wtf dude

can we get back on topic? this is Veeky Forums, if you can't handle shit like this pic then you don't belong here.

Wtf with the pic man

I was there mate.

Altcoins died in a ditch during the Mt Gox crisis. LTC is literally the only one that survived. There were all these retarded coin floating around back then. Namecoin, Peercoin, Blackcoin. They're all dead.
People like me left crypto for 4 years after mtGox, only coming back during Ethereum hype last year.

it's mfw, newfags

thanks for telling me. what do you see happening to alts if this shit happens again? any opinion?

Who knows. Good time for certain folk to make plays though. I could see it as a good time to roll out a currency reset through centralized coins like xrp and neo.

Dogecoin was the only meme coin that survived the altcoin genocide after mtgox. Also a few others. I'm sure there will be another altcoin genocide soon.

Wow look at that pic

Wow what a brutal pic! come on man!

There's a pretty big difference between now and then though. Back then, no altcoins provided any unique technology, they were just rip offs of Bitcoin. Alts will definitely crash again if Bitcoin does, but I don't think it'll be nearly as bad for them as 2013. Many will be able to recover

Thank god Mooncoin isn't on Bittrex

fork incoming, billions of coins about to be shed

you have been warned

This. Mt got was a "crypto crash", where bitcoin took everything with it

If btc crashed tomorrow, eth, ripple, monero holders would just shrug. Nothing to do with their coin

Wrong faggot. Not only are all of those coins valued/traded in Bitcoins, but they are also all tethered. A tether crash will kill the entire market.

>hey goys the market is crashing, but let's keep $160k in Internet of People. That's a good idea.

You have aboslutley no fucking idea what you're talking about. All these coins are tied to BTC its how the massive amount of funds enter and exit the market. 95% of you altcoiner faggots weren't here before /biz but if BTC goes everything, everything goes with it.

BTC will survive eventually, the rest will be DOA.

Please don't use pictures of burnings humans, it's very disgusting.
Next time use pictures of burning niggers or kikes.

he's happy look at him

>all coins are tied to btc
>what are eth trading pairs
>m-muh digital gold

So basically LINK is gonna moon while the whole market bleeds red

Could some user let me know the cheapest way to cash out entirely from Bittrex?

Atleast knowing that I'll be able to hate myself for not doing so when the crash happens.

hm, I think ripple would do just fine in an altcoin shoah. 75% of its worldwide volume is traded in FIAT.

I agree. was around for both mt gox events, and this whole bfx deal is really mirrorring it to a spooky degree.
there was an initial peak (80 to 240 or something) that coincided with the initial mt gox shadiness (allegedly solved)
We had an initial peak after the bfx hack
there was a heinous bullrun that could not be stopped
we have had a heinous bullrun that shows no signs of stopping
mt gox had false buy pressure in the form of bots
bitfinex has false buy pressure in the form of crypto hedged (sold) in an unredeemable token.
mt gox imploded
we wait

So what would you guys think will happen to some of the bigger alts like ETH and Ripple? They have some fairly substantial backing (Bill Gates is now working with Ripple for example), unlike many of the alts during the time of mt gox. Might one try to posture itself to replace BTC?

If this happens then LINK is the only safe bet. All in and HODL till the storm passes. Sergey Proffit of KEK will save us.
>Praise him.
>Praise KEK.

> (OP)
>I was there mate.
>Altcoins died in a ditch during the Mt Gox crisis. LTC is literally the only one that survived.
That's not right! There survived many more coins. Biggest example is XRP. Such things are full of risks but full of chances as well. Lost over 1000 BTC at Gox. Went down on most Alts, but now I am back with a new Portfolio traded from nothing.

>LTC is literally the only one that survived.

I think people are ready for this. Bitcoin will "tank" to 5000, but people will be buying en masse at 6k and 7k even.

Good job dude.

take down that picture dude, women and children are investing here

man, fuck blackcoin.

>LINK and REQ only on Binance even though everybody complains about it
>they knew this was going to happen
these 2 coins are truly the moon missions of 2018

sergey got 5d chess under control

The ecosystem is completely different. Should mtgox 2.0 happen, ~25% of BTC money would be sold for FIAT by normalfags, the rest would spread out into altcoins, especially BCash and Ethereum. It would also be the death of BTC, it would never rise again unlike it did after mtgox 1.0.

so the flippening will FINALLY happen?

If mtgox 2.0 happens, sure.

He bought link at ath

So let's initiate Bitfinex flop.
Where is it operates from?
I know people who would like to see their balance sheet.
I'm on to it now.
See you guys next week.
Still going to lurk for 1 hour.

There weren't many altcoins back then
LTC and whatever else BTCe was selling.

The 2nd wave altcoin explosion happened after the death of MT Gox
It is interesting that the only coin that really survived the first wave and the second wave is LTC.
Eth came out of 2nd wave
I guess Monero and Dash came out of that OK as well.
Not much else.
It isn't really MT Gox you have to worry about.
near all Coins from 2nd wave and 1rst wave are just gone cuz they died.
todays ICO driven 3rd wave probably won't have many coins that make it out alive past a year or two.

Wrong exchange, Kraken is next.

only coins making out of this wave are probably going to be utility ones like LINK REQ and OMG

>if bitfinex becomes the next mt gox?

There can never be a Mt Gox again.
there are too many exchanges
There are exchanges like Shapeshifter or EtherDELTA where people use their own wallets. Keeping their coin off the exchange.
There are phone app wallets now making it easy to keep coins off of exchanges
People also learned from MT Gox and simply after a trade take their coin off the exchange.

Today there just is not enough coin on Bitfinex that even if all is lost from it it would only be a down blip and the market would recover and move on.

>People also learned from MT Gox and simply after a trade take their coin off the exchange.

lol

>People also learned from MT Gox and simply after a trade take their coin off the exchange.

>paying tx fees

You kidding right?

Come on now.
it can't be that bad
as bad as the Mt Gox days

can it?

I'll be honest and say that I arrived in the crypto world just after the disaster, so I don't really have first hand experience of it.

What I know for a fact is that people still keep obscene amounts of money on exchange and then cry later.