panic doesn't cause people to make rational decisions

Yes when people go panic, they will think of nothing but sell.

Now MtGox must be sitting there laughing loudly with Frappuccino.

The people who are panicking right now are the ones that will be complaining about how such a small amount of people own such a large amount of bitcoins.

I appreciate the cheap coins though.

This is probably in preparation for bankruptcy, Gox will liquidate all holdings in FIAT.

Google Translation, retouched by me.

It is a drying operation of the BTC in the hands of customers Gox.
It is as if to catch fish rather than cast their nets, dryng the lake, that is: separating Gox from the outside bitcoin world.
The goal is to get as many BTC as possible, fast.
Using it, after, for attacking other exchanges like if it were ammunition. All for keeping low the price of Bitcoin.
Is an operation of big business against the bitcoin world not to allowing their market becomes large. They don't want serious competitors for fiat currencies.
And the worst is that they have succeeded. They have most of the currency mass of bitcoin in your hands, and with that will always control the price.
The reaction should come from developers, changing something in the protocol, so that the suddenly volume surges were not allowed in the normal functioning of a market. It is the mark of the manipulation.
But with Karpeles (probably bribed) inserted in the foundation we have the enemy at home.

That's a problem now, but another background key is also not have understood what is bitcoin conceived. Not to speculate on, but to save it or spend it creating an alternative market.
Now inexperienced traders lose to the Sharks authentic.

If you want to get out ASAP most people don't care about the circumstances

Panic sellers are immune to logic. There is no explanation for the behaviour other than they panic a lot  .

IF I had coins in Magic The Gathering Online Exchange...

I would have sold them all the day they announced their idiot shot software can't handle malleability and put in buy orders at $1 to $100/coin since they will hit that and hopefully I could get back 1000's of BTC.  Either way, I would have considered any funds in M.T.G.O.X. lost.  

Dear all

I read quite some speculations here on why the MtGox rate is behaving the way it is. I am still puzzled and would appreciate clarification. Lets assume the following, please correct me where I am wrong:

1) No noticable amounts of fiat are coming out of gox (except for maybe Japanese Yen, which for most of us is meaningless) and even if there would be money coming out, at the current rate it doesnt make sense to sell BTC and cash out.
2) No BTC are coming out but there are promises of this happening very soon. These promises are thought to be far more likely than promises of fiat withdrawals working.

Both 1) and 2) should lead to BTC/USD rates shooting up (not down!). A similar reasoning was making sense in the past ((almost)no fiat getting out of gox) which is why the rate at MtGox was always quite a bit higher than at other exchanges. Now with the recent development this rate should have *increased* and not decreased even modestly. So why is this happening?

Looking for answers I would like to rule out that
a) MtGox is trying to rip everybody off in the most obvious way - there were still reports of Mark going to his office a few days ago, if he just wanted to run away with our money he could have done that long ago and have a happy rest of his life in some Cuban village.
b) People that trade noticeable amounts of BTC (and thus have a noticable influence on the market) are plain stupid and acting in panic without thinking what is happening.

...I just dont see the logic behind this but still I dont believe in conspiracy theories or stupidity alone...

Cheers,
Holle

"The owner of Mt Gox’s office building is said to be annoyed at the attention the company has been getting lately, especially with protestors near the front door and various images of the building appearing on the web. This is not surprising in real-estate conscious and superstitious Tokyo, where even the most premium office space can attract a bad reputation that sticks for years."
Lol they got kicked from the building, gj protesters!