Topic: 0.25 BTC Bounty - Show me a Mt Gox USD Withdrawal :) - page 6. (Read 48867 times)

Hi NotMe,

I don't want to get into a pissing contest, but it seems that you either work for MTGOX or you're a client hell-bent on continuing to believe that something isn't awry with MTGOX.

If in fact the individual you referenced in your remark did receive their USD, then did they submit proof and recieve their BTC reward (I think that it's up to .75 BTC now).

Best Regards,
Pangia

And way more than any Bitcoin company.  Banks don't like regulatory uncertainty, and Bitcoin takes the cake there.

Gox processes a tiny amount of fiat volume compared to other companies.  

Two more such claims just surfaced:



All we need now is photo "proof" 

NO ONE huh?

Damn.

NO ONE seems to have been successful in making a USD withdrawal from Magic The Gathering Online eXchange.

Not very reassuring.

I mean, it were just a huge backlog or incompetent management, then at least ONE person on this forum should have been successful.

I would love to see some of my cash come back, doesn't look likely.

  :(what times?

Agree on this one, although to me it still feels like the "bargaining" stage of grief.

(disclaimer: at present I have no fiat nor coins in any exchange. Only coins in cold storage.)

At least it is still there - unlike Bitomat or bitcoinica or TradeHill or that german exchange (or Bitmarket - which is still around but does not return funds lost).  MtGox is incompetent - we know that - but if you think other exchages are any better - you are rather optimistic.  Also it is only recently that the volume on Bitstamp became practical.

Now I can move my funds out of MtGox with a 10% haircut - or I can wait and see if I don't lose them all - if the probability to lose them becomes greater than 10% the rational thing to do is move out, but even if it is less than 10% it still makes me nervous.

Thanks, it's probably the most awkward reading of statement I've seen a long, long time.   There was a time when anchor David Horowitz was asked to read a statement on air with the statement preparer right next to him.

Absolutely incorrect.  Mt.Gox has time and time again lied and manipulated their customers.  First they had the CoinLab suit, where they didn't even try to keep their end of the agreement.  Second, they get their accounts frozen by DHS because Mark Karpeles said that his accounts were not being used for "currency trading, or money transmitting."  Third, US dollar withdraws are prohibited because Gox didn't bother to think about legal ramifications.  Oh and on top their inability to legally comply with any agreement or financial law, their trading engine had lag times of an hour at Bitcoins peak!  All they ever cared about was money, they never cared about improving their product, and they didn't care about their customers.  Who here can say they love Mt.Gox's support line?  Have you ever seen Gox at any of the Bitcoin conferences? 


Yes, you are correct, but the other exchanges should be able to absorb some of the volume and mitigate a total collapse.
 



The only reason why the would be stalling is a.) they raided customer fiat accounts and are trying to bolster their liquidity through that or b.) they are using the spread to generate profit before their final collapse or until they become liquid again.  Oh and they still aren't legally allowed to send wires in the US, and they have a $75 MM lawsuit over their head! 

Indeed, trustworthy exchanges are essential if we want to build a decent infrastructure in which normal businesses can add bitcoin as a payment mechanism and reliably get their fiat through bitpay-like intermediaries.

Any news on the London Bitcoin exchange which has been mentioned by Max Keiser and others?

A fully professional exchange is sorely needed.

IMHO if Gox is dying their actions have been in the best interested of Bitcoin.

Let's say they realize they are insolvent and no way to pay back:

Option 1) They suddenly announcement their bankruptcy in their "prime" while having a 70%+ market share.  Bitcoin would have absolutely bombed (we are talking single digits)

Option 2) They stall/delay/lie over the period of several months and their market share slowly disperses to other exchanges.  Users slowly get used to the fact that Gox might be in trouble.  After a while people expect that Gox is in trouble.  By the time they finally announce their bankruptcy everyone will be expecting it, and while their will be a lot of any people still left in that 40% market share, and it will affect the price of Bitcoin as a whole, it will not be anywhere near the disastrous results of option 1.


Option 1 is no doubt the best for their customers though, as they could distribute their remaining assets and everyone takes a haircut, with option 2 a lot of people would take a total loss.

That's just plain stupid.

A lot of their money is seized by the Feds and if people run on MtGox they are done. If people want move their funds to other exchanges they won't be able to convert all fiat to BTC since the spread would explode and Mt.Gox already doesn't process USD withdrawls. It doesn't matter that they own the freezed accounts, if customers demand a payout and they can't serve all that's insolvency.

They have enough other problems (Coinlab, Feds, ...) to be at risk, but the 10% premium and this threat could easily trigger one in addition.

Except they don't own any BTC ? Or do you have any insight to share ? 

Then they would have changed there BTC to FIAT for astronomical exchange rates.

Funny thing is once every one made it out from gox with BTC, gox is dead and will not likely revive.
Very interesting times are about to come.

I'm too lazy to check, but is there any "will bitcoin survive gox failure ?" bet anywhere ?  

Traders have let this persist for almost 1-2 months with lies and more lies.  The pro's have seen it, why do you think there is such a large spread between Gox and Bitstamp? And why do you think Gox's market share has dropped dramatically in the last 2-3 months?