Why do we even give GOX all this free promotion?
They are a bunch of unscrupulous schmucks who are now knee deep in their own Bullsh*t.
That's what happens! They weren't honest with themselves or their customers and now the cards have come crashing down - as they always do.
Let them burn I say... Let's erase this giant shit stain that they have left on the legacy of Bitcoin.
To hell with "Mount Gox"
Topic: calm down folks, Mtgox issue is still not resolved. (Read 3815 times)
I suspect the delay at this point is more about unraveling the transaction history and finding out what is missing and who took it rather than the technical side. If BTC has gone missing they will not reopen withdraws without being able to pinpoint the accounts responsible for "double withdraws".
There was a rather bulky CoinDesk article the other day which likened the plight of two well-known Gambling companies to the situation at MtGox.
It basically said that MtGox is demonstrating all the hallmarks of an organisation that is about to go out of business - which is obviously something that a lot of Gox users have been concerned about of late.
Perhaps they are just stalling for time, generating more delays through 'updates' while they reap the transaction fees.
It basically said that MtGox is demonstrating all the hallmarks of an organisation that is about to go out of business - which is obviously something that a lot of Gox users have been concerned about of late.
Perhaps they are just stalling for time, generating more delays through 'updates' while they reap the transaction fees.
Listen here folks. GOX is fucked. They don't have the coins they are suppose to have. IT IS WAY WORSE THEN ANYBODY IMAGINES.
It's not like they have 70% of the coins or something. They don't have a pot to piss in. If they did they would be buying coins on their exchange and selling them on other exchanges BOTTOM LINE! I mean, if you were as shady as Karpeles don't you think you would be doing it?
Instead, because they have no coins, they have to crash their own market with fake sells. So Karpeles just takes out the fiat bids and sells them gox btc. The price on gox will crash. Then gox has to goto court to settle/go bankrupt. The guy who had 100 btc only gets about $250 though because they crashed the price to $5 so 100 btc is only worth $500 and then they still didn't have enough to cover it so everyone gets .50 on the dollar.
Mark my words, companies who go insolvent don't dig themselves out of it, especially when it's run by Karpeles.
It's not like they have 70% of the coins or something. They don't have a pot to piss in. If they did they would be buying coins on their exchange and selling them on other exchanges BOTTOM LINE! I mean, if you were as shady as Karpeles don't you think you would be doing it?
Instead, because they have no coins, they have to crash their own market with fake sells. So Karpeles just takes out the fiat bids and sells them gox btc. The price on gox will crash. Then gox has to goto court to settle/go bankrupt. The guy who had 100 btc only gets about $250 though because they crashed the price to $5 so 100 btc is only worth $500 and then they still didn't have enough to cover it so everyone gets .50 on the dollar.
Mark my words, companies who go insolvent don't dig themselves out of it, especially when it's run by Karpeles.
@wickedgoodtrader any idea how can I find out if mtgox files/filed bankruptcy? I really dont think mtgox is going out of trouble any time soon. If not, they could have resolved the whole technical issue weeks ago, just like bitstamp.
My guess is either they continue to "test" bitcoin withdraw for another unknown period of time, or simply file bankruptcy after failing to manipulate the market.
If this rally was based on baseless rumours about Gox allowing bitcoins withdrawals again then this website should have stopped that rally in its tracks by now...
Instead the rally has remained sustained, and seems to be picking up strength. To my mind this means that the price wont be coming down again, but can only move up from here,
Instead the rally has remained sustained, and seems to be picking up strength. To my mind this means that the price wont be coming down again, but can only move up from here,
...
The truth is, every cryptocurrency is undervalued today by about 9999%.
The truth is, every cryptocurrency is undervalued today by about 9999%.
Damn, I'll have some of what you're smoking. Haha
The truth is, cryptocurrency is an EXTREMELY valuable invention to the world.
Of course that doesn't mean BTC will be the best implementation ever of a cryptocurrency or the one which will be mainstream in 10 or 20 years. Technology is full of instances where the pioneers are not the dominant market forces in later years.
Bitcoin isn't the pioneer: http://en.wikipedia.org/wiki/DigiCash
Digital cash, and even specifically cryptographic cash, have been done before.
Bitcoin is just the first one to get it right via decentralization.
The truth is, cryptocurrency is an EXTREMELY valuable invention to the world.
Of course that doesn't mean BTC will be the best implementation ever of a cryptocurrency or the one which will be mainstream in 10 or 20 years. Technology is full of instances where the pioneers are not the dominant market forces in later years.
I guess it is like reverse FUD to spread the word that Gox re-established withdrawals. The rumors of this is partially responsible for the rally today I think...
Imagine in your mind's eye, every mind on the face of the planet, connected as one super-hivemind.
FIAT-trading price for bitcoin in 2014 is this hivemind probing cryptocurrency and trying it's best to figure out what it is and what it's worth.
The truth is, cryptocurrency is an EXTREMELY valuable invention to the world.
The truth is, every cryptocurrency is undervalued today by about 9999%.
Sooner or later, all free-thinking people will recognize this.
In other words, "buy and hold, and never look back, FIAT will soon be dead"
FIAT-trading price for bitcoin in 2014 is this hivemind probing cryptocurrency and trying it's best to figure out what it is and what it's worth.
The truth is, cryptocurrency is an EXTREMELY valuable invention to the world.
The truth is, every cryptocurrency is undervalued today by about 9999%.
Sooner or later, all free-thinking people will recognize this.
In other words, "buy and hold, and never look back, FIAT will soon be dead"
Listen here folks. GOX is fucked. They don't have the coins they are suppose to have. IT IS WAY WORSE THEN ANYBODY IMAGINES.
It's not like they have 70% of the coins or something. They don't have a pot to piss in. If they did they would be buying coins on their exchange and selling them on other exchanges BOTTOM LINE! I mean, if you were as shady as Karpeles don't you think you would be doing it?
Instead, because they have no coins, they have to crash their own market with fake sells. So Karpeles just takes out the fiat bids and sells them gox btc. The price on gox will crash. Then gox has to goto court to settle/go bankrupt. The guy who had 100 btc only gets about $250 though because they crashed the price to $5 so 100 btc is only worth $500 and then they still didn't have enough to cover it so everyone gets .50 on the dollar.
Mark my words, companies who go insolvent don't dig themselves out of it, especially when it's run by Karpeles.
It's not like they have 70% of the coins or something. They don't have a pot to piss in. If they did they would be buying coins on their exchange and selling them on other exchanges BOTTOM LINE! I mean, if you were as shady as Karpeles don't you think you would be doing it?
Instead, because they have no coins, they have to crash their own market with fake sells. So Karpeles just takes out the fiat bids and sells them gox btc. The price on gox will crash. Then gox has to goto court to settle/go bankrupt. The guy who had 100 btc only gets about $250 though because they crashed the price to $5 so 100 btc is only worth $500 and then they still didn't have enough to cover it so everyone gets .50 on the dollar.
Mark my words, companies who go insolvent don't dig themselves out of it, especially when it's run by Karpeles.
gmaxwell said on the reddit thread that he thought some miners had set their pool deposit address to be a mtgox address, so those coins are their earnings.
That is unbelievably stupid... It amazes me that people who know bitcoin enough to set up a miner are stupid enough to automatically pump fresh coins into a shared online wallet.
This is bitcoin. STORE YOUR OWN MONEY! Gad...
So you've gone from 'withdrawals will never be restarted' to 'when withdrawals are restarted the market will crash', make your mind up
I've never said that withdrawals won't be restarted and I never said "the market will crash" - Gox price will if they lose volume. There are any number of scenarios which could cause that to be the case, but nothing is certain regarding MtGox right now. If they do resume withdrawals, it means nothing about their viability as a business as they'll be in a position to ensure that the rate at which funds are leaving MtGox is less than the rate at which funds are entering MtGox. They could be broke and hide it for a long time providing they control the rate of withdrawals.
I believe that the best thing for Bitcoin overall would be for MtGox to fail now rather than continue failing by degrees, but I acknowledge that they could keep limping along for quite a while. You only need to look at the dark markets to see how willing people are to keep giving funds to services which have repeatedly failed if they think there's the slightest chance they'll benefit from doing so.
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The same reason why it went so low on gox without any real proof that they are insolvent, speculation and rumors.
The price should be low on an exchange where withdrawals have been halted, irrespective of any speculation about their financial state.
I would take a very close look at this: https://bitcointalk.org/index.php?topic=476535.0;all. It may also explain the recent behaviour of the MTGoxBTC/MTGoxUSD market.
Well then, can anybody please explain WHY the bitcoin price has gone up by 10% on most exchanges over the past 6 or 7 hours??? ($550 to $600 on BTC-e)
The same reason why it went so low on gox without any real proof that they are insolvent, speculation and rumors. Also it became more profitable to sell "goxbtc" for btc than to covert to usd at gox rates so buying pressure increased.
Gox will be shouting it from the roof-tops when they intend to resume withdrawals.
Of course once they announce the new withdrawal limits and the measures they're taking to ensure there's no mass exodus of funds from Gox, who knows how the market will react. A ton of people are going to be submitting new withdrawal requests, so the "standard" withdrawal time on Gox is going to blow out even more. That could drive the price down even further if Gox doesn't provide convincing evidence that they're solvent (even if they do, how many people want to wait months to be able to get control of their BTC/fiat).
Of course once they announce the new withdrawal limits and the measures they're taking to ensure there's no mass exodus of funds from Gox, who knows how the market will react. A ton of people are going to be submitting new withdrawal requests, so the "standard" withdrawal time on Gox is going to blow out even more. That could drive the price down even further if Gox doesn't provide convincing evidence that they're solvent (even if they do, how many people want to wait months to be able to get control of their BTC/fiat).
So you've gone from 'withdrawals will never be restarted' to 'when withdrawals are restarted the market will crash', make your mind up
Gox will be shouting it from the roof-tops when they intend to resume withdrawals.
Of course once they announce the new withdrawal limits and the measures they're taking to ensure there's no mass exodus of funds from Gox, who knows how the market will react. A ton of people are going to be submitting new withdrawal requests, so the "standard" withdrawal time on Gox is going to blow out even more. That could drive the price down even further if Gox doesn't provide convincing evidence that they're solvent (even if they do, how many people want to wait months to be able to get control of their BTC/fiat).
Total amateur hour. Somebody posts here and the prices rise $50+.Of course once they announce the new withdrawal limits and the measures they're taking to ensure there's no mass exodus of funds from Gox, who knows how the market will react. A ton of people are going to be submitting new withdrawal requests, so the "standard" withdrawal time on Gox is going to blow out even more. That could drive the price down even further if Gox doesn't provide convincing evidence that they're solvent (even if they do, how many people want to wait months to be able to get control of their BTC/fiat).
Also, Mt.Gox guys don't work over the weekends or overtime. Don't expect anything happening over the weekend.
Gox will be shouting it from the roof-tops when they intend to resume withdrawals.
Of course once they announce the new withdrawal limits and the measures they're taking to ensure there's no mass exodus of funds from Gox, who knows how the market will react. A ton of people are going to be submitting new withdrawal requests, so the "standard" withdrawal time on Gox is going to blow out even more. That could drive the price down even further if Gox doesn't provide convincing evidence that they're solvent (even if they do, how many people want to wait months to be able to get control of their BTC/fiat).
Of course once they announce the new withdrawal limits and the measures they're taking to ensure there's no mass exodus of funds from Gox, who knows how the market will react. A ton of people are going to be submitting new withdrawal requests, so the "standard" withdrawal time on Gox is going to blow out even more. That could drive the price down even further if Gox doesn't provide convincing evidence that they're solvent (even if they do, how many people want to wait months to be able to get control of their BTC/fiat).
Yes. Gox is allegedly fixing the problem involving transaction malleability.Did you expect them to fix every other problem they have as well (for example, making transaction with immature coins)?
Where is Gox getting immature coins? Those come from recent mining. Why would any miner with perfectly good Bitcoins sell on Gox right now? Were these coins actually mined recently? Miners. Stupidity. Yes.
Its partially because of rumors that some have been able to withdraw from Gox
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