Topic: Dear Mt. Gox - Please Halt Trading (Read 1597 times)

It was tongue in cheek.

Guessing you have no clue but why don't you mull over if your money was there, do you hold btc, buy btc with the cash you have there, or sell btc and have your cash sent out asap.

There is only one intelligent answer and the result is a death spiral in price. Go look at the chart, I posted this 2+ days ago I am not nostradamus either.

gox. is. over.
stop looking at it. stop making trades if you happen to trade there.

+1

I wish I had no skin in the game, i am doing my best to leave fiat altogether. (Want to trade some tiger direct shwag for half a cow? Let me know). So I am in, come hell or high water but if I weren't it would be a fascinating thing to watch. The crypto currency community is probably the smartest in the world on average. Yet they do this exceptionally stupid thing as soon as they are put in a nontechnical position. They cannot see their own blind spot I guess. I would have thought by now a consensus of common sense would have materialized. Look at any country that closes its borders to trade.

Mt Gox ===  North Korea.

It would be less damning if they were not so heavily endorsed by the bitcoin foundation. They are a recommended exchange even still. Those of us transitioning from professional financial industry positions are staring on in disbelief. Is this the future that Bitcoin envisions will challenge existing institutions? Arbitrary self serving destructive and horrible decisions that lack any common sense, dictated by a technocracy with no understanding of market dynamics?
Bitcoin Foundation needs to bring in some people who don't write code and have had to live in the real world for awhile. Or brace themselves for the bitocalypse they are bringing upon themselves. This is open source, 25 million wallets is big but still very early. This can all be replaced by people with competence in areas outside of programming and math.  It will be if this madness continues much longer.

"We have met the enemy and he is us."

Maybe next time they listen to me.

I agree they should totally close...but hey it's money for them.

Fortunately the other exchanges stabilized around 700 and are letting the discount on gox widen. The real open market price is bitstamp and btce. Though they are clearly being badly distorted by the gox death spiral.

Really disappointing to see bitcoin get another blow to its integrity, especially being so heavily sanctioned by the foundation. They need to halt trading now. 

If they make money off transaction fees why would they stop trading? They are in it for themselves ever since day 1. Just look at their track record and it speaks clearly to this notion.

First, there was Jody's chickens, then along came the group-buy coop, now this. Ironically, I try my best to get our Bitcoin-themed Super Bowl banner displayed on FOX.

i'm glad i have no money there but im not sure what is real and what is not

I ma not concerned with their customers rights at the moment. I first looked into buying bitcoins less than three months ago and gox was the first exchange I scratched from the list.  It was clearly a bad place to send money. Not that the customers deserve what has happened but they made a poor decision to do business there.

What my concern is presently is they are telegraphing a totally artificial price. A price that has a strong likelihood of spiraling to zero if this is left to go on. If you and i traded a dollar back and forth in a locked room, and each time we traded it back and forth took a nickel out, there is no money left soon.  With nothing for them to do but panic buy and panic sell the price is fubar. Unfortunately the public is not going to get this an contagion to functional exchanges is clearly happening.

Stop the madness.   

This is why we call them MtCOCKS.

they wont

Customer rights ? Gosh , they dont give a fk on you !

Time to kick Mtgox out of bitcoin community .

There are some basic economic rules in play when you run a financial exchange. While I am no Paul Krugman, The notion of locking deposits and withdrawals while continuing trade (with fees extracted all the while I am told) is a guaranteed death spiral. The hostage premium at Mt. Gox has gone from $200 over to $50 under in a few weeks.

If you do not halt trading with no new funds coming in the price of Bitcoin and Litecoin is virtually assured to lock into a death spiral.

Halt trading until you can conduct an orderly transfer of accounts to a functional exchange and stop destroying the value of Bitcoin. Your customers will be better off once their funds have been transferred to a functional exchange rather than faced with the damning prospect of trading amongst each other inside the asylum amidst dwindling liquidity and desperation.  all Bitcoin holders will be better off. Without the cyclical downward drag on price that is inevitable from a locked in market, the price can stabilize on the other exchanges.

Thanks.