Topic: Explain to me why MT.Gox has crashed (Read 1825 times)

Precisely. It's the question about reputability versus discount.

Would you get food from an establishment that has had multiple violations over the last few years for half the price of another restaurant that has had very little issues?

I like saying "take a chance" but both this and Mt. Gox falls out of that realm. And if you get burned in either case you really have no one to blame but yourself.

Maybe because Gox has shown their incompetence over and over and over again since the very beginning?

Can someone explain why Mt. Gox hasn't rebounded yet? If they're about to reopen withdrawals then why is it only @ 313$/BTC atm?
I have enough faith in Gox to grab some BTCBTCBTC at half price if I could (doubt I can deposit in time) - why doesn't anyone else? What's going on?

Oh cool, Ad-Click links that deploy virus software
Someone ban/warn this guy

*warning do not click links* - redirect, potential virus

Thanks. I am staying away from MtGox.

or its because lack of cold storage ? apparently itBit have better infrastructure

I think after that.. the 101 exchange businesses logic is something like

not sure, but they will be able to make shit tons of money before they know they will come back to payouts again. and again, they are making shit tons of money all the time from trades even now.

FBI is dumping its bitcoins? No, I dont really believe that myself, but the rest makes even less sense to me. Im going to sign up at gox and see if I can buy  a few cheap coins in time. Im sure its a risk but I can not believe that an exchange that must have accumulated close to 500K BTC in trading fees over the years somehow went insolvent. The official explanation for halting BTC withdraws sounds a lot more plausible to me.

The drop from the unsustainable 950$ level was unavoidable. But the normal large correction, which should have been in the same ballpark
as the December drop to 455$ (or a bit higher) was much worsened by the suspended BTC withdrawals. On top of that, the last drop,
down to 220$, seems to have been manipulated. 1h MACD was going positive, but the sudden dumps following a spike to 540$, are abnormal IMO.
It's possible someone took advantage of the irrational fear in the market and shorted goxBTC hard.

People gave MG their money to safeguard it with great care.   They also trusted MG to inform informed them of any issues that would cause their funds to suffer loss at no fault of their own.   When MG stopped allowing withdrawals, for whatever reason, they knew or should have known that it would negatively impact the overall market, and likely cause irreparable damage to their own customers if allowed to remain more than 3 days.

3 days the withdrawal stop other cryptocurrency exchange began to distance themselves from MG in a responsible fashion as not to further disrupt the market.  The resulting separation allowed the overall market to adjust in such a way as to view MG as an absentee player, at that time MG btc values were material divergent from all other exchange btc values.   At that time MG should have reconsideration it's policy to allow any public trading of btc at all.

They knew or should have known that the ever widening gap, at that time 50%, would surely inflict massive damage on the already damaged holding. 

It is my position that MG acted recklessly in they fiduciary responsibility to exercise great care over the customer funds in their control, furthermore that their irresponsible behavior needlessly caused millions of btc holders to suffer permanent financial loss as a direct result of their poor communications of what MG claims to have experienced, solutions for the problem, and a good faith timeline for correction of the problem.

I ask that damages be awarded in the amount of $1B and that treble damages be awarded since this pattern of irresponsible behavior appears to be internally systemic, pervasive, and chronic.

 

Care to elaborate?

Hahaha! Very nice! The lady signing is doing a wonderful job!, almost sounds like a James Bond vocalist

Because of this!
https://www.youtube.com/watch?v=K2ku1A5Ox8U

They confused the fiduciary accountability thingy, with the 'rob peter to pay paul' thingy.
 

Seriously, What the hell happend? Is this all because of the transaction malleability?