Gox blowing up? $820 vs $1020 | Bitcointalksearch.org

Kaiji

full member

Activity: 140

Merit: 100

Hoist the Colours

Quote from: kkaspar on January 27, 2014, 02:49:05 PM

What if..
.. MtGox got hacked like a year ago, with BTC stolen, and they were too chicken to announce it, instead thinking: "Well, we make good money don't we.. maybe if we just keep going, then maybe we could earn back the money we lost."
But after a year, everything has just went over their heads and they are insolvent.

That is the only reason that I can imagine of. Other then the theory that Gox is operated by an flock of drunken emus.

It might be something of that nature. Or they want the exchange to shutdown but want to keep all the fiat in a "legal" way. They hope that all coins will be taken off the exchange and then they will shut down the exchange. The reasons could be many, maybe they got hacked like you said or they have serious problem they can't deal with.

HairyMaclairy

legendary

Activity: 1442

Merit: 2282

Degenerate bull hatter & Bitcoin monotheist

So Gox is only 16k btc in the hole plus unknown quantity of fiat (probably a similar amount).

So some nice white knight should just come along and throw $30 million USD + at Gox and make the problems all go away.

calian

sr. member

Activity: 354

Merit: 250

Page 3 and no link to this?
http://thegoxreport.com/

Anon136

legendary

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Merit: 1217

Quote from: glendall on January 28, 2014, 12:43:12 AM

Slightly off topic, but what the heck is even happening with Gox? How could they be this locked up for so long?

I guess they are waiting for paper work to be processed that the gov either can not process quickly or is in no rush to. I mean for all the profits Gox was making they sure don't seem to be handling the problems well at all. I honestly don't remember how long it has been since you could withdraw... 8 months?

they had several million stolen from them by the us government.

glendall

legendary

Activity: 2156

Merit: 1018

Buzz App - Spin wheel, farm rewards

Slightly off topic, but what the heck is even happening with Gox? How could they be this locked up for so long?

I guess they are waiting for paper work to be processed that the gov either can not process quickly or is in no rush to. I mean for all the profits Gox was making they sure don't seem to be handling the problems well at all. I honestly don't remember how long it has been since you could withdraw... 8 months?

Shogen

legendary

Activity: 966

Merit: 1001

Quote from: keithers on January 27, 2014, 04:30:34 PM

If the Feds are really going to be dumping all of the confiscated bitcoins from the silk road, then everyone should encourage them to do it on gox, because then the government will never get their money...LOL!!

This.

porcupine87

hero member

Activity: 546

Merit: 500

hm

Is there any data of the amount of bitcoins which are deposited on Mt Gox? I wonder who deposited bitcoins on Gox the last 6 months. Anyway, I would say, this is not a good sign, when some big player try to cash out...

Peter Lambert

hero member

Activity: 756

Merit: 500

It's all fun and games until somebody loses an eye

Quote from: keithers on January 27, 2014, 04:30:34 PM

If the Feds are really going to be dumping all of the confiscated bitcoins from the silk road, then everyone should encourage them to do it on gox, because then the government will never get their money...LOL!!

While that would be funny, The fedgov already has a website which they use to auction of seized properties. That is where they will sell off the bitcoins.

TERA

hero member

Activity: 728

Merit: 500

I found this on reddit. A tradingview chart of the mtgox spread:

https://www.tradingview.com/e/OPX4Xw9D/

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

If the Feds are really going to be dumping all of the confiscated bitcoins from the silk road, then everyone should encourage them to do it on gox, because then the government will never get their money...LOL!!

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: bitcoinlitcoinbtcltc on January 26, 2014, 10:35:09 PM

Yes, this is truly the end of bitcoin. People are currently in denial.

I am already praying to the Emperor, I hope they leave me a place in the Yasukuni Shrine.

BANZAAI!!!

Bitcoin's last breath!

http://www.youtube.com/watch?v=C2-vYrMd4kY&list=PL221DD22024D77390&index=4

This is sarcasm right? Gox is turning into monopoly money until people can actually get money off of that site in a timely manner. Failure of Gox in no way means the failure of bitcoin in general...

Peter Lambert

hero member

Activity: 756

Merit: 500

It's all fun and games until somebody loses an eye

Quote from: TERA on January 27, 2014, 01:16:27 AM

I was a noob once and within 2 hours of learning about bitcoin I figured out that there were many exchanges, and the price difference between all of them. I even downloaded an app to keep track of them all for possible arbitrage opportunities. I cannot imagine that the people investing $100k+ are that stupid.

One of the first websites one should look at is bitcoincharts.com, and if you go there it is easy to see that the price at MtGox is way higher than anywhere else. If you want to buy bitcoins, wouldn't you start at one of the cheaper exchanges? Clearly MtGox is overcharging by about 20%.

Anon136

legendary

Activity: 1722

Merit: 1217

Quote from: aminorex on January 27, 2014, 01:26:55 AM

Quote from: TERA on January 27, 2014, 01:16:27 AM

I was a noob once and within 2 hours of learning about bitcoin I figured out that there were many exchanges, and the price difference between all of them. I even downloaded an app to keep track of them all for possible arbitrage opportunities. I cannot imagine that the people investing $100k+ are that stupid.

having money doesn't correlate well with intelligence. postiively perhaps, but if so, just barely.

unfortunately we live in a society where state ass kissing ability is more advantageous than intelligence as a means to that end.

humanitee

hero member

Activity: 1302

Merit: 502

Quote from: kkaspar on January 27, 2014, 02:49:05 PM

What if..
.. MtGox got hacked like a year ago, with BTC stolen, and they were too chicken to announce it, instead thinking: "Well, we make good money don't we.. maybe if we just keep going, then maybe we could earn back the money we lost."
But after a year, everything has just went over their heads and they are insolvent.

That is the only reason that I can imagine of. Other then the theory that Gox is operated by an flock of drunken emus.

Demonstrably true.

kkaspar

full member

Activity: 140

Merit: 100

banned but not broken

What if..
.. MtGox got hacked like a year ago, with BTC stolen, and they were too chicken to announce it, instead thinking: "Well, we make good money don't we.. maybe if we just keep going, then maybe we could earn back the money we lost."
But after a year, everything has just went over their heads and they are insolvent.

That is the only reason that I can imagine of. Other then the theory that Gox is operated by an flock of drunken emus.

eiskalt

sr. member

Activity: 336

Merit: 250

bitstamp blowing up?

http://www.reddit.com/r/Bitcoin/comments/1w83db/weve_shut_down_the_buy_option_at_the_bitcoin_atm/

Quote

Unfortunately, due to a massive delay in processing at Bitstamp, and ZERO response to repeated contact requests from anyone in management or customer service there, we've had to shut down the buying option (...)

faceofhearts

newbie

Activity: 1

Merit: 0

Quote from: finder_keeper on January 27, 2014, 05:49:15 AM

What about getting JPY out of Gox? I read that this was the only way to get fiat out.

Of course if that were true, people with both Japanese and US/European bank accounts would be exploiting that arbitrage channel, so it's probably not true anymore.

Expat in Japan here. I've just sent 0.1 BTC to my Mt Gox account to test a JPY domestic withdrawal. Will post results here.

finder_keeper

jr. member

Activity: 58

Merit: 10

What about getting JPY out of Gox? I read that this was the only way to get fiat out.

Of course if that were true, people with both Japanese and US/European bank accounts would be exploiting that arbitrage channel, so it's probably not true anymore.

obitoo

newbie

Activity: 28

Merit: 0

Quote from: ?? on ??

Quote from: 31337157 on January 27, 2014, 03:12:17 AM

Quote from: ?? on ??

I've been around for a while and here is what I think is happening...

Mt. Gox rallies precedes bigger rallies. Why? Pretend you are a newb. In fact, pretend you are Rosanne Barr and you want to buy bitcoins. You type 'buy bitcoins' in Google. Mt. Gox is 2nd in the search results. Users click it and see Mt. Gox has an impressive front page. 'As seen on CNN!' 'Biggest exchange!' As a newb you will put money on Gox and buy at market prices. Newbs are piling in and they pile into Mt. Gox first. The end.

I'm sorry, but this is just not the case. Nothing is leaving mtgox anymore, fiat has had some movement in EUR, but nothing in the US. There is a thread covering the current hold up of over 10,000 coins in service discussion, some of which were the finals bits from clearance of my mtgox account and it took 5 days and multiple messages from support to see any sort of movement. Read about the 400+ broken transactions here:

https://bitcointalksearch.org/topic/broken-btc-withdrawals-on-gox-2230-est-28-jan-1654-broken-tx-431117

This is not a "newb rally", this is a slow and painful death that needs to be sped up. Mtgox is a cancer to the bitcoin community, especially if it represents what all of the newbs will be using as a first impression!

So you are saying the price of bitcoins is going up on Mt. Gox because users can't withdraw their bitcoins? Huh? Buying bitcoins makes the price go up. Withdrawing bitcoins does not affect the price.

So you are saying this "newb rally" is actually a slow and painful death? Suppose we sped up Mt. Gox's death like you said. Are you saying that we need a super rally at Mt. Gox for that to happen? That seems like a paradox to me.

The way i see it is - if you've got fiat on Gox but you know you can't get it out, whats your only alternative? Buy coin and transfer off. So a lot of people are doing just that, taking the hit to get off of Gox but driving Gox coin price/demand up in the process. The more recent fear of not being able to transfer Btc either is accelerating this.

(sorry if this has already been stated)

31337157

member

Activity: 111

Merit: 10

Quote from: ?? on ??

I've been around for a while and here is what I think is happening...

Mt. Gox rallies precedes bigger rallies. Why? Pretend you are a newb. In fact, pretend you are Rosanne Barr and you want to buy bitcoins. You type 'buy bitcoins' in Google. Mt. Gox is 2nd in the search results. Users click it and see Mt. Gox has an impressive front page. 'As seen on CNN!' 'Biggest exchange!' As a newb you will put money on Gox and buy at market prices. Newbs are piling in and they pile into Mt. Gox first. The end.

I'm sorry, but this is just not the case. Nothing is leaving mtgox anymore, fiat has had some movement in EUR, but nothing in the US. There is a thread covering the current hold up of over 10,000 coins in service discussion, some of which were the finals bits from clearance of my mtgox account and it took 5 days and multiple messages from support to see any sort of movement. Read about the 400+ broken transactions here:

https://bitcointalksearch.org/topic/broken-btc-withdrawals-on-gox-2230-est-28-jan-1654-broken-tx-431117

This is not a "newb rally", this is a slow and painful death that needs to be sped up. Mtgox is a cancer to the bitcoin community, especially if it represents what all of the newbs will be using as a first impression!

Topic: Gox blowing up? $820 vs $1020 (Read 3189 times)