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

Kaiji

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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

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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

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

Anon136

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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

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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

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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

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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

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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

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

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

keithers

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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!

masterluc

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Largest growing spread in history on low volatility http://www.coinometrics.com/bitcoin/dispersion

chessnut

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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.

+1

aminorex

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Sine secretum non libertas

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.

TERA

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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.

maurya78

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Yep, lots of theories but still pretty puzzling to me

windjc

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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 by at market prices. Newbs are piling in and they pile into Mt. Gox first. The end.

I hope thats not true. Thats sad sad sad if thats true.

God we can't get a real U.S. exchange soon enough. In a few months hopefully.

HairyMaclairy

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Quote from: chessnut on January 27, 2014, 12:35:03 AM

Quote from: HairyMaclairy on January 27, 2014, 12:32:44 AM

Quote from: chessnut on January 27, 2014, 12:24:59 AM

Quote from: HairyMaclairy on January 27, 2014, 12:11:01 AM

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

the reason why people are swarming out of mount gox is because they cant withdraw their money. its dodgy.

I don't doubt all the new players are swarming to Mt Gox.

yea I see your logic. but why would I want to sell my BT at an exchange that I cant get my money out of?? Ill just have to buy my BT back like everyone at gox is.

Because they are new and don't know any better.

chessnut

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Quote from: HairyMaclairy on January 27, 2014, 12:32:44 AM

Quote from: chessnut on January 27, 2014, 12:24:59 AM

Quote from: HairyMaclairy on January 27, 2014, 12:11:01 AM

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

the reason why people are swarming out of mount gox is because they cant withdraw their money. its dodgy.

I don't doubt all the new players are swarming to Mt Gox.

yea I see your logic. but why would I want to sell my BT at an exchange that I cant get my money out of?? Ill just have to buy my BT back like everyone at gox is.

HairyMaclairy

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Quote from: chessnut on January 27, 2014, 12:24:59 AM

Quote from: HairyMaclairy on January 27, 2014, 12:11:01 AM

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

the reason why people are swarming out of mount gox is because they cant withdraw their money. its dodgy.

I don't doubt all the new players are swarming to Mt Gox.

chessnut

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Quote from: HairyMaclairy on January 27, 2014, 12:11:01 AM

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

the reason why people are swarming out of mount gox is because they cant withdraw their money. its dodgy.

HairyMaclairy

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Degenerate bull hatter & Bitcoin monotheist

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: BitcoinAshley on January 26, 2014, 11:46:15 PM

Oh yeah, I forgot to add, that if MtGox DID blow up, it would have almost no mid/long term effect on bitcoin price. Gox is only still used because of its now-mediocre volume, which in turn is due to its first-mover advantage... getting fiat (and now even coins, according to some reports) out is a bit of a struggle and near-impossible for most. NOT an exchange that will be missed.

People who equate "end of MtGox" with "end of Bitcoin" are still living in early 2013...

If MTGOX causes more Bitcoins to be taken out of circulation then that is Bullish on the price for Bitcoin not bearish.

People need to remember that the price of the bitcoin exchanges show the value of USD on them in reverse. The higher the price the lower value the USD that is on the exchange (meaning it can buy less bitcoins).

MTGOX has shown us that their USD is just funny munny and may as well be Metatrader 4 sample account money (just digits).

BitcoinAshley

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Oh yeah, I forgot to add, that if MtGox DID blow up, it would have almost no mid/long term effect on bitcoin price. Gox is only still used because of its now-mediocre volume, which in turn is due to its first-mover advantage... getting fiat (and now even coins, according to some reports) out is a bit of a struggle and near-impossible for most. NOT an exchange that will be missed.

People who equate "end of MtGox" with "end of Bitcoin" are still living in early 2013...

smoothie

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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

BITCOIN > MTGOX lol

chessnut

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Why is BTCE following MTGox?? I know its not following agressively, but the two charts are still highly correlated.

BitcoinAshley

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Quote from: DeathAndTaxes on January 26, 2014, 10:45:02 PM

Fiat isn't leaving MtGox otherwise the spread would be decreasing. Fiat is STUCK and Bitcoins can (so far) be easily removed.

So Bitcoins are leaving the exchange which means the same amount of fiat chasing fewer coins and artificially driving the price up. Of course this isn't anything new however the delays are now reaching 7+ months in some cases and it has been going on for almost a year now. Nobody still thinks it is a short term problem or there is a fix right around the corner so the more bitcoins leave and the spread widens.

I said "fiat leaving in the form of bitcoins." Lol. Kind of a weird way of saying it. But yes, I am saying that bitcoins are leaving, which is what you said. Sorry I put it in such weird terms.

oOoOo

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Quote from: DeathAndTaxes on January 26, 2014, 10:45:02 PM

Bitcoins can (so far) be easily removed.

Unfortunately you are wrong here...

DeathAndTaxes

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Gerald Davis

Fiat isn't leaving MtGox otherwise the spread would be decreasing. Fiat is STUCK and Bitcoins can (so far) be easily removed.

So Bitcoins are leaving the exchange which means the same amount of fiat chasing fewer coins and artificially driving the price up. Of course this isn't anything new however the delays are now reaching 7+ months in some cases and it has been going on for almost a year now. Nobody still thinks it is a short term problem or there is a fix right around the corner so the more bitcoins leave and the spread widens.

Bobsurplus

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Making money since I was in the womb! @emc2whale

I'm not too worried, its clearly the end of Gox, money buying up btc to sell on other exchanges.

bitcoinlitcoinbtcltc

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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

BitcoinAshley

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As annoyingly bullish as I am, why the heck do we have a $200 spread? Ok, I know, gotta think in percents. What is that, like 20%? We haven't had that large a spread in a while.

Either Gox is going to slowly, painfully, and with much resistance, spearhead a massive rally... or it's seeing its dying days as the fiat increasingly leaves Gox in the form of BTC to the "easy-withdraw" exchanges....... that's been happening all along, but when the imbalance INCREASES is when it actually becomes significant. That means NO ONE has enough faith in Gox to jump on the arb opp.

Gox still has significant volume share among USD exchanges even though it's far from it's heyday as the 80% monster. Think it could pull price up? Stamp & BTC-e are saying "No Way!"

If the $200 spread increases even further, let's start to get worried, eh? =D

Topic: Gox blowing up? $820 vs $1020 (Read 3203 times)