GOX GOXING GOX? | Bitcointalksearch.org

EuroTrash

hero member

Activity: 728

Merit: 500

Quote from: WackyWilly on June 20, 2013, 12:29:39 PM

Quote from: ElectricMucus on June 20, 2013, 12:05:01 PM

That's not the worst case scenario.

Exactly. I fear we're in for a VERY wild ride in BTC.

Imagine: MtGox belly-up, and Bitstamp getting into banking troubles as well (be it just temporarily) if the shit hits the fan in Slovania within 4 weeks from now. There is actually talk that a Slovanian real estate owner (who WILL default) should meet obligations about NOW. It will, in turn, get Slovanian banks in trouble, meaning Slovania will need to ask for an EU-rescue. Just think of the consequences, if Bitstamp's bank gets into trouble...

Mt.Gox trouble... Bitstamp trouble...

Let's hope for the better...

No.
BitStamp uses the Slovenian branch of UniCredit. UniCredit is Italian. They are in trouble as well. But not rescuing Italy is out of question. The Germans will always save Italy. They own part of it anyway, and they love going on holidays there.

samson

legendary

Activity: 2097

Merit: 1071

He doesn't need to go to Cuba, he can just return to France.

The French government don't ask how high when the US tells them to jump. For example there is no extradition treaty between the US and France.

Pale Phoenix

sr. member

Activity: 420

Merit: 250

Quote from: gizmoh on June 20, 2013, 11:57:03 AM

Worst case scenario : They have cash flow issues, as the sum in bank account blocked during the DHS seizure is still unknown.

At this point, that looks like the "most likely scenario," since you'd really have to be a rube to believe that they "broke the API" of one of the largest banks in the world, and it will be all cleared up in just Two Weeks.^TM

WackyWilly

newbie

Activity: 58

Merit: 0

Quote from: ElectricMucus on June 20, 2013, 12:05:01 PM

That's not the worst case scenario.

Exactly. I fear we're in for a VERY wild ride in BTC.

Imagine: MtGox belly-up, and Bitstamp getting into banking troubles as well (be it just temporarily) if the shit hits the fan in Slovania within 4 weeks from now. There is actually talk that a Slovanian real estate owner (who WILL default) should meet obligations about NOW. It will, in turn, get Slovanian banks in trouble, meaning Slovania will need to ask for an EU-rescue. Just think of the consequences, if Bitstamp's bank gets into trouble...

Mt.Gox trouble... Bitstamp trouble...

Let's hope for the better...

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

That's not the worst case scenario.

gizmoh

legendary

Activity: 1428

Merit: 1000

Worst case scenario : They have cash flow issues, as the sum in bank account blocked during the DHS seizure is still unknown.

greyhawk

hero member

Activity: 952

Merit: 1009

That round thing he's sitting on is actually a Japanese hi-tech superfast unicycle prototype called RaijinBooru.

mpr20rt

full member

Activity: 126

Merit: 100

community will be able to doxx him wherever he'll be...
and for that matter how far you'd think he'd be able to run?

The Koolio

hero member

Activity: 560

Merit: 500

Minds are like parachutes they work best when open

Gox truly goxxing them selves...

smoothie

legendary

Activity: 2492

Merit: 1491

LEALANA Bitcoin Grim Reaper

Quote from: greyhawk on June 20, 2013, 11:18:09 AM

Quote from: WackyWilly on June 20, 2013, 11:08:46 AM

There is just no point in stopping USD withdrawals, yet still accepting USD.

Of course there's a point.

Consider the following:

- You have just been sued to the tune of 75 million dollars
- The US have just taken down several of your business partners, including the company you yourself set up while lying to the US.
- More and more venues to get money in or out of your trading card game exchange are being shut down.

So what do you do in that situation?

- Book a flight to Cuba
- Stop outgoing transactions while keeping ingoing transactions open
- Sit on your bum for 2 weeks while waiting for your travel date to arrive.
- Stuff all that fiat money in your suitcases, fly to Cuba, buy a beach bar or 500 and live happily ever after.

ding ding ding...

+1 we have a winner Johnny!

Tongue

greyhawk

hero member

Activity: 952

Merit: 1009

Quote from: WackyWilly on June 20, 2013, 11:08:46 AM

There is just no point in stopping USD withdrawals, yet still accepting USD.

Of course there's a point.

Consider the following:

- You have just been sued to the tune of 75 million dollars
- The US have just taken down several of your business partners, including the company you yourself set up while lying to the US.
- More and more venues to get money in or out of your trading card game exchange are being shut down.

So what do you do in that situation?

- Book a flight to Cuba
- Stop outgoing transactions while keeping ingoing transactions open
- Sit on your bum for 2 weeks while waiting for your travel date to arrive.
- Stuff all that fiat money in your suitcases, fly to Cuba, buy a beach bar or 500 and live happily ever after.

smoothie

legendary

Activity: 2492

Merit: 1491

LEALANA Bitcoin Grim Reaper

Quote from: WackyWilly on June 20, 2013, 11:08:46 AM

I just saw the announcement at https://mtgox.com/press_release_20130620.html

WTF ?!?!?!

I suspect Mt Gox is in deep shit, but is trying to save it's ass. There is just no point in stopping USD withdrawals, yet still accepting USD.
This is a matter that stinks like rat-filled a gutter on a hot summer night.

I don't trust it. What's next?

+1

It tells me they are short on cash reserves because there has been a recent run on their "bank".

Which could only lead me to believe that they in some sense were running a ponzi (not sure why they would need to).

But allowing deposits yet cutting off withdrawals tells me they would not be able to meet their USD withdrawal obligations if they allowed it. This 2 week period, IMHO, is a time to catch a breather on their ever outflow of USD.

WackyWilly

newbie

Activity: 58

Merit: 0

I just saw the announcement at https://mtgox.com/press_release_20130620.html

WTF ?!?!?!

I suspect Mt Gox is in deep shit, but is trying to save it's ass. There is just no point in stopping USD withdrawals, yet still accepting USD.
This is a matter that stinks like rat-filled a gutter on a hot summer night.

I don't trust it. What's next?

Kupsi

legendary

Activity: 1193

Merit: 1003

9.9.2012: I predict that single digits... <- FAIL

My theory is that Adam is working at the bank, and he killed the outgoing transfer API so that the price will hit $180 next week.

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

I don't think the whole truth is out yet.

smoothie

legendary

Activity: 2492

Merit: 1491

LEALANA Bitcoin Grim Reaper

Figured a repost was in order. please help me make some sense of what they posted in their announcement and what logic tells us.

Quote from: smoothie on June 20, 2013, 10:48:12 AM

So let me get this straight.

1. The "system" for withdrawing USD is broken (technically).

2. Yet they can still accept incoming deposits? Just not outgoing transfers?

How does that make any sense? Isn't the system they use for deposits essentially the same for transfers out?

Why would it be a different path or system? That makes like absolutely no sense . lolz

Another case of gox goxing gox? Roll Eyes

Topic: GOX GOXING GOX? (Read 997 times)