Topic: HUGE PLUMMET TOMORROW! - page 8. (Read 26255 times)

No, but he looks like an igorr...

You're right on the $5 million USD. I was mistaken... It did make them insolvent, however. They had to disable USD withdrawal because the accounts that were seized were used for customer withdrawals according to the FBI warrant used to appropriate the accounts.

I agree with you that the death of Gox has been priced into the market sentiment; that doesn't mean Gox won't unload tens of thousands of BTC on other exchanges as they go out.

Ignored

Do you know this man ?



http://en.wikipedia.org/wiki/Ponzi_scheme

Not a fact. This belongs under speculation. They also didn't grab 9M USD but 5M if I remember correctly. I doubt that would make them insolvent.


The only thing I agree on is that MtGox is done for, they can only delay the inevitable. But this is something I and I think a big part of the market with me has been very much aware of since June 2013. The only thing that surprises me is how long MtGox has been able to keep being in business, I actually expected their lights to go out somewhere last year. I would be really surprised if they survive this year as well. But for me personally MtGox is already dead and has been for quite some time.

That van was full of bitcoins

So lets look at our current situation...

This is fact:
- Gox is insolvent ever since the FBI grabbed 9 million USD.
- Gox price hovers far above other exchanges for USD withdrawal issues related to insolvency.
- Gox offers Gox Bux for withdrawals instead of USD.
- Gox halts all BTC withdrawals claiming a bug in the BTC protocol.
- Gox admits to knowing about the problem since 2011.
- Gox somehow re-enables USD withdrawals despite previous insolvency.
- Gox exchange prices plummet.

This is speculation:
- Gox was the source of the coins unloaded on other exchanges in an effort to gain fiat liquidity.
- Gox is allowing USD withdrawals because they expect the price to fall on their exchange as people cash out in fiat
- Gox can profit from the arbitrage as their members will sell BTC for relatively low USD amounts reducing the financial liability for Gox.
- Gox has no intentions of enabling BTC withdrawals but will allow users to cash out in fiat.
- Gox is using the Bitcoin protocol as a scapegoat to scam it's members by selling their coins at a profit through arbitrage.

Some additional info:
This "bug" is not actually a bug but rather a caveat that the exchanges are well aware of and have already designed their automated payout systems appropriately. The payout systems rely on wallet addresses and confirmations rather than TXID's to prevent this situation.
Gox enabled USD withdrawal the day after the major dumps on other exchanges.

You don't have to agree with my opinions on the speculation but if you look at the well known history and put the pieces together it really looks bad for Gox...

I agree but you don't see them doing it. That's the point of this... Why?

I'm not worried about a collapse; I don't think it was a mis-click; it was more like a "self destruct."

You might want to back up those claims with some arguments or proof you know. I can't believe you people take the OP seriously... I guess this is how all the crazy conspiracy theories get out into the world.

Interesting.

I found the following link in the thread. The link leads to a NSA journal paper from 1996, a study into making Cryptographic Cash:

http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm

It seems that the mutated transactions attack is intensifying, and is not limited to MtGox, but spread to the whole network.
May I ask how could someone know in advance that the price is going to drop so sharply (on BTC-E at least), and because of this attack?
If this attack continues / worsens, then maybe the OP knows who is perpetrating it, or even he may be involved.

Oh come on, someone simply dumped too many coins with a market order in a thin bid side on one exchange. Mistakes like that can happen sometimes especially with all those bots running wild. The OP claimed that MtGox would halt all trading indefinitely and that that would cause the price to drop to $100. That didn't even happen at all, MtGox just made up some crazy FUD about a bug in the bitcoin protocol and people started panicking like crazy. The price also didn't really drop to $100, a bot or a leveraged long just went awfully wrong on BTC-e. So, to summarize, OP is full of shit and just made a lucky guess about a huge plummet. I wouldn't even say it was lucky, a drop was to be expected if MtGox would come out and state that they would keep halting BTC withdrawals. And it wouldn't be a bad bet to make that MtGox would not resume BTC withdrawals this soon.

it was probably someone missclicking

winklevoss twins can go and make the price of bitcoin $0.001 for a few seconds

does that mean bitcoin is valued at $0.001? no it doesnt

It's not a factor of how quickly the price restored; it's the $100 claim. Obviously the price will correct itself insanely quickly in that type of arbitrage situation... The recovery was within a matter of minutes.

I wouldn't have thought $100 was a realistic number. That type of movement is unprecedented...

It's nonsense to think that type of trading is normal on a tough day...

KARHU will destroy us all !!!!11

KAHRU fucked off a long time ago, I saw it with my own two eyes...

KAHRU WILL SHOW NO MERCY

Anytime now...

Sanity will get you nowhere on this thread.   Pretty everyone knew something would happen on Monday, but I guess this thread proves a few didn't.