Topic: Is anyone else getting a bit worried about mt gox? (Read 1326 times)

It has been nigh on impossible and downright unconscionable for anyone, "new" or otherwise, to use MtGox for several months.

Happens from time to time. I run a bot against Gox with a simple retry strategie. When I look at the stats of my bot, I see almost no longer outages. The service is normally available. Gox is stronger than others on automated trading and often a victim of DDOS-attacks, so that's no big story.

The recent problems with the bitcoin withdrawals are annoying, but probably nothing to worry about. Gox is likely to have earned a lot of Bitcoins in the last years. They were very early in the game. Long before any china exchange. Best is to wait and withdraw when everything has calmed down. Mostly the hot wallets of Gox are empty. The refilling from cold wallets is maybe a complicated and multistage process. I can understand, however, that Gox not reveal details. All other exchanges disappear sooner or later. But not Gox, I wonder why.  

When I look just now, Mt. Gox and BTCChina are about in the $380 range while Bitstamp is way down and BTC-E is worse yet.  I think it a fair hypothesis that the lesser exchanges are having their price depressed by people who need cashflow and are willing to take a loss to get it.  This type of thing has gone on for the years that I've been involved with Bitcoin and will probably continue.  As clever and well connected people devise ways to arbitrage, the problem will self correct though there will always be shocks to be taken advantage of.

When a store will pay you $386 for one coin and another store beside it will only pay you $354 for the same coin, you should be worried.   Especially, when most of the stores on the street are closer to the $354 store's price.    Unless, you do not believe in efficient markets, this should give you grave pause.

What would they do with my bitcoins if they deny my application?

yeah badgateway messages and the trading engine seems to have been stagnant yesterday for some time..... eeekkkkk  hopefully its not the signs of impending doom

Yes I have been getting that bad gateway. I'm a little worried about them to be honest.

In theory, they are the exchange.  They make money from the trading fees.  They liquidate your Bitcoins, when someone buys from you on the market. So when you try to withdraw, the money should be there.

If everyone want to sell off...  Oh well, if no one is buying the Bitcoin at MtGox, MtGox is not the one buying them from you.  It's their customers.  So whoever can't sell the coins, can't get the FIAT Withdraw, but everyone should be able to get the Bitcoins at whatever the value at that time at the MtGox Exchange Rate.

I would say not worry too much about MtGox.  At least what they appear to public, they are trying to meet all the financial regulations to keep Japanese Government, US Government and some other EU countries happy.  It seems they are sooooo tight about Identity Verification and FIAT Info so they can report all the transactions to the customer's country.

Also, everyone knows MtGox, so if they are running slow, it could be they were getting the Ddos while we don't know about it.  If it's in the US, most large company would prevail from the attack and be back on line, however, the Japanese currently don't have the same knowledge to combat and prepare for the disaster as USA does.

It didn't close the door in April, when their US Bank Accounts were seized, they survived, when they go into the legal problems in the USA, they survived.  So they will survive for whatever they are facing now.  (Hope)

Seems to me that it has become very difficult for new people to use the website. I used to have another account which I lost the credentials for so have created a new one.

Lately I have been getting constant "502: Bad Gateway" errors. They locked my account without telling me, allowing me to deposit bitcoins without being able to withdraw, even as bitcoins.

I submitted my Passport and Official documents a while ago, which is still "pending". It should have taken 2 days according to their site, it has now been 6 days. I have requested to have my bitcoins returned to the address that they came from, but the requests are being ignored.

What happens if they deny the request? They keep my bitcoins?

Support is good and instant, unless you ask a question about withdrawing coins, or to do with the verification system in which case they are ignored.

I have read a few threads about them locking accounts and stopping people being able to use their own money.

Do they even have enough money to pay out everyone if everyone decided to drop them altogether?