MTGox is apparently out of money... | Bitcointalksearch.org

Phinnaeus Gage

legendary

Activity: 1918

Merit: 1570

Bitcoin: An Idea Worth Spending

Quote from: Phinnaeus Gage on January 22, 2013, 09:37:14 PM

Quote from: Inaba on January 21, 2013, 11:09:52 PM

So I initiated a $4000 MTGox Dwolla withdrawal over ten days ago... I sent in two support tickets and they finally got back to me tonight, here's what the response was.

Quote

Gene, Jan 22 13:06 (JST):

Hello Josh,

The transaction is still in process and the transaction has not been processed due to insufficient funds in our account.We will retry and update you once processed.We appreciate your patience.

Thanks,

MtGox.com Team

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days. This does not bode well.

Looks like Josh is going to buy something for himself, for I don't believe his title description at BFL includes handling everyday expenditures.

I think my thread was out of line, now realizing that the request was for $4K USD and not 4K BTC. My apologies, for I truly misread the amount. No BS!

~Bruno K~

Third Way

full member

Activity: 238

Merit: 100

I wish I had enough BTC to have trouble turning them into FIAT cash. Sad

sbrzol

hero member

Activity: 569

Merit: 500

Quote from: Inaba on January 21, 2013, 11:09:52 PM

So I initiated a $4000 MTGox Dwolla withdrawal over ten days ago... I sent in two support tickets and they finally got back to me tonight, here's what the response was.

Quote

Gene, Jan 22 13:06 (JST):

Hello Josh,

The transaction is still in process and the transaction has not been processed due to insufficient funds in our account.We will retry and update you once processed.We appreciate your patience.

Thanks,

MtGox.com Team

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days. This does not bode well.

i asked for withdrawal(EUR) on january 10th (bank transfer), live chat said my transaction still queued yesterday

verifying me took 27 (11 working) days for mtgox

so after 42 days (from December 13th) i still cannot get my money from mtgox
https://bitcointalksearch.org/topic/mtgox-verifyingpayout-138528

michaelmclees

hero member

Activity: 633

Merit: 500

Quote from: becoin on January 24, 2013, 02:50:59 AM

Quote from: michaelmclees on January 23, 2013, 08:22:46 PM

First, it is said that more Bitcoins were bought than sold

Prove it! Where did I said that?

Where did I say that you said it?

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: michaelmclees on January 23, 2013, 08:22:46 PM

First, it is said that more Bitcoins were bought than sold

Prove it! Where did I said that?

notme

legendary

Activity: 1904

Merit: 1002

Quote from: becoin on January 23, 2013, 02:50:21 PM

Quote from: notme on January 23, 2013, 02:36:06 PM

No. If I buy a coin that nobody sold, where did it come from?

Did I say that nobody sold you this coin?
What I do say is that more people are buying bitcoins than those selling bitcoins! That does not mean that everybody that wanted to buy bitcoins have succeeded in buying! The price moved up to balance the supply/demand equation! Why is so hard for you to understand something quite obvious?

When you claimed Luno's statement was false. Let me quote it again since you decided to trim it out:

Quote from: becoin on January 23, 2013, 08:08:03 AM

Quote from: Luno on January 23, 2013, 06:57:44 AM

For every coin bought, somone has to sell it, so it's always the same amount bought and sold.

This is both true and false because this statement is missing a very important aspect. Time variable is missing! What you've explained is not a static equilibrium. The balance is dynamically achieved in time. This is why the exchange rate is moving up and down. At a given point in time more ppl wanted to buy than those that wanted to sell. This is why the exchange rate moved up to balance this increased demand. Because market moved up some of the buy orders below the market level remained unfulfilled. So, yes. There is absolutely nothing wrong to say there are more people buying than selling bitcoins if bitcoin price is going up!

Why is it so hard for you to have an intelligent exchange of ideas without implying the other party has mental deficiencies? Perhaps you should consider that although we are using the same language, that very language is full of ambiguity and local terminology that doesn't match universally? Maybe if you took more time to explain yourself and didn't overlook important details just to find something to argue against you may have better luck helping us idiots out here understand the obvious.

You turned a simple statement about bitcoins bought = bitcoins sold into an entire page arguing about the number of individuals on each side of the market, which is unknowable. Good job.

michaelmclees

hero member

Activity: 633

Merit: 500

Quote from: becoin on January 23, 2013, 07:15:44 PM

Quote from: michaelmclees on January 23, 2013, 06:41:40 PM

If it is so obvious and the fact is not even in question, you'll easily be able to answer this.

Of course. It is very easy indeed. If couple of days ago bitcoin price was $16 and today is $17 that means throughout all that period for every 100 sellers there were approximately 106 buyers. The market as a system needed to move from $16 to $17 to find its equilibrium.

I can't prove that but it is obvious that you've sold your bitcoins at a much lower price than current level. This is why you're just furious on people saying the obvious that demand for bitcoins is greater than supply!

That is very illogical. First, it is said that more Bitcoins were bought than sold, which is asinine because the number bought and sold will always be equal. Then you come in and say, well... there are more buyers than sellers then. As stated before, it could have been a single large buyer buying all the coins sold by 10,000 different sellers. I've not bought or sold Bitcoins recently at all, so I don't get why you think I'm furious that I sold too early.

Learn demand and supply.

coga

full member

Activity: 222

Merit: 100

www.btcbuy.info

Quote from: HDSolar on January 22, 2013, 03:11:13 PM

Not sure if anyone cares but bitfloor is doing just fine, a little slow on payouts but getting my money with no issue. Grin

BitFloor is not without problems. There were significant delays in withdrawals and there still are irregularities.

Having said that, when I need information I have consistently better success rate getting meaningful answers from Roman than from MtGox folks.

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: michaelmclees on January 23, 2013, 06:41:40 PM

If it is so obvious and the fact is not even in question, you'll easily be able to answer this.

Of course. It is very easy indeed. If couple of days ago bitcoin price was $16 and today is $17 that means throughout all that period for every 100 sellers there were approximately 106 buyers. The market as a system needed to move from $16 to $17 to find its equilibrium.

I can't prove that but it is obvious that you've sold your bitcoins at a much lower price than current level. This is why you're just furious on people saying the obvious that demand for bitcoins is greater than supply!

michaelmclees

hero member

Activity: 633

Merit: 500

Quote from: becoin on January 23, 2013, 06:19:34 PM

Quote from: michaelmclees on January 23, 2013, 05:06:10 PM

Because while it may appear obvious to you that more people are buying than selling, that may not be the case in fact.

Oh, it is the fact. No doubt about that.
Market doesn't care if it is a single person buying 10000 bitcoins or 1000 persons buying 10 bitcoins each. From market point of view there is no difference whatsoever. For instance, that 1 person buying 10000 bitcoins might be a hedge fund manager that represents 1000 shareholders.

Prove it. How many buyers were there today? How many sellers? If it is so obvious and the fact is not even in question, you'll easily be able to answer this.

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: michaelmclees on January 23, 2013, 05:06:10 PM

Because while it may appear obvious to you that more people are buying than selling, that may not be the case in fact.

Oh, it is the fact. No doubt about that.
Market doesn't care if it is a single person buying 10000 bitcoins or 1000 persons buying 10 bitcoins each. From market point of view there is no difference whatsoever. For instance, that 1 person buying 10000 bitcoins might be a hedge fund manager that represents 1000 shareholders.

michaelmclees

hero member

Activity: 633

Merit: 500

Quote from: becoin on January 23, 2013, 02:50:21 PM

Quote from: notme on January 23, 2013, 02:36:06 PM

No. If I buy a coin that nobody sold, where did it come from?

Did I say that nobody sold you this coin?
What I do say is that more people are buying bitcoins than those selling bitcoins! That does not mean that everybody that wanted to buy bitcoins have succeeded in buying! The price moved up to balance the supply/demand equation! Why is so hard for you to understand something quite obvious?

Because while it may appear obvious to you that more people are buying than selling, that may not be the case in fact. The market could be comprised of 1 buyer and 10,000 sellers, or vice versa, and the charts might look exactly the same in either case to what we've seen recently. You, quite simply, either do not know what you're talking about, or are unable to express yourself properly.

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: notme on January 23, 2013, 02:36:06 PM

No. If I buy a coin that nobody sold, where did it come from?

Did I say that nobody sold you this coin?
What I do say is that more people are buying bitcoins than those selling bitcoins! That does not mean that everybody that wanted to buy bitcoins have succeeded in buying! The price moved up to balance the supply/demand equation! Why is so hard for you to understand something quite obvious?

notme

legendary

Activity: 1904

Merit: 1002

Quote from: becoin on January 23, 2013, 08:08:03 AM

Quote from: Luno on January 23, 2013, 06:57:44 AM

For every coin bought, somone has to sell it, so it's always the same amount bought and sold.

This is both true and false because this statement is missing a very important aspect. Time variable is missing! What you've explained is not a static equilibrium. The balance is dynamically achieved in time. This is why the exchange rate is moving up and down. At a given point in time more ppl wanted to buy than those that wanted to sell. This is why the exchange rate moved up to balance this increased demand. Because market moved up some of the buy orders below the market level remained unfulfilled. So, yes. There is absolutely nothing wrong to say there are more people buying than selling bitcoins if bitcoin price is going up!

No. If I buy a coin that nobody sold, where did it come from?

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: DobZombie on January 23, 2013, 08:36:37 AM

Quote from: misterbigg on January 22, 2013, 08:05:26 PM

Quote from: Inaba on January 21, 2013, 11:09:52 PM

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days. This does not bode well.

Can we please change the title of this thread to something that isn't totally misleading?

Why?

Because these are the same arguments that gmaxwell used to change the title and later lock this thread:
https://bitcointalksearch.org/topic/wow-becoin-failed-to-read-and-comprehend-bfls-policy-on-btc-refunds-137026
Do we see a double standard here, gmaxwell?

Fiyasko

legendary

Activity: 1428

Merit: 1001

Okey Dokey Lokey

Quote from: becoin on January 23, 2013, 06:47:38 AM

Quote from: lucif on January 23, 2013, 06:34:18 AM

Becoin: remove that bug from avatar pls, I try to kill it each time I see it on monitor....

It's there for a purpose!

Yeah, Well Many, Many people are slapping "Ignore" on you just because of your avatar, im finally going to join them since you dont seem to feel like changing it.
Give and you shall recieve I supposed, he gives a nuisance, we recieve it, then give him an ignore, and recieve the removal of the nuisance

DobZombie

hero member

Activity: 896

Merit: 532

Former curator of The Bitcoin Museum

Quote from: misterbigg on January 22, 2013, 08:05:26 PM

Quote from: Inaba on January 21, 2013, 11:09:52 PM

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days. This does not bode well.

Can we please change the title of this thread to something that isn't totally misleading?

Why?

These are the exact signs we saw just before CryptoXChange died.

I'm concerned about having some BTCBTC in GOX now...

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: Luno on January 23, 2013, 06:57:44 AM

For every coin bought, somone has to sell it, so it's always the same amount bought and sold.

This is both true and false because this statement is missing a very important aspect. Time variable is missing! What you've explained is not a static equilibrium. The balance is dynamically achieved in time. This is why the exchange rate is moving up and down. At a given point in time more ppl wanted to buy than those that wanted to sell. This is why the exchange rate moved up to balance this increased demand. Because market moved up some of the buy orders below the market level remained unfulfilled. So, yes. There is absolutely nothing wrong to say there are more people buying than selling bitcoins if bitcoin price is going up!

Luno

sr. member

Activity: 504

Merit: 250

Quote from: becoin on January 23, 2013, 05:48:45 AM

Quote from: danieldaniel on January 22, 2013, 05:32:31 PM

Quote from: michaelmclees on January 22, 2013, 05:24:23 PM

Quote from: becoin on January 22, 2013, 04:44:19 PM

Quote from: Bogart on January 22, 2013, 02:34:31 PM

With BTC value behaving like it is, I'll bet there's a lot of ppl doing the same thing right now (selling for fiat).

Your bet is wrong. Again. There are much more ppl buying bitcoins than ppl selling bitcoins. This is why bitcoin price is going up, not down!

Were more hot dogs bought or sold in New York today? Think carefully...

Hah! I get it.

Huh! I don't get it. You don't measure the price of a currency with food. You measure the price of a currency with another currency. This is called exchange rate.

For every coin bought, somone has to sell it, so it's always the same amount bought and sold.! However the hotdog analogy was wrong, as the statement was "More people buying than selling" which means more small bids compared to larger fewer asks. which does'nt conflict with the first statement about every coin sold is also bought.

So the analogy should be "Are more hotdogs sold in batches today"

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: lucif on January 23, 2013, 06:34:18 AM

Becoin: remove that bug from avatar pls, I try to kill it each time I see it on monitor....

It's there for a purpose!

Topic: MTGox is apparently out of money... (Read 7276 times)