Mt.Gox SCAM? $38million disappeared. Large sums affected. - page 13.

CompNsci

sr. member

Activity: 332

Merit: 253

Quote from: keithers on February 06, 2014, 07:22:38 PM

So you are really buying the fact that it is a technical glitch that it is only affecting the "larger" withdrawals?

As I posted previously, it appears to affect both small and larger withdrawals. Though larger withdrawals, which have to draw inputs from a larger number of other transactions might have a greater probability of using some outputs which have already been used.

The comment on the article I linked to just above
(Comment #27 on http://falkvinge.net/2014/02/04/major-bitcoin-exchange-not-executing-withdrawals-now-owes-clients-38m-in-disappeared-money/ ) has a pretty good discussion of what is likely happening.

A very frustrating and annoying situation due to incompetence, but I suspect not malice.

CompNsci

sr. member

Activity: 332

Merit: 253

Quote from: jubalix on February 06, 2014, 08:51:06 AM

You just can't have problems sending BTC, thats the whole point of the protocol.

Unless you don't have BTC to send.

Actually, if you check the transactions they are trying to post, which is available on the public api, it turns out they are trying to post invalid transactions which spend the same output twice. See comment 27 on the Falvinge article at
Comment #27 on http://falkvinge.net/2014/02/04/major-bitcoin-exchange-not-executing-withdrawals-now-owes-clients-38m-in-disappeared-money/ .

So not only is it possible, but Mt. Gox found a way to do so on a massive scale!

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: CompNsci on February 06, 2014, 07:20:50 PM

Quote from: cypherdoc on February 06, 2014, 02:30:52 AM

just got off IRC with Karpeles.

it's a technical glitch, not insolvency. they're still working to fix it.

Which channel do you find him on? I've looked occasionally and don't see him on the obvious ones.

I agree that the available public record of the withdraw transactions supports the idea that it is most likely a technical glitch.

Nonetheless, that exchange really needs to clean up its professional act.

So you are really buying the fact that it is a technical glitch that it is only affecting the "larger" withdrawals?

CompNsci

sr. member

Activity: 332

Merit: 253

Quote from: cypherdoc on February 06, 2014, 02:30:52 AM

just got off IRC with Karpeles.

it's a technical glitch, not insolvency. they're still working to fix it.

Which channel do you find him on? I've looked occasionally and don't see him on the obvious ones.

I agree that the available public record of the withdraw transactions supports the idea that it is most likely a technical glitch.

Nonetheless, that exchange really needs to clean up its professional act.

nmtrader100

newbie

Activity: 51

Merit: 0

Are BTC withdrawals completely down for everyone now? I am surprised there is not a bigger stick going on around here. I know a lot of idiots like me still use Gox for trading/diversification. I am waiting 6 hours now for a 1 BTC withdrawal.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: Come-from-Beyond on February 06, 2014, 03:27:10 PM

Quote from: ?? on ??

MtGox does not have "issues" sending the money. They just don't have the money. End of story.

ROFL!

Bobsurplus

legendary

Activity: 1008

Merit: 1000

Making money since I was in the womb! @emc2whale

Quote from: Come-from-Beyond on February 06, 2014, 03:27:10 PM

Quote from: ?? on ??

MtGox does not have "issues" sending the money. They just don't have the money. End of story.

This one really cracked me up. I still cant understand why people are using Gox, just cut your losses and move on.

dserrano5

legendary

Activity: 1974

Merit: 1029

Quote from: Holliday on February 06, 2014, 01:30:36 PM

I would only use an exchange as a last resort if there is no possibility of a local p2p trade.

LocalBitcoins.com

Agreed but the spread in Spain (or Madrid at least) is awful. People are greedy.

Come-from-Beyond

legendary

Activity: 2142

Merit: 1009

Newbie

Quote from: ?? on ??

MtGox does not have "issues" sending the money. They just don't have the money. End of story.

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: SnakeEater on February 06, 2014, 10:44:06 AM

Amazing that people prefer to withdraw BTC instead of USD.

No, it's not amazing because the BTC withdraw should theoretically show up in minutes, whereas the USD withdraw takes days, and in cases of Gox it takes months...

RandyMagnum

sr. member

Activity: 662

Merit: 250

http://www.commodityblog.com/mtgox-withdrawal-problems-solution-in-sight/

kwest

sr. member

Activity: 476

Merit: 250

Quote from: boumalo on February 06, 2014, 02:19:51 PM

Quote from: bennybong on February 06, 2014, 10:41:41 AM

I've got 17btc that I withdrew 5 days ago. They have still not appeared in my wallet...

I just got verified on Mtgox, but with all the stories I hear and all the negativity about the website I don't think I will buy/sell bitcoins there

Can you keep us update on when you receive your BTC?

Definitely stay far away from Mt.Gox. I only recommend Bitstamp... for lower volume transactions Kraken is OK too.

boumalo

legendary

Activity: 1890

Merit: 1018

Quote from: bennybong on February 06, 2014, 10:41:41 AM

I've got 17btc that I withdrew 5 days ago. They have still not appeared in my wallet...

I just got verified on Mtgox, but with all the stories I hear and all the negativity about the website I don't think I will buy/sell bitcoins there

Can you keep us update on when you receive your BTC?

igorr

sr. member

Activity: 406

Merit: 250

The next coming Bitstamp scam, then BTC-e scam and game is over.

vabtc

jr. member

Activity: 55

Merit: 4

Quote from: Holliday on February 06, 2014, 01:06:31 PM

Quote from: igorr on February 06, 2014, 10:30:23 AM

~~BTC~~ Gox quickly losing popularity.

FTFY.

This.

I had been slowly withdrawing BTCs from Gox since 2012 and had my first issue with the very last withdrawl in early January. They got me my coins eventually but it was a bit scary and they were unresponsive until i woke up one morning with a deposit in my local wallet. They had the best trading platform at the beginning, and had good yubikey/2FA security. I hope they get it resolved, I truly don't believe they are/were fractional reserving, that would be a very, very dumb thing to do. I also hope they get their issues with the US Govt sorted out and USD withdrawals get back on track. As you can see, I'm full of hopes but keeping a skeptical eye on this.

Holliday

legendary

Activity: 1120

Merit: 1009

Quote from: Tzakato on February 06, 2014, 01:27:19 PM

So what exchange do you guys recommend for exchange into euros? According to bitcoinaverage.com MtGox holds 50% of the BTC-EUR market volume... Better use bitcoin.de or kraken? I would use btc-e, but you have to withdraw at least 500€ and the fees are minimum 100€! Somebody have a recommendation?

I would only use an exchange as a last resort if there is no possibility of a local p2p trade.

LocalBitcoins.com

Tzakato

newbie

Activity: 17

Merit: 0

So what exchange do you guys recommend for exchange into euros? According to bitcoinaverage.com MtGox holds 50% of the BTC-EUR market volume... Better use bitcoin.de or kraken? I would use btc-e, but you have to withdraw at least 500€ and the fees are minimum 100€! Somebody have a recommendation?

Holliday

legendary

Activity: 1120

Merit: 1009

Quote from: igorr on February 06, 2014, 10:30:23 AM

~~BTC~~ Gox quickly losing popularity.

FTFY.

Holliday

legendary

Activity: 1120

Merit: 1009

Quote from: bitcoin.newsfeed on February 06, 2014, 12:00:33 PM

Every single massive crash in bitcoin history was because of incompetence of Mt.Gox ... every single one.

No, the last one was because of China.

bitcoin.newsfeed

sr. member

Activity: 378

Merit: 250

That Gox and Karpeles are total fail for BTC community, shame on them ! Every single massive crash in bitcoin history was because of incompetence of Mt.Gox ... every single one. One year ago after april crash i remember that I was reading statements, that they are working on some new trading engine ... bull.shit. Like always from their side. I am glad that I left back then. If they declare bankruptcy, fasten your seat belts ... Roll Eyes

Topic: Mt.Gox SCAM? $38million disappeared. Large sums affected. - page 13. (Read 38105 times)