Topic: Mt.Gox SCAM? $38million disappeared. Large sums affected. - page 16. (Read 38105 times)

I am not sure this is a good time to "try" to withdraw. You are likely to enter an undefined state with your coins. I will wait.

That's a little bit pessimistic. Most alt coins are pretty much scam land, I'll give you that but... Crypsty hasn't scammed people to my knowledge, just a lot of problems with that website (remember when you could withdraw 10 btc or whatever that you didn't even have?). Gox never scammed people, their website just has some technical problems sometimes.

just got off IRC with Karpeles.

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

Everything is looking so scammish lately, even projects that seem so legit. Cryptsy, scharmbeck, now gox. Seriously this kind of shit will kill crypto.

Hahah! 

They've got their entire IT department on it!

Hopefully gox can fade away without having a huge impact on the value of bitcoin.  Gox is simply too problematic and it's long overdue for poor servicing bitcoin companies to fade away.  Of course if gox improves the way they service customers then I'm fine if the stick around,  not happy about how many people still use gox though when it's clear gox is ran and managed pretty horribly.

Gox reinstated my withdrawal capabilities a few hours ago after asking for AML verification paperwork that i gave them years ago. Blamed it on bitinstant arrest. Price crashed within minutes of my account being reinstated. I tried to withdraw 1 btc as a test. Several hours later and still not on blockchain. Fiat and btc now stuck. Hope Gox fixes this if it is fixable.

This is very confusing, rate is keep dropping

I've been saying this for months insolvency means taking everyones coins with them......all your coins are mine...

anyone who needs to blow a load because you lost a ton of money check out my sig below 

Well, all i can do is wait and wait and wait i guess

Gox: Teaching people the hard way.

I'm afraid that your coins have already been spent 

I just tried to withdraw my bitcoins and they haven't even shown up in the blockchain yet  Been more than an hour now.

Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw. 

gox had been acting as a hard cap on prices on all other exchanges, I suppose when people realize that it is not possible to withdraw btc from gox, they'll completely ignore their trades.

It does seem to be the reason for the drop in price.  Whether the price should drop is not so clear to me, though.  Previously, when Gox only blocked fiat withdrawals, it was obvious that the USD/BTC price should be higher there than on other exchanges.  The bitcoin there were worth just as much, but a "dollar" on Gox was worth less than a real dollar.  However, if both the denominator and the numerator are going to zero, then what is a fair exchange rate between "Gox dollars" and "Gox bitcoin"?

Personally, if I had not abandoned Gox a year ago after they embezzled from me, I would be buying bitcoin there.  Although neither fiat nor bitcoin withdrawals are working as they should now, it's much still much more likely that you'll be able to get your bitcoin out of there than that they'll pay you in fiat.  If anything, I would think that this news should be causing a spike in the price at Gox.  Expect the volatility to keep rising there if they don't resolve this soon.

If this does turn out to be just a massive technical glitch, then the main effect will be to slightly reduce faith in bitcoin generally and thus drive the price down at all exchanges.  On the other hand, it will certainly drive even more people away from Gox, which can only be good for the bitcoin community in the long run, IMHO.

How long is MtGox going to be a scab on the face of Bitcoin?

Stop using MtGox people. That was obvious in 2011...

BTC vs USD exchange rates are currently on a free-fall..... So something serious is going on...

is it true?

This is curious. Just posted a number of withdrawals of various amounts. The first two smaller ones (<=1.0 BTC) went through quickly and immediately appeared on the blockchain.

Subsequent withdrawals, whether larger or smaller, have failed to appear, despite Mt. Gox producing a transaction hash and emailing it to me.

The long term history of their behavior has been honest, but it appears there is something seriously wrong with the their BTC withdrawal code.

Comment #27 on the article at falvinge.net (http://falkvinge.net/2014/02/04/major-bitcoin-exchange-not-executing-withdrawals-now-owes-clients-38m-in-disappeared-money/) seems to point to a race condition in their withdrawal code, creating transactions which attempt to double spend the same outputs. This can apparently be verified on Mt. Gox's api for their transactions.

This would point toward another technical glitch, rather than fraud.