Topic: Mt.Gox SCAM? $38million disappeared. Large sums affected. - page 2. (Read 38105 times)
He spent the 38 million on Kopi Luwak, the most expensive coffee in the world!
Is it possible to estimate how profitable is the crisis for MtGox?
On a graph with a scale of 1 day per candlestick, I count a volume of about 650,000 BTC from the first big drop to now. Let us consider an average fee of 0.30% and keep in mind that it is paid by both buyers and sellers.
2x0.0030 x 650,000 = 3,900 BTC.
The average price being $500 over this period, their profit would reach 3900x500 = $2,000,000 !?
On a graph with a scale of 1 day per candlestick, I count a volume of about 650,000 BTC from the first big drop to now. Let us consider an average fee of 0.30% and keep in mind that it is paid by both buyers and sellers.
2x0.0030 x 650,000 = 3,900 BTC.
The average price being $500 over this period, their profit would reach 3900x500 = $2,000,000 !?
some light on the orizon for gox
http://www.reddit.com/r/Bitcoin/comments/1ymb4r/some_light_on_the_horizon_for_gox/
Quote
I've been watching the mtgox transaction stream for the last hour (https://data.mtgox.com/api/0/bitcoin_tx.php) and it seems transactions are going through. You can check for yourself, download a copy of the output on that link, check again 10-15 minutes later and you'll see that some transactions are missing. If you enter the missing transaction IDs on the blockchain, you can see they went through. Here are some I found:
https://blockchain.info/ntxid/2bf78fb8e8765ee8dc1224e74739f60c1a3e50515a41792fc6862aeeb95ab568 https://blockchain.info/ntxid/ad86f98e259314cf53eb242c18d92cc7aefcc73f36d824bfe96ca8ec0dd51317 https://blockchain.info/ntxid/057457615c3f1bd9adee741265e11b08041f0fdf768fb40000ad3dc7c0da4e80
Add to that the reports that some users have received their $5k - $10k withdrawals initiated in early January, I'd say that thing are looking up :-)
https://blockchain.info/ntxid/2bf78fb8e8765ee8dc1224e74739f60c1a3e50515a41792fc6862aeeb95ab568 https://blockchain.info/ntxid/ad86f98e259314cf53eb242c18d92cc7aefcc73f36d824bfe96ca8ec0dd51317 https://blockchain.info/ntxid/057457615c3f1bd9adee741265e11b08041f0fdf768fb40000ad3dc7c0da4e80
Add to that the reports that some users have received their $5k - $10k withdrawals initiated in early January, I'd say that thing are looking up :-)
Is it possible to estimate how profitable is the crisis for MtGox?
On a graph with a scale of 1 day per candlestick, I count a volume of about 650,000 BTC from the first big drop to now. Let us consider an average fee of 0.30% and keep in mind that it is paid by both buyers and sellers.
2x0.0030 x 650,000 = 3,900 BTC.
The average price being $500 over this period, their profit would reach 3900x500 = $2,000,000 !?
On a graph with a scale of 1 day per candlestick, I count a volume of about 650,000 BTC from the first big drop to now. Let us consider an average fee of 0.30% and keep in mind that it is paid by both buyers and sellers.
2x0.0030 x 650,000 = 3,900 BTC.
The average price being $500 over this period, their profit would reach 3900x500 = $2,000,000 !?
we really need a solid exchange now that gox and bitstamp are both failing with regard to hassle-free withdrawals.
There are a few theories circulating about the mtgox fiasco, it is certain that there is way more behind the scene that what we know; conspiracy theories always work and most of them are not true but this fiasco looks too shady not to have been a bit orchestrated by someone
It doesn't mean it has been orchestrated by mister K or gox, and maybe it wasn't orchestrated but people are taking advantage of the situation
When M.K finally manages to get btc to $10usd he'll come up and say that the company can't do biz anymore and that all customers are urged to redeem their btc for fiat-usd. If anyone for one second thinks that the price at Gox is anything but the price that M.K. wants i have ten brooklyn bridges and 5 trusted ponzi schemes on sale for them. one thing i have to concede to K. is that The wolf of Gox Street is relentless.
we really need a solid exchange now that gox and bitstamp are both failing with regard to hassle-free withdrawals.
MtGox 111 usd, and what will happen when of these 500,000 Bitcoin comes to Bitstamp I can only imagine. 
View Screen Capture
View Screen Capture Bitstamp is the next ?
I have always been of the opinion that BTC-e is the most transparent of the big three. They may be shady and difficult to reach, but I have never experienced any "maintenance problems" with their cryptocurrency withdrawals. Bank withdrawals is another matter, but that is not really their fault.
Bitstamp is the next ?
I wonder if problems may arise in the future on account of MtGox owning the Bitcoin name.
See MtGox,
how it is possible, big international robbery without any help and without any legal responsibility.
Who was behind this
how it is possible, big international robbery without any help and without any legal responsibility.
Who was behind this
So they released another statement today (Thursday) as promised. Withdrawals are still turned off.
https://www.mtgox.com/img/pdf/20140220-Announcement.pdf
They are siting security issue that forced them to relocate to a new building yesterday for the delay.
They will make another update an some undetermined point in the future. Nope, they didn't even bother to give an estimated time frame for another update this time.
Funny how they claim the issue has been fixed since the weekend. Funny how "moving" didn't effect Deposits or Trades.
To Gox: You're insolvent, we all know this! Stop stalling for time and making excuses. Just roll over and die already instead of trying to drive down Bitcoin too just because you morons were selfish, greedy and f--ked up!
https://www.mtgox.com/img/pdf/20140220-Announcement.pdf
They are siting security issue that forced them to relocate to a new building yesterday for the delay.
They will make another update an some undetermined point in the future. Nope, they didn't even bother to give an estimated time frame for another update this time.
Funny how they claim the issue has been fixed since the weekend. Funny how "moving" didn't effect Deposits or Trades.
To Gox: You're insolvent, we all know this! Stop stalling for time and making excuses. Just roll over and die already instead of trying to drive down Bitcoin too just because you morons were selfish, greedy and f--ked up!
I, as someone not in the inside, feel like I only have 10% of the informations and motives in this Mtgox story, we will learn more in the coming months
Yeah, but we won't hear it from Gox. Remember, this latest issue is only one on a long list of issues Magic: The Gathering playing card exchange has had over the years, and not a single one of them has Gox ever been very forthcoming about.Given their history, the safe bet is; If Gox says it, it's 99.99% a lie, or at the very least, a slinky made from part of the truth.
BTW: Update on Gox, they released a statement today (Monday) regarding BTC withdrawals. Their statement said they fixed the problem but BTC withdrawals are still disabled and they will make a another statement later in the week, hopefully no later than Thursday, with another update. Also that 'when' withdrawals are enabled again, they will be limited and capped according to market conditions.
In other words, they are stalling for time, and if/when withdrawals are enabled, you still won't be able to get everything you have out.
This ^
Otherwise they would not have imposed a limit (daily and monthly) for BTC withdrawals.
That should be a sign clear as day that they do not have all customer funds.
I, as someone not in the inside, feel like I only have 10% of the informations and motives in this Mtgox story, we will learn more in the coming months
Yeah, but we won't hear it from Gox. Remember, this latest issue is only one on a long list of issues Magic: The Gathering playing card exchange has had over the years, and not a single one of them has Gox ever been very forthcoming about.Given their history, the safe bet is; If Gox says it, it's 99.99% a lie, or at the very least, a slinky made from part of the truth.
BTW: Update on Gox, they released a statement today (Monday) regarding BTC withdrawals. Their statement said they fixed the problem but BTC withdrawals are still disabled and they will make a another statement later in the week, hopefully no later than Thursday, with another update. Also that 'when' withdrawals are enabled again, they will be limited and capped according to market conditions.
In other words, they are stalling for time, and if/when withdrawals are enabled, you still won't be able to get everything you have out.
Well, Mark crawled out from under this rock, and is still spinning this as Gox not only being a victim, but the saviour of Bitcoin by bringing it up and forcing the Bitcoin devs to fix it.
http://www.forbes.com/sites/leoking/2014/02/13/mt-gox-ceo-mark-karpeles-responds-to-widespread-bitcoin-criticism/
It's been said Gox may open BTC withdrawals again come Monday.
If so, that would leave only a million other problems for them to work on; like solvency and USD withdrawals.
http://www.forbes.com/sites/leoking/2014/02/13/mt-gox-ceo-mark-karpeles-responds-to-widespread-bitcoin-criticism/
It's been said Gox may open BTC withdrawals again come Monday.
If so, that would leave only a million other problems for them to work on; like solvency and USD withdrawals.
I, as someone not in the inside, feel like I only have 10% of the informations and motives in this Mtgox story, we will learn more in the coming months
Well, Mark crawled out from under this rock, and is still spinning this as Gox not only being a victim, but the saviour of Bitcoin by bringing it up and forcing the Bitcoin devs to fix it.
http://www.forbes.com/sites/leoking/2014/02/13/mt-gox-ceo-mark-karpeles-responds-to-widespread-bitcoin-criticism/
It's been said Gox may open BTC withdrawals again come Monday.
If so, that would leave only a million other problems for them to work on; like solvency and USD withdrawals.
http://www.forbes.com/sites/leoking/2014/02/13/mt-gox-ceo-mark-karpeles-responds-to-widespread-bitcoin-criticism/
It's been said Gox may open BTC withdrawals again come Monday.
If so, that would leave only a million other problems for them to work on; like solvency and USD withdrawals.
If the Bitcoin Foundation itself called bullshit on MtGox, will they remove it as (Gold) member? Or isn't this possible? (maybe the foundation pledged to keep them as gold member and MtGox donated in return? I don't know)
i think karpeles & co are arbing currently between mtgox & other exchanges
easy ~130 $ profit per coin
easy ~130 $ profit per coin
Wish Coinwarz would hurry up and drop them too!
I wonder what Mark is doing, now that he knows his attempt to pass the buck failed and bit them on the ass even harder.
Aw, who am I kidding. Mark doesn't care. He's probably in a luxury hotel in Cuba sitting on a comfy chair stuffed with everyone's BTC and Fiat drinking pina coladas right now.
I wonder what Mark is doing, now that he knows his attempt to pass the buck failed and bit them on the ass even harder.
Aw, who am I kidding. Mark doesn't care. He's probably in a luxury hotel in Cuba sitting on a comfy chair stuffed with everyone's BTC and Fiat drinking pina coladas right now.
Other news...
Bitcoin Foundation calls them a bunch of liars
https://bitcoinfoundation.org/blog/?p=418
CoinDesk tells them to f--k off
http://www.coindesk.com/coindesk-removes-mt-gox-bitcoin-price-index-2/
MtGox really screwed the pooch trying to pass the buck. If it wasn't already before, it's now firmly established that the inherent minor glitch of Bitcoin was well known for years and NOT a problem for wallets that meet Bitcoin transaction standards, and everyone knows it!
Guess MtGox thought everyone was stupid, hence why they went out on a limb with their final excuse.
Your move, MtGox! -- Are you guys going to do the right thing now, admit this problem (like all your other problems) were your own fault and try to fix it while you still have a handful of customers willing to support and defend you and 'maybe' recover from this mess. Or will you continue the charade of playing the innocent victim and screw over everyone who has coins & fiat in your exchange when you shut down in a few days?
Bitcoin Foundation calls them a bunch of liars
https://bitcoinfoundation.org/blog/?p=418
CoinDesk tells them to f--k off
http://www.coindesk.com/coindesk-removes-mt-gox-bitcoin-price-index-2/
MtGox really screwed the pooch trying to pass the buck. If it wasn't already before, it's now firmly established that the inherent minor glitch of Bitcoin was well known for years and NOT a problem for wallets that meet Bitcoin transaction standards, and everyone knows it!
Guess MtGox thought everyone was stupid, hence why they went out on a limb with their final excuse.
Your move, MtGox! -- Are you guys going to do the right thing now, admit this problem (like all your other problems) were your own fault and try to fix it while you still have a handful of customers willing to support and defend you and 'maybe' recover from this mess. Or will you continue the charade of playing the innocent victim and screw over everyone who has coins & fiat in your exchange when you shut down in a few days?
BTC-e got in touch with CoinDesk and had this to say:
“There is not a problem with the Bitcoin’s protocol. Unconfirmed transactions were always malleable in the Bitcoin network. We wonder why Mt. Gox wasn’t already aware about this having worked for several years with the protocol. We kindly advise Mt. Gox to hire more professional technical staff.”
source http://www.coindesk.com/price-drops-mt-gox-blames-bitcoin-flaw-withdrawal-delays/
In the meantime, mtgox has been removed from other web sites, and http://bitcoin.clarkmoody.com/ is not working anymore
Jump to: