Topic: MtGox Waiting List related to price - page 2. (Read 2978 times)

'To date its clearly not happened' ? So the climb up to 266 didn't happen? And then an incredible climb from 50 to 166 didn't happen? A climb that happened so quickly we needed a rather strong and healthy correction to the 120s to test support twice. The price has clearly been increasing. We haven't made new all time highs yet, but those don't happen every day, especially after some large corrections.

I recall it was around 15,000-17,000 a few days ago, too.

I've been trying to build some info on the waiting list but getting info from people has been like getting blood from a desert baked stone.

https://bitcointalksearch.org/topic/mt-gox-approval-queue-updated-with-current-numbers-170068



Do you have a time for this value?

You need to get verified in order to withdraw more than $1000 per day or more than $10,000 per month, so this is not all people wanting to buy.

There's no relation between the waiting list and the price.

If I just wired $10k to MtGox and the price is tanking, I will wait before doing anything.
You could have millions of dollars in MtGox and the price could still go to $10.

 Your Position in the Verification Queue 15140

The backlog is down to 15k.  It looks like they are making fast progress.

empoweoqwj - Can we really say the price is not increasing? The big DDOS attack that brought (at least in part) the price from 260 to 50 in a day has been the only one to date that has really been substantial. Since that time ($50) we have moved back up to $135. Looking at the year as a whole, we are clearly in an uptrend. I think you are confusing a steady price rise with a volatile one. Without a doubt the BTC price instability is just as much connected to currency sentiment than it is BTC sentiment, supply/demand, etc.

Further, the DDOS attack are not having the same effect. That is clear. The last few really caused nothing. I'm sure something new is on the horizon but we need to be tested. Even though the thread is talking about price, it is not the end all here. BTC adoption is and that is happening. There are so many projects going on that this bad boy is going to sneak up on people just like the internet did. Our own Black Swan.

Also, DDOS attacks might not have made people money the way we were told. When do those that do them buy back in? When it was at 260 and went down to 150, do they get back in then? It dropped another 100 bucks the next day. I just think the DDOS attacks are too dangerous to consistently make money from.

Anyone have that MtGox waiting list time?

IAS

This was also what I thought, when I bought my coins (not that long ago), still not happening though.
But we also have to consider that you aren't able to start with your account activated, first you have to get money there.
That will take some time again.
I'm not using Mt. Gox, but on Bitcoin Central you had to wait another 3+ days for your money to arrive.

The proof is in the pudding.

Like you, I would expect all this new money flowing in to increase the price, but to date, its clearly not happened.

I've a feeling a few people that can coordinate "flash crashes" have made a huge amount of money in the last few weeks, at the expense of noob account holders.

Love to think this won't continue but when there is such cash to be made, further attempts are inevitable. Will they succeed? Look at the price at the end of May and decide then. This new money should be pushing the price up to $200-$300. If it isn't, we will know the flash crashers are still making a mint. People won't keep pouring money into a market if they keep getting hit. Bad news spreads much more quickly than good news. bitcoins will get a reputation for being a scam asset. I sincerely hope this doesn't happen.

I think you're right.

I too would like to see the latest numbers.

This has been a pretty interesting thing for me to consider. A few weeks ago the waiting list for account confirmations at MtGox was around 20-30,000. Now, there is no shorting of BTC's. So basically, those are new buyers. (I hope there never is shorting as that can be dangerous e.g. - see gold). Did they say they can process 1000 new accounts a day or something like that? I mean there is basically a 2 or 3 week waiting period.

Does anyone know where/what the latest queue for MtGox is?

There are around 11 million BTC shares outstanding right now, and if you understand stock markets even a little, that is NOTHING, especially for a currency. My idea on Bitcoin is pretty simple, if it really succeeds, you will just need 1. Think about that. 

I remember in a recent podcast that the CEO of MtGox basically said that incoming money is something like 17-20 times that of outgoing money. We also should weigh this into the equation. A picture is starting to be painted. And, when one considers that most people are still not in the know here and that VC money is starting to move in, uh oh...

There are of course many other factors to consider (e.g. - day traders, DDOS attacks (which are meaning less and less), etc.) regarding the price.

What are your thoughts on how that Queue, money flow, # of shares, VC money coming in, etc affects the price, considering that they are mostly buyers and that MtGox is still what, 70%-80% of the market?


IAS