Topic: MtGox withdrawal delays [Gathering] - page 114. (Read 908720 times)

True but if no restraints in place to protect the currency from this type of fraud the currency shares the blame as well for having no safeguards and allowing this type of fraud to go unrestricted.

Please re-consider. There needs to be a voice of reason in this mad house. I'm sure I'm not alone in appreciating your input.

Technically MTGOX is the fraud, not Bitcoin.

MTGOX are just a bunch of pansies running scared now.

If we make the assumption that the lizard people are combining the powers of HAARP and the chemtrails to induce foolish paranoias in people's minds, then they seem to be quite successful.

If we make the assumption that the BTC being sold at Mt.Gox is made up,  then it impossible for Mt.Gox to even allow BTC withdrawals.  That would create a massive short squeeze.

Meanwhile, Mt.Gox has exclusive ability to send BTC out and receive fiat in.  What this allows them to do is to acquire real BTC from panicking customers and sell them in another exchange for a 300% profit.   The fact Mt.Gox is still insolvent after having days of this arbitrage opportunity available to them tells us how badly their finances may acutally be.

I think you should not even assume that these are real BTC being sold at Mt.Gox.   

Mt.Gox can choose to flood BTC that does not exist!

This way the can buy the real ones at 25 cents on the dollar and sell it for profit elsewhere.

Check volume last 14 days !

View Screen Capture

140000 btc is the honest estimate, if you sum all sell orders of 30-200btc following the same periodical pattern during the last week @mtgox. there was no real possibility to buy back lower. as soon as the whale stopped dumping for some minutes, the price rushed up again because the order book above was very thin. you could have bought only 300btc and the price would have been back to us$500+ levels. the whale dumped more then 1000btc per hour. many users where irritated, who the hell sells off all his bitcoins at such a low level.

Is that sum of 140000 btc an honest estimate if you consider someone selling, buying back lower, then selling again? This doesn't show in the volume, but they might be the same btc going in circles. I think many high volume traders got out some time ago and the volume of Gox is highly overestimated.

Mt gox even though segragated from bitcoin exchanges will keep dumping its inferior bitcoins into the legitamate market and further erode value of bitcoin .

See MtGox,
how it is possible, big international robbery without any help and without any legal responsibility.
Who was behind this     

Although I haven't got funds @mtgox anymore, I'll supply you with some information in order to support anybody who wants to sue mtgox because I'm very interested in seeing Mark Karpeles at court for his actions. lost quiet a bit during the last days when leaving mtgox.

throughout the last week immediately after the first press release of mtgox regarding halted btc withdrawals, you could observe huge rhythmic btc dumps @mtgox every 2-5 minutes following always the same pattern ("the whale of mtgox"). the sum of these dumps up to now is approx 140000 btc at an average price of around us$270. ie a us$38 mio sell-off. there were a few stuck levels eg at us$261.24 yesterday and us$148.15 the day before yesterday. these were manipulated levels by the whale serving all asks above these levels every 2-5 minutes. this is very difficult to do through the api of mtgox. but very easy if you're in charge of the order book itself.

Therefore, you'll have to deal with either a very risky investor who is going to sue mtgox as well for his us$38+ mio funds @mtgox pretty soon.

if you take into account that most of the trading fees at mtgox were paid in btc throughout the last years (default setting), it is more likely that the whale rushing all the btc on the market is mtgox resp Mark Karpeles himself. This would be an easy way to transfer the customers fiat collected throughout the last years to his own account reducing his liability in € and us$. if you further take into account, that maybe a good portion of btc stored at mtgox got stolen, mtgox might blame the bitcoin protocol ("transaction malleability") as a cause for the loss. the result: Mark Karpeles got the customers fiat, the customers got stolen btc. the customers could file a charge against an unknown person for stealing their btc.

what does this mean? --> all data on the servers of mtgox must be assured immediately in order to investigate the fraud.

ressources:
http://bitcoincharts.com/
http://bitcoinwisdom.com/
http://coinsight.org/mtgox.html

Any proof of this would be highly appreciated.

yup, if Mark cared one iota satoshi about bitcoin, he would do the right thing and just come clean, open the gates, and then shut up shop. It would be the best thing for him to do, i think.

It's amazing to see how this scenario is playing out exactly as described:
http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

There's absolutely no reason for Mt.Gox to have these kinds of delays. I was really optimistic about Gox being able to recover but there is no going back now. Processing withdrawals will result in a bank run in which case they'll be out of business. Not opening btc withdrawals will result in the price going close to zero, in which case they are effectively dead as an exchange.

I have no stake in Gox, no money, no btc so i'm not loosing anything but i'm invested in Bitcoin. Up until a few days ago i was hoping for Gox to fix their issues so the markets would stabilize. Now i can't help but wish this company would close for good and let everything go back to normal. It will crash the price (temporarily, i hope). But at least we can then move on. This is like the Sword of Damocles hoovering over Bitcoin and it's hurting the comunity as a whole.

LOL gox . Such an awesome announcement just going to delay as long a s possible and sell 5 dollars shares until they have dropped bitcoin to alltime laws while gox thieves  flood legitamate bitcoin sites with mtgoxs inferior bitcoin such a travesty. The fact that gox trading isn't shut down until people can withdraw just goes to show what people in mainstream currency have been saying all along (bitcoin in itself  is a fraud)


I am relieved mt gox employees will now be secure working from their residences instead of plush japan offices. Looking forward for next weeks gox announcement how they are working feverishly yada yada all coins safe as bitcoin keeps losing value .

I love how pretty much all the threads in the Service Discussion are about gox.

Welcome back we thought you were in Japan !  So, calm down this frightened people  

Regardless of the authority above, Mt. Gox remains as a company in which the anticorruption bureau of Warsaw is interested... [blacked out]... [signed and sealed]

I have quit reading this thread due to high volume and very low signal to noise ratio.  Just stopping by announce that my 10k EUR withdrawal from January 4th changed to pending today, and will arrive tomorrow.  I have cancelled my other withdrawals to buy BTC.