Topic: MtGox withdrawal delays [Gathering] - page 132. (Read 908613 times)

Selling all Bitcoins, betting on a falling exchange rate, posting they will fall, because they are ridiculously too high, to motivate others follow, makes sense when planning to reinvest at a low rate.

As a global non-central bank-fed currency Bitcoin has more potential than any existing currency.
The quantitative easing policy of the Federal reserve produced $ 85 billion/month, now 75.
Bitcoins since their existence produced just 7.5 billions with a constant decrease in Bitcoin "money printing".

Other central banks are no difference. They pour money into the market with the intention to start inflation to help their economies. Inflation means the values of goods increase. But, according to your links in your posts, you are into silver, therefore very well aware of this. However, silver has reached a yearly production of 24.000 tons x 32.000 x 21 ~ 16 billion per year, trend increasing.

Comparing with central banks, though, silver has upwards potential, too. But it lacks the benefit of  payment function and its usage is limited: To industry, overpriced silver coins -sorry they have a payment function - though far lower than their value - and jewelry for personal use. Bitcoins potential is bigger.

And considering the much lower mtgox value now - i'm buying.


Sources:
http://www.reuters.com/article/2014/01/08/us-usa-fed-reverserepo-idUSBREA0717V20140108
https://blockchain.info/en/charts/market-cap
http://minerals.usgs.gov/minerals/pubs/commodity/silver/
 

That begs an interesting point- how much is the recent price drop a reflection of a loss of faith in bitcoin versus a loss in faith in current exchanges. For example, maybe he's just withdrawing because he believes the exchange is unsafe for keeping funds and he would rather take the cash and move it to another, better, exchange when one comes around? Although bitstamp is pretty solid for now. But we need more solid exchanges.

With keeping funds on an exchange comes risk. I personally would rather diversify into PMs or real estate.

Ok, I respect. Thanks

Well, there it is.

Although it begs the question- why actually withdraw that much USD? If there was to be another excellent buying opportunity, you would miss out on it, unless you're sending it to a can't-believe-you-would-send-it-there exchange in Japan to buy at super low prices and hope in the future you really can get the money out.

I wouldn't imagine you really think this bitcoin ship is sunk- so why withdraw so much cash?

It seems JPY withdrawal are slowly arriving..

https://bitcointalk.org/index.php?topic=428242.60

Well, I guess it means cheaper bitcoin for me. :-)

I don't believe his statement was an intent to make people panic. Merely calling it as he sees it.

I don't think it's so ridiculous, however I'm not claiming to have $1.5 Million where even small changes in price can mean incredible sums of money. To me, bitcoin seems stronger then ever- tough times indeed, but it was inevitable that we would need to harden the new generation of newbies that brought so much new money to the system. Each crash slowly teaches a new generation of traders about bitcoin and hardens them to the panic. You are always negative about bitcoin- yet you've profited so greatly from it.  I understanding wanting 1.5 million on cash, but why not stop trying to freak others out? Anyone else with as much money as you will know the risks they are dealing with, everyone will (much) less money that that can afford to ride the waves as they have less to loose, but more to gain.

What? Despite the existence of transaction fee's (https://en.bitcoin.it/wiki/Transaction_fees) the Bitcoin network can't cope with bigger throughput of transactions I hardly believe that. Isn't it that way: who pays the most fee will be priorized first. Can anyone agree on Bitcoin either failing with bigger throughputs of transactions or it just creates the need to increase the fee ?

If he intends to keep Bitcoins working he should be exactly doing this. Put a slowly increasing limit on BTC withdrawals.

Plus: Persons, who are informed before a public announcement about the starting time of BTC withdrawals have to - depending on which country laws apply - wait a certain amount of time unless they are allowed to trade. Otherwise using this information is an insider trading which again in many countries is usually a crime that is penalized.

Needless to say that all mtgox employees, contractors and partners would be in that potential "crime group". I hope they are aware of legal consequences. This then is a honey pot for any governments who want to shut down Bitcoin. They follow some big transactions, search the person - and if he/she could be having insider information - start a prosecution. If these are  Bitcoin developers, who had been clueless about financial rules or implications, by loosing them, Bitcoin as a whole will suffer again another big blow.

So i hope that mtgox and Karpeles actually publicly announces the number of hours required by law before the start of BTC withdrawals. And imposes a withdrawal limit within a time period, which increases every week. This could make - even if they happened - insider tradings so much less profitable with a certain chance they will not be investigated. And taking reasonable measurments to prevent insider trading, increases the trust in Bitcoins and Mtgox. Karepeles, the mtgox management, their employees, partners, associates, etc. could really get on a legal edge here that could quickly turn out with a criminal record.

I really hope they master their obstacles and proove enough financial know how to stick to legal laws. Otherwise the next blow to Bitcoins is pre-programmed.

coini you are a prophet 

now tell us if the 1MB block limit will kill BTC, because it does not allow a large number of transactions? how can btc work 5 years from now when the normal throughput of transactions will be much higher than today?

lol

Please proof, screnshot ?

I tried to withdraw $1.5 million from BS, and ran into a previously unannounced KYC check. After completing it, they let me withdraw the whole amount. They always acted very rapidly and courteously. I have not tried BTC withdrawal now, I have sold all my BTC there because it is ridiculous to think price can stay >600 for long.

You are obviously a troll. Just wanted the others to see that Bitstamp gives out the money as promised.

just noticed, the company plus500 uk ltd, who previously took their bitcoin prices from mtgox, have now switched to btc-e.

I am a newbie in the forum, but I am no newbie to bitcoin. Actually I figured out the exact reason for the MtGox problems before they even did.

http://www.heise.de/newsticker/foren/S-Ich-vermute-geaenderte-TXIDs-von-MtGox-Transaktionen/forum-274449/msg-24755394/read/

This is my post in the german heise forum 3 days before MtGox came up with their anouncement. Use google to translate my post, and see that it describes the problem very well.

Yeah, check : https://www.mtgox.com/img/pdf/20140215-BTC-transfers.pdf
Probably only an announcement, some 5% for btc withdrawals

https://www.mtgox.com/img/pdf/20140215-BTC-transfers.pdf