MtGox withdrawal delays [Gathering] - page 164.

kano

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Quote from: cryptog1 on February 09, 2014, 05:29:03 AM

Quote from: Bitnicity on February 09, 2014, 02:05:23 AM

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity; They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

I don t think they are insolvent at all. On the contrary. The huge delays even in JPY withdrawals can have been caused by only 2 reasons, imho:
1- technical incompetence
2- regulatory pressure which makes the whole process taking longer

The last post from coindesk -http://www.coindesk.com/mt-gox-first-bitcoin-exchange-dead/- tends to confirm that.
Roger Ver and Antonopoulos don t think they are insolvent either.

Well - of course the other obvious point is that if people can get $/BTC in but can't get $/BTC out, what are you stuck with doing with it?
... trading ... which makes Gox profits ...
It's all a show to make more money for them.

Of course there may be problems, but it has been to their advantage to drag these problems on for months.
Which is why they have done this.

Many of us have a list of BTC withdrawl requests that MtGox has now denied.
They've put the funds back into our balance rather than doing what we requested ... that they have a perfect log of also.
Yes that is illegal.

rpietila

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What a vote of confidence Roll Eyes

Zarathustra

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Quote from: cryptog1 on February 09, 2014, 05:29:03 AM

Quote from: Bitnicity on February 09, 2014, 02:05:23 AM

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity; They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

I don t think they are insolvent at all. On the contrary. The huge delays even in JPY withdrawals can have been caused by only 2 reasons, imho:
1- technical incompetence
2- regulatory pressure which makes the whole process taking longer

The last post from coindesk -http://www.coindesk.com/mt-gox-first-bitcoin-exchange-dead/- tends to confirm that.
Roger Ver and Antonopoulos don t think they are insolvent either.

Antonopoulos:

“They will keep causing crashes in the bitcoin network until everyone abandons them, so abandon them sooner rather than later. Not because they’re frauds, but because they are amateurish – clownish – in their operations.”

TwinWinNerD

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Quote from: Bitnicity on February 09, 2014, 06:43:24 AM

Quote from: TwinWinNerD on February 09, 2014, 06:38:30 AM

Quote from: Bitnicity on February 09, 2014, 06:35:19 AM

Quote from: TwinWinNerD on February 09, 2014, 06:33:11 AM

Quote from: Rampion on February 09, 2014, 06:27:59 AM

"the system needs to be in static state" to fix the technical problems they are having... So why income transfers are still working? Aren't deposits on the same system as withdrawals?

their problem is, that when withdrawing their system assigns one input to multiple outputs, thus doublespending. If they receive incoming transfers, that problem does obviously not occur.

and you could prove us wrong by depositing some btc and see if there is indeed no double spending issue Grin

You don't understand me obviously.

I said deposits of BTC INTO Gox do not cause problems FOR MTGOX.

I did not say you should deposit some, or did i?

in my context, you = Rampion.., not really you, coz i concur your points

aight, then i have to apologize Wink

Bitnicity

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Quote from: TwinWinNerD on February 09, 2014, 06:38:30 AM

Quote from: Bitnicity on February 09, 2014, 06:35:19 AM

Quote from: TwinWinNerD on February 09, 2014, 06:33:11 AM

Quote from: Rampion on February 09, 2014, 06:27:59 AM

"the system needs to be in static state" to fix the technical problems they are having... So why income transfers are still working? Aren't deposits on the same system as withdrawals?

their problem is, that when withdrawing their system assigns one input to multiple outputs, thus doublespending. If they receive incoming transfers, that problem does obviously not occur.

and you could prove us wrong by depositing some btc and see if there is indeed no double spending issue Grin

You don't understand me obviously.

I said deposits of BTC INTO Gox do not cause problems FOR MTGOX.

I did not say you should deposit some, or did i?

in my context, you = Rampion.., not really you, coz i concur your points

TwinWinNerD

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CEO Bitpanda.com

Quote from: Bitnicity on February 09, 2014, 06:35:19 AM

Quote from: TwinWinNerD on February 09, 2014, 06:33:11 AM

Quote from: Rampion on February 09, 2014, 06:27:59 AM

"the system needs to be in static state" to fix the technical problems they are having... So why income transfers are still working? Aren't deposits on the same system as withdrawals?

their problem is, that when withdrawing their system assigns one input to multiple outputs, thus doublespending. If they receive incoming transfers, that problem does obviously not occur.

and you could prove us wrong by depositing some btc and see if there is indeed no double spending issue Grin

You don't understand me obviously.

I said deposits of BTC INTO Gox do not cause problems FOR MTGOX.

I did not say you should deposit some, or did i?

Bitnicity

newbie

Activity: 56

Merit: 0

Quote from: TwinWinNerD on February 09, 2014, 06:33:11 AM

Quote from: Rampion on February 09, 2014, 06:27:59 AM

"the system needs to be in static state" to fix the technical problems they are having... So why income transfers are still working? Aren't deposits on the same system as withdrawals?

their problem is, that when withdrawing their system assigns one input to multiple outputs, thus doublespending. If they receive incoming transfers, that problem does obviously not occur.

and you could prove us wrong by depositing some btc and see if there is indeed no double spending issue Grin

TwinWinNerD

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Merit: 1001

CEO Bitpanda.com

Quote from: Rampion on February 09, 2014, 06:27:59 AM

"the system needs to be in static state" to fix the technical problems they are having... So why income transfers are still working? Aren't deposits on the same system as withdrawals?

their problem is, that when withdrawing their system assigns one input to multiple outputs, thus doublespending. If they receive incoming transfers, that problem does obviously not occur.

Rampion

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"the system needs to be in static state" to fix the technical problems they are having... So why income transfers are still working? Aren't deposits on the same system as withdrawals?

mgroenouwe

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What do you think will happen when Gox will announce "withdraw as usual" ? Is everybody gonna withdraw all BTC's which will cause a heavy drop in the BTC price? Or are there lots of people who have changed BTC to fiat when the price came down and gonna buy BTC as hell to withdraw them (or to sit and wait till the price has gone up to "normal levels")?

windjc

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Quote from: cryptog1 on February 09, 2014, 05:29:03 AM

Quote from: Bitnicity on February 09, 2014, 02:05:23 AM

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity; They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

I don t think they are insolvent at all. On the contrary. The huge delays even in JPY withdrawals can have been caused by only 2 reasons, imho:
1- technical incompetence
2- regulatory pressure which makes the whole process taking longer

The last post from coindesk -http://www.coindesk.com/mt-gox-first-bitcoin-exchange-dead/- tends to confirm that.
Roger Ver and Antonopoulos don t think they are insolvent either.

Thats a very thorough and scathing article. I like it.

cryptog1

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Quote from: Bitnicity on February 09, 2014, 02:05:23 AM

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity; They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

I don t think they are insolvent at all. On the contrary. The huge delays even in JPY withdrawals can have been caused by only 2 reasons, imho:
1- technical incompetence
2- regulatory pressure which makes the whole process taking longer

The last post from coindesk -http://www.coindesk.com/mt-gox-first-bitcoin-exchange-dead/- tends to confirm that.
Roger Ver and Antonopoulos don t think they are insolvent either.

raskul

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Quote from: el_rlee on February 09, 2014, 02:33:51 AM

Quote from: Bitnicity on February 09, 2014, 02:05:23 AM

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity; They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

It's a good theory. It's a bold plan to load off a lot of debt from their books. Still they could decide that their desired numbers are not yet reached on Monday and just kick the price even lower with releasing a statement that it will take "a couple more days".

doh. it's how exchanges make their money. Roll Eyes

you can't call SCAM on gox because it makes a profit on a downturn... it's life jim.

el_rlee

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Quote from: Bitnicity on February 09, 2014, 02:05:23 AM

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity; They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

It's a good theory. It's a bold plan to load off a lot of debt from their books. Still they could decide that their desired numbers are not yet reached on Monday and just kick the price even lower with releasing a statement that it will take "a couple more days".

Bitnicity

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look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity; They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

BCbitcoin

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You have to put www.mtgox.com

Just mtgox.com won't work.

smoothie

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LEALANA Bitcoin Grim Reaper

Up for me.

infoman

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it is working fine on my end.
logged in, traded 2 btc to usd, (I dont know why though as I cant get the money out anyway Sad

, just for fun)

jwest411

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Mtgox website has been down for me for the past couple of hours. perhaps they took it offline for repairs? Or some less encouraging reason?

smoothie

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Quote from: pedro82 on February 08, 2014, 08:47:52 PM

Quote from: newguy05 on February 08, 2014, 08:31:14 PM

No single person, event or company have caused more harm to the reputation, price, and perception of bitcoin than mtgox.

They were the first to market, but has been nothing but incompetent and dishonest since day 1.

I cannot wait until this shady outfit is shutdown and the book is closed on this shameful chapter in bitcoin history.

The problem for BTC is that Gox is just another one, among many others... Can't guess the future, but i won’t be surprised if gox drawn btc with them in a couple of months.

It wasn't long ago that I made a prediction that in 2014 MTGOX would have some sort of issue or announcement that would likely be in a negative light thus bringing the price/perception of Bitcoin down.

Looks like I may be right.

Here it is and don't say I didn't warn people:

Quote from: smoothie on January 24, 2014, 11:52:03 PM

I still stick to my prediction that in 2014 MTGOX will have some sort of crisis or an all out disappearance and stopping of trading etc.

I guess so far you can still "trade" and pay them TX fees. Tongue

You just can't withdraw BTC and USD in any meaningful timeframe.

Topic: MtGox withdrawal delays [Gathering] - page 164. (Read 908613 times)