MtGox withdrawal delays [Gathering] - page 99.

mike81

member

Activity: 62

Merit: 10

What is happening is that, when I try to register my username, it says it is already registered on my IP. But when I try to login, it says that my username is not registered Huh

Then I tries to force me to register something like username1.

Did you verify that username through the email-link?

mightycount

member

Activity: 101

Merit: 10

Quote from: T.Stuart on February 24, 2014, 09:31:16 AM

Quote from: hgmichna on February 24, 2014, 09:14:09 AM

Quote from: trdiablo on February 24, 2014, 09:07:36 AM

Karpeles resigning and the reset Twitter accounts is because Karpeles will announce this week that he will no longer be the CEO of MtGox. There will be a professional CEO at the head of Gox who will (try to) make MtGox again a succesfull exchange.

I have no insider info, just my guess.

Wishful thinking. I don't know what will happen but this appears unlikely to me. I can see three scenarios:

Hard bankruptcy, remaining fiat and bitcoins are shared out in proportion after losses are deducted
Takeover by another company with deep coffers (not too likely, in my view, because Mt. Gox does not look very attractive)
Mt. Gox wriggles through and comes out solvent, perhaps barely solvent, and continues to pay out slowly (also wishful thinking, but not entirely impossible).

The loss of reputation would be difficult to reverse, so I find it hard to see any rosy future for Mt. Gox.

Agree with your points although I don't think Gox would be that unattractive. An outside investor would see a huge client base and an opportunity to turn things around.

There could be a lot of value unlocked if MtGox could regain a trustworthy image, no question. Huge client base, the brand, the contracts and the profitable operations. I hope it won't take a square full of people with bats to dethrone the fool.

kano

legendary

Activity: 4634

Merit: 1851

Linux since 1997 RedHat 4

Quote from: ?? on ??

Quote from: kano on February 24, 2014, 05:43:12 PM

Quote from: ?? on ??

Quote from: MikkisJ on February 24, 2014, 05:01:23 PM

Quote from: ?? on ??

Is #mtgox open to everyone? I'm an IRC noob and can't seem to register...

You have to have a registered nickname and then identify yourself to nickserv.

I actually have tried this but failed, but I know it is off-topic here... Just wanted to know if it is public, thanks for your answer!

They like blocking people ... I couldn't get in the day after I said:

Quote

Log opened Thu Jan 23 11:14:51 2014
.
.
.
11:15 < kanoi> woo today is 7 weeks waiting for a $1000 withdraw and no idea if they've even started it yet Tongue

That same day, I sent a support request asking where it was, and they replied 6 days later that they hadn't sent it yet.

Ah, yes, but I'm unable to register on the nickserv. Just don't have much time now to do the research...

My nick is registered ... for years ...

roslinpl

legendary

Activity: 2212

Merit: 1199

Quote from: ?? on ??

Is #mtgox open to everyone? I'm an IRC noob and can't seem to register...

there are some problems with it

better stay away Tongue

kano

legendary

Activity: 4634

Merit: 1851

Linux since 1997 RedHat 4

Quote from: ?? on ??

Quote from: MikkisJ on February 24, 2014, 05:01:23 PM

Quote from: ?? on ??

Is #mtgox open to everyone? I'm an IRC noob and can't seem to register...

You have to have a registered nickname and then identify yourself to nickserv.

I actually have tried this but failed, but I know it is off-topic here... Just wanted to know if it is public, thanks for your answer!

They like blocking people ... I couldn't get in the day after I said:

Quote

Log opened Thu Jan 23 11:14:51 2014
.
.
.
11:15 < kanoi> woo today is 7 weeks waiting for a $1000 withdraw and no idea if they've even started it yet Tongue

That same day, I sent a support request asking where it was, and they replied 6 days later that they hadn't sent it yet.

MikkisJ

member

Activity: 126

Merit: 11

Quote from: ?? on ??

Is #mtgox open to everyone? I'm an IRC noob and can't seem to register...

You have to have a registered nickname and then identify yourself to nickserv.

roslinpl

legendary

Activity: 2212

Merit: 1199

Quote from: ?? on ??

Good news everyone!

16:44 <@ne0futur> until unverified accounts used the malleability backdoor to get double paid

Nice. So MtGox remote support person William Waisse ("ne0futur) just admitted on the official #mtgox IRC channel that unverified accounts were used to steal unknown amounts of BTC.

Hehe

the Gox the gox badly Tongue

hardpick

sr. member

Activity: 265

Merit: 250

Football President

Quote from: Lioerdi on February 24, 2014, 04:18:36 PM

I must say that today I received a EUR 10,000 withdrawal that has been pending on MtGox from Jan 5 this year. Have some other withdrawals pending, but also reinvested some money in BTC at current low prices. I think bitcoin in the longer run will survive, so if Mt Gox also survives or is taken over by a competitor I might have decent gains on my last investments. If they don't suvive then I'm not convinced that I will recover a larger percentage of my cash than of my coins. If the coins then go back to the average value on the other exchanges, it might be better to be in coins. Or am I making a mistake in my reasoning?

I think you have done the right thing.
I believe Bitcoin exchanges are un regulated– there is nothing stopping Mt gox buying bitcoins at about $170 – transfer bitcoins to bitstamp and sell for $570 and bring the money back into the mtgox . (Then repeat this process)
– Then reopen the exchange – when they have enough funds to pay every one

FrictionlessCoin

legendary

Activity: 868

Merit: 1000

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Quote from: Lioerdi on February 24, 2014, 04:18:36 PM

I must say that today I received a EUR 10,000 withdrawal that has been pending on MtGox from Jan 5 this year. Have some other withdrawals pending, but also reinvested some money in BTC at current low prices. I think bitcoin in the longer run will survive, so if Mt Gox also survives or is taken over by a competitor I might have decent gains on my last investments. If they don't suvive then I'm not convinced that I will recover a larger percentage of my cash than of my coins. If the coins then go back to the average value on the other exchanges, it might be better to be in coins. Or am I making a mistake in my reasoning?

You reason is correct. If MtGox under then you have claim to whatever percentage of coin or fiat they have left. So you might as well own the currency that is currently at lower value.

If they survive, then BTC will go up 400% from its current value.

In short, in the set of probable scenarios, own BTC is the way to go.

Lioerdi

newbie

Activity: 1

Merit: 0

I must say that today I received a EUR 10,000 withdrawal that has been pending on MtGox from Jan 5 this year. Have some other withdrawals pending, but also reinvested some money in BTC at current low prices. I think bitcoin in the longer run will survive, so if Mt Gox also survives or is taken over by a competitor I might have decent gains on my last investments. If they don't suvive then I'm not convinced that I will recover a larger percentage of my cash than of my coins. If the coins then go back to the average value on the other exchanges, it might be better to be in coins. Or am I making a mistake in my reasoning?

TheFootMan

hero member

Activity: 490

Merit: 500

Quote from: ?? on ??

Where do you get this info from? Withdrawals instant? You experience this personally?

That childish mtgox support person said it and one other person confirmed it. This was on #mtgox. Could look in my log to see exactly who and get the quotes if you want.

Unverified MtGox accounts are not able to transfer Gox Bitcoins internally, or withdrawing externally. So if some hacker(s) used the malleability bug to increase the balance of unverified MtGox accounts, MtGox can simply rectify that by balancing their books, no?

Lohoris

hero member

Activity: 630

Merit: 500

Bitgoblin

Quote from: hgmichna on February 24, 2014, 08:57:40 AM

Quote from: BitPaulo on February 24, 2014, 05:34:20 AM

If you still have money there and you are not part of the lawsuit, it's bad for you. Because the ones filling the lawsuit will have priority to get their money back (if they win), and then there might be nothing left.

It is probably illegal to pay out to one party to the detriment of others if you are technically bankrupt, i.e. if you have less value on hand than you owe. The normal procedure then is to declare bankruptcy. Then all remaining values are shared in proportion to the values owed.

These are both very strong assumptions.
Unless you are a lawyer knownedgable on local (i.e. japanese) law (hint: you are not), I declare them both UTTER BULLSHIT.
Laws are often much more complex and unpredictable than that.

itsunderstood

sr. member

Activity: 364

Merit: 250

American1973

Quote from: DjangoSi on February 24, 2014, 01:44:08 PM

Who will buy bitcoin if he can't withdraw them? Nobody

Some kind of angel with enough whatever to buy a whole MounTain.

A magic angel could save us from the stealing shitbags, but whom shall it be?

MAGICS AND MANNA FOREVER!

DjangoSi

newbie

Activity: 44

Merit: 0

Quote from: FrictionlessCoin on February 24, 2014, 01:18:22 PM

Quote from: ?? on ??

More good news, JPY withdraws from MtGox are now INSTANT (actually true, not kidding here). Yep, if you want to take JPY out of MtGox now then you get it immediately.

- MtGox price premium was +25% above other exchanges.
- JPY was the only method to get fiat out which was relatively fast.
- JPY withdraws got more and more delayed as more and more requested to get JPY out.
- JPY withdraw delays topped at around 30 days as documented in the thread about JPY withdraws.
- MtGox price crashes and goes to $100 (below for a short period)
- People start sending JPY into MtGox to buy "cheap" goxcoins
- JPY withdraws are now INSTANT.

Could it be more obvious that MtGox is using new deposits to pay out withdraws?

Well, the want to keep the price of BTC low so that Mt.Gox can buy it themselves.

Who will buy bitcoin if he can't withdraw them? Nobody

oriolpont

newbie

Activity: 53

Merit: 0

Quote from: ?? on ??

More good news, JPY withdraws from MtGox are now INSTANT (actually true, not kidding here). Yep, if you want to take JPY out of MtGox now then you get it immediately.

- MtGox price premium was +25% above other exchanges.
- JPY was the only method to get fiat out which was relatively fast.
- JPY withdraws got more and more delayed as more and more requested to get JPY out.
- JPY withdraw delays topped at around 30 days as documented in the thread about JPY withdraws.
- MtGox price crashes and goes to $100 (below for a short period)
- People start sending JPY into MtGox to buy "cheap" goxcoins
- JPY withdraws are now INSTANT.

Could it be more obvious that MtGox is using new deposits to pay out withdraws?

Sorry, but I see as a much likelier explanation that people who was at the withdrawal queue canceled their withdrawals to buy cheap BTC.gox, hence clearing the queue. I did exactly this, and some people reported doing it too in this thread a few posts ago.
People are likely sending fiat to Mtgox also, but not necessarily to cover withdrawals (since we cannot know, it makes little sense to speculate).

FrictionlessCoin

legendary

Activity: 868

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Quote from: ?? on ??

More good news, JPY withdraws from MtGox are now INSTANT (actually true, not kidding here). Yep, if you want to take JPY out of MtGox now then you get it immediately.

- MtGox price premium was +25% above other exchanges.
- JPY was the only method to get fiat out which was relatively fast.
- JPY withdraws got more and more delayed as more and more requested to get JPY out.
- JPY withdraw delays topped at around 30 days as documented in the thread about JPY withdraws.
- MtGox price crashes and goes to $100 (below for a short period)
- People start sending JPY into MtGox to buy "cheap" goxcoins
- JPY withdraws are now INSTANT.

Could it be more obvious that MtGox is using new deposits to pay out withdraws?

Well, the want to keep the price of BTC low so that Mt.Gox can buy it themselves.

For Mt.Gox to avoid jail time, they have to show that there books are all squared. So anybody with fiat gets to withdraw. Anyone with BTC can withdraw, but they have to sell it to fiat at 1/4th of its value.

donk4u

legendary

Activity: 889

Merit: 1000

So i guess next step is going to be to get everyone verified so they can deny verifcations for months at a time like they did with mine? I guess double paying people was done due to to non verification and incompetence had nothing to do with it.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: ?? on ??

Good news everyone!

16:44 <@ne0futur> until unverified accounts used the malleability backdoor to get double paid

Nice. So MtGox remote support person William Waisse ("ne0futur) just admitted on the official #mtgox IRC channel that unverified accounts were used to steal unknown amounts of BTC.

fonzie

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donk4u

legendary

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Merit: 1000

Mt GOx play is to drop bitcoin to unprecedented lows from 850 to ? so it can buy back and chirp how peoples coins were safe all along causing shills like strudle to rejoice and shout" I told you so from the rooftops". Where is that shill strudle anyway gone underground I see.

Topic: MtGox withdrawal delays [Gathering] - page 99. (Read 908720 times)