So what's the consensus here regarding market reaction to another non-announcement? 
You mean more of the same? Jeez, I dunno..
Topic: Possible outcomes of the Mt. Gox fiasco - my speculation (Read 5918 times)
You mean more of the same? Jeez, I dunno..
Whatever the case, Karpeles answering "that's confidential" when questioned about Gox's solvency is about as pathetic as it gets. It really does seem that he wants to manipulate the market downwards.
Yep. I mean if there was zero chance that they didn't have all the bitcoins accounted for for every wallet on Gox, don't you think he would of said immediately "That's not true. We're completely solvent."
Meaning that someone will eventually get the short end of the stick, when trying to withdrawal their coins. They will just get blocked. It'll be a roach motel.
really like this comparison to Full Tilt!
At the moment it´s really speculation whether gox abused customer funds, got hacked or whatever.
At the moment it´s really speculation whether gox abused customer funds, got hacked or whatever.
I'll say this. As much as the Coindesk article regarding possible Gox insolvency stunk of unsubstantiated accusations, the situation does feel a lot to me like Full Tilt in 2011. I'm still waiting on a FTP payout far larger than my wallets and trading accounts combined -- royally fucked up my life for a really long time. Bitar and those fucking pigs.
Considering their massive visibility and position as the #2 room in the world, none of us regs ever would have thought that the April 2011 seizures would have made even a dent in FTP's capital reserves. Oh, how wrong we were.
Will never make that mistake again. The fact is, we can speculate forever about how much revenue Gox took in, its overhead (including legal costs and seizures -- I have no faith in the operational cost numbers floating around), how much was squandered through mismanagement, and how much was stolen. At the end of the day, we have no idea. The situation is entirely opaque.
Whatever the case, Karpeles answering "that's confidential" when questioned about Gox's solvency is about as pathetic as it gets. It really does seem that he wants to manipulate the market downwards.
Considering their massive visibility and position as the #2 room in the world, none of us regs ever would have thought that the April 2011 seizures would have made even a dent in FTP's capital reserves. Oh, how wrong we were.
Will never make that mistake again. The fact is, we can speculate forever about how much revenue Gox took in, its overhead (including legal costs and seizures -- I have no faith in the operational cost numbers floating around), how much was squandered through mismanagement, and how much was stolen. At the end of the day, we have no idea. The situation is entirely opaque.
Whatever the case, Karpeles answering "that's confidential" when questioned about Gox's solvency is about as pathetic as it gets. It really does seem that he wants to manipulate the market downwards.
With Mtgox well known problem, why the hell with someone want to stay at them?
If I had btc on such lousy exchange, I would just wait the first moment I could make withdrawal. Surely wouldn't want to stay with them.
If I had btc on such lousy exchange, I would just wait the first moment I could make withdrawal. Surely wouldn't want to stay with them.
So, all withdrawals were confirmed fixed, and BTC is 70% cheaper there... I think there will be plenty of others that fancy a bite at that.
With Mtgox well known problem, why the hell with someone want to stay at them?
If I had btc on such lousy exchange, I would just wait the first moment I could make withdrawal. Surely wouldn't want to stay with them.
If I had btc on such lousy exchange, I would just wait the first moment I could make withdrawal. Surely wouldn't want to stay with them.
my analogy ..is. because they locked themselves inside or outside .. I 've been see this many times in networking ... layer 3 below ...
With Mtgox well known problem, why the hell with someone want to stay at them?
If I had btc on such lousy exchange, I would just wait the first moment I could make withdrawal. Surely wouldn't want to stay with them.
If I had btc on such lousy exchange, I would just wait the first moment I could make withdrawal. Surely wouldn't want to stay with them.
If Gox opens again and the price is low, everyone will go back and do business.
its as simple as this.
In the email interview, Mr. Karpelès responded to questions about the company's solvency or protection for customers' funds by saying that the matter is confidential.
http://www.reddit.com/r/Bitcoin/comments/1y8ot2/we_are_very_surprised_anyone_could_blame_mtgox/
http://www.reddit.com/r/Bitcoin/comments/1y8ot2/we_are_very_surprised_anyone_could_blame_mtgox/
(3) Mt. Gox drags this out for another month, and then only reinstates very limited withdrawals with a small cap on daily withdrawals.
all press releases and happenings make this the most probable outcome... time to buy @ gox and then slowly get the BTC out with capped withdrawals
every crisis is an opportunity!
You told us what everyone already know.
boicott gox no matter what, their irresposibilty costed us big time and they have to pay for their greed.
I completely agree but i think alot of people who are screaming about taking down gox will change their minds fast once greed takes hold of their minds. It'll be interesting watching the whole story unfold though.
boicott gox no matter what, their irresposibilty costed us big time and they have to pay for their greed.
If Gox opens again and the price is low, everyone will go back and do business.
You can say good bye to mt gox they have messed up for the last time.
gox will blame anything they can but themselves, its pathetic. i hope they die off soon but they brought new light to bitcoin and although it was taken as negative, its still very good for the longevity of bitcoin, im rather new to the forums but long time bitcoin follower.
I don't know. It seems like the price has already had it major drop. I think Gox is pressuring the price on other exchanges because everyone sold on Gox to try to get money out, and it caused it to look like the "actual" price of BTC is lower than it actually is (on other exchanges.). The sooner Gox dies the better, but I fear it will do all it can to not die, so it will keep the price low for a while.
(1) If Gox actually fixes their issues and reinstates BTC withdrawals, the price on all exchanges will increase significantly.
I agree, but only in very short term. It will be a fools race.
Most people will leave Gox and transfer the Coins to other exchanges like Stamp. But they will not deposit new fiat at these other exchanges. So the price will drop.
If only there were some kind of laws or rules in place to prevent companies like Mt.Gox from doing this shit....
First of all, these laws exist.
Second of all, laws don't prevent bad things from happening. They allow the victims (if they are still alive) to seek justice in the court of law.
A better solution is to protect yourself from the start.
If you aren't the sole controller of your private keys, you don't have any bitcoins. (That's a "law" I can live by.)
If one wants to speculate on the Bitcoin exchange rate, one has to understand the third party risks involved.
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