So what happens if Gox misses their deadline in one week?

bitdragon

hero member

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Merit: 501

peace

Quote from: Trading on June 27, 2013, 12:43:10 AM

After the term of the second week, they will just say that things are now almost normal, but because of all the withdraw requests their processing will take some time. That will give them two weeks more.
In the end, the consequences will be dependent on the real cause of the delays. If Citibank is indeed blocking transfers to MtGox, other American banks might adopt the same policy...

https://mtgox.com/press_release_20130704.html

"Current Back-log
The new system is just now getting under way, so there is still a back-log of withdrawals that we need to process. Our team is working hard to increase transaction speeds, but there is approximately a two-week back-log we need to overcome. It will take a few weeks to get back to normal, and we thank you for your patience during this time."

MPOE-PR

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Quote from: TheBanker on July 03, 2013, 04:46:13 PM

Quote from: MPOE-PR on July 03, 2013, 02:29:32 PM

I find this thread excruciatingly cute.

Yo! See here, and next time pay attention to what the people that matter say.

How do I put this in the best, kindest terms possible?

You ain't shit!

Lol cute. Post 45 on August 13, 2011. Post 44 on June 22, 2013. So what's your story, SA sleeper account? Recent phish? Recent sale? Victim of the recent forum software breach? Who's to know. Can you even sign with the key used on your last post 2 years ago anymore?

TheBanker

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Quote from: Cyberdyne on July 03, 2013, 09:36:24 PM

Quote from: TheBanker on July 03, 2013, 09:28:01 PM

Seriously? if you dont mind losing 25% in less than one day

That would only be the case if you went ALL in before the drop.

If you went 10% in, then it's only losing 2.5% of your money in one day.

Fade in / fade out ...Putting too much on any one trade is the downfall of many.

Still have USD in the tank all the way down to $15 if necessary, so I'm doing fine thanks.

Ultimately though, we have different ideas about what 'severe' means. I'll agree it's been a severe devaluation once we get lower than $32.

...still waiting for the pure chaos to make an appearance though Cheesy

You're simply following the four stages; you are in denial, acceptance will come soon enough. Now, while you're waiting, the Titanic's captain has asked you to polish that brass railing right over there . . .

Cyberdyne

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Merit: 500

Quote from: TheBanker on July 03, 2013, 09:28:01 PM

Seriously? if you dont mind losing 25% in less than one day

That would only be the case if you went ALL in before the drop.

If you went 10% in, then it's only losing 2.5% of your money in one day.

Fade in / fade out ...Putting too much on any one trade is the downfall of many.

Still have USD in the tank all the way down to $15 if necessary, so I'm doing fine thanks.

Ultimately though, we have different ideas about what 'severe' means. I'll agree it's been a severe devaluation once we get lower than $32.

...still waiting for the pure chaos to make an appearance though Cheesy

TheBanker

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Merit: 10

Quote from: Cyberdyne on July 03, 2013, 09:25:06 PM

Quote from: TheBanker on July 03, 2013, 07:44:53 PM

I told you so

Quote from: TheBanker on June 27, 2013, 12:15:46 AM

So my prediction is pure chaos and a severe devaluation of BTC. Whats your prediction?

Okay SEVERE devaluation? Maybe, if going down to $76 is what you call severe.

But 'pure chaos'? Hahahaha panic!

Seriously? if you dont mind losing 25% in less than one day then you & I can do LOTS of business together, sucker . . . I mean, friend! Cheesy

Cyberdyne

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Quote from: TheBanker on July 03, 2013, 07:44:53 PM

I told you so

Quote from: TheBanker on June 27, 2013, 12:15:46 AM

So my prediction is pure chaos and a severe devaluation of BTC. Whats your prediction?

Okay SEVERE devaluation? Maybe, if going down to $76 is what you call severe.

But 'pure chaos'? Hahahaha panic!

TheBanker

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Merit: 10

I told you so

epetroel

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Merit: 251

Quote from: Nagle on July 03, 2013, 04:55:31 PM

I've been informed by a Mt. Gox customer (which I am not) that the "Bank Transfer" option on their site now just redirects to their "Withdrawal Center", and there is apparently no longer a "Bank Transfer" option at all. Is this correct?

I believe it's done this for quite some time. If you select "Bank Transfer" it sends you to the withdrawal center to set up a bank account. Once set up, that bank account is then an option you can choose when you withdraw. I had a look at my account, and I don't see that anything has changed recently.

Nagle

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I've been informed by a Mt. Gox customer (which I am not) that the "Bank Transfer" option on their site now just redirects to their "Withdrawal Center", and there is apparently no longer a "Bank Transfer" option at all. Is this correct?

TheBanker

member

Activity: 125

Merit: 10

Quote from: MPOE-PR on July 03, 2013, 02:29:32 PM

I find this thread excruciatingly cute.

Yo! See here, and next time pay attention to what the people that matter say.

How do I put this in the best, kindest terms possible?

You ain't shit!

MPOE-PR

hero member

Activity: 756

Merit: 522

I find this thread excruciatingly cute.

Yo! See here, and next time pay attention to what the people that matter say.

MOB

hero member

Activity: 493

Merit: 504

Or you just buy some BTC and get the fuck out of dodge. Not that hard to transfer 20-30 BTC on each downward oscillation to CampBX & Bitstamp. More volume than that is hard, but do that once a day for a week and you could clear out 30K+ from Gox.

biggie

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Activity: 85

Merit: 10

Quote from: Nagle on July 03, 2013, 01:00:04 PM

Mt. Gox missed the deadline.

They are now in default.

Time for their creditors to go to court in Delaware.

Delaware is just a paper structure. What people need to do is form a group then hire a good lawyer office and get them in Japan where it hurts them most. Delaware etc are all just PO BOX firms.

Nagle

legendary

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Mt. Gox missed the deadline.

They are now in default.

Time for their creditors to go to court in Delaware.

dave111223

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Quote from: TimJBenham on July 03, 2013, 09:15:06 AM

Quote from: dave111223 on July 02, 2013, 07:06:06 PM

Timer removed. End time: 2013-07-03+12:00:00

What's with the clock? I'm pretty sure they wont start wiring moneys in the dead of night (jp time).

I'm pretty sure they won't start wiring moneys during business hours either, so the point is moot.

TimJBenham

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Quote from: dave111223 on July 02, 2013, 07:06:06 PM

Timer removed. End time: 2013-07-03+12:00:00

What's with the clock? I'm pretty sure they wont start wiring moneys in the dead of night (jp time).

TheBanker

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Quote from: TimJBenham on July 02, 2013, 11:53:00 PM

Quote from: arbitrage001 on July 02, 2013, 11:44:09 PM

The spread between bitstamp and Mtgox is getting smaller.

This implies people have faith in Mtgox. One can also buy bitcoin at Mtgox and sell at bitstamp if one think Mtgox is going under.

Or it may be that favored big hitters are already getting their withdrawals processed.

The mere fact that the big hitters are with Gox IS the problem . . .

TimJBenham

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Activity: 280

Merit: 250

Quote from: arbitrage001 on July 02, 2013, 11:44:09 PM

The spread between bitstamp and Mtgox is getting smaller.

This implies people have faith in Mtgox. One can also buy bitcoin at Mtgox and sell at bitstamp if one think Mtgox is going under.

Or it may be that favored big hitters are already getting their withdrawals processed.

arbitrage001

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The spread between bitstamp and Mtgox is getting smaller.

This implies people have faith in Mtgox. One can also buy bitcoin at Mtgox and sell at bitstamp if one think Mtgox is going under.

chufchuf

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this bear market was stopped the instant winklevii declared an etf sec application

Topic: So what happens if Gox misses their deadline in one week? (Read 4729 times)