Topic: The Exchanges are splitting!! Mt Gox is going down and the others are holding! (Read 1221 times)

hmm...this guy giving you a way to get $$$ into www.mtgox.com to get cheap "mtgox coin" that supposedly exists yet

http://www.coindesk.com/has-company-found-workaround-mt-gox-withdrawals/


I am tempted to toss 500 bucks to this guy...(I have talked to others who have done so...they seem sure about him if not so much about www.mtgox.com
still being around 2 weeks from now)

500 bucks would give me...lets see

mtgox as of 17sec ago $120/usd

bitstamp as of 29sec ago showed $574.96

so for my 500 bucks I could get from bitstamp    0.8696257130930847 bitcoin

and from mtgox it would be  4.166666666666667 bitcoin

I mean I've seen worse odds in gambling..but even for my meager cowardly aspirations...it is tempting

(the reason I use $500 is that is the closest I have in the wire xfer que at www.bitstamp.net and I assume to use the above link I need them bona fides as well as my
current (from way back) verified www.mtgox.com account....that is ok and verified even thou I've never used it .you need a already verified mtgox account...don't think
you can get one done under current problems.

so I buy from the above guy for 2% fee or some such give him my mtgox info and he gives me in mtgox coins (currently held hostage) the above amount via his mtgox
account stash of bitcoin to my verified mt gox account ..ie get the bitcoin ...and both of us basically sit around wondering if mtgox will ever let us have the bitcoin back
admittedly..he is getting 2% for his trouble not much of a way to recoup imho....hmmmm.....

silly human primates...hard to figure out how this is all going to go down....imho

nothing could obviously go wrong with this 4x+ return on investment right?

(still tempting ....I'm a greedy ba*tr*d..cowardly as a bfl refugee..but greedy non the less)

thoughts on this folks?

(again assuming the exchange guy above is legit the question is WILL YOU be able to get your coin out of mtgox EVENTUALLY ...even if it takes 2 months?

alas no clue.....just looking at the pretty posters in front of the burlesque show kinda thing here....no I should not go in ...tempted anyway..same likely bad result/disappointment

Searing

Who knows? They haven't let people withdraw any money for a long time, so people could only drive the price up by buying more overpriced coin and withdrawing coin. Now you can't withdraw anything, so most likely they stole all the coin and are planning the escape. If they just open back up, after allowing the massive price manipulation and all the customers who sold at $100 trying to get some money out, it will be an even more fucked up situation.

ok noob on exchanges...but if mtgox ONLY makes its fee on the bitcoin it holds...whats to stop it from eventually trickling the stuff back out?...if it is acts like a bank and exchange..those funds SHOULD be in cold storage the users coins that is?

what am I missing here (sorry again no clue how they can 'lose' bitcoins if they simply exchange bitcoins from hither and yon and take a fee)

I obviously am missing something very basic in all this but it eludes me (unless people are saying they are gonna take the bitcoin and run)

Searing

This guy is either getting some insider information or he's crazy.

http://www.coindesk.com/has-company-found-workaround-mt-gox-withdrawals/


"A new market will allow Mt. Gox customers to trade funds in their exchange accounts for bitcoin, effectively allowing bitcoin withdrawals despite an official freeze.

The service, Bitcoin Builder, has also created an arbitrage opportunity for traders who wish to exploit the growing spread between the price of bitcoin on Mt. Gox and other major exchanges."

They're split because right now because the Gox pricing data does not represent any new influx of information.  Make no mistake about it, this market is still in limbo.  I don't see anything but a big correction for the Big 3 Exchanges as either 1) gox coins are dumped once withdrawals are open or 2) gox does not have coins.

There are no coins on gox. There are people trading imaginary funds for imaginary funds. It's like when you get a demo account on the btce meta trader. It's not real. If nobody can ever withdraw a thing from gox again, it will just be a spectacular failure, but it won't hurt the rest of the bitcoin ecosystem. It's just another failed exchange. It will become an opportunity for a big VC in the USA to jump through all the hoops and make a proper exchange with excellent financial controls.

As people realize the Gox price is worthless there becomes fewer and fewer people who will sell on Bitstamp because Gox's price is in the dumps. If you saw some site willing to give you euros for only half a buck, would you trust it?

I don't think other exchanges can just hodl while watching some coins are sold for $10 or even less, it would be catastrophic that might cause a uncontrollable panic.
We ain't going anywhere without big news, maybe India can bring us to the top again but 1k+ is a big dream for now.

Gox dying is about the most bullish thing that has happened since major online merchants like gyft/overstock/etc... starting to accept BTC.

Indeed. Good observation.

Finallly, mt gox is dragging down itself, and not the other exchanges. If btc-e and bitstamp can gain while mt gox falls all the way down, this pitiful situation can end. Finally!

I don't believe anyone will get a dollar or a bitcoin out of gox again. They will run, and they will hide, but if they open up again they will just be sued.