Topic: Upcoming MtGox Movement (Read 6258 times)
Ive been warning ppl about mtgox since the first simulated crash. They are manipulating the market, very obviously now that there are other established exchanges to compare them to. They are playing a game with their users money and bitcoin. Reminds me of a casino, and this case is no different, the house always wins. Feel bad for anyone that was still doing business with MTGOX> Hopefully we all learn a valuable lesson from this an once and for all boycott gox. However it plays out, I wish those that have money with Gox, much luck.
There is no way they will allow withdrawals of bitcoin sold at $100. If they intended to allow bitcoin withdrawals, there is no way they'd be allowing bitcoin to trade so cheap on their separated market. They're allowing deposits of fiat to buy those bitcoins, but they cannot get bitcoins *ANYWHERE* at that price.
It's an exchange market not a bank. They are not supposed to own a single bitcoin, just taking fees from transactions. That's the only business model.
Now if they start speculating with their clients money, it's another story.
There is no way they will allow withdrawals of bitcoin sold at $100. If they intended to allow bitcoin withdrawals, there is no way they'd be allowing bitcoin to trade so cheap on their separated market. They're allowing deposits of fiat to buy those bitcoins, but they cannot get bitcoins *ANYWHERE* at that price.
So look at it. If they ever allow withdrawals of bitcoin, then they lose $400 per $100 they're allowing to come in now. There is no way they're going to do that. They'd rather not be allowing the money to come in now.
So ask yourself, why is fiat money so important to them? Is it because they intend to allow fiat withdrawals? Hint: if they had been allowing fiat withdrawals then customers would have withdrawn fiat, and their bitcoin market would not have become so depressed. Hence there would be no "lure" to draw in more fiat.
To me, this smells like someone is either getting ready to either take the money on a vacation to the islands, or close the books repaying a paltry amount of fiat to some limited class of investors or lienholders - but the market is giving 5 to 1 odds, and I personally will offer 10 to 1 if someone cares for a bet, that Gox's customers will be left twisting in the wind.
So look at it. If they ever allow withdrawals of bitcoin, then they lose $400 per $100 they're allowing to come in now. There is no way they're going to do that. They'd rather not be allowing the money to come in now.
So ask yourself, why is fiat money so important to them? Is it because they intend to allow fiat withdrawals? Hint: if they had been allowing fiat withdrawals then customers would have withdrawn fiat, and their bitcoin market would not have become so depressed. Hence there would be no "lure" to draw in more fiat.
To me, this smells like someone is either getting ready to either take the money on a vacation to the islands, or close the books repaying a paltry amount of fiat to some limited class of investors or lienholders - but the market is giving 5 to 1 odds, and I personally will offer 10 to 1 if someone cares for a bet, that Gox's customers will be left twisting in the wind.
People who are about as "inside" as you can get - Andreas/Roger say they are very solvent.
Roger Ver spoke in a youtube video a few months ago. But he did not see how much is left in the wallet: he sees MtGox have big numbers on their bank account, and he has no way to know if the digits add up to the total incoming transactions - too easy to cook and hard to verify. Even if he is sure the fiat is there, he didn't mention the coins are there. Besides, he said MtGox doesn't have liquidity problems to offer fiat withdraw, that is a bit different than solvent.
http://www.youtube.com/watch?v=4pSYJiXQgbM
Andreas Antonopolos didn't say anything related to MtGox's solvency recently. He did mention the opposite in another youtube video, that the transaction on MtGox happens on the book, not in blockchain (implies that he doesn't know), and he mentioned in a fraction-reserve system transaction also happens only on the book - a bad way to express it, hinting MtGox is reserving only a fraction of funds which he didn't mean.
http://www.youtube.com/watch?v=JP9-lAYngi4
So I cannot take these information as Andreas/Roger claiming MtGox being solvent. Did I miss something? Kindly add more information:)
Think about it, they have LOTS to gain by making a positive announcement tomorrow, and lots to lose by making another negative announcement. They've already scared the market shitless last time, they got their cheap coins, so I'm sure the upcoming announcement will be as full of positive spin as they can manage. I expect a positive announcement and an increase in price after Thursday.
Think about it, they know they are so screwed up that a positive announcement tomorrow won't even keep their customers after-crash, and lots of cheap choins to buy / arbitrage by making another negative announcement. So predictable that the announcement is negative.
Nay, it's joking.. I didn't expect negative news.
All Gox has left now is spin, and they're not even doing that well. If it turns out their situation is better than people suspect and they are solvent (something the market estimated at 5:1 against earlier today) then they may retain some small amount of credibility. Not something I think will happen but there's a chance. But the way they've managed their PR should be the final nail in the coffin.
The sad thing is that there are enough people who will still give them a 2nd, 3rd, 4th chance to keep them going as 'the world's most established Bitcoin exchange'.
Think about it, they have LOTS to gain by making a positive announcement tomorrow, and lots to lose by making another negative announcement. They've already scared the market shitless last time, they got their cheap coins, so I'm sure the upcoming announcement will be as full of positive spin as they can manage. I expect a positive announcement and an increase in price after Thursday.
Think about it, they know they are so screwed up that a positive announcement tomorrow won't even keep their customers after-crash, and lots of cheap choins to buy / arbitrage by making another negative announcement. So predictable that the announcement is negative.
Nay, it's joking.. I didn't expect negative news.
The thing that amazes me the most is that there are people willing to risk fiat to get bitcoins at a discount, and the risk is high!
So what's good about this fiasco?
1. We are seeing a live response to a disaster, a free-market bailout.
2. People are willing to take high risk for bitcoin.
3. Disaster creates problems, and people will provide solutions fast in exchange for fair compensation.
The only way to accomplish this in our current system is to FORCE people to pay, through debt, for the mistakes of private companies.
Not to mention the inherent waiting for bureaucracy to act upon a time sensitive disaster as it happens.
So after all the gloom, take into consideration the positives before relying on emotion to make decisions, we are all winning in the long run!
So what's good about this fiasco?
1. We are seeing a live response to a disaster, a free-market bailout.
2. People are willing to take high risk for bitcoin.
3. Disaster creates problems, and people will provide solutions fast in exchange for fair compensation.
The only way to accomplish this in our current system is to FORCE people to pay, through debt, for the mistakes of private companies.
Not to mention the inherent waiting for bureaucracy to act upon a time sensitive disaster as it happens.
So after all the gloom, take into consideration the positives before relying on emotion to make decisions, we are all winning in the long run!
Absurdly appropriate: http://www.youtube.com/watch?v=VzmrWONvxck&list=UUAAgMYqyzm_kT2tgI3HPE2A
filmed by Mark himself
filmed by Mark himself
hahaha or this one : http://www.youtube.com/watch?v=Xi413TRabpQ
He made a looooot of money he need to celebrate
Got to say, Stamp's holding up well given that Gox is almost into double digits. Famous last words...
Already bought at USD$600. Spent my whole investment budget for the current month. I'm very happy with the purchase, and expect it to rise by 100% from current prices within a few months.
I just hope that if they go bankrupt and manage to crash prices to $400, they wait at least a month so I'll have budget to buy again.
I just hope that if they go bankrupt and manage to crash prices to $400, they wait at least a month so I'll have budget to buy again.
$130 support breached, now sitting at 125 at Gox.
There's no way to keep the price from falling to 100s but I really wonder if we will see double-digits (ever).
So much fun!
There's no way to keep the price from falling to 100s but I really wonder if we will see double-digits (ever).
So much fun!
If I had 100 000$ in cash at gox, I would buy now. Then I would spend every second on the Goxsite and refreshing. If the withdrawals work again, you should make sure, you are first.
Gox is burning so you might as well do the same with your $100,000. I sincerely hope they'll get their act together but even if they are solvent (which the market has priced in at odds of 3:1 against) their lack of communication is appalling and they deserve to sink, which no doubt they will under the weight of a bloated CEO. No one with self respect or intelligence should use Gox after this.
Like I said. I would buy and get out my coins as fast as I can. For sure this is risky, every opportunity, where you can make a lot of money, is risky. But in my opinion the price at Gox is highly undervaluated. But maybe I am wrong. I am no prophet (and no cash. I would have to sell btc and transfer money to gox. This would take a week or so...)
Fair enough. You pays your money, you takes your choice.
Myself, I'd take $100k in the hand over a 1-in-4 chance of $400k any day...
If I had 100 000$ in cash at gox, I would buy now. Then I would spend every second on the Goxsite and refreshing. If the withdrawals work again, you should make sure, you are first.
Gox is burning so you might as well do the same with your $100,000. I sincerely hope they'll get their act together but even if they are solvent (which the market has priced in at odds of 3:1 against) their lack of communication is appalling and they deserve to sink, which no doubt they will under the weight of a bloated CEO. No one with self respect or intelligence should use Gox after this.
Like I said. I would buy and get out my coins as fast as I can. For sure this is risky, every opportunity, where you can make a lot of money, is risky. But in my opinion the price at Gox is highly undervaluated. But maybe I am wrong. I am no prophet (and no cash. I would have to sell btc and transfer money to gox. This would take a week or so...)
If I had 100 000$ in cash at gox, I would buy now. Then I would spend every second on the Goxsite and refreshing. If the withdrawals work again, you should make sure, you are first.
Gox is burning so you might as well do the same with your $100,000. I sincerely hope they'll get their act together but even if they are solvent (which the market has priced in at odds of 3:1 against) their lack of communication is appalling and they deserve to sink, which no doubt they will under the weight of a bloated CEO. No one with self respect or intelligence should use Gox after this.
If I had 100 000$ in cash at gox, I would buy now. Then I would spend every second on the Goxsite and refreshing. If the withdrawals work again, you should make sure, you are first.
You think they might still open at some point?
What scares me is that there is not information on when they will update the world next.
If I had 100 000$ in cash at gox, I would buy now. Then I would spend every second on the Goxsite and refreshing. If the withdrawals work again, you should make sure, you are first.
You would have thought they would have at least tried to say something positive. It's like they're doing this on purpose now.
Who would have thought, the biggest threat to bitcoin's future would be, not government, not bankers, but one of our own exchanges?
Who would have thought, the biggest threat to bitcoin's future would be, not government, not bankers, but one of our own exchanges?
This is not new.
MtGox under karpeles has displayed zero redeeming qualities and extreme incompetence for years now.
It was much scarier when they were the only exchange with any volume. Thankfully, I actually managed to spot the obvious (finally) and not deal with gox for at least a year now, though I feel bad for people with their funds being held hostage by that fat turd.
He comes across as the worst type of nerd-- not particularly intelligent, or scholarly, or possessing any sort of critical thinking skills, but very gluttonous, obnoxious, arrogant, and so on. He reminds me of Pee Wee's arch nemesis, Francis. I just imagine him with heavy cream smeared across his face most of the day, yelling like a spoiled child when his staff reminds him that there's work to do, blaming the world around him for what is obviously his own stupidity.
See MtGox,
how it is possible, big international robbery without any help and without any legal responsibility.
Who was behind this
how it is possible, big international robbery without any help and without any legal responsibility.
Who was behind this
Anyone who uses gox after all this all sorts out is truly an idiot.
The next is Bitstamp and BTC-e !
+1
Anyone who uses gox after all this all sorts out is truly an idiot.
The next is Bitstamp and BTC-e !
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