I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.
The bot is selling, not buying. It's also been on way before gox went below 300. 
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 29425. (Read 26608939 times)
February 21, 2014, 06:42:17 AM
February 21, 2014, 06:38:58 AM
And whats wrong with simply using Gox as a cold storage wallet exactly?
February 21, 2014, 06:38:41 AM
Most rational ones of us believe mark isn't trying to screw people, he's just a massive business idiot. So now we wait and see if they have enough coins to go around.
This. I'm not mad at him anymore.
(Although it helps I don't have coins there).
I'm delighted with his idiocy as it's helped bring btc down to (what feels like) a more genuine level, and enabled some "cheap coin" buy in. On the flipside, it's hard now to know what irreparable damage the gox debacle us done to mass confidence in btc. Could be a double-edge sword...
February 21, 2014, 06:37:59 AM
I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.
The bot is selling, not buying. It's also been on way before gox went below 300. February 21, 2014, 06:37:47 AM
I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.
The bot is selling, not buying. It's also been on way before gox went below 300. True. We can also say that this is normal :-)
February 21, 2014, 06:35:56 AM
I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.
The bot is selling, not buying. It's also been on way before gox went below 300. February 21, 2014, 06:29:02 AM
I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.
February 21, 2014, 06:23:49 AM
Mtgox published a new statement? Where can I find it?
Has it been confirmed that someone stole them their bitcoins?
Has it been confirmed that someone stole them their bitcoins?
February 21, 2014, 06:21:43 AM
Most rational ones of us believe mark isn't trying to screw people, he's just a massive business idiot. So now we wait and see if they have enough coins to go around.
This. I'm not mad at him anymore.
(Although it helps I don't have coins there).
February 21, 2014, 06:16:32 AM
Today on #bitcoin
gmaxwell: wumpus: yea, I understand they had timed automatic reissues...
this was also something I didn't know prior to monday before last and is one of the other reasons my "they couldn't have lost much!" position softened to "I have no freeking clue."
alpha125: gmaxwell: where did you find out abotu the automatic reissues?
gmaxwell: alpha125: from mtgox staff and magicaltux ... I had assumed previously that any reissues were manual via customer support but apparently it was just timed.
gmaxwell: you'll also note that they've kept increasing their fees and then even mad paying fees mandatory.
gmaxwell: This suggested to me that they totally misunderstood their problems. (and— I reported that I believed this months ago too)
gmaxwell: e.g. they noticed lots of txn getting stuck, they didn't understand it was because they were producing invalid txn (even though it was reported to them) and so they thought it was just 'full blocks'
gmaxwell: and they increased their fees from 0.0001 to 0.0005 — which was enough to may more than virtually every txn— and then later to 0.001 which is basically astronomic. And then they made it mandatory.
gmaxwell: of course their stalled txn had nothing to do with fees.
Edit: Just to clarify, only quoted relevant parts (maybe I should have inserted "[...]" where applicable). Full text here: http://pastebin.com/DaSph9uT
gmaxwell: wumpus: yea, I understand they had timed automatic reissues...
this was also something I didn't know prior to monday before last and is one of the other reasons my "they couldn't have lost much!" position softened to "I have no freeking clue."alpha125: gmaxwell: where did you find out abotu the automatic reissues?
gmaxwell: alpha125: from mtgox staff and magicaltux ... I had assumed previously that any reissues were manual via customer support but apparently it was just timed.
gmaxwell: you'll also note that they've kept increasing their fees and then even mad paying fees mandatory.
gmaxwell: This suggested to me that they totally misunderstood their problems. (and— I reported that I believed this months ago too)
gmaxwell: e.g. they noticed lots of txn getting stuck, they didn't understand it was because they were producing invalid txn (even though it was reported to them) and so they thought it was just 'full blocks'
gmaxwell: and they increased their fees from 0.0001 to 0.0005 — which was enough to may more than virtually every txn— and then later to 0.001 which is basically astronomic. And then they made it mandatory.
gmaxwell: of course their stalled txn had nothing to do with fees.
Edit: Just to clarify, only quoted relevant parts (maybe I should have inserted "[...]" where applicable). Full text here: http://pastebin.com/DaSph9uT
What a fucking mess. So this explains he silence. They literally might not know if they are solvent or not.
I can't imagine they were fleeced of hundreds of thousands of coins in this manner. But they were probably fleeced for something substantial. This definitely would explain the silence.
Most rational ones of us believe mark isn't trying to screw people, he's just a massive business idiot. So now we wait and see if they have enough coins to go around.
February 21, 2014, 06:15:09 AM
This is him here: https://bitcointalksearch.org/user/gmaxwell-11425
February 21, 2014, 06:10:21 AM
There is a very strong source of FUD going around right now and it has nothing to do with bitcoin.
What?
February 21, 2014, 06:09:04 AM
There is a very strong source of FUD going around right now and it has nothing to do with bitcoin.
February 21, 2014, 06:04:06 AM
I'm sure they are fake ids and even if you can trace it to some 16 year old in Russia what do you do next? Phone up his mom and complain? It's Bitcoin it's irreversible.
February 21, 2014, 06:02:57 AM
February 21, 2014, 05:56:52 AM
Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?
Probably, if both exchanges cooperate. But if the thieves used Tumblers, it would be damn hard.
If they used malleability to withdraw coins from gox double, they should be verified with gox themselves anyways. If they didn't use fake ids that is..
February 21, 2014, 05:55:24 AM
Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?
Maybe if they have already been sold. But there's no reason to think they have been. If a small portion of those coins were sold it would lower the prices on most exchanges significantly. Sure the prices have dropped but thats mainly due to bad news and a poor outlook for bitcoin in the short/medium term. February 21, 2014, 05:53:05 AM
Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?
Probably, if both exchanges cooperate. But if the thieves used Tumblers, it would be damn hard.
February 21, 2014, 05:52:09 AM
Ok now I just feel sorry for Mark. He has been fleeced and the whole world hates him.
(I'm sure he will be fine in the end).
(I'm sure he will be fine in the end).
February 21, 2014, 05:48:01 AM
Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?
Jump to: