I see the spread is decreasing, .. lol are people willing to hold dem gox bux again?>
It's not that Gox bucks are getting any better... it's just Gox BTC
becoming progressively worse. So the price of shitty Gox coins is decreasing when measured in shitty Gox dollars. Ironic, isn't it?
Correct. When the gox price falls to stamp price then the market will have priced in equal (snowball in hell) chance of extracting fiat or btc.
Yeah - but the run for the door will not be pretty - this will not be a small story if Gox melts down.
Pray for a takeover - or watch a little carnage, this is not good for Bitcoin - it's not going to be like Silk Road, it will cast doubts on the whole system and the bitcoin doomsters will love piling in to celebrate the stench of disrepute.
Krapeles is on the (already discredited) Bitcoin Foundation.
It's bad. Takeover soon - or the spotlight we have on BTC might no longer see the sparkling future of Bitcoin for a long time to come.
It may turn and focus on the 'burst bubble' story and the 'seedy and unregulated' line, if it isn't sorted - it won't be pretty. I hope some investors are in there trying to lever Mark out. This WOULD be good news - I wonder where Loaded and his pals are right now...
Well, I mean you have to buy into btc, to transfer out.. which is still easier or more likely easier then fiat international withdrawals.
Actually that is the point - you can't get BTC out either now.... That's why it's looking like the last nail if it ain't fixed.
I don't mean to be a doom-sayer, but Gox was 'the big one' and now it has lost the plot. I can't see how, with lower revenues and market share it will fix the problems while an exodus of confidence is draining its reserves.
There must be a tipping point, and it will go offline if it reaches it. Click... and it's gone? I wouldn't bet against it. Really.
not everyone can't get btc out of gox, so my point is that almost nobody but those in Japan, really get fiat withdrawals at all. Which is what I was leaning towards in the statement that its still easier to get btc. The panic hasn't really shown yet regarding the btc backlog.
agreed the gox thing appears to be approaching a tipping point.
IMO - what's been happening is anyone with fiat has been buying coins in order to gradually ship them out.
Hence the massive spike in the spread between exchanges - it was pushing up to 200 Bux over the rest at one point.
Now this has been sliding down as more goes out than comes in.
The current trouble is because either because they couldn't cope (with a glitch exacerbating the problem), or they couldn't afford it - and it's an attempt to slow the lifeblood leaking away.
Any
decently run large turnover company in the tech world (which Gox is) should not have a front page which STILL says:
"Important Reminder: Due to the New Year holiday observed by Japanese financial institutions between December 29, 2013 and January 6, 2014, deposits and withdrawals are currently experiencing delays. For withdrawals, your funds will be placed into your bank account once your transaction has been processed.
Please note that European transactions should not be affected by these delays"
I mean - come on.... January the 6th?
