Bitcoin Forum

I'm wondering what the community thinks!

Is there a new Gox bound to happen? What is something you have solid suspicions of?

What I feel is that Bitcoin has become safer and less susceptible over time.

Cryptsy, been holding some withdrawals since August, suddenly loads of wallets offline or in 'maintenance mode' after what seems like they were arbitrage trading, was all good til BTC dropped and now they are on the wrong side. They are only allowing altcoin withdrawals they have heaps in reserve of, support tickets are going unanswered and the ones dealt with are closed without an answer... so... That's my opinion / facts/

Yep, Cryptsy for sure. Amount of Bitcoin allowed to be transferred off-site has been lowered to $100 monthly or even lower. Communication seems almost non-existent. Looks like this ship is slowly sinking, luckily I have nothing of value onboard ...

Yes, Cryptsy definitely but I wouldn't count them as a next possible Gox! Next possible Gox would be Bitfinex, OkCoin, Bitstamp, etc.. Cryptsy would just be a new BTER for example!

I don't think we will have a next one. I think that people gave become smarter and people that run these exchanges have become much more cautious.

Right, Crypsty is too limp to pull off what MTGox did. BTC-e would have the volume and placement to do it, but i'm not sure its going to be done again. With Bitcoin getting so much political awareness, the fact its not "proper money" does not prevent it from being fraud nowadays.

Sound to me that the scam after MtGox was Paycoin. And from there, its going to be more small in term of scam size.

The next big scam will be in 10 years when someone realize someone had been, for years, skimming profits in BTC that total in millions of USD, then that person will go in prison.

Thanks for your comments! That's some insight I agree with, and we're definitely in a phase where something in the scale of Mt.Gox is quite improbable.
The next big scam, as per the last comment, will in my opinion be related to gambling.

It will be from a service not regulated by their governments. Some countries already started to protect the consumers from scams and fraudulent activities like this, and the exchanges will face heavy penalties, if this does happen.

It is a political nightmare for a country, if a unregulated service scams multi millions from people on a global scale. The service will also have to take out extra insurance, to cover some of the loss, if this does happen.  ::)

The next MtGox probably is Cryptsy and they are not alone.
I think that another one will join this 'journey' and that is bter chinese exchange.
They have been hacked almost a year from now and they are not able to compensate the 'stolen funds' for their users.

Their profits are probably a lot less than you think. Besides the volume being a lot lower after such a major incident, the small fees don't help if you need to recover such a severe hack.

Crypsty is going down for sure. It is not in a healthy state right now and even if they manage to get heir heads above the water, they will be in massive trouble getting volume back to their site.

I dont think Craptsy could be new MtGox. At time ppl were "goxed", MtGox had huge market share (i think allmost 70%) so that shit cant happen again. Craptsy will most possibly turn to scam but not nearly that big, they are almost irrelevant.

cryptsy would be next to default but its nothing compared to mtgox,just a small altcoin exchange
cryptsy is having withdrawal problem

It has been a long time almost a year, but i don't think that they can't cover at least 50% of total within a year.
And the stolen funds are very suspicious as they were stolen from a cold wallet which probably was one of their employees.

Yup, Cryptsy seems to be the next obvious choice.
I think it would be smart for people NOT to hold their coins there unless they plan to execute trades really soon.

Let's just don't wish that it will happen again, because this kind of thing will make a bad impact for Bitcoin.

Naww, there is no such thing as bad publicity. That statement is typed all the time and its wrong everytime.

"MtGox hurt Bitcoin so much!"

Price stabilized after MtGox at 4x what it was before MtGox :P
All it does it make people realize "Crap there's a lot of money in BTC".

I see from another post,the next mt gox is crptsy and kraken,for crptsy is has been nearly true, but kraken is not yet. Lest wait for another real news about next gox.

But it also make people scared of using Bitcoin, or using Bitcoin related service.

what volume cryptsy has? how many coins could be lost?

Good question, i don't even see it on coinmarketcap;

http://coinmarketcap.com/currencies/bitcoin/#markets

Though how much BTC is or was traded per 24hours is not really a good indication of how much BTC was/is stored there in user's accounts.

Oh somethings bad going to happen
Cryptsy is currently reading "mt.gox for dummy" book ::)
All it takes is just some time
My condolences for those who store their coins there

Before anybody echos my sentiment, it has to be Cryptsy.

Edit: Oops! Looks like I'm the one doin' the echoin'. HAHAHA

at first i thought it was bitstamp, and in fact an hacked did steal a great amount of coins, but right now a random "okcoin" or other big chinese exchange are on my thought as a next candidate

crypsty seems only to have problem handling their furious overboarded security

Bitcoin users are aware of what happened during MtGox time so think a lot of us don't put their eggs to one basket only.  To which I believe Crypsy can't gain much if they turned scam these days, they should instead go legit and provide better services for long term to gain more.

What if they got their funds stolen and are trying to hide the fact that that happened, just like gox. Polo had like 12% of users bitcoins stolen and they announced it immediately. They payed back the funds pretty quickly by upping the fee. If cryptsy is hiding the fact that they had users funds stolen, it's pretty bad.

No one had doubt about what happen to Mt Gox since the big thing it happened. At the contrary. Everyone believed on this business so mach that leave there hundreds and thousands bitcoins. When the value of bitcoin was 1000=1200 us dollar one. So it will (must) be even today. Cannot be known such things before the happening of those. Otherwise the people will act and nothing bad will happen. As for your feeling about bitcoin I think you are right. Bitcoin yet is the currency of Dark Web but day after day are becoming even the currency of the Light and the Open Web. I think that this process will go more forward and will have more speed more the various countries will regulate, legalize or accept it.

Not nearly as much as Mt Gox had. I am guessing it has about the same volume as BTER has had before the hack. After all this is an alt coin exchange, not the main Bitcoin exchange that whole world is using. I am guessing that when Cryptsy goes down, it will lose about 5,000 BTCs, more or less!

That's still a considerable sum - at today's market rates it's about 1.8 million USD. Exchanges have always bothered me - unlike traditional financial institutions they have more incentive to scam (usually because control over assets is exerted by one or few people) and that there is no legal recourse should they scam. Not to mention, it's not worth the effort to try and recover a few thousand dollars.

It is a lot of money, I agree, but it's still much less than what Mt Gox has lost. Then again, this is pretty much what one big, serious alt coin exchange holds at any moment.

I just wish that people who have their funds on Cryptsy would realize that this is a fast sinking ship and that they would withdraw asap what can be withdrawn. Like this, when they go down, they would hold as less funds as possible!

The next gox wont happen on that scale ever again, gox had like 90% of the market.  Small scale versions seem to have happened, just watch out for who owns the exchange and how it runs.

Definitely not Cryptsy. Too small.
For a major effect like MtGox, it would have to be one of the major Chinese Exchanges.
Anything else is just petty cash.

seems like a lot of people who will be out of there, but historically cryptsy very long, he's already got a lot of subscriptions

Kraken is a trusted and well respected exchange. I have not seen any shady thing comming from their exchange even once. Cryptsy on the other hand is a different story. I see a lot people have complaints about not being able to withdraw their coins. It's by far not a second MtGox, but Cryptsy is up to something.

Cryptsy and Kraken aren't nearly large enough to be the next MtFux.

It will be OKCoin.

Everybody is saying that Cryptsy will be the next MTGox, but you will never know until it gets there. I have always used Cryptsy and had several issues, as so I did in other exchanges. Whatever... just to say, the next MTGox will be anyone of the operating exchanges. I don't actually think that Cryp will be the next since they are struggling to comply with all the regulations... so they would get themselves a huge problem if they went rougue.

probably Cryptsy.

I heard that bitstamp has claimed to be running on bitcoin XT, the biggest dangerous right now

is this really true, where is the source? i have always dismissed bitstamp as exchange, never liked if this is true, i'll put them in the trash can directly

also they might be in touch with coinbase, because they are pro bitcoin xt aswell

cryptsy is by a huge distance not mtgox 2.0, but they are surely going to cause a lot problems if they don't care about their custommers. i hope they will release the funds of the people that are waiting for their cashout. then there isn't a problem anymore.

I share you opinion.  And this may sound a little gruesome but I think that Mt.Gox case actually helped bitcoin community. Fail of Mt.Gox raised awareness caused by fail of the biggest exchange of our time.
People are not so trustworthy towards centralized bitcoin services anymore and usually don't keep massive amount of BTC directly deposited.

Sorry for the bump, I was trying to find the long list of failed sites and schemes, scams even.   But anyway I remember the run up to mt gox and it was very well telegraphed that something not quite right was occuring.   There was a big price disparity to the rest of the free markets and many speculated how this could continue if everything were healthy as normal market arbitrage reduces very great price differences and of course we found out the reason.   I did not quite understand what was happening or why mtgox was so iffy in its usage, I opted to stay with really easy to use sites.
 Just my perspective from back then, anyhow the cryptsy tale has unfolded now, Im not aware of anything similar elsewhere but I did want to find the long list of sites going into the hundreds if anyone knows the one I mean as I received a recent list of failed coins and blockchains to contribute

BTC does continue to have overly centralised production/storage, I think its a problem every time even before any stoppage/failure

I type this specifically about the last part, people centralise their Bitcoin willingly, no-one is forcing them to do anything. It all comes down to how willing people are to allow their assets to be centralised for the sake of convenience.

Oh yea, Im not blaming any one section in particular.  Its human nature to take the easiest shortest route in anything and security is often compromised by doing so, habits become predictable and entry into otherwise secure systems occurs.    Thats the basis of phishing and other similar tricks.    

The normal pattern for capitalism, unadjusted by helpful government agencies is to navigate failure basically.  Bitcoin is out in the wild west so we must expect failure and its totally normal, I personally dont believe in massive regulation.  I think we have to find solutions ourselves, Im just calling out that part of the mtGox and cryptsy failure was self invented.   All I see on those threads are people calling out 'bad guys' but the seed of a problem exists in every site,  customers partake in this willingly and must take responsibility for risk.  

  Outside of website/personal failures, bitcoin itself might be heading towards a problem by not making decentralisation easier, instead we are packed together (too much imo)