Bitcoin Forum

I'm a newbie so I can't post on a thread another user had made, so I'd like to discuss it here.  https://bitcointalk.org/index.php?topic=137923  He insinuates that Mt.Gox may be out of money.  First off I'd like to point out, that it sounds like he has more than the $4000 he tried to withdraw in his account.  Second off, if I really thought that Mt.Gox was running out of money, I wouldn't be running to bitcointalk, probably the most popular forum for bitcoiners, to tell everyone about it.  If I truly believed what he said, I'd keep that info to myself and try to withdraw all I could instead of scaring people into making a run on Mt.Gox.  I have heard that people trying to be completely anonymous with Mt.Gox have had problems getting their bitcoins back.  I can understand that.  I can also understand that it may take longer than expected for your first large withdrawal from your Mt.Gox account.  I'm sure there are plenty of miners that regularly trade bitcoins and withdraw $$$ on a regular basis from Mt.Gox.  Being that they've only been around a short while, and this is a new game, I would expect them, for the safety and legality of their business, to give us all a hassle at some point.  That is all.

I doubt this, GoX will stay around, there's too much at stake to take down the fiat system!

Just to point out that he indeed is a regular miner, and has probably exchanged more on mtgox than both of us combined. He's the operator of eclipse mining pool too.

I doubt mt.gox is out of money, after all they are the largest (by far) exchange in the Bitcoin world.

Considering how much activity there has been recently in bitcoin. It seems weird that they would run out of money. They must surely be as profitable as ever.

I have an account with Mt. Gox and seeing this kind of stuff makes me nervous.  Has anyone successfully withdrawn money (more than $1000) from Mt. Gox recently?

Would it put your mind at ease to know that we are talking about unsubstantiated hearsay? 

We may be talking about unsubstantiated hearsay, but Mt. Gox has imploded in the past and I have no way of knowing where that money went ... do you?  Besides I've heard of Inbara (sp.?) before and I don't believe he is made of pure gossamer.  I just withdrew my daily limit of bitcoins from Mt. Gox and will continue to do so until things get resolved.  The last time we were over 17, it popped at about 30 and that was when Mt. Gox was "hacked", whatever that means.

If MtGox were out of anything, I'd expect them to be out of bitcoins.

Being out of fiat money when the price is rallying hard just doesn't pass the sniff test.

In 2012 ,they has $2M profit.

I don't think it is possible. They probably have some difficulty balancing money after the holidays as I think a lot of people took their money out, but I guess they will handle it.

mtgox may be out of money, but i have nearly fitty dollars in paypal right now

They haven't had money in their Dwolla account for atleast 13 days now. My withdraw has been "to do" since the 10th and they've said they don't have any money in their Dwolla account.

Yes, I have.  My last SEPA withdrawal took 3 days.

I doubt mtgox is out of money.   I have often had problems with delays with them, but I always received my money eventually. My guess is that they are overwhelmed by the bureaucratic burden of running a large bitcoin exchange.

i was about to upload alot of money to mtgox...should I wait?

i am waiting for my money more than 14 days , SEPA

https://bitcointalk.org/index.php?topic=138528.0

"the transaction is queued up and we are yet to get an update from our developer"  ,

so 10 working days left, and my withrawal is still queued

There's an old saying, "It's easier to buy than to sell".

The timing of such a statement seems odd; I would be suprised if they were out of $ at this point of growth.  I wouldn't be suprised if people were trying to slander key players in the market...

Are there any alternative to Mt.Gox? (is this an acronym?)

I mean, if we are going to spread the gospel that is BTC, shouldn't there be more than one exchange?

MTGox is an acronym, but it's from back when it was a Magic The Gathering store / trading site. (They've since gone all-in on bitcoins.)

MTG = Magic The Gathering.

MTGox = Magic The Gathering Online exchange.

Here is how MtGox works: They make a cut off every buy/sell transaction.  That's how every exchanges make money.

When you withdraw $, MtGox pays you from it's holding accounts.  That $ got there either by your deposits or the sale of your BTC.  MtGox doesn't pay anyone unless someone else ponies up the $ or the BTC.

When you withdraw BTC, they are yours so MtGox gives them back to you.  MtGox doesn't pay anything.

Now if MtGox operating expenses outpaces their revenue, then they might have to dip into the holding accounts, but that would be a very bad way of doing business.  I'm sure they make enough profit on every transaction to pay everything and then some.  If they didn't, they'd just increase their cut to make more $.

It cracks me up that such a successful business originally sold anime trading cards. I'm glad someone brought that up before I did. So funny.

People always come up with these scare stories. Why? Because they are afraid of change.

The business has changed owner twice since the days of selling cards. The software has been rewritten from scratch. The brand name, and a handful of original customers from back in 2010, is all that remains.

Totally didn't know that! Thanks.

start a new topic,  this topic is "Mt.Gox out of money"

I was just trying to email for an update on my withdraw and I received:

The idea of an exchange running out of money seems a bit odd to me. The way I understand their operation they either collect fees, which means they get paid no matter what. Or they buy lower than they sell getting the value from the mark up. Either way as long as there is action on the market they make money. I doubt that there is any shortage of action on the market and a major player like them is unlikely to have cash flow problems at this point, so it is not even that likely that a run could be produced on either side of things. It does seem like it would be more of an attempt by someone to scare flighty customers away from them and on to other exchanges. I would not put too much stock into the claim. Also, on a somewhat unrelated note. Thank you for the explination about where the name came from. That was neat and I did not know that.

MTG is neither anime or trading cards. It's a fantasy collectible card game. trading cards are not a game.