Bitcoin Forum

So what are your thoughts folks?

Based on what we're seeing, the signs are there or maybe I'm just reading things incorrectly. But if all is well with MTGOX, why are people still having such extreme difficulties in withdrawing their funds?

I myself could not withdraw my funds from MTGOX. During the 2 week USD hiatus they claimed that withdrawal of other currencies would not be effected by the USD hiatus.  So in trying to outsmart them I opened a Euro account, sold some BTC's for Euro's and tried to withdraw the Euro's to my new Euro account. Guess what, NO LUCK!!!  Euro withdrawal didn't work either.

So in believing that MTGOX is in some deep troubles, I decided to take a lose and sell my BTC's on another exchange and withdraw my funds. The withdrawal through the other exchange went smoothly and the cash was in my US bank account in 3 business days.

Prior to selling on the other exchange and withdrawing, I was purchasing gold through Amagi Metals, before deciding to try out the other exchange.

Let me know what you think folks.

Best.

Pangia

No, otherwise they won't give bitcoins and instantly deliver them.
They are just incompetent.

In reality it is often hard to distinguish between a full Ponzi or just incompetence.  Maybe they just made some honest mistakes - then wanted to cover them and got even deeper into it and now don't know how to get out.

A sufficiently advanced level of incompetence is indistinguishable from malice

Waiting for my SEPA for over 2 months now.
Support doesn't respond.

I consider my money to be lost...

Hi Magnet,

If they do ever respond, my suggestion is to request a cancellation of the transfer, purchase BTC, transfer them to another exchange (BitStamp was the exchange I used, my account was verified one day after I opened it and once verified I did not have a withdrawal limit) and withdraw.

I would hit up MTGOX on their FaceBook page as well as their Twitter account to find out why they won't respond to your inquiries.

Good Luck.

I don't think it meets any definition of a ponzi. Maybe I'm missing something, in what way is it like a ponzi scheme?

They might have only partially covered reserves (= they have less funds than the total user balances) but this is NOT falling into the definition of a ponzi scheme (= paying interest from deposits of new/existing users instead of whatever else you claim to do).

Please get your definitions straight!

I think that wells fargo account was not the only bank account they had, they LOST a lot of 1 and 0s on a computer server...

My thoughts are lol @ you bunch retards, for not having been there when it was decided in April, for not knowing in May that it was decided in April, for not reading between the lines in March that it's going to be decided in April and for not having fucking read the plain text back in June about how you should stfu, disregard everything else and fucking revere what I say like the holy gospels.

That about sums it up.

I think FIAT is a Ponzi scheme. I voted "no" though because MTGox are incompetent and I don't feel they are intentionally scamming people.

That's very likely. Brokers speculating with customer funds have destroyed major financial firms many times.  Drexel Burnham Lambert, Lehman Brothers, and recently, MF Global, all went bust for that reason.

And Gox has about 1/1,000,000 the level of "competency" even those firms had. 

Blind panic. As always. People will switch exchange. From bad to worse. And then they come back with the "I will never use ***" statement.   ;)

what happened in April to cause this?

Wanted to give this a bump based on the current situation.

been waiting for my MTGOX Bitcoin withdrawal.

Yes probably a ponzi scheme: http://www.theguardian.com/technology/2014/mar/10/mtgox-bitcoin-database-leaked-online-as-hackers-crowdsource-clues

You registered just to spread FUD?
Oh my...

Mt Gox, had phantom deposits for at least a year manipulating the price $100 higher.

Also its not a suprise to most people on this forum, that Mt.Gox was failing unless people werent really reading on updates with peoples concerns.

They even had to sell personal data to off-set the company a bit. And thats barely helping them out.

It is not even close to ponzi in any way. With this way of thinking any bad investment or bad business would be ponzi