Bitcoin Forum

OK, let's look at the facts:

1) BTC price has not actually dropped any lower than it was just a few weeks ago, on Dec 18th. On Dec 18th the price was $600 USD. So far the price has not dropped to this low - so in no way is the price 'crashing'. That is pure hype crap.

2) Mt. GOX has had some kind of technical glitch. They are the BIGGEST bitcoin exchange in the world. I am a web designer and database engineer - Obviously the technical processes involved in running a massive exchange like that means that there might be some glitches sometimes. They have temporarily suspended BTC withdrawals - so they can fix the bug. If they wanted to run off with everyone's coins - why wouldn't they just shut down and say they got hacked or something - surely that would be very easy for them if they wanted to do that.

3) I have personally made many AUD and BTC deposits & withdrawals in and out of Gox over the last few weeks. They respond to my support request on average in about 4 days. I have absolutely no paranoid deluded fear that they are trying to scam me.

4) Gox has recently added One time password cards to their security. Why would they go to all the hassle of adding new features to their website when their prime goal is to run off with everyone's coins?

5) The only reason Gox slowed down USD withdrawals was because the US government stole $5 million of their money.

If anyone believes the total and utter crap written all over this forum trying to say that Gox is trying to scam everyone then they are an idiot.

If they don't re-start BTC withdrawals within a few days i'll eat my hat.

THIS IS NOT A CRASH:

http://www.bitbitbit93.com/no-crash.gif

Yes nothing is wrong...yup BTC withdrawals halted...nothing wrong there.  :D

Everything you said could be true yet they may be unable to resume BTC withdrawals soon (if the technical glitch is too big to fix quickly).

Gox's undercover PR department is here.

http://www.free-lebanon.net/wp-content/uploads/2012/08/Baghdad-Bob.jpg

When you do a withdrawal on a massive website like Gox, it's not the same as simply sending money from your wallet. It's a massive database combined with multiple wallets and cold storage too. To be honest i'm surprised they haven't had to do that before. It is a very complex web application and i am sure they are working very hard to fix the problem.

I don't really get this idea that they are doing it deliberately. Like i said. Why wouldn't they just shut down a bunch of people's accounts and steal their coins - or pretend they got hacked or something - if they wanted to steal coins?

It doesn't make any sense that they would stop withdrawals unless they HAD to - obviously it doesn't look good. They wouldn't do it unless their really was a technical hitch.

LOL! you paranoids make me laugh.

Who cares. I just want my coins @ $500  ;D

Panic more guys, the end is coming, as always...

You have to understand that MtGox has some credibility issues around here due to the fact that when they announced a 2-week "temporary" hiatus on USD withdrawals last June, it turned into many months and very inconsistent withdrawals when they did return.

It seems whales were able to move fiat in and out through sheer volume and paying a premium. Small investors and traders were treated as 2nd-class citizens.

Needless to say, when they recently suspended BTC withdrawals and promised to have things back running in 2 weeks, many people were skeptical.

Sure, understood. I'm not trying to make excuses for Gox - I just think that most of the comments on this forum are waaaay out of balance. Of course it sucks that their withdrawals have had issues. But it doesn't mean they are trying to scam everyone. That's my point.
i'm just trying to bring some balance to the force. I really don't think anyone needs to be afraid that Gox is going to steal their money.

LOL This trollbox? Good luck.  :)

Sad but true  :-[

Out of curiosity, how much do you have tied up with gox?

it hasnt crashed YET, and who said it has?
there is a very real possibility that we revisit 400. lets not speak too soon.

Not too much. I have equal number of coins in Gox, btce and localbitcoins - i think they are all good in different ways. Gox always had a better rate for selling & better withdrawals in AUD. btce better EUR withdrawals. Localbitcoins good for the more decentralized approach.
I am not trying to kiss Gox's ass or something - just trying to point out that the Gox-hating club on this forum is way out of balance and a lot of them seem actually to be anti-bitcoin itself. So go figure. They have an agenda. If they can get everyone to hate Gox then maybe bitcoin itself will go down. It's the biggest exchange and most professional in it's feel and support. No joke they nearly always reply to my support request in 4-5 days max. Btce has no support as far as i can see. Trying to kill Gox is like trying to kill bitcoin so take all the trolls Gox-hating with a big pinch of salt.

Is that the sound of helicopters?

No wait. It's just a posttraumatic coinlenders flashback...

I agree on the fact that BTC staying above the $600-ish area is indicative of at least a modicum of support.

But I disagree on Gox, it clearly isn't fine. The main upside to this is that hopefully gox will die and not cause any further liquidity crisis.

Ya I've trying to tell ppl the same thing .  I don't really consider something selling for 250 then 1000 then 650 in less than 3 months a big crash. It's a matter of perspective. It's just as valid to say the price has tripled in less than 3 months.... uh, how is that a crash exactly?   ::)

I'm even hearing out the 'big bitcoin crash, haha, oh you know bitcoin , it crashes all the time' kind of news stories in mainstream media.It just makes me laugh.  If we go to down to sub 300 , that would be a crash.

Gox going away will be positive in the long run. It's silk road all over again in bitcoinland

Sorry I don't agree. Gox going down would be very bad for bitcoin, as millions of bitcoin users would lose confidence, and the media hype would be really bad for bitcoin too. I hope for bitcoins sake that they are fine. Nothing points to them going down at all anyway.

Uh, how would millions of bitcoin users lose confidence? Major exchanges have gone down in the past. Bitfloor was the top exchange in the US and it disappeared... Gox has only a fraction of its former market share. Most people who have been around longer than a few months have seen things like this happen before. That it is Gox does not mean that everyone will throw up their arms and panic. Heck, most people hate Gox and would love to see it go.

I knew the moment I read the title this was going to be here.

P.S.  People talking about needing to see $300 again for a 'crash' as confusing a crash with 'giving up all gains'.  A Crash is a sudden drop far in excess of normal daily volatility, this is a Big Crash on Gox (because it was combined with the closing of the gap between Gox and other exchanges) and a modest one (so far) on other exchanges.  BTC MIGHT give up all it's November gains but no bubble EVER gives up all its gains IN ONE CRASH, past precedent in BTC if for gains to slowly slide over the course of months. To claim an immediate loss of all gains is what needs to happen to 'crash' is to set up an unrealistic hurdle.

there seems to be an unbreakable forcefield at 630. Price has bashed up against and ricocheted off that wall multiple times for hours. weird.

We'll be testing 600 by the morning I presume.

I'm not sure if you've read this:
http://www.reddit.com/r/Bitcoin/comments/1x9gue/my_protest_at_mtgox_offices_5_to_7th_february/

but this was another Aussie, one who'd had enough of Gox messing them around.

If you read the comments below the piece you'll find an interesting comment from someone who went for a job interview there.  And since...


you'll be interested to learn from those comments that Gox don't have a testing environment...they work live.

How does that fit with your view of them being uber-professional?

Disclosure: I have used Gox since last June and had numerous problems with them and at this point still have coins stuck on there - so, spreading 'FUD' is not in my interests.

No matter what, mt gox isn't capable of performing withdrawals, which means PANIC.
true story

Cash Flows

I find it hard to believe that the Gox BTC withdrawals stoppage is simply a technical issue. I wouldn't be surprised if they need the price to drop enough to buy back the customer's BTC they had lost. I hope for the sake of all the unfortunates with BTC stuck in Gox, that the price has dropped sufficiently for Karples to buy it back

the countdown has begun

http://localtimes.info/asia/Japan/Tokyo/widget/

That timer is counting up, not down.

No more my money, no more my bitcoin, all is gone  :'(

surprise,surprise

backward logic is perfect for the Gox exchange.

As I predicted 2 days ago - the BTC price is normalizing around $700. It will do that until October when it will rise to $5000 +
The thing with Gox...

It seems that on the 7th Gox adjusted it's BTC rate to be more in synch with every other exchange. It's interesting that they stopped the BTC withdrawals at the same time, as far as I can see that would be because of either one of these 2 possibilities (depending on which happened first):

1) They planned the price drop first and so they knew that would cause lots of people to buy more BTC, and then they would me more likely to withdraw it and sell it somewhere else - especially some of the people who have had fiat withrawal issues.

OR

2) They stopped the BTC withdrawals to fix the bugs they'd been having. This then cause a big price drop because lots of people freaked out and started selling all their BTC.

Either way, it doesn't spell the end of Gox. I am very confident that within 1 week everything will be back to normal

LOL.

I am bookmarking this! I will start a thread with this as a quote in a couple of weeks time and we shall see where we are.

 ;D

Gox is NOT fine, and BTC has not crashed.
At least this time we have other places to trade.  :)

Another fairly new member screaming nothing is wrong with Gox. It should mandatory to show a users buy in price to show reasoning behind their thoughts, which in this case are entirely wrong.

I remember screaming "everything is ok" when I bought in high and the price tanked shortly after. Then I learned that I knew nothing, and to use price swings to my advantage. So go educate yourself before you claim everything is fine.

Who are you to decide when it's a crash or not?!
We all secretly know we're doomed!

"I bought in high and the price tanked shortly after"

hmmm..... an element of rage here?

I bought in at $40 if you must know!

Rage? Lol..No.... I had bought my biggest stash and then we had the hard fork crash and I panicked, so no rage here. That was almost a year ago.

It is amazing to me that anyone has been using Gox, in the last 9 months. When i hear these complaints and anger I am truly shocked at the victim mentality. Take some responsibility for your choices.

It was clear during last April that those guys were technical jokers (possibly well intentioned). It did not take much knowledge or research to figure that out. Definitely not up to real world challenges of running the largest exchange in the world. Anyone who ignored those signs and stayed deserves any losses and frustration they experience. I cleared out completely as soon as things stabilized last summer and have not looked back. There are plenty of options today and for the last 6 months.

If you still have money in Gox, you blatantly ignored dozens of warning signs to make that decision. Be honest with yourself. It will help your future investment decisions. Or just stay in denial and keep blaming everyone else for your situation. Your choice.

Respectfully. Grow up.

Gox's current collapse has been a long time coming, and was inevitable given the maturing of the broader ecosystem. It will not have any significant impact on bitcoin price (except as a temporary excuse for market movers to extract more cash from easy to scare newbies)

 ;D

I always wonder how some people can predict the future so well. And sure, because the last rally was in october the next rally will be in october, too^^

LOL, the price on BTC-e 102 usd 

Check,
http://easycaptures.com/fs/uploaded/641/7070778456.png (http://easycaptures.com/7070778456)View Screen Capture (http://easycaptures.com/7070778456)

Of course you did , and of course you have gained 50%.
Too bad doge is going back down 15% in the last hours , and the price of doge is in btc.

So if doge is failing , is failing much more than btc currently.

Amazing things happen in the crypto world and this is no singular example.

This , just like the others thing you raised in your post show that the myth about bitcoin being used by smarter than average persons is going to be busted.

And your username is Give BTC pls. If that is not ironic , ....

At least we agree on something  :D :D

The truth is that MTgox has invented 'damping oscillator'. If nor BTC or $ can be withdrawn, people are bouncing the walls and price will drop. Eventually mtgox will open BTC gate and everyone will sell bitcoins for 50$. All those poor people who bought BTC for 800$ and more some few months will loose and pay off mtgox debts. So...fuck you MTGOX. Why didn't you suspend trades?

yes, the price glides down

Is it a crash yet?

No, real crash coming.

That's a shame

Did you actually withdraw AUD from MTGox recently? If so, when, how long did it take, and what method for withdrawal did you use?

So much for that 465 Wall on Gox lol :)

http://easycaptures.com/fs/uploaded/644/4595687276.jpg (http://easycaptures.com/4595687276)View Screen Capture (http://easycaptures.com/4595687276)

New low of 302 on mtgox!! 517$ on Btc-e; it makes you wonder if a big negative news about mtgox isn't going to pop up soon

All the mtgox traders are probably up in front of their screens

OP does not have a good track record with predictions/speculation.
Better luck next time.

So when are you going to post the YouTube link showing you eating your hat?

How to Eat Your Hat
http://www.youtube.com/watch?v=reWpZHiDQVc

btc @490 on btc-e; don't you like it when people find old predictions and show that is not what happened?


let's see if he will


is that you on the vid?

I've seen video today of a guy eating his hat for Bitcoin bet.

I usually don't "find old predictions", but the all-caps "Mt.GOX is FINE" deserved a response.



No   :D

Plenty of fiber, but too chewy for me.
Did he eat a whole hat?

He had cut it to the pieces and eaten them with some sandwich. I haven't been interested to watch the whole video so not sure if he did it all, guess he did.

It's 40 mins long so he bloody better have polished off every last bit

Are btc withdrawals working now on mtgox

Welcome back, been away?


If they are I will eat my hat.  :D

mtgox issue will keep delaying maybe 6m 1y 2y 3y.. but i guess the range is around 1y to 2y..

and dude.. even if they come back.. "limited withdrawals per day..."


WAKE up.. if full withdrawal they cant even come back.. and bitcoin price will drop again then increase later.. =.=..

they wont do that lol!