Bitcoin Forum

I took my coins out of Gox back in May when their fiat withdrawal problems started.

But if the recent Gox coin withdrawal problem is just technical then the price discount (currently US$ 120 per coin) is becoming attractive.

Thoughts?

tempted in the same way i'm tempted to stick my schlong in a meat grinder

I will do it probably tomorrow :)

No need to wire money into that hellhole:


If you want cheap goxBTC:

https://bitcointalk.org/index.php?topic=455243.0

also some useful resources:

https://bitcointalk.org/index.php?topic=459788.0 -discussion of "value" of goxBTC in speculation forum

https://www.bitcoinbuilder.com -site designed for trading realBTC for goxBTC

I love free markets  :)

You might want to be careful. You might get coins that were erroneously credited to a users account and Gox may remove them while they fix their records.

No. It's like playing Russian roulette with your money!

I could be off the mark here, but I'm fairly sure that internal exchange transactions happen off the blockchain.

The counter party risk is that gox is insolvent and you lose your deposit(s). Despite this forum having already decided that's the case, I would say it's unlikely. 

What I mean is that there are bound to be people who exploited the issue and have bitcoins in their Mt.Gox balance that have already been paid out. Mt.Gox is likely currently correcting these mistakes. If someone ends up buying those coins, they may be in for a rude awakening.

I'm not too worried about Mt.Gox as a whole. They have a good track record of absorbing losses (The Hack, Dwolla seizure, ...) and carrying on.

The days when the withdrawal issue started the gox premium turned around to a discount. Now it appears that all the big exchanges are facing BTC withdrawal issues. Still the Gox discount exists. Not too sure why this is the case. Either some people do know something or some are stupid to sell GoxBTC for GoxUSD. I would guess the BTC withdrawal issue will be fixed first....

What am I missing ?

you missed that other exchanges paused withdrawals before a problem with funds began to occur to prevent being manipulated. Gox has been operating with this glitch in their software seemingly for months. People will be lucky to get 25% of their coins back at all, imo they are all gone.

so would you do consider the GoxUSD option as the safer bet ?

if gox holders get 50% or less of their bitcoin, bitcoin will not clear $1000 again until after 2020, if ever.  whales would be better off in the long run by GIVING some of their massive bitcoin holdings to gox instead of letting it go bankrupt.  sometimes you have to give for the cause, even if it hurts a little bit. gox bankruptcy = disaster as no new buyers will come in. 

So, Satoshi needs to bail out the ''too big to fail'' Gox?  :D

Haha, bitcoin is starting to look like the fed economic system more by the day.

Gox is too incompetent to not fail. Bitcoin will be better off without "the exchange that couldn't".

I think that's overstating things quite a bit. Gox is not as central to the bitcoin "ecosystem" as it used to be.

In the short term though it gives the mainstream media something to focus on.

I have PROBELM?

I have over 38 GoxBTC I bought and I just received this email from Josh Jones josh@newdream.net

Hi there,

I really really apologize for "springing" this on you, but Bitcoin Builder has taken off just today in a way I hadn't really anticipated when I launched it on Tuesday, and as such, I got some legal advice on regulatory compliance and it's recommended that I get identifying information before processing withdrawals over a certain size.

Fortunately, all I need from you in order to process your withdrawal is:

1. Your country of citizenship.
  1A. If the US, your SSN. (or if you have a US. Taxpayer ID #, that)

2. Your birthday.

3. A scan of a government-issued photo ID.

This is a one-time thing and you'll be good to go afterwards! Just email them to me here and you'll be all set.

Again, I really appreciate this and apologize for not having this policy in place before and clear on the website. I'm working right now on adding it to the web interface and adding notices, etc!

Thanks so much,
josh!

I would be careful of this. I don't see this mentioned on the website. Also I have emailed Josh a few times and he always writes back from josh@bitcoinbuilder.com if you have questions I would email and ask him first! Be careful before you send out all your personal info.

he did reply from  josh@bitcoinbuilder.com, I refused to sand my personal ID scan and info

and he then agreed to sand me my BTC before trade to my personal wallet, so now i got it back, just i lost the ones Gox-ed BTC i should have from trade :(