Bitcoin Forum

So, what do the enlightened minds at Bitcointalk think?

Withdrawals fixed but limited to a small weekly number

Thats what I am guessing.

should be something along the lines of "we fixed it, but because we need some time to test no more than X bitcoins per day"; no other choice, otherwise they will see the largest bank run in bitcoin history.

Why Bitstamp and others are already away from this problem (they seem to be aware from malleability?), and Mtgox is still delivering uncertainty?

There some kind of irregularity here, guys. A difference of $650 in bitstamp to $270 in Mtgox is certainly a huge breach that this next week is going to be severely reduced or else I believe gox is going to close.

BTW, I also think that buying today bitstampBTC is a good investment because when ever Gox announces the problem is fixed, I would say there is going to be a climb to almost  $800.

Do you agree? I am not a 24/7 follower, so what do the geeks here think?

That would likely give the impression that funds were misappropriated, especially if the price of btc rise as funds are 'bailed out'.

the only way to know that it is 'fixed' is to test it.  

nevertheless if they want to avoid the '"bank" run'  it makes sense to limit withdrawals

Withdrawal PRICE FIXED,thanks for your patience

sorry, but because of Bitcoin code error still not fixed, you can all get your coins out at current price,$120, no Bitcoin withdrawals

expect a mad rush to the exit and the GOX has saved it's skin  ;D

It seems MtGox has started BTC withdrawals, but the transfer queue has been flooded with requests.

Or they just changed the text displaying after withdrawing. Anyone got their withdrawal proceeded?

Proof? I don't think they would start withdrawals without making some kind of statement. They said they would be doing thorough testing before resuming withdrawals again and would come out with an update on the situation on Monday. Wouldn't make any sense to just allow withdrawals stealthily today. I think they will come out on Monday saying that they still need some more time to test and that they will resume withdrawals soon, which could be weeks from now. :P

I tried it out and got

24/7 follower ever since the plummet of last week.  

The $270 that you cite is a strong indication that the announcement: 'problem has been fixed' is a long way off.   The lower the number the further away the announcement will be.

If they announce that the problem is fixed, yes, the rate will skyrocket, but not before it heads in the opposite direction for a spell.  

Before people start buying, massive withdrawals from MtGox will be made, resulting in greater supply and buying opportunities.  

If they are out of biz I could see it going to $750 over two day span, maybe $800 by the end of the week.  If they stay in business, $750 is likely the ceiling, either way depending on the graph you look at there will be a 30 - 40% avg spike from lowest to highest in single day.

The problem is most of the other exchanges are no longer considering MtGox rates when calculating their own rates, MG is no longer competition, as such their rates already consider MG out of biz so their rates won't have much movement either way.

Something really good has to happen this week for btc to reach $800 with ease, here are some examples: the feds auction off the btc they seized in an auction style format [possible], wall street announces that a hedge fund took a position with btc [not likely], a small but very wealth country (lux, qatar, Dubai) says they like btc [not likely], CEO of Mt Gox arrested [possible].

Keep in mind that much of btc's growth is media driven, without the media attention it would be at about $400 [representing a rapid rate of sustainable growth].

I perfectly understand Mtgox

they fucked it up once!

this perfectly applies to them After you've been burned by hot soup you blow in your yogurt!

An alternative that is missing is: "the release will say that withdrawals have been re-enabled, but most of them will still be blocked"

Thank you Armis, I like your point of view. :)

As you say media is a big part of all this, and the last weeks we have seen them explosing the "bad" informations (apple, russia, gox, etc), instead of promoting this technology and showing the many startups and bigger corp.s that are investing on this more than probably future financial system.

Only getting gox back to work would already make this huge price raise go up. Or are there still bad announcements to know this week? We must stay carreful before taking decisions right now.

But looks like in the medium term, it is a good value to still buy around 600s and sit&wait. Thus this weekend the price is not moving at all, so much steadyness demonstrates we are all waiting for fresh news.

Mtgox has to get this fixed next week, or will be rejected and closed soon. Where is MTGox CEO right now? Is he in "business travel" or at work? If he is working at the office that means solutions are near, if he "left for a trip" that means he is avoiding his arrest and all clients are sucked...

Does anybody know why Bitstamp is not affected by malleability and gox cannot solve it so far? (is it as simple as manual control of orders in and out- that's what coinsetter does).

Same as option 2 really  :)

I don't think they'll open withdrawals tomorrow, and when they do (likely late next week) they'll probably implement strict security measures (stricter withdrawal limits, disallowing all BTC withdrawals by unverified customers, etc.)

Does anyone have a link to this Monday announcement as I can't seem to find it!

Thanks

It's NOT Monday yet in Japan!

It's is 21.55 Sunday!

the announcement from Friday is here
https://www.mtgox.com/img/pdf/20140215-BTC-transfers.pdf

Sorry I apologise, I was looking for a new announcement about an update on Monday and I didn't think to look in that document where they mentioned the upcoming announcement.

Thanks very much.

the clock ticks...

Time goes by, so slowly!

for them time goes very fast :)

I wonder how many bitcoiners are going to be staring at their computer monitors all day waiting for the announcement?

Don't worry, everything will be OK!!
https://i.imgur.com/9fEN4EO.jpg

put it this way if they put google ads on their site they'd make enough money to get them out of this jam.

Can people here read or....?

"
Resuming Withdrawals
!
"
With this new system in place, MtGox should be able to resume withdrawals
soon. At the beginning we will do so at a moderated pace and with new daily/
monthly limits in place to prevent any problems with the new system and to take
into account current market conditions.
"
"
In order to launch the new system, we are going through the following steps:
"
"
-
"
Re-indexing the entire Blockchain (approx. 32 million entries)
"
-
"
Fully deploying the new NTX ID
"
-
"
Implementing a new bitcoin withdrawal queue that needs to be tested
"
"
We will update everyone again by Thursday at the latest.
"

The NEWS FEED IS HERE - I suggest people try reading it before trying withdrawals as it clearly states THURSDAY there will be another announcement:

https://www.mtgox.com/news (https://www.mtgox.com/news)

Interesting, on Thursday they will probably just put it off to next week for another 'announcement'

I think we called it on this thread.

Anyone think the staggering of withdrawals is just an attempt to cover up insolvency? Right now the only activity they seem to be engaged in is stalling for time.

They're just incompetent.

The fact that they say they've implemented the new indexing system is promising, but they still admit they haven't written the new withdrawal queue system. Let's hope they have someone besides Karpeles doing the coding.

FTFY!  ;D

Anyone here, who got his BTC out of MT.SUX?

Since days I only get: