Bitcoin Forum

Let's see a show of hands.

There should be an option for "Hell no!"

61 dollars.

He asked about money, not spare change.
Please update that voting!

Where do you keep your money then Branson?

4000 plus --- and many coins ?




any advice ..  :-\   

should I buy as many coins while in 200's $ ?

or wait with fingers crossed ?

 ???

If I knew it would dip to $250, I would have sold at $1250  ::)

The gamble is yours

glad i dont  ;D

The moment they officially announce btc withdrawals buy as much as possible. Not a second before. Then get the hell out and never use them again. In the meantime, my advice is to weep.

Bank account, gold/silver (physical), stocks, real estate, startups and cryptos.

I didn't predict they would have this sort of glitch 3 years in that has taken more than a week to fix.

I just know one thing, if you go all in right now, regardless of if it goes down, you are guaranteed to make 3 times your money back before the year is over.
The only way to lose this guarantee is if Gox shuts down for good.

Luckily I don't at the moment, and never did.
Be smart and spread your assets across several exchanges!

Holy Shit!

I would have had no idea that so many forum users had funds stuck on Gox.

No wonder there is so many posters who seem determined to believe that all will turn out well over there.

If I had a few grand on Gox, I would be the King of Wishful Thinking right about now also.

Get ready to buy. Probably tomorrow depending on the announcement. Then get ready to move your coins out.

That's what I would do.

There should be an option for "some of us are not that dumb"

I'm still actively trading on Gox.  I really doubt this is going to end well for those of us who have out funds locked up there, but since there is nothing to do about it at the moment, I figure it's best to stick to business as usual until the funds come unlocked or Gox closes and runs with the money.

Luckily, I just have play money in BTC, so if Gox folds, I'm only out a few hundred bucks.

Moving your coins out will mean that the # of coins left to sell on Gox will decrease dramatically. People will bring money over to buy coins for arbitration and the price between exchanges will level out.

If gox is working again, there is no reason to pull out. It's a sign of honesty and integrity against the assholes that cut them down for no reason.

I don't know where to begin...

Last time I checked, there were a slew of exchanges that have already shut down and outright stole bitcoins that have better reputation than you guys give gox.

Campbx master race reporting.

no, because one penny would be able to buy infinity at 0.0000000.

The fact that well over half the users of Gox polled say they can't get money out is only one point but it's much more then enough:

http://www.coindesk.com/mt-gox-users-awaiting-funds-survey-reveals/

You don't. No one can really say what's going on at Gox besides karpeles and his cronies.  The market is losing faith in Gox, and the lack of arbitrage opportunities only exacerbates the spread between Gox and other exchanges.

NO.
I've used every exchange available for my area except MTGox.
I have an account though, but luckily never used it.

No. There is no proof that Gox is selling BTC it doesn't have, yet.  People assume that they are insolvent, but as I said before, only karpeles and his cronies know for sure.

The truth is no one knows, but the market is acting on pure assumption at this point due to a lack of communication from Gox.

If gox sold BTC they didn't have, to keep the price down when they couldn't pay USD,

they can easily buy back even more BTC than they sold now that the price has tanked since they can't pay BTC.

If Mark and his cronies want to, and haven't acted ENTIRELY irrational, there is no reason to believe that they can't pay back BTC, since this process can repeat as long as need be. The only conceivable end will come AFTER gox opens withdraws, if everybody (wisely) leaves the exchange and nobody comes back.

I have 6-7 dollars because I was testing

Qt Bitcoin Trader
http://sourceforge.net/projects/bitcointrader/

and some some analysis from
TSSB
http://www.tssbsoftware.com/

but to be very honest it was 2-3 months ago... and since then I did not have connected to gox ...

 

I have 0.06 BTC left over.

Hi all. Been Lurking a while but just signed up for first post. :-*

 If you had money in GOX, surely you'd buy cheap coins? This whole things a gamble right? It's just a further gamble whether GOX springs back or takes the lot. There probably wont be another chance to buy coins this cheap.

 Personally I would rather have nothing in GOX but I had a couple of hundred GBP in so have bought some cheap coin. Whether I will see those coins again is anyones guess, But I'm not going to just watch these cheap coins selling.

 In for a penny.....

They turned me down  at GOX for my id being to low quality, thankfully.
I will stick with purchases  coinbase and trade occasionally  at localbitcoin then store my savings in a wallet at blockchain cant complain so far.

Because they haven't fixed the transaction duplication problem.

If there is indeed such a problem. I don't believe they could be so incompetent as to have a known piece of the code shut them down for so long with no word on when things will be back in working order. It's a scam at this point.

Just bought 0.2 Bitcoin for $57 on Gox!  :D

"No" for me.

I think they are definitely that incompetent.  Gox always handles things in the most stupid way imaginable.  


That said, whether they can survive this or not is uncertain; then again it was uncertain they'd survive the hack and trade rollback back in 2011. 

True we all can't say 100% we know what is going on at GOX, but we can use all of the tell-tale signs to deduce what is very likely going on over there.

Any person/business when accused of being insolvent and is not insolvent would be screaming out to the media and community they are solvent and then provide PROOF they are solvent. (which can be easily managed if they aren't insolvent).

Trick question. There is no such thing as 'money in MT Gox'. Only IOUs.

I have about 50 cents there, maybe in the near future I can buy a whole bitcoin with it on gox  :D

Considering bitstamp temporarily halted withdrawals for the very same reason, Im not sure why you would doubt that.

Where I sit, there are roughly two possibilities; One, Gox is saying the truth, are dealing with a technical problem that is confirmed to exist and once they fixed it, BTC withdrawals will resume and anyone who sold their coins for less than 50% of market price is going to feel silly, especially after you realized you converted your bitcoins into gox dollars that are infinitely harder to actually withdraw.

Two; somehow Gox, a company that by my guestimate reeks in between 500 and 1000 BTC in trading fees per day, and has been doing so for more than 4 years, became insolvent. Problem is that I really cant imagine how. EVen if some hacker exploited the malleability bug to empty Gox' hot wallet, that wallet would not have contained more than a tiny fraction of the bitcoins (or corresponding dollars)  Gox has accumulated over the years. Do the math; ~0.5% trading fees, x2 for each side of the trade. Even on a black day as today, that is 1% of 60000 BTC or 600 BTC in fees. x365 = ~220000 BTC per year.

BUt lets assume those windfall profits have been paid out as dividends to shareholders and Gox keeps next to nothing in reserve, and due to some hack, they are now insolvent. What is more likely, that its shareholders will let it go bust, or that they will inject the needed cash/coins  to keep their 200K BTC per year cash cow in business?

As for it being a scam; I will not vouch for Karpeles, but even if he is stupid, evil and untrustworthy it makes no sense to scam when you can legally make this kind of money, especially not when you are already in crosshairs of just about every major financial regulator in the world.  It does not compute.

That just leaves incompetence then. Lots of scenarios there. Anyway, I think all options have been more or less explored by now so I'm just gonna sit back and watch the fireworks.

Gox's incompetence has been proven already many times. On the other hand, they do seem to take security seriously, which is more than can be said of many past bitcoin endeavours. An organization (or a person) can be incompetent in some things and competent in others.

People are just mistaking the incompetence for malice.

^ this.

Yes, BTC only.

Been depositing and buying some more BTC last few days, also converting with people selling goxBTC. I think I'm about to become a little too overexposed to gox, but I really can't imagine them being insolvent considering all the money they have made throughout the years.

I had around $650 dollars there before I bought 2 bitcoins with it a few days ago.

The only reason I had money there was I moved like .7 or so for a test as they had the highest price. Then I had to do all these security verifications to get the bitcoin out and I was just too lazy to do that so just let the money sit.

$3.

I'll be heartbroken if I lose it.

if mtgox goes under, I'm sure the public at large, being skeptical and suspicious of bitcoin already, won't think negatively of it.

"Seriously, Mr. Public, just to clarify for you.... that one major exchange in Japan was run by a bunch of crooks.  But seriously, you can send your hard earned money to Slovenia or to a couple of anonymous Russian guys - there's nothing to worry about."

Bottom line, new money into bitcoin if mtgox goes under = almost zero.

So then that would make Gox a typical bank... Just a bank that isn't handing-out physical notes for the IOU.

So the millions of customers (or just one million, forget which it was)... about 6000 who obviously had issues to start-off with, were asked to take an unofficial survey that confirmed no actual results (Just testimony, and possible FUD spreaders that might not even actually have an account)... about 60% of them actually have issues, the rest of the 30% who took the poll, didn't have any real issues.

That is like asking new customers for your cell-phone, who came from another carrier, to take a poll about how bad the other service was... not asking actual customers that are using that service, or actually checking any polled results. They went to the other carrier BECAUSE they were having issues. So that is a biased negative poll with no sustenance.

They failed to ask.. what was the amount you attempted to withdraw. ($40 wire for $10-$100 is obviously a low priority to Gox, as would be one suspiciously of $10,000,000.)

They can't be doing that honestly bad of a job, if they still have customers. (For now.) Longest time I had to wait for a withdraw was about 8 hours. (For BTC. I have no interest in removing money.)

Throw regulations at them, and you have more hindrance added to the mix. All and all, in my shallow opinion, I think they are doing well, for what they are. (That is not actually a compliment. :P)

Or the excellent sellers on sites like LocalBitcoins  ;D </selfpromo>