Bitcoin Forum

Bitcoin prices on Mt. Gox have swung between $91 and $350 over the past three days... Weigh in on whether or not you think the exchange is doomed. What do you think they need to do survive?

I'd say it's 50/50 right now but i'm leaning more towards bankruptcy. The fact that they still allow trading while they hold withdrawals either means they are planning on coming back or are scamming everyone big time.

you forgot to add:
after a few announcments of new announments they finally managed to solve it themselves and continue.

but we have to understand that we are only allowed to withdraw 1btc/day because of the risk they take beeing the biggest exchange and permanently attacked.

Good point. I just added that... I didn't reset the votes since there are so few right now.

MtGox always finds a way to continue fucking everyone into oblivion, indefinitely.

I don't know why, but for some reason I think they will figure things out and get back up and running.  One way or another, I'd like to see this drama come to an end.

 While collecting the trading fees and stringing customers along. I'll be optimistic 50/50...

It's the nail in the coffin this time.  Going down.

No.  

I simply don't see how they can ever regain customer confidence again.  All the problems gox has had over the last 1.5 years with technical glitches, downtimes, insane verification wait times, customer service that doesn't respond,  bank seizures causing banks not wanting to work with them, lawsuits that are still pending, government investigations that are still pending,  customers unable to get their fiat out, and now customers unable to get their bitcoins out.......   what could they possibly do to make people want to ever stay with them or come back with them.  Especially when there are now other options out there and more options coming.

If anyone knows an answer to that, please let me know.  Cause I don't see one.   IMO I think gox will go under sometime in 2014 or early 2015.

Gox is already brain dead. There is no hope that it will survive.

a mt gox collapse would probably be a healthy change.

People used Gox because it was mentioned in the media a lot. I think everyone learned there is better exchanges now, and hopefully the media follows suit and forgets about Gox.

i was thinking about deposit fiat to mtgox.

No. Even if they do survive this speedbump I would say the damage is already too much.

I should also mention I do not expect them to survive in the short term.

Karples is not without intellect. I believe he will bounce back as he has the last 3? (I lost count) times he erred.

Good plan!  You could also:
-Throw it out the window
-Use it to light a fire in your fireplace
-Donate it to charity

In my opinion, all 3 options would provide a better return on your investment.

This is why the Gox will survive to Gox more investors in the bithole. Lot of guys like this one. LOL !!!

seems your signature says the opposite

 It will be better without them.  >:(

It is just a cleaning social account to open new page ...

Come on guys be cool.

You add these numbers to your poll.
https://bitcointalk.org/index.php?topic=476526.0

Funnily enough, that's kind of what I see happening. Very small withdrawal limits- the new verification for BTC will slow the withdrawals down too. Short term I see them surviving, but long-term they seem shot in terms of retaining a customer base.

Pretty wishful thinking there, you can expect the media to either continue mentioning MTGOX or you can expect them to use it as an example of why Bitcoin is totally broken and conveniently leave out how badly they were operating even before stopping withdrawals.

I would say it's 50/50 right now, because of their weird PR, but i'm leaning more towards survival.   :D

Mark would be stupid to destroy "such" a brand... :o ::)

let that be a lesson to everyone mtgox downfall began due to regulations and their own bussiness practices.

I very much doubt it. I'm been surprised it has continued functioning for as long as it has.


I think this was a big part of its business. It was the biggest exchange just on name alone. It's the first one pretty much everyone hears, yet you soon heard all the horror stories about it or found out first hand if you ever tried to use it.

can someone please explain why they will go to bankruptcy? did they lost a lot of bitcoins because of transaction malleability? are they losing trustability and prestige so even if they solve the problem, they will be on loss? in these withdrawal resolving process, are they losing a lot of profits? did they already go bankrupt and these withdrawal issue is just a diversion or something? any other possible reason?

it's so interesting that people saying they will fail are saying nothing about the reasons. IMO, they were making huge money in last months, and this is just a basic technical issue so failure is just a small possibility and the failure theory is mostly based on speculation 

I think that sending FIAT money to mtGox right ow is not a stupidity. If you manage to buy 1 bitcoin in mtGox for 160$ and they solve their problem in the next month and let you take your btc out you will have made a 400% of profit. It's risky but benefits are potentially high. If it were a safe call I'm sure the price would be much higher.
We have to think that all the exchangers had malleability problems and mtGox is having a worse time fixing them, this last malleability problem is companied with other problems that they had before with fiat withdrawals.
Fortune favours the bold, but I wont put more than a 5% of my total fiat savings in this mtGox operation.

(To try this you should already have a verified account because the verifing process takes at least two weeks)

noooo

Roger 'Bitcoin Jesus' Ver thinks MtGox will

Will users get their funds and coins, and the site be running again? I think so.
Will they ever be trusted again? Don't know.

they'll probably putter along for awhile.  But no way is some going to trust them.  Only chance is to declare bankrupty/fold.  sell assets ( domain ) and have some else take over.

Based on the price for MtGox bitcoins the market seems to think there is a good chance users are never going to get all their coins back.  It's clear they lost coins to scammers and they have done little to reassure markets with a "We have 10000 bitcoins" type statement.  If they can't make everyone whole then they have to declare bankruptcy.

I was thinking about that also, they don't even try to reassure their customers much

They could say that they are solvent and everything, and communicate everyday, I guess they have a lot to do

If you think they are malicious, you could think that they want the price of btc to be low, for some reason; or maybe they don't want to say they are solvent when they know they are not for legal reasons

Since their website is off and all these new rumours spread http://www.reddit.com/r/Bitcoin/comments/1yvdcd/heres_a_summary_of_what_has_happened_over_the/ (http://www.reddit.com/r/Bitcoin/comments/1yvdcd/heres_a_summary_of_what_has_happened_over_the/) I m changing my opinion.
I do not believe anymore that Mt.Gox will survive.

I'm expecting an awful week, at least it won't be boring... ::)