Bitcoin Forum

Anyone knows what's going on?
I see no action on Gox's trading.

Yup... if you try to place an order you get the simple and exceedingly unprofessional message in the form of a popup that says "Trading Has Been Disabled".  However, it was possible to cancel any open orders.  It might have something to do with some sort of white knight deal I was reading about.  Wish I could find that commentary... maybe it was on this forum.

Perhaps related to this (if true)?

http://two-bit-idiot.tumblr.com/post/77745633839/bitcoins-apocalyptic-moment-mt-gox-may-have-lost (http://two-bit-idiot.tumblr.com/post/77745633839/bitcoins-apocalyptic-moment-mt-gox-may-have-lost)

Trading has definitely been disabled

https://i.imgur.com/o7KKjrM.png


There is a relatively large discussion on reddit you can view here (http://www.reddit.com/r/Bitcoin/comments/1yuopj/trading_disabled_on_mt_gox_its_happening).

Thanks for that link.  Wow... what a crap storm Gox is.  The worst thing that ever happened to Bitcoin is Mark Kapeles.  But as the article says, "we believe that the benefits of keeping MtGox stable and running outweigh the risks.  So that comment may tie in with plans that might be underway to take over Gox and save the customers and all their coins.  This is probably the best thing that could ever happen to get rid of the chaff and get Bitcoin going on the right foot.  MtGox has been the sole detriment to orderly action in the Bitcoin world.  They have been interfering from day one.

cheers for the screen shot mate!

No official statement from Gox posted yet - I am praying trading will resume or at least we can be allowed external BTC transfers - Unlikely though : (

For what it's worth I am still logged in as of 9:41 EST so the system is still operating at some level, but no news or announcement is posted.

Thanks for the replies and information guys,

What do you think this halt is all about? is there any technichal guy to say if there's a connection between shutting the trading/servers down and updating the accounting software? I mean... maybe, just MAYBE, they really are doing what they said they are doing - fixing the issue/s and resume withdrawals soon?

I can confirm I tried to place a trade and got the disabled message. The ticker can't decide if it's stuck at 135.00 or 131.70. Just so you know if any insolvency company has taken over then disabling trading would be a given first step.

Yes, it's no problem to log in or out of the site.  If, it's true that Gox has lost 750,000 BTC, in theory that's their tough luck.  That doesn't mean they have stolen their customers' coins or cash.  According to this article (thanks mpfrank) http://two-bit-idiot.tumblr.com/post/77745633839/bitcoins-apocalyptic-moment-mt-gox-may-have-lost Gox is bankrupt.  What happens to their customers' accounts is the next mystery that has to be answered.  Maybe Kapeles is just out taking a dump and will be right back.  On the other hand, that's probably just wishful thinking, lol.

+1 Here with you bud - Nothing has been posted on Gox site yet - Just speculation and rumors (might have something to do with that story everyone thought was FUD re: 750K BTC lost) I am hoping that they are installing new implementation and going to allow external BTC transfers shortly  

i find it so funny that people are still logging into MTGOX and trading..

don't you guys realise that MTGOX has severed its ties to the blockchain and to its bank, and all you are doing is playing with binary digits in a database....

and now even that database has severed its ties to the client-side page of the website where you lot want to place orders.

Can the OP please correct the typo in the title?  :P

Exchange rate is very low on Bitcoinbuilder - are you guys going to just hold for now??

I wish one the the larger Venture Capitalist firms would raise some money to buy out Gox, and try and restore it back to what it once was (and get users their money back)...

Can anyone confirm that? I don't click on links I don't know or go to bitcoin related websites I don't know.

Well this is time of great rejoicing for me. Gox  -- the largest contributor to the largest number of crashes in bitcoin -- is just about completely finished.

This is great!

There are speculators that should know better, but there are also real businesses that were using MtGox as well as a lot of newcomers interested in participating in the economy that didn't know any better, as well as payment processors and charities. Still, it's great that there are people like you that think this all to be very amusing.  ::)

lol

"[–]SarahCoinBit 1 point 3 minutes ago
It was a pleasure serving this community..marion and myself just got laid off."

Yup.

Seen this yet?

http://blog.coinbase.com/post/77766809700/joint-statement-regarding-mtgox

I heard a rumor that Mark accidentally destroyed a hard drive containing 1,000,000+ BTC by spilling a frappucino on it.

I presume that those poor speculators on there do its so they have more digits in a database to sue Gox in fiat if they go with a proportional reimbursement lawsuit instead of a winner takes all lawsuit. Trying to recover the most of their losses

At a loss for the proper legal terms

Proportional based on BTC

Alice had 100 BTC of the Pool of 20,000 Therefore gets 0.005% of any amount they receive in the claim divided by total bitcoins of all shareholders
Bob has 500 of 20,000 and receives 2.5% of the suit.
Distribution to their file holders based on the Bitcoins they held in fractions proportionate to their holdings.

Proportional Based on Fiat
____
Alice put in 5000 dollars and gets a % of her cash back instead of the Bitcoins held and bought them at the same price as Bob
Bob put in 5000 dollars sold his Bitcoins at 1000 then bought back at 200 dollars
Bob now has 5X as many BTC as Alice
If the suit is based on cash deposited they would still get the same % of cash back regardless of how the trading went
___
All of this assumes they are able to squeeze any money at all out of Gox

Sadly that's all the speculators can do with the binary numbers at this time.

sounds good..
finally the community can start to grow again after the worm is dead.

damn lol

Whose that?

Argh i know i cant wait for mtgox to close up shop.. Would be best for everyone.
Except people with bitcoins/fiat in there..

SarahCoinBit stopped working for Gox weeks ago

Sorry to hear about people still having coins stuck at Gox, but the writing is definitely on the wall now.

End is definitely near(for Gox).

I quoted what she posted verbatim...

Gox was broke weeks ago too... She obviously feels like she was "laid off" and it wouldn't surprise me if her departure wasn't for financial reasons.