Bitcoin Forum

Mt Gox is currently trading at about $140/BTC and crashing.

What do you think the end of Mt Gox will look like?

This sudden big crash just hours before the Gox announcement must mean someone knows something we don't.

This sudden big crash just hours before the Gox announcement must mean someone knows something we don't.

has anyone successfully got any funds onto gox in the past few days?

yes. sepa took about 48 hours excluding weekends (and I think monday was a holiday in US? maybe elsewhere).

This sudden big crash just hours before the Gox announcement must mean someone knows something we don't.

gox update:


!
"
FOR IMMEDIATE RELEASE
"
"
"
"
"
"
"
"
"
"
Tokyo, J
apan, February 20th, 201
4
!
"
"
Dear MtGox Customers,
"
"
Thank you for your patience this week while we are working on re-initiating bitcoin
withdrawals. In addition to the technical issue, this week we have experienced some
security problems, and as a result we had to relocate MtGox to our previous office building
in Shibuya (details can be found here
https://support.mtgox.com/home
). The move,
combined with some other security and technical challenges, pushed back our progress.
"
"
As much as we didn’t want to only provide an “update on an update”, this is the current
status. We are committed to solving this issue and will provide more information as soon
as
possible
to keep everyone in the loop.
"
"
We are very sorry for the delays and deeply appreciate your kind understanding and
continuous support.
"
"
Best regards,
"
"
"
MtGox Team

eMpTyGox has no place in the bitcoin economy.

Mark my words: gox will fail.

The best gift they can give the bitcoin economy right now is to just die.

Wow, the difference is 1 to 4 between Gox and others. Do you really think, the Mt-Gox guys have no temptation to buy on gox and sell somewhere else. I mean, they have the power to get out btc of Gox.

-> 300% Profit for sure in just a couple of hours. I think they could make at least a couple of 10 000$ per hour.

Are they going to hit $2 ? You know guys...everything in life will come to an end eventually.

yes. sepa took about 48 hours excluding weekends (and I think monday was a holiday in US? maybe elsewhere).

Wow, what if people will manage to get their coins out of the gox and the price on other markets will crash even more?

Bitstamp is holding up rather well, although we might see a sell off there too.

Imo Mark and gox are damaging bitcoin, either through incompetence or conspiracy. I can't decide.

Why is stamp holding up?

Because the dead of Gox has been partially priced in. Why sell when BTC ATMs are appearing in the USA which is really bullish news ?

BitStamp is trading at $600, although dropping.

I'm surprised we haven't seen copycats on bitstamp panic selling and driving down the price.

Perhaps they will.......

So people - it's likely the gox price will go below $100 - that's a given. The question is what's the floor? $75? $50? $25? Even $10? Any thoughts?

By Takashi Mochizuki and Eleanor Warnock

TOKYO--Just six months ago, Mark Karpelès was sitting on top of the world. Mt. Gox, his Tokyo-based platform that had started as an exchange for Magic trading cards, had in a short time become the world's dominant platform for exchanging the new big thing--bitcoins.

Cut to a snowy February morning in Tokyo, and you find Mr. Karpelès trying to walk past a bitcoin trader holding a sign outside Mt. Gox's offices in the hip Shibuya neighborhood, asking: "MT. GOX--WHERE IS OUR MONEY?"

The trader, Kolin Burges, who had flown in from London, was only one of many customers of the company who have been pressing the trading platform to disclose more about its financial health after it froze customer withdrawals on Feb. 7.

The travails of Mt. Gox illustrate the convulsions of the bitcoin market as the first generation of companies trading the virtual currency face growing technical and security challenges.

Chris Larsen, chief executive of San Francisco-based Ripple Labs Inc., a startup associated with another virtual currency, ripples, likened the convulsions as the bitcoin market expands to the early days of the Internet, when it wasn't clear that the World Wide Web would really catch on.

Then, "it all just seemed like the craziest stuff--who would ever use this?--and now it's absolutely in the fabric of every enterprise on earth," he said.

Mr. Larsen developed Ripple with another bitcoin entrepreneur, Jed McCaleb, the founder of Mt. Gox, who sold it to Mr. Karpelès in 2011. The name Mt. Gox, which came from the Magic card game the company originally dealt in before Mr. McCaleb turned it onto bitcoins, is short for Magic: The Gathering Online Exchange.

Mt. Gox has been wrestling with problems since earlier this year, when it halted withdrawals in dollars.

Also in May, some of Mt. Gox's funds were seized by U.S. regulators, who said the exchange wasn't properly registered in the U.S. Mt. Gox said in a statement last month that it is has been properly registered as a money-services business in the U.S. since the end of June.

After Mt. Gox again abruptly halted customer withdrawals on Feb. 7, it blamed its issues on a glitch in the bitcoin software.

On Feb. 10, Mt. Gox said it had been hit by fraudulent requests for payment by users exploiting a feature in the core protocol known as "transaction malleability."

Initially, many in the bitcoin community argued that Mt. Gox had simply failed to use the correct internal procedures to protect its accounts. The next day, however, a hacking attack crippled other bitcoin-exchange platforms and raised questions about the security of the global network for trading the virtual currency.

Asked why the company hadn't addressed customers' concern sooner, Mr. Karpelès responded in an email interview with The Wall Street Journal on Monday: "I assume you refer to the malleability issue. We sincerely apologize for this incident; however, please understand that we are NOT the developers of Bitcoin." He added, "We are very surprised that anyone could fault MtGox instead of the bitcoin software."

However, he said, "We deeply apologize for any delays in our responses."

After Mr. Karpelès, who was running an IT company in Tokyo, bought Mt. Gox from Mr. McCaleb in 2011, Mt. Gox became the world's biggest bitcoin exchange by volume, with more than 80% of bitcoin trades, according to Bitcoinity.org, a service that tracks rates on various exchanges. During that time, the price of a single bitcoin rose from 92 cents to a peak of more than $1,147 last December, based on figures from CoinDesk, a bitcoin-data provider based in London.

Amid the turmoil surrounding Mt. Gox, CoinDesk removed Mt. Gox from its benchmark bitcoin index early last week. The index, which now includes just Slovenia-based Bitstamp and BTC-e of Bulgaria, stood at $624.63 in New York afternoon trading Monday, while Mt. Gox-traded bitcoin was valued at just $294.20. Its share of bitcoin trades had dropped to 25% on Monday, according to Bitcoinity.org.

But aside from the lower value of its bitcoins, investors are increasingly concerned about the status of their Mt. Gox accounts. The company's halt of bitcoin transfers to outside accounts led investors to speculate on online forums that the company had its bitcoins stolen by hackers or that it was out of cash and would default.

Tomoaki Ushida, who runs an IT consulting firm in Tokyo, has given up hope of recovering the two bitcoins he had in his Mt. Gox account. "I try to convince myself that I paid for a good lesson," he said. "If I ever get them returned, I'm lucky."

In the email interview, Mr. Karpelès responded to questions about the company's solvency or protection for customers' funds by saying that the matter is confidential. However, he said the company had discussed its business model with Japanese authorities "to ensure that we are operating within the law here."

At a weekly meeting Thursday of Mt. Gox investors and other members of Tokyo's small, tightknit bitcoin community at a bar about a 10-minute walk from Mt. Gox's headquarters, some 30 bitcoiners talked about bitcoins and exchanged the currency using cellphone-readable bar codes. Some members reminisced about tipping burlesque dancers in bitcoins at a bar called the Pink Cow in Tokyo's foreigner-rich Roppongi neighborhood that accepts bitcoins for payment.

But the conversation revolved mostly around Mt. Gox and whether the exchange would be able to honor deposits. Organizers had extended an invitation to Mr. Karpelès but said they didn't receive a response.

Ken Shishido, one of the group's organizers who works in the telecom industry, said, "Everyone's question is whether the company still has everyone's bitcoin and cash. That's a very critical thing we need to know."

Mr. Burges, the London investor, was among the bitcoiners Thursday night. The next morning, outside Mt. Gox's offices, he managed to get in a brief confrontation with Mr. Karpelès. "You still have everyone's bitcoin?" Mr. Burges asked while Mr. Karpelès tried to navigate around him holding a Starbucks cup and an umbrella.

In the wider Japanese business community, bitcoins aren't widely used or even well-known. Japanese officials are cautious about making any comments about bitcoins as they wait for the Bank of Japan to finish a study about the virtual currency. Still, some Japan-based lawyers say certain restrictions, especially on exchange platforms, should be considered in order to prevent criminal use of the currency, such as for money-laundering.

"I believe that regulating exchanges would be the best way to address these problems," said So Saito, a lawyer at the Tokyo law firm of Nishimura & Asahi.

Meanwhile, the turmoil at Mt. Gox has even touched the Pink Cow, home to the burlesque dancers, which has switched to another bitcoin payment process called BitPay.

Mt. Gox transactions are "taking an unacceptable length of time right now, so we are taking another route," said owner Traci Consoli. "Hopefully, a more stable system will evolve as it grows." [Suspicious link removed]j.com/article/BT-CO-20140217-704805.html

I think it will look like a fat guy in cuffs. No way can they be acting legally.

Bitcoin has not legal currency anywhere in the world.

Bitcoin has not legal currency anywhere in the world.

Not bitcoin but IOU-Coins

In my eyes it's completely insane, that trading hasn't been halted -- it should have been a few minutes prior to the first announcement, that bitcoin withdrawals are suspended!

Hey MtGox users,

Why panick? Bitcoin price is where it was 6 months ago.

I am very impressed by Bitstamp (and the other exchanges). They've pretty much ran out of shits to give. I don't think we will go much below where we are now even if/when Gox goes to zero.

Millions of Bitcoin will be sold from the MtGox on Bitstamp, and Bistamp  will collapse just like the MtGox !

Those "bitcoins" from Gox are never getting out.

They don't have to get out.
Mark can easily just sell them.

Either way. Shorting bitcoin NOW is the way to go.

If Mt.Gox will completly default -> price will drop hard
If Mt.Gox will allow withdrawal of bitocoins -> price will drop hard

Either way, we will go down to 100-250$ per bitcoin and stay there till mass adoption really kicks in (2-5 years).

If Mt.Gox will allow withdrawal of bitocoins -> price will drop hard

just wondering... you wired money to gox to pick up coins cheap, which makes sense maybe economically, if the chance of total failure is outweighed by the chance of getting the coins out of gox and the possible profit you could make on that.

But you don't see any  problem at all that, by doing so, you're lending gox legitimacy that they very much don't deserve anymore? I mean, I know, it's a market, morality has no place in here but... really?

See MtGox,
how it is possible, big international robbery without any help and without any legal responsibility.
Who was behind this     ???

I'm not a moral arbiter. Especially not given that I don't actually *know* what is going on at gox.

I'm amazed how many people claim that they do.

Here's just one scenario out of a hat.

Gox knows that by allowing BTC withdrawals, they could potentially double pay (yes due to their own flawed algorithm - but still a risk all the same), and this would threaten solvency/customer deposits.

What needs to happen is that the free market will decide. If people are happy to tolerate gox's way of doing things they will carry on, if they don't gox will die.

If people want to make it a moral crusade that's their call. To me its just business.

130 and crashing!

STOP FUCKING AROUND WITH YOUR COPY & PASTE.

http://img40.imageshack.us/img40/7047/bncs.jpg (http://img40.imageshack.us/i/bncs.jpg/)View Screen Capture (http://img40.imageshack.us/i/bncs.jpg/)

Check volume last 14 days.  ;)

Only 8500 btc to go till $20

Or 45000 btc to go till $70 on Bitstamp

Only 8500 btc to go till $20

That's a lie; it's actually 42,000

It was no lie when I posted it, things have changed in the few minutes since.

Whatever site you are using is crap

It's still 42k

I could say something about the paradox of the self-interested actor, something along the lines of the dominant strategy not necessarily leading to the optimal result for the individual that chose that strategy, but I would sound like a self-righteous, hypocritical dick. Carry on then.

MTgox is currently under 100$

Bitcoinwisdom and its the best site out there!

MTgox is currently under 100$

under 100$? My low shows $130...

Low:95.80 €

Guess who´s next

http://i57.tinypic.com/2nn804.jpg

Guess who´s next

http://i57.tinypic.com/2nn804.jpg

+1
very logical

Don't lie and make panic!
I just log-on into my Bitstamp account and Bitcoin withdrawals are open.
I think you posted this print-screen about week or two old.

So, when is the next announcement?!  ???

So, when is the next announcement?!  ???

Sorry if this is a dumb question, but if people buy bitcoins on Gox now at $100, they are actually buying bitcoins aren't they?
It is off blockchain so there is no way of knowing if Gox are naked shorting...

I could say something about the paradox of the self-interested actor, something along the lines of the dominant strategy not necessarily leading to the optimal result for the individual that chose that strategy, but I would sound like a self-righteous, hypocritical dick. Carry on then.

this time again its a real joke: letting no money out, not freezing trading...

we had to relocate MtGox to our previous office building in Shibuya

Tragedy of the commons? true enough.

Sorry if i sound callous I'm just taking the 4-1 odds against mtgox crashing. I don't really share the seemingly common belief that what gox are doing/not doing is inherently good or bad for bitcoin. I think its just all 'stuff' like pirate wasn't good or bad for bitcoin, he was just bad for the people that fell for it. Like Madoff wasn't 'bad' for the dollar etc i dunno what i really think, just kind of riding the waves.

"at last"

GOX is a total and utter disaster.

There is no good part of it. The list of failures, scams, and setbacks continues.

Everything bitcoin ends up being a scam or con in some way or other. Instead of being a decentralized currency, bitcoin has turned into a shyster magnet.

Obviously not, considering its depth is terribly off.
Also a lie.

I'm surprised to see the lack of discussion on the subject, on how the entire bitcoin market system will get a big hit in confidence, when MtGox turns out insolvent.
The bitcoin market system always had this halo of an open source community around it. That the community consists of idealistic and therefor trustworthy people. Those who have dealt with bitcoin in depth, know better, but to the outsiders, the market system has looked relatively honest. When MtGox turns out to be insolvent, and news will show things like how bitcoin.org linked MtGox as the main recommended exchange, then this halo will disappear. Bitcoin will be linked more as an tool of those "exchange" operators to scam people out of their money. It's funny to see how most seem to miss that threat.

fuck gox, lets watch it die!@

fuck gox, lets watch it die!@

because everyone on this forum is a wannabe bitcoin millionaire.
its like going into church and pissing on Jesus, and then saying "Jesus sucks, lets talk about it"......
you get? attacked!

bitcoin community as a whole is ridiculously dishonest, turned out to be very disappointing imo. As a currency its no better than "insert douchbag government currency here".

MtGox 111 usd, and what will happen when of these 500,000 Bitcoin comes to Bitstamp I can only imagine.


http://img607.imageshack.us/img607/627/8kda.jpg (http://img607.imageshack.us/i/8kda.jpg/)View Screen Capture (http://img607.imageshack.us/i/8kda.jpg/)

Gox Statement Translation - "Please be patient a few more days while we milk this arbitrage opportunity"  we'll give you access to your coins after we're done goxxing.

fuck gox, lets watch it die!@

Quoting this article solely because the bolded & italicized sentence was inadvertently awesome.  When all the dust has settled, I think "to Touch the Pink Cow" needs to become a euphemism for having a massively successful business -- with almost literally a license to print money -- that you somehow manage to completely f*ck up and drive into the ground merely because you're a staggeringly incompetent douchebag with your head stuck up your a$$.

Internet, drugs, relative anonymity, non reversible transactions, shit tons of money much of which is held by mean spirited libertarian types who lucked out. And you were expecting a utopian paradise?

this week we have experienced some
security problems, and as a result we had to relocate MtGox to our previous office building
in Shibuya

MtGox Co.,Ltd. (Japan) has moved to the address below:

MtGox Co.,Ltd.
Cerulean Tower 15F
26­1 Sakuragaoka­cho
150­8512 Shibuya Tokyo
Japan

yeah, actually was. Now that I look back it was probably stupid and naive. But at the time I initially got in I really thought it could be something.

So more people flew to Japan and someone threatened to kick Kraples ass? Am I reading that correctly?
https://www.mtgox.com/img/pdf/20140220-Announcement.pdf

Maybe they were asked by the owner of the building to leave. Having protestors at the front of your door isn't good advertisement.

Maybe they were asked by the owner of the building to leave. Having protestors at the front of your door isn't good advertisement.

A small part of me wonders if, not just in Bitcoin valuation, but other ventures as well, we hit a local maximum because of our choices without ever being aware of the possibility that, had we acted different, we would have reached a higher point... but that's idle speculation.

Hence: I have no good reason to complain from a moral point of view. Objection withdrawn.

But I don't need to tell you that you'll get zero sympathy if you get burned on there. I've read enough of your posts to know that you're well aware of the risks and such. Good luck though :)

A virtual office provides your business with the corporate image and business infrastructure of a multinational company without the cost. Your business will get a prestigious business address and a designated local phone number with a receptionist answering your calls in your company name. Professionally trained secretarial staff will manage your correspondence, and can provide additional administrative and support services as you need them.

oh lol, best popedcorn gif evar!

This may have a bigger affect. Didn't MtGox buy the rights to the Bitcoin trademark or something?

Being that in Japan only fiat is regulated should they decide to forcefully liquidate all their customers into fiat (at their current ridicoulos exchange rate)  there will be also no room for lawsuits against them.

Being that in Japan only fiat is regulated should they decide to forcefully liquidate all their customers into fiat (at their current ridicoulos exchange rate)  there will be also no room for lawsuits against them.

well, if this is true, they can EASILY just build a fake sell storm on their platform, as they dont even need to have the BTC to sell, just sell millions of non existent BTC, drive the price down to $1, pay everyone back at $1 = 1 BTC rate, and get away no issues from the law at all


typical bitcoin scam as always.

A honest business would have done that (suspend trading), but MTGox chose to defraud its customers.
When the MtGox price is 75% lower than Bitstamp, I think defraud is the right verb describing the situation.

+1

and the surprise is?

to my knowledge there has yet to be a single long term business (years) whose main focus has been bitcoin that hasn't either

1) been hacked and lost a whole lotta stuff
2) pulled a runner
3) scammed everyone in some way
4) been shut down and lost peoples stuff

I think CampBX would qualify there.  Can't think of anybody else though.  Maybe Cassicus if you count that.

What is this security issue?  We used to have animal rights protestors outside our door every other week.  It never bothered me that much.  If it gets bad you call the police.  I have never heard of anyone running away because of a security issue.  Besides that an office move can be incredibly disruptive if it is not carefully planned. I am smelling that smell again...

If this is true, it could wreak havoc on the symbol BTC

and the surprise is?

to my knowledge there has yet to be a single long term business (years) whose main focus has been bitcoin that hasn't either

1) been hacked and lost a whole lotta stuff
2) pulled a runner
3) scammed everyone in some way
4) been shut down and lost peoples stuff

$95

Twas the night before Goxxing, when all through Mark's house
Not a feature was working, not even Mark's mouse
The bitcoin were slung through trades with despair,
In hopes that St. Solvency soon would be there

The miners were slowing and profits were dead,
While visions of sugar-drinks danced in his head.
The llama they call Proudhon, and I in my cap,
Had long since forgotten the exchange that was crap.

When out from Mt. Gox there arose such a smatter,
I clicked on the link to see what was the matter.
Away from that window I clicked in a flash,
More opened and cluttered the further it crashed.

The doom on the boards from the new-fallen low
Gave the FUDsters some ammo with which they could sow.
When, with much thundering pain should appear,
But a bouncing blue ball, and a chap in headgear.

With a riddled fat rider, so ugly and sick
I knew in two seconds this guy was a dick.
Less rapid than sloth his announcements they came,
And he whistled, and shouted, and then bitcoin he blamed!

"Now, asshole! now, cancer! now answer and quicken!
Go, stop it! You're putrid! go, go ponder and fix it!
To the site you must lurch! you should stop with the stall!
Now bounce away! Bounce away! Bounce away ball!"

As dry leaves that before the wild hurricane fly,
When they meet with an obstacle, mount to the sky.
So up to the exchange the ball he did move,
With a mind full of ploys, and some syphilis too.

And then, with no thinking, he said quite aloof
His address was changing to a virtual roof.
As I saw what he said, and was browsing around,
The price just kept moving faster and further down.

They weren't impressed that's for sure, with this end to their loot,
The masses pressed onward, the response was quite moot.
A wallet of coins he had flung out the back,
He was leaving forever, he had had already packed.

His drinks-they were sprinkled! his pimples how cherry!
His face in weird poses, his complexion quite scary!
His droll little mouth was drawn up like a bow,
And the fat of his belly hid his penis below.

The stump of a drive he held tight in his teeth,
And I heard all the bitcoins cry out for relief!
He had a broad face and a giant round belly,
That shook when he sneered, like a bowlful of jelly!

He was a chubby chump, with a magic card shelf,
And I laughed when I learned it, in spite of myself!
A wink of his eye and a twist of his head,
Soon had me wondering if bitcoin was dead.

He spoke of goxbux, PHP - that would work!
And filled all the accounts, then turned with a jerk.
And laying a cheek aside of his ball,
And giving a nod, out the exchange he hauled!

He bounced down the street, and his katana glistened,
I told you stupid fuckers, you all should have listened.
But I heard him exclaim, as he bounced out of site,
"Happy Goxxing to all", and "you've all been fucked right!"

I think, this time, Mt.Gox will really die and never be revived again...
And I really hope so. This was a cencer for the Bitcoin ecosphere.

When all this is over, and Mt.Gox is burried, the media will finally check bitcoinaverage in stead of Mt.Gox ;)

Hate all you want, but maybe Gox's screw-ups are what's been keeping this market volatile the way you like it.

All I can see is that they've been the biggest exchange for most of Bitcoin's history, naturally this lead to having the biggest problems to deal with, and they did deal with them and kept going every time. They're having a harder price crash than ever this time, but all eyes are on them and they're still making statements, so I can't say I'm expecting anything other than the usual: the problem getting solved in the end and overall public confidence in the Bitcoin ecosystem getting another boost from that.

Now you can carry on with your hate thread.

So, besides those in the US (and where else?), it's only been this recent BTC malleability issue - which was legitimized by other exchanges having similar issues concurrently - that has changed anything.

Indeed. Besides the lawsuits I can't see any particular reason for Gox to die. Keep in mind Gox has been working great, with only a few minor hiccups (and of course slow tech support), for those of us in Japan. It takes literally 2 minutes to deposit yen from a Japanese bank, and withdrawals have been smooth, usually 2-3 days, at most 2-3 weeks (this January). I hear SEPA withdrawals are working as well, though a few weeks delayed, and deposits seem to take a few days.

So, besides those in the US (and where else?), it's only been this recent BTC malleability issue - which was legitimized by other exchanges having similar issues concurrently - that has changed anything. Granted we can expect the usual bumbling, non-communicative, heal-dragging approach as always, but if they solve the malleability problem in a few weeks I see no particular reason to expect any kind of insolvency or discontinuation of service. They will of course lose a lot of customers and probably remain a buggy experience overall, but other than potential lawsuits I don't see what is supposed to be actually killing them at this time. Eventually, sure, they will die or become a niche service, but insolvency just because they probably got scammed out of some number of coins? Seems like idle speculation.

I think Gox will survive and be just fine.

Why? Because people didn't stay away after they were large part of all the other big price crashes in bitcoin.

I really hope I'm wrong though. I wish they would just disappear. The management is a bunch of imbeciles and they have been shown to untrustworthy.

If I wanted a fractional reserve system I'll just stick to fiat thanks.

We have no evidence that Gox was running a fractional reserve system, unless someone can point us to data proving so? It's unlikely for them to do so precisely because of Btc appreciation versus fiat in the months leading up to November 2013.

Now the real question here is JPY withdrawals (domestic within Japan) in the last two weeks. How are they proceeding?

My greatest fear is that they will come out of this stronger, with their fraudulent/immoral/unethical behaviour being further incentivized. Now traders will want to have even more money there to be prepared for the next great Goxxing.

I will not put any more fiat into the ecosystem, and will strongly suggest to immediate friends and family they they do the same, until I see Gox volume drop greatly.

This could set a dangerous precedent for the community, especially if no legal action results.

let me tell you a story about how well the legal action is going with bitcoinica...

One would think, except for the fact that the "delays" in BTC withdrawals have followed a sharp rise in the BTC/USD rate in November / December 2013.

I actually haven't kept up with that. I'm guessing it's going quite shittily, yes?

So is the allegation that gox facing solvency issues due to general mismanagement of finances, decided to 'buy' bitcoin with goxbux, whilst stalling on fiat withdrawals, thusly pushing the gox price higher, whilst selling them on the other exchanges for real fiat.

It continued to harvest fiat thus easing cash-flow issues, waiting for the inevitable market blow off. Once it was clear we were in a solid downtrend it reversed its strategy this time, blocking BTC withdrawals to capitalise on downward momentum, causing panic selloffs. With all the surplus fiat gox now had, it was able to cover the 'goxbux' liability, as well as acquire a whole bunch of additional btc for cheap, knowing full well that it would reduce its bitcoin liability to customers such that when withdrawals re-open, they are left sat on a whole load of spare bitcoin, which will inevitably trend back towards equilibrium with the rest of the exchanges.

So if thats the story...

Is karpeles is the genius criminal mastermind behind this?  ;)

The additional carriage return at the end of my post was indicative of the progress that appears to have been made.

Oh, and the legal people start making noises like all us plaintiffs might have to 'donate' to keep the case going.

Oh how I laughed :)

Seem to be taking 3-4 weeks, faster if you have a Japanet bank account, according to https://bitcointalk.org/index.php?topic=428242.100

This JPY delay is what finally convinced me that MTGox is insolvent.

I'm confused by the title of this thread.

Is this thread about the official end of Mt. Gox?

Is this the official thread about the end of Mt. Gox?

Has the official end of the the Mt. Gox thread been announced?

Wouldn't the obvious thing for gox management be to just send coins to other exchanges and sell? Might not be legal but would keep them alive

n its moving !

What are JPY withdrawal times at these days?

Feeling brave guys? I can confirm, that Sepa still works _both ways_. Last withdraw took 3 weeks, last deposit took 48h.
The fact that they still withdraw brings a glimmer of hope that they are not legally insolvent. The rest is greed and trying bitcoinbuilder for a nice 50% profit in 48h :)

This JPY delay is what finally convinced me that MTGox is insolvent.

You're going to be in for a bit of a shock when BTC withdrawals start up again and things return to normal.

Do you really believe it will return to normal? After taking so many people hostage for this long?
You probably have all your BTC in there....

We don't have to believe. We know. Knowing is better than believing. And "normal" is defined to be the same as it was before the halt.

I'm confused by the title of this thread.

Is this thread about the official end of Mt. Gox?

Is this the official thread about the end of Mt. Gox?

Has the official end of the the Mt. Gox thread been announced?

Sad but true. MtGox support reps tweeted they got laid off. Thus ended the sordid affairs of MtGox.

Fuck. It really did go Full Tilt. GOXasset holders -- I am truly sorry. After waiting for 3 years, I should be receiving my Full Tilt payout next month.....

I bet those people who thought "I'm gonna buy all these cheap goxcoins because they're gonna be worth a ton when gox resumes withdrawls" are bashing their heads against a wall right now

I bet those people who thought "I'm gonna buy all these cheap goxcoins because they're gonna be worth a ton when gox resumes withdrawls" are bashing their heads against a wall right now

I love that under any other circumstance they would've halted trading. They've done it countless time during mini BTC crashes.

I suppose holding their customer's coins hostage and letting the price go down to nothing is their best exit. At this point, they know their days are numbered even in a best case scenario.

So they bide time, let the price crash, buy cheap coins, potentially arb them to make money for themselves and possibly pay back the customers that haven't sold out of panic, and they also attract new money from clients with enormous appetites for risk, enabling them to buy even more coins. So, they enrich themselves and possibly manipulate their way out of liability (possibly returning coins after they've flipped everyone else's coins several times over), then close shop?

for the record I am going to say; EITHER -

1) mtgox is possibly one of the most incompetent businesses ever formed (makes BFL look pro).

2) someone at MTGOX is an evil genius, and is now rich and laughing.

Whether the evil genius was inside or outside, Mark was in on it. There's absolutely no way all their cold wallets could be drained without them noticing.

Whether the evil genius was inside or outside, Mark was in on it. There's absolutely no way all their cold wallets could be drained without them noticing.

Gox is dead! WOOHOO! This is the last Goxxing ever!

Gox is dead! WOOHOO! This is the last Goxxing ever!

yay ... no more of that fat fuck bring crypto down !!

Karpeles should be going to jail for insolvent trading and defrauding people, IMHO.