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Explain that to Labrat. Nobody would have bought the shares if they were static and didn't grow proportionately with hardware. Labrat never sold bondholders that agreement, and he knows it. And of course he knows we know he knows that (it's documented). This is why lawsuits have been a topic for the past couple weeks.
I'm not about to sue. That won't help anyone because the LLC would simply go out of business. Labrat has always been reasonable so i'm not sure what has happened. It would be nice to get some from of explanation. |
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So i'm not a big share holder here and i don't always follow this thread. It seems to me all investors bought shares in Labrat's LLC on the basis that he tries to run a profitable company. Please correct me if i'm wrong but now it seems we bought a number of mhs per share. To me that was never the idea. I'm not even going to start about tradeable shares but if all i wanted to buy was a static amount of hashing power i would have gone to cex.io. With an ever increasing hashrate (and therefore decreasing payouts) this investment doesn't make sense.
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To help mtgox acquire some more funds, maybe some people would give coins for a Karpeles on a stick?
That could be a win-win:
* financially help mtgox restart again,
* satisfy personal emotions and
* help the Bitcoin community get rid of one saboteur
I read Japan still has the death penalty, but i'm sure there exist customers in more brutal jurisdictions, too.
Well, that's a bit harsh. But they did receive a subpoena: http://www.reuters.com/article/2014/02/26/mtgox-subpoena-idUSL3N0LV0UZ20140226 |
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So what is this e-mail? I also received the same e-mail. Does it mean that mtGox outsourced some part of their operation to BTC.SX??
Site was using Mt.Gox trading API it seems. As this is down their trading system won't work. |
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What is happening is that, when I try to register my username, it says it is already registered on my IP. But when I try to login, it says that my username is not registered  Then I tries to force me to register something like username1. Did you verify that username through the email-link? |
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throughout the last week immediately after the first press release of mtgox regarding halted btc withdrawals, you could observe huge rhythmic btc dumps @mtgox every 2-5 minutes following always the same pattern ("the whale of mtgox"). the sum of these dumps up to now is approx 140000 btc at an average price of around us$270. ie a us$38 mio sell-off. there were a few stuck levels eg at us$261.24 yesterday and us$148.15 the day before yesterday. these were manipulated levels by the whale serving all asks above these levels every 2-5 minutes. this is very difficult to do through the api of mtgox. but very easy if you're in charge of the order book itself.
Is that sum of 140000 btc an honest estimate if you consider someone selling, buying back lower, then selling again? This doesn't show in the volume, but they might be the same btc going in circles. I think many high volume traders got out some time ago and the volume of Gox is highly overestimated. |
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I have quit reading this thread due to high volume and very low signal to noise ratio. Just stopping by announce that my 10k EUR withdrawal from January 4th changed to pending today, and will arrive tomorrow. I have cancelled my other withdrawals to buy BTC.
Any proof of this would be highly appreciated. |
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It's amazing to see how this scenario is playing out exactly as described: http://www.coindesk.com/mt-gox-may-headed-bankruptcy/There's absolutely no reason for Mt.Gox to have these kinds of delays. I was really optimistic about Gox being able to recover but there is no going back now. Processing withdrawals will result in a bank run in which case they'll be out of business. Not opening btc withdrawals will result in the price going close to zero, in which case they are effectively dead as an exchange. I have no stake in Gox, no money, no btc so i'm not loosing anything but i'm invested in Bitcoin. Up until a few days ago i was hoping for Gox to fix their issues so the markets would stabilize. Now i can't help but wish this company would close for good and let everything go back to normal. It will crash the price (temporarily, i hope). But at least we can then move on. This is like the Sword of Damocles hoovering over Bitcoin and it's hurting the comunity as a whole. |
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I have a time travelling machine and I went to the future and seen a company called kraken, who can do all this. wow, can't wait till the year 2014.
Can i borrow it? Just to get back to 2012 and get me some cheap btc  Also, Bitstamp can do the same. I think btc-e has quick SEPA transfers too but i've never used them. This article on Coindesk makes sense. There seems to be no reason for exchanges to have withdrawal issues except insolvancy. This BTC withdrawal issue is taking too long as well. When all this started i really thought Mt.Gox would recover but with the current spread it seems even if they get things running again there will be a bankrun. http://www.coindesk.com/mt-gox-may-headed-bankruptcy/ |
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The last 1000 blocks had an average size of 201292 byte. So when the MtGox flood comes, you have an average free space for 3360 transactions per block. After the first hours of mass removal roughly 250.000 transactions will pile up in the network. Maybe nobody would be able to reliably send Bitcoins anymore for days.
So this is where the transaction fees become important. It has all been thought through, the network won't break because of this, it just becomes a little more expensive to complete a transaction quickly. On another note, i don't see where these 300.000 transactions would come from. You might be overestimating Mt.Gox a bit... |
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There's never a real reason but i guess fear of Gox not fixing their issues and a lot of btc stolen from the new silk road has something to do with it. Maybe also some people trying to arbitrage selling BTC on exchanges that work and buying them on Gox, though that sounds risky and i'm not sure how well fiat deposits to Gox work atm. |
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For what it's worth, i just tested a 1 BTC withdrawal from Bitstamp. It hit my wallet 2 minutes later. They seem to be back online.
worth ignoring you thanks for your thoughtfull well thought out post Thanks for that. I'll just let you read: https://bitcointalk.org/index.php?topic=459836.120 |
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For what it's worth, i just tested a 1 BTC withdrawal from Bitstamp. It hit my wallet 2 minutes later. They seem to be back online.
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I get that, i think you misunderstood. "they" was meant to be Gox. I'm sure everyone is trying to help. Gox does have a business but is blaming devs instead of rolling out a fix (like most other exchanges have or are). In return devs start blaming Gox. Gox led with an attack. The fact that their problem is their fault is just that, a fact. It isn't an "attack" to point that out. Their false claims that this is somehow the fault of the devs, though, are, well, false. They had every opportunity to avoid making this mistake, and made it anyway. Apparently, so did other exchanges, but Gox is unique in not rolling out a fix and instead blaming everyone else for their shoddy implementation. Has any other exchange behaved in this atrocious manner? I'll compare, for instance, Bitstamp. Did they go around blaming everyone other than themselves? No. Their own press release was basically "Whoops. Made a mistake, we're fixing it now." And then they IMMEDIATELY fixed it. That's how you do it if you're a professional. Gox isn't unprofessional because they made a mistake. Everyone makes mistakes. They are unprofessional because of their pathetic and disgusting attempts at damage control, which involved trying to deflect blame to the entire world other than themselves. My point is that this week has not helped Bitcoin gain the trust it needs to thrive. Instead, this blame-game has been harmful to Bitcoin's future as a real-life payment option. I'll say again, it doesn't matter who is right or wrong. All a company thinking about accepting Bitcoin for their business see is mud-throwing between big players and no (or little) news about a sollution. Meanwhile the value of BTC drops. If my power goes out all i want is for someone to get it back on again. I don't care who is to blame and i'm certainly at that moment not interested in a technical discussion about who did what. Ofcourse we (i assume no BTC newbies) agree on all your arguments. But to the outside world that is not important. |
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Mt.Gox is blaming the core-devs while they *could* implement a fix (apparently) and keep their business running. The devs don't have a "business." They're maintaining an open source project. They don't need this terrorism. Also, they can't simply just roll out a fix. That idea is bullshit, and is basically Gox propaganda. First, any problems resulting from this non-optimal implementation are easily avoidable by people who are not morons, but second, fixing it will take literally years. This isn't because of the inherent technical issues, but because it will require re-writing existing clients as well. So the devs can't just roll out a fix, the community has to absorb the brunt of the change as well. The devs may be wizards, but they're not gods, and at this point, Bitcoin is widespread enough a lot of the software people are using is NOT under their control. Wreaking havoc to fix Gox's problem is not something that makes any sense. I get that, i think you misunderstood. "they" was meant to be Gox. I'm sure everyone is trying to help. Gox does have a business but is blaming devs instead of rolling out a fix (like most other exchanges have or are). In return devs start blaming Gox. Just put aside for a minute whoever is right, all this attracts is non-tech-savvy media looking for a good story. What should have happened was people communicating about this issue and its sollution. Constructive critisism instead of mud-throwing. We've reached a point with Bitcoin where real businesses are getting in the game and using this technology for real-life payment purposes. This, in the end, is the real value of Bitcoin. The companies accepting Bitcoin don't necessarily have technical knowledge so all they see is the value of BTC rapidly deminishing and Gox and devs fighting out their differences in public media. This is harmful. |
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I'm getting sick of the blame-game. The entire value of Bitcoin (or any other cryptocurrency) rests on these types of issues being resolved. All this mud-throwing business isn't helping.
Mt.Gox is blaming the core-devs while they *could* implement a fix (apparently) and keep their business running. Even if a fix isn't as simple, the way communication has been nothing but blaming someone else makes people loose trust. Mt.Gox is running a very profitable business so they should be pushing and pulling for sollutions. Working together with devs instead of alienating them.
On the other hand devs and other bitcoin entrepeneurs have been quick to slag off Mt.Gox and it's CEO in particular. The only result is fueling critisism to either party. The core-dev group has taken a huge responsibility and should take this seriously.
While i'm sure exchanges and devs are working on a fix together, that part isn't as public as it should be. Seeking the media (like todays article on Forbes) is not constructive. Keeping the public updated on any progress would help regain trust. After all, we all want Bitcoin to succeed as a viable payment option. Problems like these can happen but businesses will only get into cryptocurrencies if these types of problems are resolved in a professional manner. The stability needs to be guaranteed. This week will go down in bitcoin-history as a black one and it will be remembered and referenced to whenever any other problems occur in the future. If this drags on any longer the public trust will dive down to zero and we're back to a cool but useless cryptocurrency, used by geeks and criminals.
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Bitstamp issued a statement saying BTC withdrawals and deposits we suspended. I had an incoming transaction which has been processed 2 hours ago. Did they fix their issues?
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