Also, it makes sense to keep the hot wallet small to reduce the risk.
You already know that I am totally ignorant on how bitcoin works, and too old to learn; so forgive me for asking: * How many weeks does it take for the network to process a transfer of a few thousand bitcoins from MtGOX's cold wallet to MtGOX's hot wallet? * How many such transfers from the same wallet can the network handle per month? * If bitcoins were transferred into a wallet using certain custom software, can they be transferred out using a different software? * If so, how much would MtGOX have to pay for a software that they could use to process the pending withdrawals, while they fix theirs? Like others have said I respect your CV , I really do, but you need to get some btc and start using it, some of the questions you ask are in line with some of the silly stuff you see on reddit. Its like you havent even read the bitcoin FAQ. |
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@TERA Have you read the statement?  At the beginning we will do so at a moderated pace and with new daily/ monthly limits in place to prevent any problems with the new system and to take into account current market conditions.@magicmexican. Amen. So basically try and dicatate prices |
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Actually - allowing limited withdrawals makes sense - they must fear a 'run' on BTC either crashing the exchange (with it's new software fix being untested, too) - or meaning they have so little liquidity that their business is finished.
Allowing 'some' withdrawals will mean people wish to hold BTC instead of Fiat, which will inflate the price on Gox, and at this point, some people might decide to stay.
If Gox is clever, it will still have a business left. Don't get me wrong - I will be the first in the queue to get out, but it is a logical solution.
I did think this was their only logical way out (assuming they really do intend to stay in the game).
If you look above I made a point about a bank run crashing the sofware. How does limiting withdrawal amounts cause the software not to crash? Surely you should be limiting withdrawal requests. Yes, but if they limit it to xx BTC per day and one tx per day, and (then maybe say) have a time delay for 'verification' - it will reduce both the crash risk and the risk of a depletion of all liquidity on the 'exchange'. Im not understanding your thinking. Liquidity on the exchange would be fiat. People aren't looking to sell for goxbuxxx so why would there be a reduction of liquidity on the exchange. You cant get goxxbuxx out the only way to leave is with btc. The exchange is actually very liquid if you really want to sell your btc and not buy it back. Ive been up all night so excuse me if Im completley missing something. |
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Actually - allowing limited withdrawals makes sense - they must fear a 'run' on BTC either crashing the exchange (with it's new software fix being untested, too) - or meaning they have so little liquidity that their business is finished.
Allowing 'some' withdrawals will mean people wish to hold BTC instead of Fiat, which will inflate the price on Gox, and at this point, some people might decide to stay.
If Gox is clever, it will still have a business left. Don't get me wrong - I will be the first in the queue to get out, but it is a logical solution.
I did think this was their only logical way out (assuming they really do intend to stay in the game).
If you look above I made a point about a bank run crashing the sofware. How does limiting withdrawal amounts cause the software not to crash? Surely you should be limiting withdrawal requests. |
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Can someone also explain to me why they need to impose daily withdraw limits if they're not insolvent? Im not saying that they are but
I can understand they want to avoid a bank run crashing their wallet software or whatever but that would only happen if everyone started to make lots of withdraw requests. Why do you need a btc limit for withdraw requests?? Why would you not limit people to one withdraw request per day. The transaction size itself doesnt matter? Whats the difference between 100,000 .05 btc withdrawals and 100,000 50 btc withdrawals? The only thing that can be different if they cant cover 100,000 50btc withdrawals similtaniously. Am I missing something...
+1 Many are blind here, and still have hope of a back to normal situation. MK is giving them this hope. There is no legit reason to limit bitcoin AMOUNT. MK doesn't care about btc price on other exchanges! Also, this announcement confirms to Billy & whales at gox, that they were right not being in btc, as withdrawals in btc will be severely limited in amount.Through legal avenues, fiat could be retrieved.. BTC in cold storage stored off premises. security reasons may make it wise not to keep 100,000 bitcoin on hand A fair explanation but lets be honest an exchange like mtgox should have the required secuirty measures in place to ensure any hot funds are properly protected. This isn't SR2 or Sheep coded by a dude in his moms basement, or at least it shouldn't be ! Plus how long does it take to import a private key from their cold storage ??  |
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Can someone also explain to me why they need to impose daily withdraw limits if they're not insolvent? Im not saying that they are but
I can understand they want to avoid a bank run crashing their wallet software or whatever but that would only happen if everyone started to make lots of withdraw requests. Why do you need a btc limit for withdraw requests?? Why would you not limit people to one withdraw request per day. The transaction size itself doesnt matter? Whats the difference between 100,000 .05 btc withdrawals and 100,000 50 btc withdrawals? The only thing that can be different if they cant cover 100,000 50btc withdrawals similtaniously. Am I missing something...
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Judging from the responses to the news, a lot of people were short. I was too. Now I'm long (for the short term). This really can't be seen as bad news; they are saying withdrawals will be enabled on Thursday, and most of the speculation was about them not having the amount of coins that they should. I'm just worried now about the dispersion of btc from the Mega-Whale that has been dumping 1000+ per hour for a few days on gox.
No, they said there would be an update on thursday. Look they could keep this whole we will update you thing going for weeks for all anybody knows. Then in regards to withdrawal limits nobody knows what sort of limit they will impose could be 1btc a day... In my opinion this rally is people just riding the wave, nothings changed really, they were never going to come out and say yep we lost all your $ and BTC. This is pure manipulation, squeezing the shorts and trying to get people to panic back in. |
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"Where's Fonzie?"
"He's pissing in his covering his shorts. Will be back soon."
Iīm officially long now (ultra short term  )  Chooo chooo - to the mooon As in you sold already right? 100 BTC avg price 602.41 ---> selling target<12h 638$-672$ Letīs see how this will work out! I feel dirty btw, goin long is against my principles, but iīll give it a try.  Edit: i supported BTC twice , i closed my shorts and bought in. How could i be a bigger supporter for BTC, lol .................... Shut up. You said later that you closed your longs +- 0. Idiot |
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This rally could squeeze all those finex shorts
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"soon"
Yeah just like litecoin trading was being added "soon"
"New daily and monthly limits"
.01 btc per day while we make everyones btc back in fees.
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Its just going to take them longer. Probably 2-3 more days is my guess. Meanwhile, as more people like yourself panic, the more free bitcoins I pick up over at bitcoinbuilder.
I don't see the attraction of paying .7 for gox btc? The true difference is more like .5 and if gox doesnt make an announcement the price is likely to drop further. Why wouldn't you just send some fiat there ? I live in the US Fair enough your sig fooled me Good luck then. Hope it works out for you! |
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Its just going to take them longer. Probably 2-3 more days is my guess. Meanwhile, as more people like yourself panic, the more free bitcoins I pick up over at bitcoinbuilder.
I don't see the attraction of paying .7 for gox btc? The true difference is more like .5 and if gox doesnt make an announcement the price is likely to drop further. Why wouldn't you just send some fiat there ? |
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I do think though that the other exchanges will follow goxes rise for half hourish till coins end up where they are sent.
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Once withdrawn from Gox there should be no need to dump elsewhere as you already profited from the low buy price, still i guess the fear of others blind dumping may spark a race and bring down the price.
Am i missing something?
Only if your a believer/hodler. Like I said if your in it for the fiat profits then every smart investor in the world would realise a 100% profit. The other thing is also that a lot of coins will be heading to exchanges. There will be people who have sent money to stamp in anticipation of lower prices but will that be enough to liquify the potential influx of coins? EDIT: plus there will be alot of people who have lost faith and will simply want to get out of bitcoin. I hope its not to bad but its rational to think about these things. |
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Could you elaborate what you mean precisely? What I understand as arbitrage is buying at one place to sell at the other to pocket the difference. Do you just mean that people will send increased amounts of money to Bitstamp if they see the price lower than elsewhere?
The situation maybe that people, particularly speculators who are in it for fiat profit will send their coins straight to stap from gox to realise a 100% profit fairly easily. If you have fiat you can still send it to gox so there is a good chance there are people with a fair bit of money that have sent money to gox literally taking the risk they will start withdrawals and they can dump asap on stamp. I think the transaction sizes on the blockchain will show how many coins are moving after gox allows btc withdrawals albeit some, no one can know how much, will be moving to personal storage off gox but not onto another exchange. EDIT: Sepa withdrawals from Stamp are speedy in my experience as well. Plus the general excess of coins is sure to lower the price on the other exchanges. |
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If gox goes choo choo and the other exchanges follow theres a hell of a lot of shorts that are going to get squeezed
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This could get interesting. The sheep are out in force
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I am not very angry on Gox to be honest. I have 11 BTC blocked there and I believe I'll get them at some time. Out of that I don't care about their price single iota as long as other exchanges are not following it.
you are joking right?...anyone holding ~$11,000+ of my money in limbo i'd be a little haired! =\ At Gox price its more like $2600 ish |
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Why would you buy goxBTC at .7 when its closer to .45 atm |
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