Most of their bitcoin funds are offsite, you can see the huge 400,000+ bitcoins in the block explorer, untouched. No one got at their USD funds. Then there are all the fees they've collected. They have at least 95% of everyone's funds. Probably 100%.

There was only a 20 minute window to withdraw and their website was sluggish. On top of that, there is a limit to how much you can withdraw. I don't think that much got transferred out.

Mt gox has stated that they keep a large portion of their funds off of any webserver. None of that money could have been withdrawn, and, in fact, you can see it in the block explorer. So, mt gox likely lost very little from withdrawals. Basically any account that would be "negative" after the rollback is their loss. I doubt it is that much. Most people who withdrew probably still had bitcoins in their account before the rollback that can be deducted.

The details told me it would arrive on Saturday? Does that every happen?

I've never received. I have given two. I feel as I general rule of thumb, anytime I'm giving a "+1" sort of comment, that I should give them a small tip.

It needs websockets. Chrome is the only one that has ws enables by default. You can enable them in firefox 4, just search for it.

In order to withdraw them they would have had to be active during the 20 minutes after it happened (all of those orders were there before the sell off, no one could get in orders during the sell off) and during that time mt gox's website was moving at a crawl. On top of that, there is a $1000 withdraw limit. I know, from experience, that this withdraw limit is based on the 24 day weighted average. At the end of the sell off that average was about $4, or about 250 bitcoins.

So if 50 people got to withdraw the full 250 bitcoins that they didn't have in there account before the crash, then mt gox will have to cover 12,500, or about $150,000. The daily volume lately has been around $400,000. Mt gox gets about 1.3% of that $400,000, or $5,200 a day. That means that this incident cut in a little bit to this months profit.

We know mt gox has over 400,000 bitcoins on hand (it is right there in the block explorer), so even if they don't have money to cover it, and go on a sort of "fractional-reserve", the fraction would be almost 1. (400,000-12500)/400,000 = 0.96. That just isn't a worrisome fraction. And even if they take a 70% hit in volume, they will be able to make up that fraction in a month or two.

EDIT Where are the people claiming to withdraw with success? I know they didn't withdraw anything huge like the 260,000 that went for a penny, because I would see that in the block explorer.

I'm not trusting mt gox, I have the database. My password is salted. The salt is included in the file. I can use the salt, and my password to get the hash. No trust needed. MD5 is a certain length. All the password are not that length, because they include a salt. All except for about 300 of them, which are unsalted. A rainbow attack on those passwords shows that some of them were insecure. Almost all of them are salted, except for a few. I think this corroborates mt gox's story.

I'm not _sure_ that the handful of unsalted ones are "inactive". But it sounds believable to me. The rest I am sure of. A majority of the passwords are salted. If you have your password on there you can check yourself.

They are salted. Except for a few that have been "inactive" for two months.

Your bids count as obligations, at the bid amount. And any ask puts either a bitcion (call) or some USD (put) into escrow. By your description, you should have no obligations.

Deflationary spiral? I don't believe there is such a thing. Inflation? Yes. Deflation? Shady.

From Wikipedia:

"Whether deflationary spirals can actually occur is controversial, with its possibility being disputed by Austrian school libertarian economist Robert Higgs."


And it would require wages to be paid in bitcoin being a driving factor of the economy. Just not seeing it happen. Even.

Indeed, I'd buy.

For everyone that got a good deal, someone got a bad deal. I see know reason for mt gox to muck around figuring out who need compensation. Most of the trades were not authorized by the owner of the account, just as if a glitch had happened. Roll it back.

Glitches were happening because the network was so swamped with the unusual activity. It simply must be rolled back.

"We are going to push our relaunch time to 2:00am GMT tomorrow so we have time to launch a our new backend and withdraw passwords."

That is Monday evening US time. About 18 hours from now.

It is interesting to see exactly how deep the market is, since mt gox doesn't show bids below a certain amount.

It was less than 250 bitcoins that the hacker got. It is going to be hard to locate without mt gox letting us know. It is only a tiny amount. No big deal. Settle down.

You can make the from line say whatever you want. I can send you an email from christ@god.com, or bill.gates@microsoft.com. As long as I don't care about getting a reply back, I can put whatever I want in the from box. This does not indicate that mt gox is further compromised.

You mean you lost your "on paper" value of thousands of bitcoins that you bought for $0.10? No one is going to have any less money then they had earlier that day. Unless you are counting the gains of stolen btc from a greedy hacker.

That would have been smart. Fund each one with a bitcoins. Sell at $16, try to buy at $.02, then transfer out. Most likely they did not expect the price to crash so hard. I don't think it would have if the system didn't lock up and stop letting buy orders in. I know I would have offered more resistance if I could, and other people would have as well.

I know, from experience, that the $1,000 btc withdrawn limit is based on the 24 hour average. After the sell off, the 24 hour average was about $4. That is only 250 btc.

I'm sure, from experience, that the $1000 limit for bitcoins used a 24 hour average. The 24 average after the huge sell off was about $4. That is 250 bitcoins, which lines up with reports.