So does this mean that if when I transferred in my BTC it was worth $1200 I will be getting $1200 per btc refund? [/quote] If there's any fiat left, I guess!  [/quote] Almost certainly means that they have gone through the accounts and discovered that a significant amount of BTC was deposited in EmptyGox at less than USD 100 EDIT: But its Probably Fake. |
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If you are into Bitcoin for short term speculation and want to be able to react to the market quickly without having to sell them for a pre-determined amount it makes sense to leave them on the exchange.
Just saying.
Yes, but with a >10x of amount shown on the book is still far too much IMO, especially when gox has all sort of problems I know I have coins at stamp that are not in the order book - I don't use Gox but why wouldn't people have done the same thing? Allegedly they had 500,000 accounts - ( inflated number probably) but if every account just left 1 coin there it would be most of that number. |
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wouldn't it be more sensible to try to work out who stole the bitcoins from Gox and to **** them up?
Bitcoin is not that anonymous. It ought to be possible to identify addresses which have a significant volume of same size repeated transactions withdrawing from the gox wallet, all the transactions are there in the chain after all, and I suspect that anyone with the financial resources to take over gox at this point will have the resources to identify the owners of those addresses.
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Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.
Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".
Are you just being stupid? Both said "insolvency" before they were edited. The point being they were edited and no longer say insolvency - if it was confirmed that EmptyGox was insolvent do you think they would have made the edit? That's actually NOT the point. He was accusing people of fake screen caps for the insolvent word, but thousands of people saw it before it was changed. Come on people, use that lump of jelly between your ears. Yes it was there - and it was changed - if insolvency was confirmed it would not have been. Its more likely that it was about to file but some White Knight has turned up to stage a last ditch rescue. Perhaps Gox relocates to NY under new management. The next question is if someone does acquire Gox will they acquire the liabilities or just the assets? |
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Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.
Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".
Are you just being stupid? Both said "insolvency" before they were edited. The point being they were edited and no longer say insolvency - if it was confirmed that EmptyGox was insolvent do you think they would have made the edit? |
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It will be interesting to look in a couple of months to see how the bitcoin holdings have changed. Will the recent price gyrations have increased the concentration of bitcoin holdings, or aided in the dispersal of bitcoin to newer hands, personally I would bet on the former.
The market is beginning to look a little orchestrated, the accuracy of a number of predictions (to the day) not even the week/month is slightly suspicious. Would it surprise anyone if they discovered that a chosen few are still able to move coins from gox to bitstamp, despite the exchange shutdown. At $300 a coin they could split the profit with gox and the only losers are those in the community not in the know. (ie most of us).
In the meantime we can get ready for the next pump, whilst those early adopters who for various reasons want out at the moment continue to get out.
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BTC will shoot up when clear signs appear that withdrawals will be enabled again.
Yes and the cheap coins on Gox will get dumped on stamp! I know its a trifle naïve, but some people might actually buy them and hold onto them. Unreasonable I know, but......... |
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Wishing for another Cyprus?
No, not wishing for another Cyprus. A lot of Europeans think Cyprus was a one-off, which IMO is incredibly naive. Maybe this report will prompt people to consider how safe their money really is. If even a small % of savings are moved to Bitcoin, it's choo choo, whether another Cyprus happens or not. Personally I think another Cyprus - or a Europe-wide measure as described in the report - is inevitable. Not the first time this has been proposed. the IMF mooted it back in October in their Fiscal Monitor - entitled Taxing Times https://www.imf.org/external/pubs/ft/fm/2013/02/fmindex.htmThe relevant section is Box 6 on page 49, entitled A One Off Capital Levy, and talks about a tax of 10% on net wealth (not just bank deposits.) It was also mentioned a couple of weeks ago by the German Finance Minister just before they started discussing bailing out Greece again. |
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Could it now start to be looking like final capitulation or something? At least there is quite big volume for this past week and if you zoom enough out on the chart it looks like it just might have been long enough to go up. I tend to think that the cycles of rallies are getting faster and more close to each other and on 3day and 1week charts it looks something like last april and beyond that on faster speed?
No. The price is too high relative to the trend (about 0). Currently 400 daily average would suffice. Also no panic, no desperation. ADD: And we seem to have some real Bitcoinwide issues at hand. I am surprised why price is so high tbh! I can't withdraw or spend my bitcoin, but I can still sell them at Bitstamp and get fiat out of it. I am curious as to why you are maintaining your 400 daily average level. If I look at your other post in the economics section where you posted your regression calculation your trend line would now be in the mid/high 600's a level which Bitstamp is currently below. WHile I have nothing against you having a public and seperate propriatary model I am curious as to why they diverge so much, what additional assumptions you are making or what you are looking at in addition. |
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because if you are a miner they are a 0 fee pool? As opposed to BTC Guilds 3% Complain about BTCGuild for charging way to much as well as about ghash.io... The pool fee at BTCGuild is worth $12,000 a day, or roughly $4,250,000 a year as long as they maintain approx 18% of the hashrate and BTC is at $600 |
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Oh no - we're all going to die..............
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If MTGOX goes down and takes peoples fiat and coins with it - is that an idictment of bitcoin, or a demonstration of counterparty risk, and a lesson not to keep to much coin or fiat on exchange?
Regardless of what happens, in the longer run gox no longer existing is a positive for bitcoin
If the price falls I will be buying (on stamp) below $500, until my fiat held there (not a lot) runs out, then I will HODL
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Just hit the 4hr cross. looks like 700 is the new floor.
Still waiting for the 2 hr cross on Gox. why? what's Gox? |
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Gox engineering a dump to push the price down so they can buy back the coin they have double transactioned. (not Double Spent - but sent out twice due to the transaction ID alteration), so they can meet any shortfall they may or may not have.
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Why is gox even trading??? The exchange you can only deposit to, I mean it's laughable but unfortunately a fact.
well if you're stuck with GoxBux and GoxCoins, and can't get either out, you might as well swap them back and forth to try and make more of them. Those fees will keep Mark's hookers for a little longer. Of course if you are not in GoxBux or coins you take a view on whether you think at a 20% discount to stamp its a a risk worth taking, or you think the Gox risk is worth more than that. Personally I wouldn't touch Gox at all but then I like Stamp. Any chance Gox engineered the crash? If they are short a few thousand (or even a few tens of thousand) coin due to double transactioning wouldn't it make sense to drive the price down so that you could buy those coin back as low as possible. Then you can meet all the withdrawls and get back to business. Bitcoiners having the attention spans of gnats the chances are that once the withdrawls do start again then if the price stays below Stamp some people will come back and use your exchange again. |
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You're technically correct on that point. But it's only one exchange, mtgox, that allowed this limitation to grow unchecked into a major problem, you agree? The problem is removed if only sufficiently* confirmed transactions are accepted. (* I'll admit I don't know how deep into the chain they need to be before the risk is neutralized)
Your misunderstanding here is how it works I deposit money into gox and withdraw it mtgox sends it to my address and it get transaction ID A I mine a block and include the transaction in my block, but as the miner I can CHANGE THE TRANSACTION ID TO B. I then tell MtGox staff that transaction A didn't confirm. They check it and they see transaction A was rejected and will never confirm but what they don't realize is it was just changed to transaction B by me, so they resend the transaction.  Profit. and they don't notice that they have paid another "unauthorised" transaction? Transaction ID B will still show as a payment by them - and they will not know why they made that payment (by unauthorised I mean a transaction without a corresponding withdrawl request on their system). If they are not running a double check on every outgoing transaction to ensure against employees quietly defrauding them if nothing else, then they deserve to fail. |
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The proportions of the impact still feel very suspicious, Gox basically took some old and well known (to devs) things, and "turned" them into "news" about btc protocol. I dont want to believe that the whole crypto market is that retarded to panic so hard.
There should be something more to it.
unfortunately while the whole crypto market is not that retarded, a certain proportion is, and will happily feed the panic in order to make a fast BTC. |
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so this isnt bullish nor bearish? it's bullish in that bitcoin isn't broken, and bearish in that it suggests that gox are hiding something. Gox appear to be attempting to blame poor coding in their own wallet software on the blockchain coding, rather than accepting that it is their poor implementation of wallet software which is causing their problems. Of course we can expect mainstream media to just go with the "bitcoin is broken" headlines and for sellers to sell and those who see opportunity to buy at their targets. For anyone who cares about the long term log trendline todays value of the line is $658.5, so the price is currently below trend for pretty much the first time since October. https://bitcointalk.org/index.php?topic=322058.0 |
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while this will rise the profile of bitcoin in the UK, and it is good to see that Barclays look like they will let them use pingit to do so, you always could buy bitcoins for cash...... its called localbitcoins.com , and it looks cheaper to me....... |
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