What is it exactly that frustrate me? Well, I would more than most people like to see the appearance of a decentralized cryptocoin becoming a real competitor to fiat money. But bitcoins hyperdeflationary nature do not allow it to happen. The problem is that bitcoin has a centralized ownership. You can pick 10-20 persons out there that is holding abt 50% of all the bitcoins that exist. And even if you count the 1000 persons that holds 80%, the problem is the same. What if Satoshi had premined every 21 million coin, and asked people to buy the coins from him? On the economic scale, that would not have been very different, except the flaw would be more evident.
(and know that I do not hate speculators or lottery winners - I just believe a true cryptocoin must be founded in a different domain)


Distribution of bitcoins:

5 million dollars are wasted each day in electricity

Well, don't mine it with GPU as its too energy consuming, mine it with ASIC
[/quote]

How much more profitable is the ASIC? Any references on this?

I am not a miner myself. However, as far as I understand from the charts, mining BTC has not been profitable the last months. Actuall the profit margin is abt -500%! This means the cost is 5 times the profit. I have previously believed that the mining cost would align itself close to the bitcoin price, due to people start mining when profit is good, and leaving it when its negative. Apparently this is not the case - or? Would like to be enlightened on this matter (I find it very interesting).

Thanks for nice replies! A few facts:
Good some of you're happy to have bought my coins cheap. They were cheaper when i got them
And yes, I did have a lot of coins. Not like Gavin or Satoshi - no no. But still.
And yes, I did make a profit, maybe some 20%. I certainly lost some money due to MtGox withdrawal fuzz and arbitrage.
I do feel happy.


Good question! My main issue with bitcoin is the immorality of it. Explained simply: When my government issues new money, those money are used to run schools, build roads, provide health care , etc. So fiat money has some moral basis. When you buy bitcoins, some people get rich from that, nothing else.

My last bitcoin finally sold! It's a relief. Bitcoin is doomed to fail. It has a price, but it has no value. It has made a few people rich, but most people shall loose. A currency? It is only speculation and nothing more. Bitcoin has not and will not become a real medium for exchange. What remains for bitcoin now is the large holders to sell out their coins, but in a tempo that does not crash the 'market'. It will be interesting to see how bitcoin's decline plays out. Good luck, either buying or selling, but if you do the former, you need it most.

I changed to Bitstamp. Working fine. Fast withdrawal, and generally better functionality. Arbitrage is a pity though, but that is basically a result of the malfunction at gox.

Interesting. Anybody else? Was it USD?

Certainly, yes! We customers have deposited a lot of money there, and that money cannot just evaporate. They can be frozen, ot stealen. MtGox should provide more info now!

Considering moving to Bitstamp. Anybody here who did succesful withdrawals from there recently?

Dear MtGox
Given the recent suspension of withdrawals, your customers deserves a better explanation than what you have given us so far. You have claimed:
1. The problem is related to USD withdrawals
This is obviously not correct, since transfers in other currencies also are put at hold.
2. The problem is due to increased volume of transactions
Hard to believe since volumes of trade were 3-4 times larger in March to May.

In light of this, your press releases are only creating increased uncertainty rather than being reassuring.

I see 2 probable causes for the hiatus:
1. You are short on cash
If this is the case it means that you have spent client's money on operations. That is of course a serious problem for your customers, but could in conclusion become even more serious for MtGox - if not fixed. I would however expect that you can fix it, since MtGox are without doubt an interesting company for new investors.

2. You have troubles with the banks or regulatory authorities.
If so, your customer base would be cooperative and patient. And banks can for sure create troubles for bitcoin if they desire, but they can not steal the client's money.
...........
Maybe it is both, or something else. But we are only left to speculate. And the worst thing now is the lack of reliable and trustworthy information from the company. Given the key role MtGox have for the bitcoin economy, the whole community would benefit from a more open style of communication from you.
............
If you support this message please give a reply to keep it up there

Maybe you're right. Until this I've had a very good impression of MtGox, so I hope that still holds and that they sort this thing out. Though its hard not to worry.

It may seem like client's money has been spent or stolen by mtgox. They have not been able to give any plausible explanation. I have $20k stuck at gox. I suggest that those of us in the same situation should gather and be prepared for a collective lawsuit (class action). We cannot wait forever. The company and the people behind it shall not get away with this.

Hmm, French. Trading not operative. Is davout behind the site?

What exchange are you talking about?

I have 20kUSD withheld by MtGox for 5 weeks now. Anybody else in the same situation?

I have read their press releases, but their explanations do not seem plausible. It appears like they have spent or simply taken their client's money. Disturbing.

PS: many people here are worried by bitcoin being sabotaged by govs, feds, banks etc. Don't worry. MtGox are destroying bitcoin perfectly well alone.

Is it really just the two of us that are being scammed by MtGox? I believed I would have a lot of responses here. People are deadly interested in Bitcoin here, but don't seem to care much about the coins are becoming useless with MtGox latest measures.

If they dont have the money, it can only mean that they have been spending client's funds. That is illegal, also in Japan I suppose. Have you considered any legal steps?

I have been waiting since june 16th for my withdrawal (>10kUSD)
They say that they have resumed payments, but I've seen no money.
Are they paying out anything at all??