Here is an example of stuff that is out there http://www.mtgoxtakeover.com/?q=msg.



And this was written by someone who used a real name and who posts on this forum.

Horrible.

You're actually in a great position if you have fiat on gox. Buy the cheap coins and sell them to one of the traders on https://bitcointalk.org/index.php?topic=455243.0 for real BTC which you can then sell for four times the price that you paid on gox.

Give him slack for taking bitcoins and not returning them as promised?

I'm sure he had good intentions, but for a presumably successful person he should have known better.

This is a disgrace!

I thought Josh had some fiat business experience and so should have known beforehand that he might have regulatory issues for providing the service for a fee. He's not a kid.

The fact is that many of us live in parts of the world where we have no such issues and can freely transfer bitcoins.

I wonder which is more valuable right now? joshBTC or goxBTC?

It seems the best way to exchange goxxed BTC for BTC is to do it directly rather than using a third party. That's what I did last week.

+1

I've been lurking in this forum for months, primarily to read what sturle has to say.

I agree that the price should be less than 70%.

Bitstamp has just suspended bitcoin withdrawals so make sure that you don't exchange your goxxed coins for coins on Bitstamp!

https://www.bitstamp.net/article/bitcoin-withdraws-suspended/

Even if it's 50/50 that Mt.Gox is insolvent, the coins are still worth more than zero!

People are still exchanging their goxxed coins for real coins, so the buyers still perceive a value.

Thanks for the link. I didn't know of that site.


Wow, you're really pessimistic.

But you raise a good point. I do agree that it's quite likely that lots of coins were stolen from Mt.Gox because of their buggy software, as why else are they continuing to suspend withdrawals after they have identified the problem? The question is how much? They would have made enormous profits during the last year and so hopefully they made enough to cover their losses.

I wouldn't sell my goxxed coins at 30% and I think I would buy more at 50%. Paying more than that right now seems rather risky though.

It is currently possible to instantly move bitcoins between Mt.Gox accounts.

There is an active market for exchanging bitcoins in Mt.Gox accounts with bitcoins outside Mt.Gox. Thousands of coins have changed hands.

https://bitcointalk.org/index.php?topic=455243.0;all

https://bitcointalk.org/index.php?topic=457723.0;all



I myself did this a couple of days ago.


I'm wondering what the fair exchange rate woudld be?

The current USD price on Bitstamp of $715 is 22% more than the current Mt.Gox price of $585.

But given that it might take a long time for Mt.Gox to resume bitcoin withdrawals, people who want their bitcoins out of Mt.Gox right now should pay more for the privilege. What's this worth? 5%, 10%?

And there's also the risk that Mt.Gox will never pay out the bitcoins due to insolvency. I guess I am contrary, and am still optimistic about Mt.Gox, and so I'll assign just 5% to this risk.

Adding these up says that bitcoins elsewhere are worth 32% to 37% more than on Mt.Gox.


Am I thinking about this correctly? Have I missed something?

I'm hopeful that MtGox will sort out their problems, but I don't know whether it will be days, weeks or months before they can honour everyone's bitcoin withdrawals.

BTC on MtGox are only worth 3/4 of BTC elsewhere right now, and the trend seems to be that it will drop more.

There is an active market of people exchanging their goxxed BTC for real BTC https://bitcointalk.org/index.php?topic=455243.

I did it with someone else on MtGox a few hours ago and it only took seconds for the coins to be transferred from one account to the other.

I had to wait 4-5 hours for three bitcoin withdrawals to be processed by Bitstamp after I confirmed the email. Then I made another withdrawal and it was nearly instant.

Frustrating as I needed them in a hurry.

I will take 0.8 real BTC for my goxBTC, or perhaps 0.75 real BTC if you go first depending on the amount.

WARNING: The previous post by RogerStrauss is a scam. He deliberately changed the bitcoin address. Please delete the post to protect investors.

Perhaps the panic bubble didn't suddenly burst, but it sure looks like it is deflating. May the last one out please close the door?

Hi

I have seen mention on these forums in the last days that Mt.Gox allows emergency SWIFT withdrawals.

How do these work?

Who is entitled to them?

How do you request them?

How long do they take?

How much do they cost?


Cheers

But can you give an indication of how many btc per week to expect?  10, 100, 1000?

Yes, he is a Canadian resident with bank accounts etc. He'll pay taxes.

This might interest someone I know in Canada with lots of coins to sell. Roughly how much could he sell each week at Mt.Gox prices? It has to be worth his while. He is not a small fish.

I read in your arbitrage thread that you had an over supply of buyers. Is this still the case?

I totally agree. It should only be an hour's work for a developer. But I don't see them fixing this for a long, long time.

SEPA is an abbreviation for Singe Euro Payments Area http://en.wikipedia.org/wiki/Single_Euro_Payments_Area

Euro only.

I don't live in the UK, but I think that most high street banks will allow you to open a Euro account. You could then use SEPA to withdraw to it, and then ask your bank to convert the Euro to GBP.