If Mt. Gox owes you money, here's something you can do easily. The SEC says Bitcoins are an investment contract, and a judge has agreed. That means the SEC has jurisdiction over Bitcoin broker/dealers.

File a complaint with the SEC against Mt. Gox, for their defaulting on customer funds withdrawals. (Click here to file a complaint.) Do your homework. Get the street address of Mt. Gox in Japan right. Get the company name right. Make the point that they're months late on their cash payments to many customers. That's a huge red flag to the SEC.

The SEC does go after unregistered foreign broker/dealers dealing with US customers.  Such dealers have to register with the SEC if they deal with US customers directly and hold customer funds. Mt. Gox has a legal U.S presence; they have a registered agent in Delaware so they can file with FinCen. Mention that address in the complaint.

If you file a complaint, a copy goes to Mt. Gox, sent by the Securities and Exchange Commission. That will get Mt. Gox's attention. They have to answer the SEC. You'll probably get paid very fast.

Just because Mt. Gox is in Japan doesn't mean the SEC can't fine them. Also, the US SEC and the Japan Financial Services Agency have a formal cooperation agreement. If the SEC tells the FSA that Mt. Gox seems to be in financial trouble, the FSA will be interested. The FSA has the authority to audit Mt. Gox any time they want to.

You don't have to put up with Mt. Gox's excuses. You can drop a big hammer on them.

The wicked witch is dead!

Are there any more trustworthy exchanges? 


Bitstamp is in obvious violation of EU regulations, and could be closed any time. (Issuing Ripple USD, which is electronic money according to Directive 2009/110/EC, without proper authorisation.)  Their address is a maildrop in London.  I have no idea who owns it.  Their API is horrible.  I wouldn't trust them with large sums.

It would be great if someone could find out exactly how bitstamp is set-up, and how risky it is. I'd love if all exchanges would properly be set-up and registered with the financial authorities.
Othwerwise I agree that there is a significant risk to seizures, and shut downs...

Ok here's my speculation of the day:

There is at least one major international bank (Citi) which is part of many SWIFT chains and is refusing transfers to/from Gox.
Maybe Bank of America is also causing troubles along the chain. Why? Because they can. ("yeah Gox, come after us in court if you can afford it")
Those banks are playing dirty tricks like refusing some of the transfers and causing late chargebacks. That would explains why Japan transfers are allegedly working fine.
The SEPA problem is of different nature: all SEPA banks atm honour the transfers but the MtGox business is "not so desirable" for the Polish bank they use, whatever reason there might be. So SEPA is slow because the bank put a cap on the maximum amounts that can go out via SEPA.

MtGox chooses not to clearly communicate the banking problems they are having because doing so would cause a sudden run on them. A slow death is better than a sudden death. Maybe at this point in time they still hope to bring down their volume to a manageable size without totally disappearing into oblivion.

The bad banks work by flagging / blacklisting accounts so in order to counteract their measures Gox is trying to play hide and seek: open a number of accounts with other banks. Splitting the money across multiple pots allows them to be more resistant to individual account freezes. But it also implies a management overhead and extra costs for moving the money across accounts / keeping them replenished.

In the meanwhile nobody knowns the size of the Dwolla seizure, nor whether any other seizures have happened, nor the amount of damage caused by reversed deposits.

As of today, were there to be a run on Gox, they would end up insolvent and bankrupt. Which still has a high likeliness to happen.
I think they are hanging around hoping to find a way out of the tunnel.

Are there any more trustworthy exchanges? 

BTC-E is very low on my trust scale.  Withdrawal via bank transfer costs 150 USD minimum.

Bitstamp is in obvious violation of EU regulations, and could be closed any time. (Issuing Ripple USD, which is electronic money according to Directive 2009/110/EC, without proper authorisation.)  Their address is a maildrop in London.  I have no idea who owns it.  Their API is horrible.  I wouldn't trust them with large sums.

Bitcurex perhaps?  Simple interface, API similar to MtGox, been here for a while, quick deposit and withdrawal, no trading fees, but very low liquidity and volume.

Bitcoin-Central has proven to be trustworthy, known and respected owner, but is still down after a security breach at their hosting provider.

Intersango's owners seems to have lost interest in the exchange.

haha. not sure you wanted to say what I understood ("price moves into direction outlined due to big subscriber base acting on it", aka: self-fulfilling prophecy).

maybe it's time to subscribe again...

i had some dating back to the 13th. I had them cancel it, bought bitcoins, moved to another exchange.

Been happier ever since. Gox has serious management issues. To the point that the risk and frustration of moving funds in and out is not worth it. Rather just take my business elsewhere.

Auf Gox ist grad nicht los, schon seit ein paar Tagen.
Aber dafür hat Bitstamp Mtgox im Volumen fast ausgehohlt.

So how about you just tell us all whether the price is going to go up or down  

I read the press release https://www.mtgox.com/press_release_20130805.html. It is silent with specifics when it comes to USD withdrawals.

We're about to enter a (short-term, at least, but tradeable IMO) trend reversal, downwards, judging by what I look at. Still avoidable though if price picks up, to 104, 105 maybe.

Interestingly, mtg and bit are decoupled to a degree right now, with bit looking slightly more positive. The two exchanges are still strongly linked of course, but I noticed that there's at least some instances in the past 2 months were bit actually lead mtg. Not the norm though, usually still the other way round.

It is worth noting (even though I have been in and out of BTC lately):

At some point in the next year or a bit later, maybe even in a few months, you are going to see one of Spain, Portugal, Italy, etc. go under (Banking system or a large part there of).
When that happens (or as we approach it and it is obvious to some), you are going to see the BTC price explode. Absolutely explode. Your reaction will be like swimming in the ocean and
seeing a 21ft Great White Shark nearby, but just far enough away for you to maybe make it. It will shock you and you will remember it forever. It will be a bubble though and it will correct, unless we have a wider systematic collapse. But, it will not correct fully down as many of the 12 million or so coins out there will be in strong hands. It will probably be an extrapolation of what we have already seen.

So, we are all playing a game. Yeah, we don't want to get caught in BTC if it corrects again hard down. But we all know the times we are living in. If we were living in
times of solid banking and not as corrupt governments, BTC would depend solely on it's low transactions fees, perhaps the darknet, etc. But we are living in times where Central banks (ECB) take 47.5% of
your money in a bail-in and other countries are seeing that as a model.

Good luck to you all, but lets not simplify things. It can go any way at any time. Be careful and don't lose sight of that and don't lose sight of what BTC represents.

Enjoy the ride and don't forget that when the shit does hit the fan,
It's about sharing

A bit of feedback on trading ideas section of your reports:

You say that trading ideas should be executed after confirmation of the trend, yet the section profit percentage statistics are done with an assumption that trader buys in at exactly the price point you specified. Also I do not like how you excluded the last trading idea which resulted in 13% loss, assuming, as with your other statistics, that somebody bought in when entry point was triggered and sold when stop loss was triggered.

hahaha, good answer S3052. I´d answer something like that if I were you   

Do you plan to make a public issue on bitcoinbullbear soon? Last one was about 1 month ago.

Thanks!