If someone is active on reddit (and since for some reason the operator has only posted there) might be a good idea to point out to him that trades are still occurring almost 24 hours after shutdown.

http://s2.bitcoinity.org/markets/bitcoin24/EUR

I am surprised the OP has escalated to "I talked to a lawyer and get can get the laptop but it is going to cost $5,000 in court fees which I don't have.  I would be willing to share a split of the coins on the laptop if someone can lend me the lawyer money."

Honestly kinda already expected it.

Cross posting for a noob who doesn't have access


https://bitcointalk.org/index.php?topic=175205.0

My point is that it doesn't require a trusted third party.  Yes they seem horrible naive (academics usually are).  A privacy "coin" where the govt has the backdoor key has essentially no utility.  Bitcoin's pseudo-anonymous capabilities are more that sufficient for "casual anonymity" (not wanting your wife to know where you spend your money).  Anyone interested in something stronger isn't going to be ok with backdoors.

The zerocoin paper doesn't indicate a trusted third party actually it indicates the exact opposite.

Did he do something stupid like leave API access active when he "shutdown" the site?  If so and there is a flaw in the trading engine well that would be ... bad right?

Why not look at their website.  The bicycle merchant would set a price in USD.  Say $700.  Bitpay collects BTC and the merchant gets $700 (minus fees).  Not $750, not $770, not $632.388382989839289.  $700.  Bitpay is then long the equivelent BTC.   You guys really have no imagination do you.   Bitpay can do a nearly unlimited amount of business by just having BTC exposure equal to one hour of business for the entire month.

How?  Bitpay is long some amount of BTC.  They are always long some amount of BTC.  This is unavoidable however the BTC they are long are ALREADY on the exchanges.  So bycicle merchant sells a bike for $700.  Bitpay quotes customer an amount in BTC.  Say 10 BTC.  As soon as customer pays (0-confirm), Bitpay immediately (within seconds) sells 10 BTC (which are already on the exchange).  When customer payment has 1-confirmation they transfer it to the exchange.

Come on people start thinking outside the box.  If you want Bitcoin to grow (real growth in terms of number of users, transactions, merchants) it will take more outside the box thinking. 

It is pretty easy to see what their payment policies are ... they payout next day.  Would have taken you less time to just lookup their policy then come up with your wild fantasy.

You do realize the funds on MtGox don't belong to MtGox.  MtGox has no legal right to place buy orders with client funds.  If MtGox tried something that stupid they would be sued into bankruptcy and it wouldn't really matter because anyone with $0.01 of USD would be pulling it from the exchange.

Time.  If the average Joe who has no better reason to exchange funds to Bitcoins other that trying to make 100,000% profitszzzzz per year stays a away for a months or even years that doesn't undermine the value of Bitcoin.  In 2015 or 2016 Bitcoin ecosystem will be even stronger.  ASICs will be online making the network more secure, the clients will be better developed, hardware wallets will exist, there will be more and deeper exchanges who learned lessons (or went out business) from the lag-crash(es) of 2013.

If you believe Bitcoin has UTILITY as value transfer system (i.e. a currency) then it isn't hurt by a little less mainstream attention in the short span.  When Bitcoin is still around a decade or so after launch "the average Joe" will take another look at it.   If Bitcoin never had UTILITY then it didn't matter if the average Joe bought into it or not, the end result was going to be failure either way.

So ask yourself, does Bitcoin have UTILITY?  If the answer is no then sell all your coins now while you can, and logout.  If the answer is yes ....

Sadly the spreads and volatility were lower on other exchanges UNTIL MtGox opens.  Suddenly MtGox is lagging, no transparency, people on other exchanges feel a lack of visibility pull orders, widens spread volatility spikes.

It would have been better had MtGox just stayed closed.

I was about to ask the same question as the OP.  I thought the opened early but nope can't place an order.

You should probably cancel your internet service.  That should free up enough money for your husband to get to work for a whole month. 

Always get your independent legal counsel but a piece of generic advice.

The law isn't like a video game where you can find an exploit and level up easily.  If your intent is to acts as a money transmitter a judge is likely going to rule you are a money transmitter.  There are no sneaky cheat codes in the law (unless you happen to be very rich, politically connected, or a banker).

Please stop. 

No they shouldn't.  The answer to manipulation isn't more manipulation.  Free & transparent markets period.

bitfloor was trading higher than btc-e for most of the day and in the past couple hours has traded negative (on relative basis).


At time of writing:
bitcoin24: $64.93
btc-e: $64.31
bitstamp: $58.08
bitfloor: $54.96

Now a $10 spread across exchanges is a little excessive but I think the independence is refreshing.  Might be nice if MtGox never opens.

An interesting stat that I guess only MtGox knows.
At the time of closure MtGox held for clients X in USD & Y BTC.

Now the USD can't effectively leave MtGox and get to another exchange in any timely manner so for all intents and purposes it is trapped.
The BTC however can rapidly move to other exchanges.  Those exchanges unless they saw a flood on new cash (and lets face it getting fiat onto exchanges can often be described as anything but "fast") it would alter the relative balances.  I wonder if that is what we are seeing on bitfloor.  With bitfloor ACH cashout removing USD from the exchange is relatively "easy.

It will be interesting when MtGox opens.

I can't give a specific timeline.  It will depend on intra-day volatility, how well MtGox handles the load, the effect on other exchanges, spread between exchanges, etc. 

We aren't closing we just can't operate in a scenario where the price changes 30% in a hour. 

Rassah,

There is always one maker and one taker for every transaction.  So Bitfloor collects 0.4% from the taker, and pays out 0.1% to the maker resulting in 0.3% net fee.  It isn't hard to predict the net fee.  It will always be 0.3% on every tx, every time.