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Oztwinpeaks
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February 24, 2014, 09:59:15 AM |
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you forgot to add: after a few announcments of new announments they finally managed to solve it themselves and continue.
but we have to understand that we are only allowed to withdraw 1btc/day because of the risk they take beeing the biggest exchange and permanently attacked.
Funnily enough, that's kind of what I see happening. Very small withdrawal limits- the new verification for BTC will slow the withdrawals down too. Short term I see them surviving, but long-term they seem shot in terms of retaining a customer base.
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Lethn
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February 24, 2014, 10:00:45 AM |
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People used Gox because it was mentioned in the media a lot. I think everyone learned there is better exchanges now, and hopefully the media follows suit and forgets about Gox.
Pretty wishful thinking there, you can expect the media to either continue mentioning MTGOX or you can expect them to use it as an example of why Bitcoin is totally broken and conveniently leave out how badly they were operating even before stopping withdrawals.
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Hiroaki
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February 24, 2014, 01:52:58 PM |
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I would say it's 50/50 right now, because of their weird PR, but i'm leaning more towards survival. Mark would be stupid to destroy "such" a brand...
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sergio
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February 24, 2014, 01:53:51 PM |
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let that be a lesson to everyone mtgox downfall began due to regulations and their own bussiness practices.
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hilariousandco
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Join the world-leading crypto sportsbook NOW!
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February 24, 2014, 02:03:37 PM |
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I very much doubt it. I'm been surprised it has continued functioning for as long as it has. People used Gox because it was mentioned in the media a lot.
I think this was a big part of its business. It was the biggest exchange just on name alone. It's the first one pretty much everyone hears, yet you soon heard all the horror stories about it or found out first hand if you ever tried to use it.
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hakanf
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February 24, 2014, 03:05:45 PM |
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can someone please explain why they will go to bankruptcy? did they lost a lot of bitcoins because of transaction malleability? are they losing trustability and prestige so even if they solve the problem, they will be on loss? in these withdrawal resolving process, are they losing a lot of profits? did they already go bankrupt and these withdrawal issue is just a diversion or something? any other possible reason?
it's so interesting that people saying they will fail are saying nothing about the reasons. IMO, they were making huge money in last months, and this is just a basic technical issue so failure is just a small possibility and the failure theory is mostly based on speculation
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Griegura
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February 24, 2014, 03:38:40 PM |
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I think that sending FIAT money to mtGox right ow is not a stupidity. If you manage to buy 1 bitcoin in mtGox for 160$ and they solve their problem in the next month and let you take your btc out you will have made a 400% of profit. It's risky but benefits are potentially high. If it were a safe call I'm sure the price would be much higher. We have to think that all the exchangers had malleability problems and mtGox is having a worse time fixing them, this last malleability problem is companied with other problems that they had before with fiat withdrawals. Fortune favours the bold, but I wont put more than a 5% of my total fiat savings in this mtGox operation.
(To try this you should already have a verified account because the verifing process takes at least two weeks)
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MastercoinNL
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February 24, 2014, 06:55:10 PM |
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Roger 'Bitcoin Jesus' Ver thinks MtGox will
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OliverEngland
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February 24, 2014, 07:05:54 PM |
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Will users get their funds and coins, and the site be running again? I think so. Will they ever be trusted again? Don't know.
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browep
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February 24, 2014, 10:30:23 PM |
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they'll probably putter along for awhile. But no way is some going to trust them. Only chance is to declare bankrupty/fold. sell assets ( domain ) and have some else take over.
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galbros
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February 24, 2014, 10:50:27 PM |
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Based on the price for MtGox bitcoins the market seems to think there is a good chance users are never going to get all their coins back. It's clear they lost coins to scammers and they have done little to reassure markets with a "We have 10000 bitcoins" type statement. If they can't make everyone whole then they have to declare bankruptcy.
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boumalo
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February 25, 2014, 12:57:18 AM |
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Based on the price for MtGox bitcoins the market seems to think there is a good chance users are never going to get all their coins back. It's clear they lost coins to scammers and they have done little to reassure markets with a "We have 10000 bitcoins" type statement. If they can't make everyone whole then they have to declare bankruptcy.
I was thinking about that also, they don't even try to reassure their customers much They could say that they are solvent and everything, and communicate everyday, I guess they have a lot to do If you think they are malicious, you could think that they want the price of btc to be low, for some reason; or maybe they don't want to say they are solvent when they know they are not for legal reasons
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