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Author Topic: What is the next MtGox?  (Read 1763 times)
shapetwist
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December 02, 2015, 09:51:34 PM
 #1

I'm wondering what the community thinks!

Is there a new Gox bound to happen? What is something you have solid suspicions of?

What I feel is that Bitcoin has become safer and less susceptible over time.

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December 02, 2015, 09:56:01 PM
 #2

Cryptsy, been holding some withdrawals since August, suddenly loads of wallets offline or in 'maintenance mode' after what seems like they were arbitrage trading, was all good til BTC dropped and now they are on the wrong side. They are only allowing altcoin withdrawals they have heaps in reserve of, support tickets are going unanswered and the ones dealt with are closed without an answer... so... That's my opinion / facts/

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December 02, 2015, 10:07:50 PM
 #3

Yep, Cryptsy for sure. Amount of Bitcoin allowed to be transferred off-site has been lowered to $100 monthly or even lower. Communication seems almost non-existent. Looks like this ship is slowly sinking, luckily I have nothing of value onboard ...

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December 02, 2015, 10:09:18 PM
 #4

Cryptsy, been holding some withdrawals since August, suddenly loads of wallets offline or in 'maintenance mode' after what seems like they were arbitrage trading, was all good til BTC dropped and now they are on the wrong side. They are only allowing altcoin withdrawals they have heaps in reserve of, support tickets are going unanswered and the ones dealt with are closed without an answer... so... That's my opinion / facts/

Yes, Cryptsy definitely but I wouldn't count them as a next possible Gox! Next possible Gox would be Bitfinex, OkCoin, Bitstamp, etc.. Cryptsy would just be a new BTER for example!

I don't think we will have a next one. I think that people gave become smarter and people that run these exchanges have become much more cautious.
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December 02, 2015, 10:13:55 PM
 #5

Cryptsy, been holding some withdrawals since August, suddenly loads of wallets offline or in 'maintenance mode' after what seems like they were arbitrage trading, was all good til BTC dropped and now they are on the wrong side. They are only allowing altcoin withdrawals they have heaps in reserve of, support tickets are going unanswered and the ones dealt with are closed without an answer... so... That's my opinion / facts/

Yes, Cryptsy definitely but I wouldn't count them as a next possible Gox! Next possible Gox would be Bitfinex, OkCoin, Bitstamp, etc.. Cryptsy would just be a new BTER for example!

I don't think we will have a next one. I think that people gave become smarter and people that run these exchanges have become much more cautious.

Right, Crypsty is too limp to pull off what MTGox did. BTC-e would have the volume and placement to do it, but i'm not sure its going to be done again. With Bitcoin getting so much political awareness, the fact its not "proper money" does not prevent it from being fraud nowadays.

Sound to me that the scam after MtGox was Paycoin. And from there, its going to be more small in term of scam size.

The next big scam will be in 10 years when someone realize someone had been, for years, skimming profits in BTC that total in millions of USD, then that person will go in prison.

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shapetwist
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December 02, 2015, 10:44:31 PM
 #6

Cryptsy, been holding some withdrawals since August, suddenly loads of wallets offline or in 'maintenance mode' after what seems like they were arbitrage trading, was all good til BTC dropped and now they are on the wrong side. They are only allowing altcoin withdrawals they have heaps in reserve of, support tickets are going unanswered and the ones dealt with are closed without an answer... so... That's my opinion / facts/

Yes, Cryptsy definitely but I wouldn't count them as a next possible Gox! Next possible Gox would be Bitfinex, OkCoin, Bitstamp, etc.. Cryptsy would just be a new BTER for example!

I don't think we will have a next one. I think that people gave become smarter and people that run these exchanges have become much more cautious.

Right, Crypsty is too limp to pull off what MTGox did. BTC-e would have the volume and placement to do it, but i'm not sure its going to be done again. With Bitcoin getting so much political awareness, the fact its not "proper money" does not prevent it from being fraud nowadays.

Sound to me that the scam after MtGox was Paycoin. And from there, its going to be more small in term of scam size.

The next big scam will be in 10 years when someone realize someone had been, for years, skimming profits in BTC that total in millions of USD, then that person will go in prison.

Thanks for your comments! That's some insight I agree with, and we're definitely in a phase where something in the scale of Mt.Gox is quite improbable.
The next big scam, as per the last comment, will in my opinion be related to gambling.

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December 03, 2015, 06:27:15 AM
 #7

It will be from a service not regulated by their governments. Some countries already started to protect the consumers from scams and fraudulent activities like this, and the exchanges will face heavy penalties, if this does happen.

It is a political nightmare for a country, if a unregulated service scams multi millions from people on a global scale. The service will also have to take out extra insurance, to cover some of the loss, if this does happen.  Roll Eyes

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December 03, 2015, 06:29:04 AM
 #8

The next MtGox probably is Cryptsy and they are not alone.
I think that another one will join this 'journey' and that is bter chinese exchange.
They have been hacked almost a year from now and they are not able to compensate the 'stolen funds' for their users.

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December 03, 2015, 07:02:23 AM
 #9

The next MtGox probably is Cryptsy and they are not alone.
I think that another one will join this 'journey' and that is bter chinese exchange.
They have been hacked almost a year from now and they are not able to compensate the 'stolen funds' for their users.

Their profits are probably a lot less than you think. Besides the volume being a lot lower after such a major incident, the small fees don't help if you need to recover such a severe hack.

Crypsty is going down for sure. It is not in a healthy state right now and even if they manage to get heir heads above the water, they will be in massive trouble getting volume back to their site.

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December 03, 2015, 07:02:42 AM
 #10

I dont think Craptsy could be new MtGox. At time ppl were "goxed", MtGox had huge market share (i think allmost 70%) so that shit cant happen again. Craptsy will most possibly turn to scam but not nearly that big, they are almost irrelevant.
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December 03, 2015, 07:04:21 AM
 #11

cryptsy would be next to default but its nothing compared to mtgox,just a small altcoin exchange
cryptsy is having withdrawal problem
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December 03, 2015, 07:05:50 AM
 #12

The next MtGox probably is Cryptsy and they are not alone.
I think that another one will join this 'journey' and that is bter chinese exchange.
They have been hacked almost a year from now and they are not able to compensate the 'stolen funds' for their users.
Their profits are probably a lot less than you think. Besides the volume being a lot lower after such a major incident, the small fees don't help if you need to recover such a severe hack.
-snip-

It has been a long time almost a year, but i don't think that they can't cover at least 50% of total within a year.
And the stolen funds are very suspicious as they were stolen from a cold wallet which probably was one of their employees.

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December 03, 2015, 07:12:51 AM
 #13

Yup, Cryptsy seems to be the next obvious choice.
I think it would be smart for people NOT to hold their coins there unless they plan to execute trades really soon.

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December 03, 2015, 07:15:45 AM
 #14

Let's just don't wish that it will happen again, because this kind of thing will make a bad impact for Bitcoin.

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December 03, 2015, 07:23:14 AM
 #15

Let's just don't wish that it will happen again, because this kind of thing will make a bad impact for Bitcoin.

Naww, there is no such thing as bad publicity. That statement is typed all the time and its wrong everytime.

"MtGox hurt Bitcoin so much!"

Price stabilized after MtGox at 4x what it was before MtGox Tongue
All it does it make people realize "Crap there's a lot of money in BTC".

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December 03, 2015, 07:23:56 AM
 #16

I see from another post,the next mt gox is crptsy and kraken,for crptsy is has been nearly true, but kraken is not yet. Lest wait for another real news about next gox.
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December 03, 2015, 07:25:34 AM
 #17

Let's just don't wish that it will happen again, because this kind of thing will make a bad impact for Bitcoin.

Naww, there is no such thing as bad publicity. That statement is typed all the time and its wrong everytime.

"MtGox hurt Bitcoin so much!"

Price stabilized after MtGox at 4x what it was before MtGox Tongue
All it does it make people realize "Crap there's a lot of money in BTC".

But it also make people scared of using Bitcoin, or using Bitcoin related service.

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December 03, 2015, 07:53:38 AM
 #18

what volume cryptsy has? how many coins could be lost?

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December 03, 2015, 07:56:16 AM
 #19

what volume cryptsy has? how many coins could be lost?

Good question, i don't even see it on coinmarketcap;

http://coinmarketcap.com/currencies/bitcoin/#markets

Though how much BTC is or was traded per 24hours is not really a good indication of how much BTC was/is stored there in user's accounts.

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December 03, 2015, 08:11:20 AM
 #20

Let's just don't wish that it will happen again, because this kind of thing will make a bad impact for Bitcoin.
Oh somethings bad going to happen
Cryptsy is currently reading "mt.gox for dummy" book Roll Eyes
All it takes is just some time
My condolences for those who store their coins there


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