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Author Topic: MTGox is apparently out of money...  (Read 6881 times)
fcmatt
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January 22, 2013, 07:46:03 PM
 #21

mtgox dwolla withdrawal took about 30 minutes today. minor amount but wicked fast.

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January 22, 2013, 08:11:13 PM
 #22

Not sure if anyone cares but bitfloor is doing just fine, a little slow on payouts but getting my money with no issue.    Grin

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January 22, 2013, 09:44:19 PM
 #23

With BTC value behaving like it is, I'll bet there's a lot of ppl doing the same thing right now (selling for fiat).
Your bet is wrong. Again. There are much more ppl buying bitcoins than ppl selling bitcoins. This is why bitcoin price is going up, not down!
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January 22, 2013, 10:24:23 PM
 #24

With BTC value behaving like it is, I'll bet there's a lot of ppl doing the same thing right now (selling for fiat).
Your bet is wrong. Again. There are much more ppl buying bitcoins than ppl selling bitcoins. This is why bitcoin price is going up, not down!

Were more hot dogs bought or sold in New York today?  Think carefully...
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January 22, 2013, 10:25:41 PM
 #25

With BTC value behaving like it is, I'll bet there's a lot of ppl doing the same thing right now (selling for fiat).
Your bet is wrong. Again. There are much more ppl buying bitcoins than ppl selling bitcoins. This is why bitcoin price is going up, not down!

Were more hot dogs bought or sold in New York today?  Think carefully...

Sold.  The ones that were not bought never existed and merely serve to launder funds obtained from other sources.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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January 22, 2013, 10:32:31 PM
 #26

With BTC value behaving like it is, I'll bet there's a lot of ppl doing the same thing right now (selling for fiat).
Your bet is wrong. Again. There are much more ppl buying bitcoins than ppl selling bitcoins. This is why bitcoin price is going up, not down!

Were more hot dogs bought or sold in New York today?  Think carefully...
Hah!  I get it.

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January 23, 2013, 01:05:26 AM
 #27

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days.  This does not bode well.

Can we please change the title of this thread to something that isn't totally misleading?


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Phinnaeus Gage
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January 23, 2013, 02:37:14 AM
 #28

So I initiated a $4000 MTGox Dwolla withdrawal over ten days ago... I sent in two support tickets and they finally got back to me tonight, here's what the response was.

Quote
Gene, Jan 22 13:06 (JST):

Hello Josh,

The transaction is still in process and the transaction has not been processed due to insufficient funds in our account.We will retry and update you once processed.We appreciate your patience.

Thanks,

MtGox.com Team

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days.  This does not bode well.


Looks like Josh is going to buy something for himself, for I don't believe his title description at BFL includes handling everyday expenditures.
becoin
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January 23, 2013, 10:48:45 AM
 #29

With BTC value behaving like it is, I'll bet there's a lot of ppl doing the same thing right now (selling for fiat).
Your bet is wrong. Again. There are much more ppl buying bitcoins than ppl selling bitcoins. This is why bitcoin price is going up, not down!

Were more hot dogs bought or sold in New York today?  Think carefully...
Hah!  I get it.
Huh! I don't get it. You don't measure the price of a currency with food. You measure the price of a currency with another currency. This is called exchange rate.
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January 23, 2013, 11:34:18 AM
 #30

Becoin: remove that bug from avatar pls, I try to kill it each time I see it on monitor....
becoin
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January 23, 2013, 11:47:38 AM
 #31

Becoin: remove that bug from avatar pls, I try to kill it each time I see it on monitor....
Cheesy
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Luno
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January 23, 2013, 11:57:44 AM
 #32

With BTC value behaving like it is, I'll bet there's a lot of ppl doing the same thing right now (selling for fiat).
Your bet is wrong. Again. There are much more ppl buying bitcoins than ppl selling bitcoins. This is why bitcoin price is going up, not down!

Were more hot dogs bought or sold in New York today?  Think carefully...
Hah!  I get it.
Huh! I don't get it. You don't measure the price of a currency with food. You measure the price of a currency with another currency. This is called exchange rate.

For every coin bought, somone has to sell it, so it's always the same amount bought and sold.! However the hotdog analogy was wrong, as the statement was "More people buying than selling" which means more small bids compared to larger fewer asks. which does'nt conflict with the first statement about every coin sold is also bought.

So the analogy should be "Are more hotdogs sold in batches today"


 
 
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becoin
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January 23, 2013, 01:08:03 PM
 #33

For every coin bought, somone has to sell it, so it's always the same amount bought and sold.
This is both true and false because this statement is missing a very important aspect. Time variable is missing! What you've explained is not a static equilibrium. The balance is dynamically achieved in time. This is why the exchange rate is moving up and down. At a given point in time more ppl wanted to buy than those that wanted to sell. This is why the exchange rate moved up to balance this increased demand. Because market moved up some of the buy orders below the market level remained unfulfilled. So, yes. There is absolutely nothing wrong to say there are more people buying than selling bitcoins if bitcoin price is going up!
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January 23, 2013, 01:36:37 PM
 #34

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days.  This does not bode well.

Can we please change the title of this thread to something that isn't totally misleading?


Why? 

These are the exact signs we saw just before CryptoXChange died.

I'm concerned about having some BTCBTC in GOX now...

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January 23, 2013, 01:47:04 PM
 #35

Becoin: remove that bug from avatar pls, I try to kill it each time I see it on monitor....
Cheesy
It's there for a purpose!
Yeah, Well Many, Many people are slapping "Ignore" on you just because of your avatar, im finally going to join them since you dont seem to feel like changing it.
Give and you shall recieve I supposed, he gives a nuisance, we recieve it, then give him an ignore, and recieve the removal of the nuisance

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January 23, 2013, 02:32:21 PM
 #36

Huh... MTGox can't even afford a $4000 withdrawal after 10+ days.  This does not bode well.

Can we please change the title of this thread to something that isn't totally misleading?


Why?
Because these are the same arguments that gmaxwell used to change the title and later lock this thread:
https://bitcointalk.org/index.php?topic=137026.0
Do we see a double standard here, gmaxwell?
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January 23, 2013, 07:36:06 PM
 #37

For every coin bought, somone has to sell it, so it's always the same amount bought and sold.
This is both true and false because this statement is missing a very important aspect. Time variable is missing! What you've explained is not a static equilibrium. The balance is dynamically achieved in time. This is why the exchange rate is moving up and down. At a given point in time more ppl wanted to buy than those that wanted to sell. This is why the exchange rate moved up to balance this increased demand. Because market moved up some of the buy orders below the market level remained unfulfilled. So, yes. There is absolutely nothing wrong to say there are more people buying than selling bitcoins if bitcoin price is going up!

No.  If I buy a coin that nobody sold, where did it come from?

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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January 23, 2013, 07:50:21 PM
 #38

No.  If I buy a coin that nobody sold, where did it come from?
Did I say that nobody sold you this coin?
What I do say is that more people are buying bitcoins than those selling bitcoins! That does not mean that everybody that wanted to buy bitcoins have succeeded in buying! The price moved up to balance the supply/demand equation! Why is so hard for you to understand something quite obvious?
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January 23, 2013, 10:06:10 PM
 #39

No.  If I buy a coin that nobody sold, where did it come from?
Did I say that nobody sold you this coin?
What I do say is that more people are buying bitcoins than those selling bitcoins! That does not mean that everybody that wanted to buy bitcoins have succeeded in buying! The price moved up to balance the supply/demand equation! Why is so hard for you to understand something quite obvious?

Because while it may appear obvious to you that more people are buying than selling, that may not be the case in fact.  The market could be comprised of 1 buyer and 10,000 sellers, or vice versa, and the charts might look exactly the same in either case to what we've seen recently.  You, quite simply, either do not know what you're talking about, or are unable to express yourself properly.
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January 23, 2013, 11:19:34 PM
 #40

Because while it may appear obvious to you that more people are buying than selling, that may not be the case in fact.
Oh, it is the fact. No doubt about that.
Market doesn't care if it is a single person buying 10000 bitcoins or 1000 persons buying 10 bitcoins each. From market point of view there is no difference whatsoever. For instance, that 1 person buying 10000 bitcoins might be a hedge fund manager that represents 1000 shareholders.
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