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Author Topic: MTGox is apparently out of money...  (Read 6876 times)
michaelmclees
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January 23, 2013, 11:41:40 PM
 #41

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.

Prove it.  How many buyers were there today?  How many sellers?  If it is so obvious and the fact is not even in question, you'll easily be able to answer this.
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January 24, 2013, 12:15:44 AM
 #42

If it is so obvious and the fact is not even in question, you'll easily be able to answer this.
Of course. It is very easy indeed. If couple of days ago bitcoin price was $16 and today is $17 that means throughout all that period for every 100 sellers there were approximately 106 buyers. The market as a system needed to move from $16 to $17 to find its equilibrium.

I can't prove that but it is obvious that you've sold your bitcoins at a much lower price than current level. This is why you're just furious on people saying the obvious that demand for bitcoins is greater than supply!
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January 24, 2013, 12:23:04 AM
 #43

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

BitFloor is not without problems. There were significant delays in withdrawals and there still are irregularities.

Having said that, when I need information I have consistently better success rate getting meaningful answers from Roman than from MtGox folks.

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michaelmclees
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January 24, 2013, 01:22:46 AM
 #44

If it is so obvious and the fact is not even in question, you'll easily be able to answer this.
Of course. It is very easy indeed. If couple of days ago bitcoin price was $16 and today is $17 that means throughout all that period for every 100 sellers there were approximately 106 buyers. The market as a system needed to move from $16 to $17 to find its equilibrium.

I can't prove that but it is obvious that you've sold your bitcoins at a much lower price than current level. This is why you're just furious on people saying the obvious that demand for bitcoins is greater than supply!

That is very illogical.  First, it is said that more Bitcoins were bought than sold, which is asinine because the number bought and sold will always be equal.  Then you come in and say, well... there are more buyers than sellers then.  As stated before, it could have been a single large buyer buying all the coins sold by 10,000 different sellers.  I've not bought or sold Bitcoins recently at all, so I don't get why you think I'm furious that I sold too early.

Learn demand and supply.
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January 24, 2013, 04:06:25 AM
 #45

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?

When you claimed Luno's statement was false.  Let me quote it again since you decided to trim it out:
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!

Why is it so hard for you to have an intelligent exchange of ideas without implying the other party has mental deficiencies?  Perhaps you should consider that although we are using the same language, that very language is full of ambiguity and local terminology that doesn't match universally?  Maybe if you took more time to explain yourself and didn't overlook important details just to find something to argue against you may have better luck helping us idiots out here understand the obvious.

You turned a simple statement about bitcoins bought = bitcoins sold into an entire page arguing about the number of individuals on each side of the market, which is unknowable.  Good job.

https://www.bitcoin.org/bitcoin.pdf
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January 24, 2013, 07:50:59 AM
 #46

First, it is said that more Bitcoins were bought than sold
Prove it! Where did I said that?
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January 24, 2013, 01:18:29 PM
 #47

First, it is said that more Bitcoins were bought than sold
Prove it! Where did I said that?

Where did I say that you said it?
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January 25, 2013, 01:49:42 PM
 #48

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.



i asked for withdrawal(EUR) on january 10th (bank transfer), live chat said my transaction still queued yesterday

verifying me took 27 (11 working) days for mtgox    

so after 42 days (from December 13th) i still cannot get my money from mtgox
https://bitcointalk.org/index.php?topic=138528.0
Third Way
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January 25, 2013, 11:49:32 PM
 #49

I wish I had enough BTC to have trouble turning them into FIAT cash. Sad

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January 26, 2013, 03:22:09 AM
 #50

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.

I think my thread was out of line, now realizing that the request was for $4K USD and not 4K BTC. My apologies, for I truly misread the amount. No BS!

~Bruno K~
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