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Question: How much of the transaction fee profits did Mt Gox reinvest into security, infrastructure, and the exchange?
-100% (they borrowed against the profits to invest in a ponzi scheme)
-50% (they borrowed against the profits to buy hookers and blow)
-25% (one word: Amway)
-5% (when a nigerian prince emails you asking for help, you do it!)
0% (mommy and daddy demanded payment on a series of loans)

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Author Topic: Mt Gox is lying  (Read 1973 times)
impossible2short
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April 12, 2013, 05:02:10 AM
 #1

Please feel free to add your own theories!

Too hard on Mt Gox, you say?  Well, consider this... If Mt Gox couldn't handle the influx of new users, why did they only experience problems when bitcoins were going down?  The volume didn't seem to bother the site one bit when bitcoin prices were skyrocketing.
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willinaustin
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April 12, 2013, 05:03:28 AM
 #2

Lying or not, it's time to dump them. 

That's one of the biggest barriers to Bitcoin being widely accepted.  Easy ways to change fiat into BTC and reliable exchanges to then handle transactions.
Mike Christ
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April 12, 2013, 05:04:49 AM
 #3

Getting all my funds out of the Gox and never using them again.

I really hope the rest of the BTC community follows this route.  At least until Gox handles very little of the Bitcoin market, and not more than all the rest combined.

hominin
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April 12, 2013, 05:11:39 AM
 #4

yep, seems extremely suss to me too - when it was back up for a tiny while, the prices were flying up again, shut down again, prices plummet again. it would be an efficient way to make money; shut down, buy BTCs cheap from other exchanges, open up and sell at the high price again :/ even if they're just really completely incompetent - 2 days to deal with capacity problems?!?! don't they have a single person working for them that knew that you have to plan a public system to be scalable?! - they have definitely proven themselves (again) to be the achilles heel of bitcoin :/

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hominin
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April 12, 2013, 05:37:08 AM
 #5

what the ...?! back up and showing volumes for the entire day... while they were closed?!

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April 12, 2013, 06:22:11 AM
 #6

Having 80% of he transactions volume is never a good thing. I hope some competition shows up pretty soon.
SirWilliam
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April 12, 2013, 06:28:00 AM
 #7

I think they are MOSTLY incompetent and SLIGHTLY lying  Wink

Please feel free to add your own theories!

Too hard on Mt Gox, you say?  Well, consider this... If Mt Gox couldn't handle the influx of new users, why did they only experience problems when bitcoins were going down?  The volume didn't seem to bother the site one bit when bitcoin prices were skyrocketing.
resma
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April 12, 2013, 07:01:04 AM
 #8

With the very high price of bitcoin last days, I suspect they have a problem when someone wants to cash in a larger BTC accounts. They just don't have that money. They force the price to drop... Happens ones, happens twice, it will happen again.
ideffects
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April 12, 2013, 07:13:53 AM
 #9

To me and I believe many of us here, bitcoin represents freedom and choices! Gox defiantly needs some competition and restructuring.
Mastercoin
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April 12, 2013, 07:29:31 AM
 #10

I think they are MOSTLY incompetent and SLIGHTLY lying  Wink

Please feel free to add your own theories!

Too hard on Mt Gox, you say?  Well, consider this... If Mt Gox couldn't handle the influx of new users, why did they only experience problems when bitcoins were going down?  The volume didn't seem to bother the site one bit when bitcoin prices were skyrocketing.

I %100 agree with you the btc community needs to find n start other exchanges so mt gox doesn't get away with this Anymore
rpm
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April 12, 2013, 07:48:19 AM
 #11

well, the alternative exchange arent that much to shout about at this current point of time
blobberTK
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April 12, 2013, 07:48:42 AM
 #12

Lying or not, it's time to dump them. 

That's one of the biggest barriers to Bitcoin being widely accepted.  Easy ways to change fiat into BTC and reliable exchanges to then handle transactions.

campbx seems solid alternative to them
Billy the Bit Miner
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April 12, 2013, 08:23:30 AM
 #13

Having 80% of he transactions volume is never a good thing. I hope some competition shows up pretty soon.


We need a decentralized exchange!
cal_guy
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April 12, 2013, 08:35:56 AM
 #14

With the very high price of bitcoin last days, I suspect they have a problem when someone wants to cash in a larger BTC accounts. They just don't have that money. They force the price to drop... Happens ones, happens twice, it will happen again.

Mt. Gox is an exchange, if you want to sell your BTC for USD there must be a willing buyer available. Mt. Gox only role is to match buyers and sellers.
achal
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April 12, 2013, 08:46:38 AM
 #15

Having 80% of he transactions volume is never a good thing. I hope some competition shows up pretty soon.


We need a decentralized exchange!
+1 , that has funding options for all people ( around the world )
Nimbulan
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April 12, 2013, 09:04:23 AM
 #16

mtgox have ddos Sad

szpilman1
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April 12, 2013, 09:25:02 AM
 #17

think so too bro
pekv2
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April 12, 2013, 09:29:38 AM
 #18

Getting all my funds out of the Gox and never using them again.

I really hope the rest of the BTC community follows this route.  At least until Gox handles very little of the Bitcoin market, and not more than all the rest combined.

Sad that people will still use them out of greed to make "profit". I've read and seen what gox has done, has been doing. If gox supports litecoin, I won't use gox, I won't use btc-e. Don't know who to use or even have a little faith in. A lot bad shit going around about gox and btc-e.
jjtech
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April 12, 2013, 09:46:41 AM
 #19

I believe there was some form of ddos on mtgox and they didn't admit it directly.

Of course - exchange should be more diversified and I'm surprised it isn't already. I personally used Bitstamp.net to buy and they also seemed to be attacked in the last two days. So there is not only a problem of monopolisation of the exchange but it's vulnerability to those types of attacks.

And this is a huge problem of bitcoin at the moment. It's mainly a comodity to trade and make some money on, not use it practially to buy products. I know there are a few companies accepting btc, but they're few and far between.

Bitcoin is excellent idea for new type of currency but unfortunately it has to exist in degenrated system driven by Wall Street. It didn't have time to grow in strenght before people started manipulating it so it's going to be difficult to keep it growing. It can't just hang on one huge monoplised exchange as Mtgox. It's insane. Can someone imagine that value of the dollar dropped because someone closed down dollar exchange?
jjtech
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April 12, 2013, 09:49:59 AM
 #20

Getting all my funds out of the Gox and never using them again.

I really hope the rest of the BTC community follows this route.  At least until Gox handles very little of the Bitcoin market, and not more than all the rest combined.

Sad that people will still use them out of greed to make "profit". I've read and seen what gox has done, has been doing. If gox supports litecoin, I won't use gox, I won't use btc-e. Don't know who to use or even have a little faith in. A lot bad shit going around about gox and btc-e.

I'm going to try not to use them
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