Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[fluidjax]

Yes. I have been posting to forums for some 35 years, and I still keep making the same mistake, over and over again: thinking that readers will recognize blatant sarcasm even without the " "

Wait a minute. I was a BBS user back in the time of 300bps modems. Emoticons were invented in the mid 80's, so your statement is technically false.

 

Doh! sarcasm... I expect only the British to use this
I did consider that it was sarcasm, but to be honest after reading the first question

* How many weeks does it take for the network to process a transfer of a few thousand bitcoins from MtGOX's cold wallet to MtGOX's hot wallet?  

The sarcasm was sort of lost on me, I assumed it was ignorance, because the issue is not how long it takes, but time and human effort involved, I guess it's my bad

Based on your experience I should have know better.

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[fonzie]

Their problem now is knowing who cheated with their buggy accounting and have a (virtually) negative balance.
They have to :
- review all "failed" withdrawals of the last 6 months
- find those that were manually or automatically re-credited and then sent twice to the same person
- try to "reclaim" some of the balances if they were transferred internally after the stop (I expect very bad surprises for those who bought discounted Goxcoins last week)
- put a big red sign on any account that had a suspicious activity
- calculate the loss they have to take (sum of negative balances from non solvable clients),
- know if they are broke or not
- decide whether they tell us or not...

thanks, nice explanation

[gidi337]

i saw this from the official mtgox  announcement

"As expected, when withdrawals recommence they will do so “at a moderated pace and with new daily/monthly limits in place” to prevent a run that could put too much strain on the company’s resources."

i cannot understand why it would put a strain on the company's resources.  after all they are meant to have with them (even if it is in cold storage)  every bitcoin that everyone has ever bought on the exchange until he withdraws it. it is not a bank where they lend out money and can have a liquidity issue or a run on a bank.   there should never be an issue of a run on an exchange since they should have every btc accounted for.

am i making a mistake or is this a very suspicious statement

please let me know

thanks

[delphic]

Also, it makes sense to keep the hot wallet small to reduce the risk.

You already know that I am totally ignorant on how bitcoin works, and too old to learn; so forgive me for asking:

1* How many weeks does it take for the network to process a transfer of a few thousand bitcoins from MtGOX's cold wallet to MtGOX's hot wallet?  

2* How many such transfers from the same wallet can the network handle per month?

3* If bitcoins were transferred into a wallet using certain custom software, can they be transferred out using a different software?

4* If so, how much would MtGOX have to pay for a software that they could use to process the pending withdrawals, while they fix theirs?

1) To transfer coins from a cold wallet to a hot wallet is instant. (approx 10mins, or 1 confirmation to be sure)
2) Unlimited transfers (within reason) per month
3) Yes, all software makes transactions on the blockchain
4) No idea, I'm guessing though trust is a major issue when it comes to wallet software. Would you really trust an unknown contractor who was indirectly given access $50million worth of BTC not to leave a back door? This is probably why Mark wants to control the whole process and why he is being thinly spread.

Jorge you should really get some Bitcoins and play with some of the software and wallets a little, just so you understand what its like to use.

Jorge's questions where obviously rhetorical. he is pointing out that Karpeles/MtGox can/should be pursuing certain options, and that their current excuses are very suspect.

I have never traded with Gox, but I am astonished by their extreme amateurishness and the damage they are doing to the Bitcoin 'project'. I will now never trade with any business connected to Gox or Karpeles.

Their press releases are dreadful. If I had money in MtGox i would be furious.

The most charitable interpretation I can make of Gox's conduct is that they are amateurish and out of their depth.

[kurious]

From what I have read, Mark is holding at least 40,000 BTC that do not belong to him, whose owners have been trying to withdraw for months.  

no, those bitcoins in failed tx were stolen with the bug of send new mined coins, tx fail and modified mutant transaction with diff tx id gets relayed by hacker and then gox credited back the btc. rinse, repeat.

But that should not be the case of people who are publicly demanding their coins and/or dollars, right?  Like Rick Falkvinge, or those people who went to protest in front of MtGOX's offices.

When Rick requested a BTC withdrawal, the transaction issued by MtGOX must have pointed to his external wallet, and the hack would not change that; all that the  hacker could do is trick MtGOX into crediting back the BTC to Rick's account, in spite of the transfer haviing occurred.   But Rick and all those other clients apparently did not get his BTC.  So what happened in those cases?

(And note that, AFAIK, Rick is still a fan of bitcoin, in spite of his problem with MtGOX.)
 
EDIT: typos

All transactions still in limbo were re-credited to the relevant Gox accounts.

So they are still there AFAIK.  My last one is!

[JorgeStolfi]

Yes. I have been posting to forums for some 35 years, and I still keep making the same mistake, over and over again: thinking that readers will recognize blatant sarcasm even without the " "

Wait a minute. I was a BBS user back in the time of 300bps modems. Emoticons were invented in the mid 80's, so your statement is technically false.

 

Indeed it is true, when I started posting on forums (internal mailing lists then) we had no emtoticons; but that did not prevent me from doing that mistake. 

And you can imagine how immensely needed was that invention.  I hope that bitcoin can be at least half as succesful as "". 

[Richy_T]

1) don't get bit
2) kill blow to the head
etc

heh......

Searing

Return of the Living Dead zombies?

[porcupine87]

Wow, gox over 400 again? Maybe some people know a little more than others? (price indicates that Gox will be ok soon)

Wow, really? 

I laughed pretty hard at everyone who believed gox is dead on monday. What a joke.

+1

I laughed and buy furiously on 250-300.

So you were this guy buying 3000btc from 370$ to 540$ yesterday?^^

[Richy_T]

This week has demonstrated how one man, who owns a badly run Exchange but has a good PR team, can do massive damage to BTC.

Bill Gates?

[fonzie]

What if MtGox price doesn´t go up to to roughly meet with actual market prices, but Bitstamp goes down to Gox for the meeting.....

[niothor]

Karpeles did another interview with the media (wall street journal):

https://twitter.com/misssaxbys/status/435375058983198720

Is he going to blame bitcoin again?  

Probably bitcoin , the bank of Japan , Obama and the Jamaican bobsled team.

[niothor]

There is a lack of locomotives in here.

We can only have 2 locomotives per day until Mtgox lifts their limits ))))

[seleme]

Let's make it clear - nobody has no bloody idea where the heck it is heading right now, lol

[Searing]

Let's make it clear - nobody has bloody idea where the heck it is heading right now, lol

i myself expect bitcoin to just sit where it is at......it always does what we don't expect and that is the only option
it will go sideways and we will go crazy with confusion....


it is what bitcoin does

Searing

[EuroTrash]

This week has demonstrated how one man, who owns a badly run Exchange but has a good PR team, can do massive damage to BTC.

Bill Gates?

 

[Richy_T]

Thursday update:  we have successfully downloaded half the block chain.  

But ran out of disk space. We have a new hard drive on order from Newegg.

[niothor]

Let's make it clear - nobody has no bloody idea where the heck it is heading right now, lol

Nothing that special , most of the times we are clueless about where the hell bitcoin is heading and why.
Just enjoy the spooky ride ))

[niothor]

Thursday update:  we have successfully downloaded half the block chain.  

But ran out of disk space. We have a new hard drive on order from Newegg.

I'm pretty sure they bought one of these , it's a good match for their new trading engine.

[ChartBuddy]

Can everyone just remember there is a human being at the other end of these messages

I take exception to that!

[aminorex]

Whoever is shorting now deserves an asskicking.

I stopped shorting when the ddos and malleation flood hit.
call me old fashioned but I refuse to help criminals steal coins, no matter how stupid their victims -- and even more certainly, not when it is harmful to bitcoin.

I will, however, profit by buying the dips, which I deem helpful to bitcoin, so long as price is below fundamental value.