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

[Richy_T]

Actually - allowing limited withdrawals makes sense - they must fear a 'run' on BTC either crashing the exchange (with it's new software fix being untested, too) - or meaning they have so little liquidity that their business is finished.

Allowing 'some' withdrawals will mean people wish to hold BTC instead of Fiat, which will inflate the price on Gox, and at this point, some people might decide to stay.

If Gox is clever, it will still have a business left.   Don't get me wrong - I will be the first in the queue to get out, but it is a logical solution.

I did think this was their only logical way out (assuming they really do intend to stay in the game).

The thing is, it is not Gox's money to control. It belongs to the people whose accounts it is credited to. To maintain confidence, Gox should be doing everything they can to allow people to access their money. They're not.

[1714707391]

1714707391

[1714707391]

1714707391

[1714707391]

1714707391

[1714707391]

1714707391

[1714707391]

1714707391

[seleme]

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.

...but apparently there's some snow over Russia so there might be some delay.

[ChartBuddy]

Explanation

[magicmexican]

Kinda hard to predict this market, after reading the update i was sure it would react with a huge dump, but went on a mini-rally instead, but now it seems we are heading back to the "pre-update" levels

[adamstgBit]

I like gox's press release.

pretty much exactly what i was expecting

if you missed it : https://www.mtgox.com/img/pdf/20140217-Announcement.pdf

[niothor]

I like gox's press release.

pretty much exactly what i was expecting

if you missed it : https://www.mtgox.com/img/pdf/20140217-Announcement.pdf

We will update everyone again by Thursday at the latest.

They do like to keep the suspense up , do they?

[Arcas]

Good morning gentlemen. I see the market believed MtGox's slightly rephrased "2 weeks" message.

[fonzie]

I turned Billy on again, enjoy

[magicmexican]

Good morning gentlemen. I see the market believed MtGox's slightly rephrased "2 weeks" message.

Its only +40$ increase on the Goxcoin price, cant really say that market believed MtGox all that much

[FierceRadish]

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

I take exception to that!

Ha! Brilliant

[ShroomsKit]

I like gox's press release.

pretty much exactly what i was expecting

if you missed it : https://www.mtgox.com/img/pdf/20140217-Announcement.pdf

We will update everyone again by Thursday at the latest.

They do like to keep the suspense up , do they?

In the last few minutes of thursday they will post that people will soon be able withdraw their coins.

[empowering]

Can everyone just remember there is a human being at the other end of these messages
+1

I take exception to that!

Ha Ha ! This made my day : )

I am sure Creekbore meant no offence old robot ChartBuddy.

[JorgeStolfi]

The problem they have is not to resend pending withdrawals. They could do it for free with bitcoin-qt or any other mainstream client.

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 for the reply.  Indeed that is what they would have to do in the "best case" assumption that the only problems were the hack and their incompetence at handling it.

My guess is that (because of the hack or some other reason) they know that they do not have enough bitcoins or cash to cover all the legitimate client account balances, so they may have to do a "haircut" on them.   That indeed would require a full auditing before any further withdrawals.

[KeyserSoze]

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.

Perhaps they've been storing the blockchain on a series of 1.44MB floppy diskettes. It is taking a team of people to continually swap them and unwrap the cellophane from new boxes of diskettes. Then they have to label them: 1 of 5,555, etc.

[KeyserSoze]

The thing is, it is not Gox's money to control. It belongs to the people whose accounts it is credited to. To maintain confidence, Gox should be doing everything they can to allow people to access their money. They're not.

I've heard this exact argument about today's banks. Funny...

[S3052]

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 ))

There is technical analysis creating bitcoin forecasts that work well

[KeyserSoze]

Good morning gentlemen. I see the market believed MtGox's slightly rephrased "2 weeks" message.

I believe they have a patent on that "2 weeks" response.

[ShroomsKit]

Is that bot dumping again on Gox? I hate conspiracy theorists but man, there is something fishy going on at Gox. I take it most will agree with me?

[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 ))

There is technical analysis creating bitcoin forecasts that work well

I have never seen a TA predicting the mess Mtgox can create with a single statement out of the blue

[KeyserSoze]

There is technical analysis creating bitcoin forecasts that work well

That is, if "well" equals flipping a coin over time.