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

[virtualfaqs]

If you trade your Mtgox BTC to Bitcoinbuilder and Mtgox declares bankruptcy, what happens? Briefly looked over the website and found nothing.

I would assume they would return them to the actual owners. Not that it would matter much...

Mtgox BTC would be $0, so Josh and all the people who fulfilled buy orders would be screwed. But would Josh fulfill his transactions to those who had successful Sell Orders on his site? That's the real question.

Josh is a market maker, he doesn't own any Gox-btc apart from the 2% fee on buy orders. Buyers of Gox-btc do. They reap the reward or take the hit.

I'm not 100% sure how Bitcoin Builder works. But I thought you sent your Mtgox BTC to Josh and Josh also holds all the real BTC. The Mtgox BTC and real BTC stays with him until you withdraw like an exchange.

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[nrd525]

wow

[bangersdad]

While I have to admit I find the waiting a bind, I can't see how they can spin this out much longer -- if they present another delaying announcement it is just going to cripple the market with uncertainty.  

The tension inside Gox itself must be pretty dreadful at present and I wonder if they themselves could continue without some clear resolution today.  And while I know he's not popular here -- I do feel for Mark, he must be close to throwing himself out the window, with the business pressure alone, nevermind all the hate he gets online.

If you feel sorry for MK - then why not start collecting btc for a frappachino charity fund for him.

[aminorex]

But I thought you sent your Mtgox BTC to Josh and Josh also holds all the real BTC. The Mtgox BTC and real BTC stays with him until you withdraw like an exchange.

I think you're right, after reading his FAQ.  I do not understand Gox (never having used it) so it is not surprising that I do not understand how he can hold the goxcoin.  Do they have a c2c xfer system?

[barbs]

You feel for mark ? Are you kidding me ?

He made this bed. The image of him and his frappachino - just literally icing on the cake showing complacency and the video posted on wsj where he comes to the office in a tshirt ignoring his customer

Complacent
Sloppy/ slob
Unrepentant

He's doing just fine when people have lost thousands, hundreds of thousands because his company is shady and totally silent on pr.

If I deserve losing thousands and my btc for being on gox he deserves what's coming to him.

[BitcoinBA]

Why is everyone freaking out? They will fix the bug and continue business as usual... I don't see any reason for these conspiracy theories. MagicalTux can not steal the money as he is publicly known and has no place to hide... Except of that he had enough opportunities to run with the money already and hasn't done it.

[windjc]

Why is everyone freaking out? They will fix the bug and continue business as usual... I don't see any reason for these conspiracy theories. MagicalTux can not steal the money as he is publicly known and has no place to hide... Except of that he had enough opportunities to run with the money already and hasn't done it.

You are watching an amazing social experiment in the power of group dynamics. Worry, fear and doubt can spread like a virus.

[virtualfaqs]

But I thought you sent your Mtgox BTC to Josh and Josh also holds all the real BTC. The Mtgox BTC and real BTC stays with him until you withdraw like an exchange.

I think you're right, after reading his FAQ.  I do not understand Gox (never having used it) so it is not surprising that I do not understand how he can hold the goxcoin.  Do they have a c2c xfer system?

I think I understand this now. Basically if Mtgox dies, he shouldn't have to take any of the responsibility, but all that fake Mtgox BTC will be with him when it does goes down (unless buyer asked for it to be delivered to their Mtgox account.) Even though it shouldn't matter since it's all gone and he would have delivered it if he had the opportunity, there may still be a legal risk to him. :/

Basically he found a way to send Mtgox BTC to verified accounts. I'm not even sure if you can get your Mtgox BTC back if you don't have a verified Mtgox account.

[Vycid]

Why is everyone freaking out? They will fix the bug and continue business as usual... I don't see any reason for these conspiracy theories. MagicalTux can not steal the money as he is publicly known and has no place to hide... Except of that he had enough opportunities to run with the money already and hasn't done it.

You are watching an amazing social experiment in the power of group dynamics. Worry, fear and doubt can spread like a virus.

I wish I'd known the extent to which people were capable of panicking, I'd have held out longer before converting to GoxCoin.

This is truly amazing.

Seriously, $20000 in the hole and

[barbs]

Why is everyone freaking out? They will fix the bug and continue business as usual... I don't see any reason for these conspiracy theories. MagicalTux can not steal the money as he is publicly known and has no place to hide... Except of that he had enough opportunities to run with the money already and hasn't done it.

You are watching an amazing social experiment in the power of group dynamics. Worry, fear and doubt can spread like a virus.

I wish I'd known the extent to which people were capable of panicking, I'd have held out longer before converting to GoxCoin.

This is truly amazing.

Same here bud

[Kj1]

I want some cheap coins at stamp, comon!

[Rannasha]

But I thought you sent your Mtgox BTC to Josh and Josh also holds all the real BTC. The Mtgox BTC and real BTC stays with him until you withdraw like an exchange.

I think you're right, after reading his FAQ.  I do not understand Gox (never having used it) so it is not surprising that I do not understand how he can hold the goxcoin.  Do they have a c2c xfer system?

Bitcoin-withdrawals to a Gox-deposit-address work normally. Gox detects one of their own addresses in the withdrawal request and updates the balance in their database, keeping the transaction off-chain.

So for the bitcoinbuilder site, you withdraw your GoxBTC to a deposit-address belonging to bitcoinbuilder, after which it's credited to your bitcoinbuilder account. Withdrawals work the other way around, bitcoinbuilder withdraws to your Gox-deposit-address.

RealBTC deposits and withdrawals work in the normal way.

[windjc]

Just leaving this here:

https://bitcointalk.org/index.php?topic=476381.0

[aminorex]

I wish I'd known the extent to which people were capable of panicking, I'd have held out longer before converting to GoxCoin.

This is truly amazing.

Truly.  That's why you want to wait until after the turn, rather than trying to guess before the turn.  You still get whipsawed, but not *quite* as much, and that can make all the difference.

[gizmoh]

But I thought you sent your Mtgox BTC to Josh and Josh also holds all the real BTC. The Mtgox BTC and real BTC stays with him until you withdraw like an exchange.

I think you're right, after reading his FAQ.  I do not understand Gox (never having used it) so it is not surprising that I do not understand how he can hold the goxcoin.  Do they have a c2c xfer system?

I think I understand this now. Basically if Mtgox dies, he shouldn't have to take any of the responsibility, but all that fake Mtgox BTC will be with him when it does goes down (unless buyer asked for it to be delivered to their Mtgox account.) Even though it shouldn't matter since it's all gone and he would have delivered it if he had the possibility, there may still be a legal risk to him. :/

Basically he found a way to send Mtgox BTC to verified accounts. I'm not even sure if you can get your Mtgox BTC back if you don't have a verified Mtgox account.

Everyone can send Gox-Btc from one mtgox account to another account ,internally.  This is still still working.
Mtgox being insolvent, Josh can instantly send the gox-coin to the respective gox addresses , unless the website goes down.

[aminorex]

The new Gox digs are quite high-end.  Definitely an upgrade.

[medialab101]

Just leaving this here:

https://bitcointalk.org/index.php?topic=476381.0

Green spike incoming...

[windjc]

Just leaving this here:

https://bitcointalk.org/index.php?topic=476381.0

Green spike incoming...

The greenest spike ever if that is true.

[seljo]

You know when the price on Gox reaches zero that they will not owe anything to anyone?

[windjc]

You know when the price on Gox reaches zero that they will not owe anything to anyone?

LOL. Hadn't thought of that.