Pzi4nk
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Activity: 70
Merit: 10
Move over clarinets, I'm getting on the band wagon
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May 15, 2013, 08:08:16 PM |
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After reading the seizure warrent, I'd say: not a huge deal. They target US based money supply. Even the seized banking account at Wells Fargo was only filled with Dwolla cash, which was sent to Japan. It seems Dwolla was the only critical part. As (hopefully) the other funding options (i.e. wire transfer) aren't linked to US accounts, it should be fine. Lesson learned today: if you want to do business in the US, you have to do proper US paperwork. And tbh this isn't something unexpected. Any accounts that wire money to Americans are at risk. Generally, it goes offshore bank --> intermediary (US) bank --> customer bank. That's why we get MT Gox wires from Chase NY, etc. Lots of online gambling money gets nabbed by the feds this way. In reality, they can seize offshore accounts where they have existing bank treaties, when there is "cause". IMO, don't assume this is the end of this. Some thoughts on the subject: https://bitcointalk.org/index.php?topic=200228.msg2114965#msg2114965Trying to remain positive here, though. I think what we need is a simple money transfer service (similar to PayPal or Dwolla) that cannot be reversed. Then any individual could easily convert USD/BTC and vice versa. Any such individual transactions wouldn't need government permission to operate.
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fr33d0miz3r
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May 15, 2013, 08:08:23 PM |
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I believe they use Cloudflare and Prolexic to handle DDOS. I'm not sure how that applies to their trading engine though... it seems like they get flooded with huge numbers of .01 ask/bid adds and removes, and then the lag starts.
IP address of mtgox.com is 72.52.5.67. Info from http://whois.domaintools.com/72.52.5.67 AS32787 PROLEXIC-TECHNOLOGIES-DDOS-MITIGATION-NETWORK - Prolexic Technologies, Inc. (registered Jul 23, 2004)
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samurai1200
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May 15, 2013, 08:08:47 PM |
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With all this bad news and lag surrounding MtGox, why haven't people been leaving? Is it fear of lower liquidity? Chicken-or-egg problem? Catch-22? (all the same thing I believe)
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Hawker
Legendary
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Activity: 1218
Merit: 1001
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May 15, 2013, 08:11:03 PM |
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With all this bad news and lag surrounding MtGox, why haven't people been leaving? Is it fear of lower liquidity? Chicken-or-egg problem? Catch-22? (all the same thing I believe)
Bitcoin is designed to cope with being illegal. There is a reason Satoshi never revealed his name. Even if MtGox is killed, we will always have ways to get money in and out of fiat.
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KillaMarci
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Activity: 84
Merit: 10
Bitcoin Mininode...and proud!
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May 15, 2013, 08:13:14 PM |
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With all this bad news and lag surrounding MtGox, why haven't people been leaving? Is it fear of lower liquidity? Chicken-or-egg problem? Catch-22? (all the same thing I believe)
It may be the fact that people have a lot of faith in Bitcoin. And since Mt.Gox can't pay out $'s at the moment they are just holding on to their BTC instead.
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Pale Phoenix
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May 15, 2013, 08:16:29 PM |
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I believe they use Cloudflare and Prolexic to handle DDOS. I'm not sure how that applies to their trading engine though... it seems like they get flooded with huge numbers of .01 ask/bid adds and removes, and then the lag starts.
Actually, following up on that... I've noticed a lot of asks/bids with zero quantity scrolling by on clark moody, such as this: No idea what that's about.
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Pale Phoenix
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May 15, 2013, 08:24:11 PM |
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It may be the fact that people have a lot of faith in Bitcoin. And since Mt.Gox can't pay out $'s at the moment they are just holding on to their BTC instead.
It's hard to tell what's going on now since most people can't even get the site to load, but I converted the dollars I had on Gox to BTC and moved them off this morning. I really don't think anything major will come of this Dwolla situation but this morning it was all kinda muddy and I feel better with it in Armory for now.
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KillaMarci
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Activity: 84
Merit: 10
Bitcoin Mininode...and proud!
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May 15, 2013, 08:25:00 PM |
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It may be the fact that people have a lot of faith in Bitcoin. And since Mt.Gox can't pay out $'s at the moment they are just holding on to their BTC instead.
It's hard to tell what's going on now since most people can't even get the site to load, but I converted the dollars I had on Gox to BTC and moved them off this morning. I really don't think anything major will come of this Dwolla situation but this morning it was all kinda muddy and I feel better with it in Armory for now. Move it to Bitstamp. Way nicer interface anyways.
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samson
Legendary
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Activity: 2098
Merit: 1070
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May 15, 2013, 08:26:40 PM |
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With all this bad news and lag surrounding MtGox, why haven't people been leaving? Is it fear of lower liquidity? Chicken-or-egg problem? Catch-22? (all the same thing I believe)
It may be the fact that people have a lot of faith in Bitcoin. And since Mt.Gox can't pay out $'s at the moment they are just holding on to their BTC instead. MtGox can pay out US$'s at the moment via wire transfers. This is the normal way of making large international payments.
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Abandon
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Activity: 112
Merit: 10
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May 15, 2013, 08:27:51 PM |
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Anyone else predict that the price is going to jump once Mt.Gox gets back on its feet?
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Frozenlock
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May 15, 2013, 08:29:06 PM |
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I do. Unfortunately.
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KillaMarci
Member
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Activity: 84
Merit: 10
Bitcoin Mininode...and proud!
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May 15, 2013, 08:30:12 PM |
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How the hell am I supposed to sleep tonight... Hope Gox gets back soon so I can make a decision...
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michaelGedi
Sr. Member
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Activity: 364
Merit: 250
"to be or not to be, that is the bitcoin"
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May 15, 2013, 08:30:58 PM |
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This: http://www.forbes.com/sites/kashmirhill/2013/05/15/the-feds-are-cracking-down-on-mt-gox-not-on-bitcoin/It’s important to note here that Homeland Security is not cracking down on Bitcoin itself, just on how it’s being exchanged by Mt. Gox. This is actually good news for Mt. Gox’s US-based competitors, such as Seattle-based CoinLab and San Francisco-based Coinbase, Bitcoin exchanges that have registered with the Treasury Department as money transmitters and thus are in the legal clear to conduct Bitcoin <—> $ exchanges. good, yes this is what I thought all along, but all the fucking FUD on this thread this time last night got to me after about 3 hours and I did some very stupid things.... now $300 down, luckily still in the same amount of coins.... will hold through any loose fingered crash that might occur as there is too much other positive going on for bitcoin alongside this (probably quite positive) setback...
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samson
Legendary
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Activity: 2098
Merit: 1070
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May 15, 2013, 08:31:24 PM |
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Anyone else predict that the price is going to jump once Mt.Gox gets back on its feet?
Jump yes, like jumping off the edge of a cliff.
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Miz4r
Legendary
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Activity: 1246
Merit: 1000
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May 15, 2013, 08:31:41 PM |
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I do. Unfortunately. What? Frozenlock turned bull? This shit is going down!
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KillaMarci
Member
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Activity: 84
Merit: 10
Bitcoin Mininode...and proud!
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May 15, 2013, 08:32:07 PM |
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Just saw the huge spike to $116, seems like Gox is back for now. Bought instantly on Bitstamp @ $108 - Quickness is gonna pay off
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Pale Phoenix
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May 15, 2013, 08:32:45 PM |
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Move it to Bitstamp. Way nicer interface anyways. I've traded on Bitstamp through Bitfinex but I did setup a direct account yesterday and yeah, it is pretty nice. Now onto verification.
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MAbtc
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May 15, 2013, 08:34:51 PM |
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Don't be so quick to write this off..... this was likely just the simplest possible way to go after Gox. It doesn't follow at all that the feds don't have their sights on bitcoin generally, nor that we have seen the end of this in re to Gox, other exchanges or other operators like Bitpay for instance. Don't get all irrationally exuberant up in here! Wait and see, IMO.
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Abandon
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Activity: 112
Merit: 10
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May 15, 2013, 08:34:56 PM |
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Just saw the huge spike to $116, seems like Gox is back for now. Bought instantly on Bitstamp @ $108 - Quickness is gonna pay off Earlier I routed a few orders through Bitstamp too.
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