MtGox withdrawal delays [Gathering]

[smoothie]

It seems Mr. Sturle can't see things in an unbias manner as he likely has a vested interest in MTGOX surviving.

Me on the other hand could care less if MTGOX goes belly up. I have nothing to lose if they go under.

Hence my unbias opinion of what is going on.

Whether or not my opinion is misconstrued as being biased by someone (*cough* Sturle) is irrelevant.

I'm simply calling things how I see it.

If MTGOX was solvent, then Mark would be publicly proclaiming from the roof tops of the Bitcoin world their solvency as well as proof via a simple bitcoin transfer to a new address to prove they have all the funds (ok ok or multiple transfers assuming they keep their BTC in separate wallets). Seems to be a pretty trivial matter to prove solvency, yet MTGOX has chosen not to prove this publicly.

Therefor I call it as I see it, MTGOX is insolvent.

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[pedro82]

Therefor I call it as I see it, MTGOX is insolvent.

Why do you say that ? they are doing well ...with a totally inefficient platform, they were still the third bigger in volume today , according to : http://bitcoincharts.com/markets/  

[Blazed]

Therefor I call it as I see it, MTGOX is insolvent.

Why do you say that ? they are doing well ...with a totally inefficient platform, they were still the third bigger in volume today , according to : http://bitcoincharts.com/markets/  

All the red on that page hurts my eyes... If you are crazy enough to keep coins and fiat on MTGOX after the last 6 months...how does this shock you???

[User705]

It seems Mr. Sturle can't see things in an unbias manner as he likely has a vested interest in MTGOX surviving.

Me on the other hand could care less if MTGOX goes belly up. I have nothing to lose if they go under.

Hence my unbias opinion of what is going on.

Whether or not my opinion is misconstrued as being biased by someone (*cough* Sturle) is irrelevant.

I'm simply calling things how I see it.

If MTGOX was solvent, then Mark would be publicly proclaiming from the roof tops of the Bitcoin world their solvency as well as proof via a simple bitcoin transfer to a new address to prove they have all the funds (ok ok or multiple transfers assuming they keep their BTC in separate wallets). Seems to be a pretty trivial matter to prove solvency, yet MTGOX has chosen not to prove this publicly.

Therefor I call it as I see it, MTGOX is insolvent.

Why bother proving solvency if they are busy buying up XBT at a discount.

[smoothie]

It seems Mr. Sturle can't see things in an unbias manner as he likely has a vested interest in MTGOX surviving.

Me on the other hand could care less if MTGOX goes belly up. I have nothing to lose if they go under.

Hence my unbias opinion of what is going on.

Whether or not my opinion is misconstrued as being biased by someone (*cough* Sturle) is irrelevant.

I'm simply calling things how I see it.

If MTGOX was solvent, then Mark would be publicly proclaiming from the roof tops of the Bitcoin world their solvency as well as proof via a simple bitcoin transfer to a new address to prove they have all the funds (ok ok or multiple transfers assuming they keep their BTC in separate wallets). Seems to be a pretty trivial matter to prove solvency, yet MTGOX has chosen not to prove this publicly.

Therefor I call it as I see it, MTGOX is insolvent.

Why bother proving solvency if they are busy buying up XBT at a discount.

My point was that if they were blameless in the situation they would do exactly as I stated above.

[newguy05]

No single person, event or company have caused more harm to the reputation, price, and perception of bitcoin than mtgox.

They were the first to market, but has been nothing but incompetent and dishonest since day 1.

I cannot wait until this shady outfit is shutdown and the book is closed on this shameful chapter in bitcoin history.

[pedro82]

No single person, event or company have caused more harm to the reputation, price, and perception of bitcoin than mtgox.

They were the first to market, but has been nothing but incompetent and dishonest since day 1.

I cannot wait until this shady outfit is shutdown and the book is closed on this shameful chapter in bitcoin history.

The problem for BTC is that Gox is just another one, among many others... Can't guess the future, but  i won’t be surprised if gox drawn btc with them in a couple of months.

[smoothie]

No single person, event or company have caused more harm to the reputation, price, and perception of bitcoin than mtgox.

They were the first to market, but has been nothing but incompetent and dishonest since day 1.

I cannot wait until this shady outfit is shutdown and the book is closed on this shameful chapter in bitcoin history.

The problem for BTC is that Gox is just another one, among many others... Can't guess the future, but  i won’t be surprised if gox drawn btc with them in a couple of months.

It wasn't long ago that I made a prediction that in 2014 MTGOX would have some sort of issue or announcement that would likely be in a negative light thus bringing the price/perception of Bitcoin down.

Looks like I may be right.

Here it is and don't say I didn't warn people:

I still stick to my prediction that in 2014 MTGOX will have some sort of crisis or an all out disappearance and stopping of trading etc.

I guess so far you can still "trade" and pay them TX fees.   You just can't withdraw BTC and USD in any meaningful timeframe.

[jwest411]

Mtgox website has been down for me for the past couple of hours. perhaps they took it offline for repairs? Or some less encouraging reason?

[infoman]

it is working fine on my end.
logged in, traded 2 btc to usd, (I dont know why though as I cant get the money out anyway , just for fun)

[smoothie]

Up for me.

[BCbitcoin]

You have to put www.mtgox.com


Just mtgox.com won't work.

[Bitnicity]

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity;  They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

[el_rlee]

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity;  They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

It's a good theory. It's a bold plan to load off a lot of debt from their books. Still they could decide that their desired numbers are not yet reached on Monday and just kick the price even lower with releasing a statement that it will take "a couple more days".

[raskul]

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity;  They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

It's a good theory. It's a bold plan to load off a lot of debt from their books. Still they could decide that their desired numbers are not yet reached on Monday and just kick the price even lower with releasing a statement that it will take "a couple more days".

doh. it's how exchanges make their money.  you can't call SCAM on gox because it makes a profit on a downturn... it's life jim.

[cryptog1]

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity;  They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

I don t think they are insolvent at all. On the contrary. The huge delays even in JPY withdrawals can have been caused by only 2 reasons, imho:
1- technical incompetence
2- regulatory pressure which makes the whole process taking longer

The last post from coindesk -http://www.coindesk.com/mt-gox-first-bitcoin-exchange-dead/- tends to confirm that.
Roger Ver and Antonopoulos don t think they are insolvent either.

[windjc]

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity;  They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

I don t think they are insolvent at all. On the contrary. The huge delays even in JPY withdrawals can have been caused by only 2 reasons, imho:
1- technical incompetence
2- regulatory pressure which makes the whole process taking longer

The last post from coindesk -http://www.coindesk.com/mt-gox-first-bitcoin-exchange-dead/- tends to confirm that.
Roger Ver and Antonopoulos don t think they are insolvent either.

Thats a very thorough and scathing article. I like it.

[mgroenouwe]

What do you think will happen when Gox will announce "withdraw as usual" ? Is everybody gonna withdraw all BTC's which will cause a heavy drop in the BTC price? Or are there lots of people who have changed BTC to fiat when the price came down and gonna buy BTC as hell to withdraw them (or to sit and wait till the price has gone up to "normal levels")?

[Rampion]

"the system needs to be in static state" to fix the technical problems they are having... So why income transfers are still working? Aren't deposits on the same system as withdrawals?

[TwinWinNerD]

"the system needs to be in static state" to fix the technical problems they are having... So why income transfers are still working? Aren't deposits on the same system as withdrawals?

their problem is, that when withdrawing their system assigns one input to multiple outputs, thus doublespending. If they receive incoming transfers, that problem does obviously not occur.