dave111223
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Activity: 1190
Merit: 1001
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July 27, 2013, 12:52:01 AM |
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Bitstamp has simply taken the role of Dwolla, Liberty Reserve and OKPay for Gox traders at the moment. Without Gox Bitstamp would collapse within a few hours.
This statement seems to make no sense. Gox traders using Dwolla would deposit USD to Dwolla, transfer the USD to Gox then buy bitcoins....how can this be done via Bitstamp? You'd have to be very brave or a fool to deposit USD to bitstamp, buy bitcoins, transfer them to Gox, sell them on Gox and pray for a withdrawal (hence the 10% premium as no one wants to do it). And the reverse doesn't make much sense either. If I deposit USD at Gox, then buy bitcoins then transfer them to Bitstamp and sell them for a 10% haircut, then withdraw USD...that is not something I'd want to be doing on a regular basis. I was using Gox exclusively, now I'm using Bitstamp exclusively...why would I have any reason to go back to Gox? I have already reconfigured my systems to also work with the bitstamp API. How would Bitstamp collapse within hours? Provided they are not running a factional reserve then their orders will balance. |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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flound1129
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July 27, 2013, 04:56:35 AM |
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a.) Liquidity problems. Buy MOAR BTC to increase our arb profitzz! (I'm sure they don't have an account at Bitstamp)
b.) Lies Lies Lies. 1.2 M is a minuscule fraction of daily flows for a bank.
c.) Gox's incompetence/banks
d.) Silence is golden? They have no idea how to shore up confidence. They are out of excuses and have decided to play the quiet game.
I know that it is frustrating especially if you had plans with the money. On the other hand, I can understand the massive number of "unforeseen" problems. Even if you have a normal company, which doesn't deal with "exotic" currencies, banking and payment processing can be a nightmare. Raging about mtgox anonymously on forums won't net anything positive. If you lost faith in mtgox then use an other exchange. I'm just trying to warn people to get their money of out Gox before its too late. A member of the forum posted that a WSJ reporter is working on an article as we speak. Now its only a matter of time. The problem is "A member of the forum posted that"....LOL Someone on BTC-E said that Obama was going to announce something big regarding Mt. Gox on monday. |
Multipool - Always mine the most profitable coin - Scrypt, X11 or SHA-256!
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ineededausername
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July 27, 2013, 12:18:46 PM |
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I can confirm that my "5 digit+" withdrawal was quite timely. In fact, it arrived yesterday.
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(BFL)^2 < 0
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gizmoh
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Activity: 1428
Merit: 1000
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July 27, 2013, 03:56:56 PM
Last edit: July 27, 2013, 05:20:32 PM by gizmoh |
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I can confirm that my "5 digit+" withdrawal was quite timely. In fact, it arrived yesterday.
Would you be kind enough to post a screenshot of the wire, My lord |
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joesmoe2012
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July 27, 2013, 05:58:49 PM |
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I can confirm that my "5 digit+" withdrawal was quite timely. In fact, it arrived yesterday.
Would you be kind enough to post a screenshot of the wire, My lord +1 |
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ronaldlee0917
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July 27, 2013, 06:46:06 PM |
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I can confirm that my "5 digit+" withdrawal was quite timely. In fact, it arrived yesterday.
I have been waiting for my 5 digit withdrawal for nearly one month... |
Donation: 18zXsfnSvGjQFJ6pEiKMg2uWGcxUCfJLzu Mastercoin - A new protocol layer built on top of Bitcoin |
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OhShei8e
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Activity: 1750
Merit: 1059
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July 27, 2013, 06:47:21 PM |
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I can confirm that my "5 digit+" withdrawal was quite timely. In fact, it arrived yesterday.
I have been waiting for my 5 digit withdrawal for nearly one month... But it has arrived? |
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ronaldlee0917
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July 27, 2013, 06:52:59 PM |
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I can confirm that my "5 digit+" withdrawal was quite timely. In fact, it arrived yesterday.
I have been waiting for my 5 digit withdrawal for nearly one month... But it has arrived? No, still in the "confirmed" status.  |
Donation: 18zXsfnSvGjQFJ6pEiKMg2uWGcxUCfJLzu Mastercoin - A new protocol layer built on top of Bitcoin |
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OhShei8e
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Activity: 1750
Merit: 1059
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July 27, 2013, 07:04:34 PM |
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I can confirm that my "5 digit+" withdrawal was quite timely. In fact, it arrived yesterday.
I have been waiting for my 5 digit withdrawal for nearly one month... But it has arrived? No, still in the "confirmed" status. Then best not to think about it further. One day it'll arrive. |
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prophetx
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Merit: 1010
he who has the gold makes the rules
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July 28, 2013, 04:24:37 PM |
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I can confirm that my "5 digit+" withdrawal was quite timely. In fact, it arrived yesterday.
Lol as usual the leet get hooked up while everyone else gets it in the shorts.... |
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smoothie
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LEALANA Bitcoin Grim Reaper
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July 29, 2013, 02:26:40 AM |
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I'm just trying to warn people to get their money of out Gox before its too late. A member of the forum posted that a WSJ reporter is working on an article as we speak. Now its only a matter of time.
See my answer to S3052: https://bitcointalk.org/index.php?topic=248417.msg2804992#msg2804992How should we transfer $ 13 million to Bitstamp? It's not possible without a collapse. If Mt. Gox kicked the bucket, then we go back to single digits or less. Then you better should recommend to get out of bitcoin.Bitstamp has simply taken the role of Dwolla, Liberty Reserve and OKPay for Gox traders at the moment. Without Gox Bitstamp would collapse within a few hours. If my assumption of what you mean is that "if mtgox collapses then the price of bitcoin will collapse", then I disagree with that. As people try to withdraw bitcoins will drive the price up in the short term. Longer-term there are bigger projects/businesses that are going to emerge outside of gox's world. Bitcoin > Gox. |
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Jhantor
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July 29, 2013, 02:35:08 AM |
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Considering that Mtgox hasn't processed any USD withdrawals for over a month and Karpeles is simply lying about that suggests to me that there are serious, serious issues at Mtgox. I wouldn't be surprised if Karpeles takes the money and runs.
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zeroblock
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July 29, 2013, 03:22:37 AM |
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Considering that Mtgox hasn't processed any USD withdrawals for over a month and Karpeles is simply lying about that suggests to me that there are serious, serious issues at Mtgox. I wouldn't be surprised if Karpeles takes the money and runs.
Due to recent changes in Gox's BTC withdraw protocols (now sometimes requiring "verification"), it is quite obvious that Gox is implementing flow of funds control measures. |
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erk
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July 29, 2013, 04:41:48 AM |
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If Mt Gox folded, BTC would take a fast dive, but crypto in general would ultimately recover. People would not put their faith in just one big exchange. We don't need a "too big to fail" in crypto, leave that for fiat.
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vokain
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July 29, 2013, 04:50:37 AM |
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If Mt Gox folded, BTC would take a fast dive, but crypto in general would ultimately recover. People would not put their faith in just one big exchange. We don't need a "too big to fail" in crypto, leave that for fiat.
unless one of the many up and coming US exchanges popped up into the marketplace first. I remember kraken saying they were going to open up their doors this month. perhaps next month who knows |
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erk
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July 29, 2013, 04:53:20 AM |
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If Mt Gox folded, BTC would take a fast dive, but crypto in general would ultimately recover. People would not put their faith in just one big exchange. We don't need a "too big to fail" in crypto, leave that for fiat.
unless one of the many up and coming US exchanges popped up into the marketplace first. I remember kraken saying they were going to open up their doors this month. perhaps next month who knows The value of Gox is not just in being an exchange, it's the price discovery for BTC, so many merchants and other things are linked into the Gox price. Another exchange would take a while to fill that void. |
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vokain
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July 29, 2013, 05:29:00 AM |
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If Mt Gox folded, BTC would take a fast dive, but crypto in general would ultimately recover. People would not put their faith in just one big exchange. We don't need a "too big to fail" in crypto, leave that for fiat.
unless one of the many up and coming US exchanges popped up into the marketplace first. I remember kraken saying they were going to open up their doors this month. perhaps next month who knows The value of Gox is not just in being an exchange, it's the price discovery for BTC, so many merchants and other things are linked into the Gox price. Another exchange would take a while to fill that void. Yes but if I had a solid US exchange I'd move my trading there versus gox. Majority of Gox trading is US-based, am i wrong to assume that? I have to use bitstamp now, which is less than ideal for a US citizen. Since kraken has better functionality i'm sure many will flock. campbx has a chicken and egg problem in regards to trading. they never had the opportunity to get bigger than gox because of its liquidity, and it never lured users because it didn't do anything gox couldn't, aside from US deposits. their trading engine kinda sucks |
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Nagle
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July 29, 2013, 05:34:20 AM |
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The value of Gox is not just in being an exchange, it's the price discovery for BTC, so many merchants and other things are linked into the Gox price. Another exchange would take a while to fill that void. Prices on Mt. Gox are getting more unrealistic as more people run into withdrawal problems. There's now a 12% spread between BTC-E and Mt. Gox in Bitcoin/USD. The other exchanges are iffy, though. BTC-E is in Russia, and Bitstamp's address in the UK is a mail drop. Nobody is really strong enough to make a market. |
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prophetx
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he who has the gold makes the rules
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July 29, 2013, 05:54:05 AM |
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Considering that Mtgox hasn't processed any USD withdrawals for over a month and Karpeles is simply lying about that suggests to me that there are serious, serious issues at Mtgox. I wouldn't be surprised if Karpeles takes the money and runs.
Due to recent changes in Gox's BTC withdraw protocols (now sometimes requiring "verification"), it is quite obvious that Gox is implementing flow of funds control measures. yes and they registered with fincen recently... he cannot take the money and run because you know there are a few wise guys that would be looking for him, and a large white man in asia is pretty easy to spot... |
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joesmoe2012
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July 29, 2013, 08:38:28 AM |
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Considering that Mtgox hasn't processed any USD withdrawals for over a month and Karpeles is simply lying about that suggests to me that there are serious, serious issues at Mtgox. I wouldn't be surprised if Karpeles takes the money and runs.
Due to recent changes in Gox's BTC withdraw protocols (now sometimes requiring "verification"), it is quite obvious that Gox is implementing flow of funds control measures. yes and they registered with fincen recently... he cannot take the money and run because you know there are a few wise guys that would be looking for him, and a large white man in asia is pretty easy to spot... Anybody offering pastic surgery (i.e. face change) for BTC yet ? May have some 'whatles' coming your way soon. |
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