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Author Topic: MtGox withdrawal delays [Gathering]  (Read 877233 times)
FrictionlessCoin
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February 20, 2014, 12:29:28 PM
 #4661

Guys,
just be patient. Anyway, our money is blocked in their account for a while.
So why converting BTC into EURO at a so low price Huh I don't understand ! You won't be more secured with your EURO stucked in their account. It does not make any sense.
Having money in EURO or BTC stucked in MtGox is the same !
So for God sake, stop selling BTC at these ridiculous low levels and be patient.

what do you think ? Do I miss something there ?


If you have EURO stuck in Gox you can sue them and there is a big chance that the law might do something about it.
If you have BTC stuck in Gox there is a very slim to no chance that the law will do anything about it as it is not a real currency.

Let's discuss this for a moment.  Let's say BTC is treated as a commodity (like it is treated in a majority of places in the world).

So, let's pick a commodity,  say coffee beans.  If a warehouse that holds coffee beans goes bankrupt,  surely the owner of the coffee beans has the right to have his coffee beans returned.    Say a storage facility for gold goes bankrupts,  surely the owners of the gold have rights to the gold.

If the BTC disappears from the custodian of that BTC, then clearly that is theft.   Does not matter if its is coffee beans, gold or BTC.

This is very different from owning shares in a company.  If the company goes bankrupt then the value of shares goes to zero.  

This is very different from owning bonds or being a creditor to a company.

If the money or the BTC disappears, then Mt.Gox is criminally liable.  

What Mt.Gox appears to be doing is covering their short on BTC.   The lower price of BTC is to their advantage in many ways.  Imagine,  right now,  they can buy BTC and sell it at 4 times the value of their money,  and they can continue to do that while they maintain these prices.  It is downright ridiculous.


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February 20, 2014, 12:32:22 PM
 #4662


what's that? Can you translate it?

Money is a hoax. Debt is slavery. Consumerism is toxic.
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February 20, 2014, 12:39:06 PM
 #4663

Mt.Gox Class Action Suit:

https://bitcointalk.org/index.php?topic=476535.20

How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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February 20, 2014, 12:39:30 PM
 #4664

I still think the price is way too low because MtGox is used by speculators for short term trading due to its very good volatility and liquidity.
So if you are an intraday trader, what do you play since 10 days ? Of course you sell hard to make people panic and reach their stop loss, at which point you start to buy back.
It is low because of that reason, intra day trading.

I don't buy into bankrupcy view the level of fees MtGox earns every day.

I think this company had been too big, too fast BUT they are not running out of cash.
They just have 1 million customers while it is sized for 10,000 clientx max !

Give them time ! I am (pretty) sure we will get our money back and BTC will rise again at least to the same value of the other market places, like Kraken.

DON'T fall into PANIC SELLING !
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February 20, 2014, 12:43:31 PM
 #4665


But it is about MtGox POLAND.

It seems like CBA (gov division to fight corruption) is during investigation about MtGox Poland.

 
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zyk
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February 20, 2014, 01:07:35 PM
 #4666

I still think the price is way too low because MtGox is used by speculators for short term trading due to its very good volatility and liquidity.
So if you are an intraday trader, what do you play since 10 days ? Of course you sell hard to make people panic and reach their stop loss, at which point you start to buy back.
It is low because of that reason, intra day trading.

I don't buy into bankrupcy view the level of fees MtGox earns every day.

I think this company had been too big, too fast BUT they are not running out of cash.
They just have 1 million customers while it is sized for 10,000 clientx max !

Give them time ! I am (pretty) sure we will get our money back and BTC will rise again at least to the same value of the other market places, like Kraken.

DON'T fall into PANIC SELLING !


nobody is panic selling besides the thiefs.....but they are of course the heads of the bitcoinfoundation..

you have been had all along.....Cheers
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February 20, 2014, 01:09:02 PM
 #4667



nobody is panic selling besides the thiefs.....but they are of course the heads of the bitcoinfoundation..

you have been had all along.....Cheers

^This
may be mere speculation, but should be realised as a very real possibility.

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
FrictionlessCoin
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February 20, 2014, 01:16:31 PM
 #4668



nobody is panic selling besides the thiefs.....but they are of course the heads of the bitcoinfoundation..

you have been had all along.....Cheers

^This
may be mere speculation, but should be realised as a very real possibility.

There is possibility that another exchange is buying out Mt.Gox 'assets' at 25 cents to the dollar.


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February 20, 2014, 01:20:45 PM
 #4669

Im still waiting for 1000 euro withdrawal from 20 jan.
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February 20, 2014, 01:24:26 PM
 #4670

I have quit reading this thread due to high volume and very low signal to noise ratio.  Just stopping by announce that my 10k EUR withdrawal from January 4th changed to pending today, and will arrive tomorrow.  I have cancelled my other withdrawals to buy BTC.

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
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February 20, 2014, 01:33:23 PM
 #4671


Regardless of the authority above, Mt. Gox remains as a company in which the anticorruption bureau of Warsaw is interested... [blacked out]... [signed and sealed]


Bitcoin ♦♦♦ Trust in Mathematics, Not Bankers ♦♦♦
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February 20, 2014, 01:45:37 PM
 #4672

I have quit reading this thread due to high volume and very low signal to noise ratio.  Just stopping by announce that my 10k EUR withdrawal from January 4th changed to pending today, and will arrive tomorrow.  I have cancelled my other withdrawals to buy BTC.

Welcome back we thought you were in Japan !  So, calm down this frightened people  Grin
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February 20, 2014, 01:49:10 PM
 #4673

I love how pretty much all the threads in the Service Discussion are about gox.

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February 20, 2014, 02:41:21 PM
 #4674

LOL gox . Such an awesome announcement just going to delay as long a s possible and sell 5 dollars shares until they have dropped bitcoin to alltime laws while gox thieves  flood legitamate bitcoin sites with mtgoxs inferior bitcoin such a travesty. The fact that gox trading isn't shut down until people can withdraw just goes to show what people in mainstream currency have been saying all along (bitcoin in itself  is a fraud)


I am relieved mt gox employees will now be secure working from their residences instead of plush japan offices. Looking forward for next weeks gox announcement how they are working feverishly yada yada all coins safe as bitcoin keeps losing value .
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February 20, 2014, 02:42:20 PM
 #4675

It's amazing to see how this scenario is playing out exactly as described:
http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

There's absolutely no reason for Mt.Gox to have these kinds of delays. I was really optimistic about Gox being able to recover but there is no going back now. Processing withdrawals will result in a bank run in which case they'll be out of business. Not opening btc withdrawals will result in the price going close to zero, in which case they are effectively dead as an exchange.

I have no stake in Gox, no money, no btc so i'm not loosing anything but i'm invested in Bitcoin. Up until a few days ago i was hoping for Gox to fix their issues so the markets would stabilize. Now i can't help but wish this company would close for good and let everything go back to normal. It will crash the price (temporarily, i hope). But at least we can then move on. This is like the Sword of Damocles hoovering over Bitcoin and it's hurting the comunity as a whole.
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February 20, 2014, 02:44:46 PM
 #4676

It's amazing to see how this scenario is playing out exactly as described:
http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

There's absolutely no reason for Mt.Gox to have these kinds of delays. I was really optimistic about Gox being able to recover but there is no going back now. Processing withdrawals will result in a bank run in which case they'll be out of business. Not opening btc withdrawals will result in the price going close to zero, in which case they are effectively dead as an exchange.

I have no stake in Gox, no money, no btc so i'm not loosing anything but i'm invested in Bitcoin. Up until a few days ago i was hoping for Gox to fix their issues so the markets would stabilize. Now i can't help but wish this company would close for good and let everything go back to normal. It will crash the price (temporarily, i hope). But at least we can then move on. This is like the Sword of Damocles hoovering over Bitcoin and it's hurting the comunity as a whole.


yup, if Mark cared one iota satoshi about bitcoin, he would do the right thing and just come clean, open the gates, and then shut up shop. It would be the best thing for him to do, i think.

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
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February 20, 2014, 02:45:35 PM
 #4677

I have quit reading this thread due to high volume and very low signal to noise ratio.  Just stopping by announce that my 10k EUR withdrawal from January 4th changed to pending today, and will arrive tomorrow.  I have cancelled my other withdrawals to buy BTC.
Any proof of this would be highly appreciated.
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February 20, 2014, 03:20:14 PM
 #4678

Although I haven't got funds @mtgox anymore, I'll supply you with some information in order to support anybody who wants to sue mtgox because I'm very interested in seeing Mark Karpeles at court for his actions. lost quiet a bit during the last days when leaving mtgox.

throughout the last week immediately after the first press release of mtgox regarding halted btc withdrawals, you could observe huge rhythmic btc dumps @mtgox every 2-5 minutes following always the same pattern ("the whale of mtgox"). the sum of these dumps up to now is approx 140000 btc at an average price of around us$270. ie a us$38 mio sell-off. there were a few stuck levels eg at us$261.24 yesterday and us$148.15 the day before yesterday. these were manipulated levels by the whale serving all asks above these levels every 2-5 minutes. this is very difficult to do through the api of mtgox. but very easy if you're in charge of the order book itself.

Therefore, you'll have to deal with either a very risky investor who is going to sue mtgox as well for his us$38+ mio funds @mtgox pretty soon.

if you take into account that most of the trading fees at mtgox were paid in btc throughout the last years (default setting), it is more likely that the whale rushing all the btc on the market is mtgox resp Mark Karpeles himself. This would be an easy way to transfer the customers fiat collected throughout the last years to his own account reducing his liability in € and us$. if you further take into account, that maybe a good portion of btc stored at mtgox got stolen, mtgox might blame the bitcoin protocol ("transaction malleability") as a cause for the loss. the result: Mark Karpeles got the customers fiat, the customers got stolen btc. the customers could file a charge against an unknown person for stealing their btc.

what does this mean? --> all data on the servers of mtgox must be assured immediately in order to investigate the fraud.

ressources:
http://bitcoincharts.com/
http://bitcoinwisdom.com/
http://coinsight.org/mtgox.html
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February 20, 2014, 03:28:49 PM
 #4679

See MtGox,
how it is possible, big international robbery without any help and without any legal responsibility.
Who was behind this     Huh

Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
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February 20, 2014, 03:29:39 PM
 #4680

Mt gox even though segragated from bitcoin exchanges will keep dumping its inferior bitcoins into the legitamate market and further erode value of bitcoin .
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