Bitcoin Forum
September 16, 2019, 11:29:43 PM *
News: If you like a topic and you see an orange "bump" link, click it. More info.
 
   Home   Help Search Login Register More  
Pages: « 1 ... 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 [235] 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 ... 346 »
  Print  
Author Topic: MtGox withdrawal delays [Gathering]  (Read 877003 times)
mike81
Member
**
Offline Offline

Activity: 62
Merit: 10


View Profile
February 20, 2014, 03:30:39 PM
 #4681

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.
Is that sum of 140000 btc an honest estimate if you consider someone selling, buying back lower, then selling again? This doesn't show in the volume, but they might be the same btc going in circles. I think many high volume traders got out some time ago and the volume of Gox is highly overestimated.
1568676583
Hero Member
*
Offline Offline

Posts: 1568676583

View Profile Personal Message (Offline)

Ignore
1568676583
Reply with quote  #2

1568676583
Report to moderator
1568676583
Hero Member
*
Offline Offline

Posts: 1568676583

View Profile Personal Message (Offline)

Ignore
1568676583
Reply with quote  #2

1568676583
Report to moderator
Visit and contribute to reddit.com/r/Bitcoin
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Petopas
Newbie
*
Offline Offline

Activity: 18
Merit: 0


View Profile
February 20, 2014, 03:43:30 PM
 #4682

140000 btc is the honest estimate, if you sum all sell orders of 30-200btc following the same periodical pattern during the last week @mtgox. there was no real possibility to buy back lower. as soon as the whale stopped dumping for some minutes, the price rushed up again because the order book above was very thin. you could have bought only 300btc and the price would have been back to us$500+ levels. the whale dumped more then 1000btc per hour. many users where irritated, who the hell sells off all his bitcoins at such a low level.
igorr
Sr. Member
****
Offline Offline

Activity: 406
Merit: 250


View Profile
February 20, 2014, 03:47:37 PM
 #4683

Check volume last 14 days !

View Screen Capture

Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
FrictionlessCoin
Legendary
*
Offline Offline

Activity: 854
Merit: 1000


★YoBit.Net★ 1400+ Coins Exchange


View Profile
February 20, 2014, 04:26:00 PM
 #4684

140000 btc is the honest estimate, if you sum all sell orders of 30-200btc following the same periodical pattern during the last week @mtgox. there was no real possibility to buy back lower. as soon as the whale stopped dumping for some minutes, the price rushed up again because the order book above was very thin. you could have bought only 300btc and the price would have been back to us$500+ levels. the whale dumped more then 1000btc per hour. many users where irritated, who the hell sells off all his bitcoins at such a low level.

I think you should not even assume that these are real BTC being sold at Mt.Gox.   

Mt.Gox can choose to flood BTC that does not exist!

This way the can buy the real ones at 25 cents on the dollar and sell it for profit elsewhere.

FrictionlessCoin
Legendary
*
Offline Offline

Activity: 854
Merit: 1000


★YoBit.Net★ 1400+ Coins Exchange


View Profile
February 20, 2014, 04:32:38 PM
 #4685

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.


If we make the assumption that the BTC being sold at Mt.Gox is made up,  then it impossible for Mt.Gox to even allow BTC withdrawals.  That would create a massive short squeeze.

Meanwhile, Mt.Gox has exclusive ability to send BTC out and receive fiat in.  What this allows them to do is to acquire real BTC from panicking customers and sell them in another exchange for a 300% profit.   The fact Mt.Gox is still insolvent after having days of this arbitrage opportunity available to them tells us how badly their finances may acutally be.

whave
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile
February 20, 2014, 04:45:10 PM
 #4686

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.


If we make the assumption that the BTC being sold at Mt.Gox is made up,  then it impossible for Mt.Gox to even allow BTC withdrawals.  That would create a massive short squeeze.

Meanwhile, Mt.Gox has exclusive ability to send BTC out and receive fiat in.  What this allows them to do is to acquire real BTC from panicking customers and sell them in another exchange for a 300% profit.   The fact Mt.Gox is still insolvent after having days of this arbitrage opportunity available to them tells us how badly their finances may acutally be.

If we make the assumption that the lizard people are combining the powers of HAARP and the chemtrails to induce foolish paranoias in people's minds, then they seem to be quite successful.
smoothie
Legendary
*
Offline Offline

Activity: 2128
Merit: 1018


LEALANA Monero Physical Silver Coins


View Profile
February 20, 2014, 05:14:31 PM
 #4687

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 .

Technically MTGOX is the fraud, not Bitcoin.

MTGOX are just a bunch of pansies running scared now.


███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.                  History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
TheKoziTwo
Legendary
*
Offline Offline

Activity: 1549
Merit: 1021



View Profile
February 20, 2014, 05:19:40 PM
 #4688

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.
Please re-consider. There needs to be a voice of reason in this mad house. I'm sure I'm not alone in appreciating your input.

donk4u
Legendary
*
Offline Offline

Activity: 890
Merit: 1000



View Profile
February 20, 2014, 05:23:49 PM
 #4689

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 .

Technically MTGOX is the fraud, not Bitcoin.

MTGOX are just a bunch of pansies running scared now.



True but if no restraints in place to protect the currency from this type of fraud the currency shares the blame as well for having no safeguards and allowing this type of fraud to go unrestricted.
Hawkix
Hero Member
*****
Offline Offline

Activity: 529
Merit: 505



View Profile WWW
February 20, 2014, 05:24:48 PM
 #4690

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.

Sturle, you can earn a lot of money - on bitcoinbuilder.com, there is 1 goxBTC valued at 0.35 BTC, so I suppose you are buying them all now, right?

Donations: 1Hawkix7GHym6SM98ii5vSHHShA3FUgpV6
http://btcportal.net/ - All about Bitcoin - coming soon!
smoothie
Legendary
*
Offline Offline

Activity: 2128
Merit: 1018


LEALANA Monero Physical Silver Coins


View Profile
February 20, 2014, 05:26:43 PM
 #4691

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.
Please re-consider. There needs to be a voice of reason in this mad house. I'm sure I'm not alone in appreciating your input.

Sturle's interest is in MTGOX's survival. He has shilled for them for a long long time.

Now things are getting really rocky and he is gone from the scene. lol @ "signal to noise ratio"

How about "Troll to shill ratio" has been out of whack?

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.                  History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
rpietila
Donator
Legendary
*
Offline Offline

Activity: 1652
Merit: 1005



View Profile
February 20, 2014, 05:29:27 PM
 #4692

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.
Please re-consider. There needs to be a voice of reason in this mad house. I'm sure I'm not alone in appreciating your input.

What in his input do you appreciate the most? Surely you understand that by following his advice, I would have lost about 1 million dollars compared to my biting the bullet and losing "only" 150k?

Of all the people outside Mt.Gox, sturle bears perhaps the most responsibility of the untold millions that ordinary people lost by listening this lulling voice of "reason".
raskul
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250



View Profile
February 20, 2014, 05:29:57 PM
 #4693

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.
Please re-consider. There needs to be a voice of reason in this mad house. I'm sure I'm not alone in appreciating your input.

Sturle's interest is in MTGOX's survival. He has shilled for them for a long long time.

Now things are getting really rocky and he is gone from the scene. lol @ "signal to noise ratio"

How about "Troll to shill ratio" has been out of whack?

indeed, some might say.. the discussion has become a tad unbalanced.. whilst I would say, reality is hitting hard.

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
mdekerever
Member
**
Offline Offline

Activity: 60
Merit: 10


View Profile
February 20, 2014, 05:30:45 PM
 #4694

BE PATIENT and keep your coins.
MtGox is too big to fail. 1 Mie customers !
They will find a solution : takeover by another exchange, bank loans, ...
The spread BTC / EUR is only due to intra day trader who try to create the panic.

Keep your coins and wait. Let's see in one month !
raskul
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250



View Profile
February 20, 2014, 05:33:48 PM
 #4695

BE PATIENT and keep your coins.
MtGox is too big to fail. 1 Mie customers !
They will find a solution : takeover by another exchange, bank loans, ...
The spread BTC / EUR is only due to intra day trader who try to create the panic.

Keep your coins and wait. Let's see in one month !

ever heard the saying.. 'the bigger they are, the harder they fall'?

this applies.

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
mdekerever
Member
**
Offline Offline

Activity: 60
Merit: 10


View Profile
February 20, 2014, 05:39:19 PM
 #4696

True... But you need to have faith from time to time...
Rampion
Legendary
*
Offline Offline

Activity: 1120
Merit: 1000


View Profile
February 20, 2014, 05:47:29 PM
 #4697

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.
Please re-consider. There needs to be a voice of reason in this mad house. I'm sure I'm not alone in appreciating your input.

What in his input do you appreciate the most? Surely you understand that by following his advice, I would have lost about 1 million dollars compared to my biting the bullet and losing "only" 150k?

Of all the people outside Mt.Gox, sturle bears perhaps the most responsibility of the untold millions that ordinary people lost by listening this lulling voice of "reason".

While I've been one of sturle's most vocal critics since mid-summer, I strongly disagree on him being responsible of anything. I defended Gox myself until they crapped on a smallish 5 figures FIAT withdrawal and after 5 weeks of absurd wait and BS excuses about how their "huge" (LOL) volume was "overwhelming the traditional banking system", I decided to cancel the withdrawal, buy BTC and leave that exchange for good. Because of people like me, we had that huge spread between Gox and the other exchanges.

My original point still remains: there's no way a small/medium business like Gox is "overwhelming" a bank, I work with banks every day and if you have the money you can steadily move it - that's the freaking business models of banks, they CHARGE you for that, and imposing absurd daily limits is a way of putting a cap to their income. That's BS and only an ignorant would believe that the reason is "the huge volume" which is putting pressure on the bank. If you cannot move your money something VERY BAD is happening, name it insolvency or law enforcement action or whatever, but it's damn sure that its not because you are "overwhelming" their system. Thus, MtGox has been lying and making up bullshit excuses for months, many red flags have been raised, and the only ones responsible for having funds locked up on Gox are:

a) Gox itself (pretty obvious), because of their lack of transparence and their lousy/amateurish business practices (or let's say because they lied and took their customers for fools)
b) those who continued using gox despite the many serious red flags we have seen in the last months.

If by chance Gox has a real solvency issue because of law enforcement action, incompetence, or any other reason (which one its irrelevant: red flags are still red flags), you can be sure I will make fun of Sturles for months; but you can also be very sure that I will consider him responsible for nothing. He just gave his opinion, with which I strongly disagree - but that's it. Risto: you willingly trusted your funds to Gox despite of having first hand knowledge of the hard cold facts. Money in? No problem. Money out? hmmmm... Soon.


donk4u
Legendary
*
Offline Offline

Activity: 890
Merit: 1000



View Profile
February 20, 2014, 05:49:34 PM
 #4698

Few days ago mt gox makes statement witdrawls processing soon due to help from blockchain folks today its they are moving offices because of security issues . Constant lies and bs gox is insolvent
zyk
Full Member
***
Offline Offline

Activity: 224
Merit: 100


View Profile
February 20, 2014, 06:01:06 PM
 #4699

True... But you need to have faith from time to time...

Mt. Gox -- the worlds exchange where the selling never stops and the insider of bitcoin-ponzi can ride in the sunset !
TheKoziTwo
Legendary
*
Offline Offline

Activity: 1549
Merit: 1021



View Profile
February 20, 2014, 06:02:00 PM
 #4700

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.
Please re-consider. There needs to be a voice of reason in this mad house. I'm sure I'm not alone in appreciating your input.

What in his input do you appreciate the most? Surely you understand that by following his advice, I would have lost about 1 million dollars compared to my biting the bullet and losing "only" 150k?

Of all the people outside Mt.Gox, sturle bears perhaps the most responsibility of the untold millions that ordinary people lost by listening this lulling voice of "reason".
I'm not going to look through his post history to find any exact quote, but I usually find that he has some interesting thoughts and input. What he says makes a lot of sense most of the time. While on the other hand there is a mad house of people going on and on about how mtgox is broke & other FUD. Sturle is not a shill, why is that being repeated over and over? How about some proof?

As far as losses is concerned, nobody has lost anything yet. A temporary pause in withdraw is not equal with insolvency. Let's see how this turns out before we start making assumptions. In hindsight it would have been sensible to sell BTC on gox and buy back now. But you can't put price fluctuations down as a loss, you are free to trade however you please and could have made a killing from gox being gox.

I'm not sure how you lost 150k, but surely it did not happen because mtgox stole your money but rather through you making trades that where not in your best interest.

Pages: « 1 ... 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 [235] 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 ... 346 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!