MtGox withdrawal delays [Gathering]

[nottm28]

Plus... no block found for 45 mins - this is the end of bitcoin...

[edit] Oh it's ok, just blockchaininfo being slow - panic over

[edit2] unless there's a correlation here - I reckon Mark has taken over blockchaininfo and he is 'pretending' blocks have been found...

[McKinley]

http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

These situation sounds like a fairy tale – most business do some sort of monthly report
And the management would know if they are losing money - to lose $350 m must have being known to the management team for a long time.
In my opinion the whole management team should do jail time for fraud
I think the plan to wipe a $350 M with no plan to repay customers and start again is ludicrous.

It's not only the missing BTC. If that report were true they also didn't notice the missing USD. I'm not buying that, however - and i don't think any court would. Nobody could be that incompetent. How about the possiblity that they let the security loophole open on purpose and made a deal with the "hackers" to share profits ? Or the document is really fake.

[infoman]

why this company con not just die and we could move on, ahhh


and yes, I lost money thx to gox, but would rather move on and see btc goes up than have this misery for an other half year dragging along.
no question that the new company will fail too, sooner or later.

[cAPSLOCK]

It could be a little inside hint.  Interesting the goat is perched atop the mountain right where the new CEO is being discussed.  A little hint?  Clue?  Flirtation?

I think the best outcome would be someone with the funds to begin to repair the image of bitcoin by fixing Gox is best.  But who on earth has that many bitcoins?

[infoman]

can anyone pls tell me why it is needed to be fixed?

[McKinley]

LOL

Dear MtGox Customers,

In light of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.

Best regards,
MtGox Team

What the hell does any of this have to do with their inability to enable withdrawals?

What "situation"? The fact that they lost customer funds?

TRANSLATION: "Hmm let's monitor the fact that we lost people's money and see if the money somehow magically reappears!"


ROFL!

True - what are they monitoring ? They closed down the site.

[FrictionlessCoin]

LOL

Dear MtGox Customers,

In light of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.

Best regards,
MtGox Team

What the hell does any of this have to do with their inability to enable withdrawals?

What "situation"? The fact that they lost customer funds?

TRANSLATION: "Hmm let's monitor the fact that we lost people's money and see if the money somehow magically reappears!"


ROFL!

True - what are they monitoring ? They closed down the site.

They are monitoring if they will get jail time or have to repay what they owe.

[infoman]

can anyone pls tell me why it is needed to be fixed?

People lost their entire life savings on this. It is not like let's forget it and move on.

yeah, that part I agree with 100%, no questions there,

my question would be why there need to be a new exchange built on the remaining of this? (called Gox, how stupid is that?) it will not help the community for sure, media will be all over it again.

all assets should be seized and distributed between the creditors and literally people in charge sent to prison, that would make the bitcoin in general much safer, would not send out a message that anyone can set up an exchange and loose a lot of money without any penalty.

at least my 2c

and to be honest, based on previous experiences in the banking sector, there will be no refunds for the money lost, sad but true
see any bankrupt financial organisation, if you get 5% out 5 for $1 you can consider yourself lucky.

[ilpirata79]

I want at least 50% of my bitcoins kept there..
Otherwise I am going to get really upset!

Best regards,
ilpirata79

[ilpirata79]

I need a japanese layer... do you know one?

Best regards,
ilpirata79

[Nagle]

I need a japanese layer... do you know one?

Best regards,
ilpirata79

Nishimura & Asahi is the biggest law firm in Japan. So Saito, an attorney there, is following the Mt. Gox situation and was quoted in the Wall Street Journal about it a few days ago.

[lightfoot]

I want at least 50% of my bitcoins kept there..
Otherwise I am going to get really upset!

Best regards,
ilpirata79

The weird thing is did you ever have bitcoins there? Bitcoins are things where you have the private key to unique solutions on the blockchain. Without the key you didn't. have. coins.

If you did you should be able to access them now.

This is pedantic, but I think the problem is not Bitcoin it's that someone made a fiat system aside bitcoin. That fiat system collapsed.

I'm really thinking about this one, and its ramifications. Complex problem.

[cAPSLOCK]

I want at least 50% of my bitcoins kept there..
Otherwise I am going to get really upset!

Best regards,
ilpirata79

The weird thing is did you ever have bitcoins there? Bitcoins are things where you have the private key to unique solutions on the blockchain. Without the key you didn't. have. coins.

If you did you should be able to access them now.

This needs to be repeated again and again.

If one does not control the private keys, one has no bitcoin.

[lightfoot]

If one does not control the private keys, one has no bitcoin.

I think this clip from Animal house puts it perfectly:

http://youtu.be/-glKGjp50Ug?t=26s

We need to meet in Vegas at Defcon and start drinking heavily...

[chocomav]

A friend of mine was running an international software startup many years ago that had distributor relationships with all of the major country markets worldwide and he found out that the french distributors were scheming to double-cross him behind his back with their own product after a lengthy and supposedly trustful relationship. Nothing wrong with honest competition, but they turned out to be the only dishonest (french) distributor group from all of the various distributor relationships worldwide.

Perhaps the fact that Karpeles is french should not be held against him for this particular unrelated incident. But one cannot overlook the fact that perhaps this "leaked" document is part of a very carefully orchestrated strategy to shift blame away from Mark - thus effectively allowing him to pull off the biggest scam in bitcoin history. He knows that he is viewed as incompetent - which gives him the perfect cover excuse with the general media. Incompetence does not imply the lack of extreme self-serving cunning...

If he is stupid enough to believe that a new reincarnation as "Gox.com" will survive, then anyone stupid enough to deposit funds with the new site (regardless of what the new management team will be) when it launches (supposedly next month) deserves to lose their funds in the future.

Those who do not learn the lessons of history are doomed to repeat it again...

[virtualfaqs]

A friend of mine was running an international software startup many years ago that had distributor relationships with all of the major country markets worldwide and he found out that the french distributors were scheming to double-cross him behind his back with their own product after a lengthy and supposedly trustful relationship. Nothing wrong with honest competition, but they turned out to be the only dishonest (french) distributor group from all of the various distributor relationships worldwide.

Perhaps the fact that Karpeles is french should not be held against him for this particular unrelated incident. But one cannot overlook the fact that perhaps this "leaked" document is part of a very carefully orchestrated strategy to shift blame away from Mark - thus effectively allowing him to pull off the biggest scam in bitcoin history. He knows that he is viewed as incompetent - which gives him the perfect cover excuse with the general media. Incompetence does not imply the lack of extreme self-serving cunning...

If that's the case I think the Internet is savvy enough to trace it back to Mark.

[lucaing]

I want at least 50% of my bitcoins kept there..
Otherwise I am going to get really upset!

Best regards,
ilpirata79

The weird thing is did you ever have bitcoins there? Bitcoins are things where you have the private key to unique solutions on the blockchain. Without the key you didn't. have. coins.

If you did you should be able to access them now.

This needs to be repeated again and again.

If one does not control the private keys, one has no bitcoin.

I think this is not correct. The point is that you bought a goods and you own that goods. And you can see it with the  regular order number.

[ilpirata79]

I want at least 50% of my bitcoins kept there..
Otherwise I am going to get really upset!

Best regards,
ilpirata79

The weird thing is did you ever have bitcoins there? Bitcoins are things where you have the private key to unique solutions on the blockchain. Without the key you didn't. have. coins.

If you did you should be able to access them now.

This needs to be repeated again and again.

If one does not control the private keys, one has no bitcoin.

Right, I had a part of my bitcoin stash there. I was just trusting the oldest and most used bitcoin exchange.
I could have never imaged that they were so incompetent to let others steal coins even if they used cold storage.

This is insane.

I start thinking that this has been an inside job.

Best regards,
ilpirata79

[chocomav]

It really begs belief that Mt. Gox's cold wallet was completely emptied out all of a sudden? And if it has been emptied out over the years due to "malleability issues" and "double-spends", wouldn't you think that Mark would have noticed the rapidly (and mysteriously) declining cold wallet balance? So he decides to wait until now (after the media storm) for the perfect opportunity to "announce" that the cold wallet is completely empty. How long has he known this? At the very least, he has been dishonest with his customers for the past year of Mt. Gox operations.

[TheFootMan]

It really begs belief that Mt. Gox's cold wallet was completely emptied out all of a sudden? And if it has been emptied out over the years due to "malleability issues" and "double-spends", wouldn't you think that Mark would have noticed the rapidly (and mysteriously) declining cold wallet balance? So he decides to wait until now (after the media storm) for the perfect opportunity to "announce" that the cold wallet is completely empty. How long has he known this? At the very least, he has been dishonest with his customers for the past year of Mt. Gox operations.

In sept 2013, they did auditing and had perfect control, when countersuing coinlab. Claim of attacker emptying cold wallet over several years is thus most likely false.