MtGox withdrawal delays [Gathering]

[mayax]

I know it's very hard for many people who has money in MTgox to accept the fact that they lost all their funds.
They accepted the risk when they "invested" in bitcoin,using mtgox. Any investment might be lost. There is always a risk.

"invest only what you can afford to lose"  it must be the adage for those who are using Bitcoin and the exchange services

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[BtcLtcNmc]

Do you know the mt support page is still working?

  https://support.mtgox.com/home

I've checked it everyday but no change

[T.Stuart]

It's perfectly possible that a government investigation would result in the seizure of Gox assets - it's already happened before.

But it's best at the moment not to pin any hope on getting anything back from Gox.

[lightfoot]

I know it's very hard for many people who has money in MTgox to accept the fact that they lost all their funds.
They accepted the risk when they "invested" in bitcoin,using mtgox. Any investment might be lost. There is always a risk.

"invest only what you can afford to lose"  it must be the adage for those who are using Bitcoin and the exchange services

The real fun part is when someone gets the email addresses of these Gox users and starts setting them up for some *real* fraud. Between the dollar auction concept and the possibility of slightly higher levels of entitlement of some users, this could be considered a *gold mine* for the next person with a cheap suit.

As for Sagan and DHW (his book) it is interesting to keep in mind that in the late 70's alien abduction and faith healing crap was all the rage. I think it was in the 80's when people, confronted by the evidence, started to say "screw it, I'm going to believe this no matter what" and an incredible generation of gullible opportunities came to be.

Sad. Really Sad. The fact that 26% of the population believes the sun goes around the earth is evidence that something is wrong. People trusting their money to a guy in a crap suit at Gox in Japan is another.

*sigh*

C

[mayax]

it doesn't matter how he is looking or how he is dressed(with suit or training pants). the point is that the people believed a lot of non senses received from MtGox during the years.

How can trust a company for more than one year which is keep saying "there are delays with the withdrawals but it is not our fault".

Yes, there can be problems(any company from this planet can have problems with their bank accounts but not for a year).If so, something is fishy...

[lightfoot]

His suit does look cheap. Maddof looked much better.

Problem is the concept of the Sunk Cost fallacy, the Gambler's fallacy, and our nature to believe in a subjective reality. Having read Rand and such, I found the only thing of value was:

• "Reality Exists"
• "Contradictions, by their very nature, do not exist. If you are faced with a contradiction, check your premises, one of them is wrong."
  

Gox is a funny case. But oddly enough not unique. The question is what can we learn from it?

C

[zyk]

His suit does look cheap. Maddof looked much better.

Problem is the concept of the Sunk Cost fallacy, the Gambler's fallacy, and our nature to believe in a subjective reality. Having read Rand and such, I found the only thing of value was:

• "Reality Exists"
• "Contradictions, by their very nature, do not exist. If you are faced with a contradiction, check your premises, one of them is wrong."
  

Gox is a funny case. But oddly enough not unique. The question is what can we learn from it?

C

Renaming the thread :  Watching Bitstamp withdrawls time closely-----its taking over an hour already

[zyk]

crash?...are withdrawls now entirely halted?

[mayax]

crash?...are withdrawls now entirely halted?

it's obvious that Bitstamp has a problem with its platform and it may sink soon.

I don't think the problems are coming from their bank. Their account is OK but their system is sinking...It may be the next MtGox.

[zyk]

crash?...are withdrawls now entirely halted?

it's obvious that Bitstamp has a problem with its platform and it may sink soon.

I don't think the problems are coming from their bank. Their account is OK but their system is sinking...It may be the next MtGox.

So all bitcoiners who will lose out on this game of musical chairs are to be faulted....after all they should have known that on

an exchange you can only get fractional bookentries not real bitcoins.....GTFO before the whales try to withdraw !

[zyk]

http://www.marketoracle.co.uk/Article44588.html

[Nagle]

The real fun part is when someone gets the email addresses of these Gox users and starts setting them up for some *real* fraud.

I suspect that's what http://www.mtgoxrecovery.com is doing. They're collecting email addresses of Gox users, and claiming to "assist" them in recovery. But they don't have a name, an address, or phone number. Their domain name is registered anonymously. They claim to have an attorney, but don't say who it is.

Do not give "mtgoxrecovery" any account or identity information.

[roslinpl]

http://www.marketoracle.co.uk/Article44588.html

I don't like this article, I like only what they say about ponzi (all ponzi players should read)

Anyway thanks for a link.

Cheers!

[zyk]

http://www.marketoracle.co.uk/Article44588.html

I don't like this article, I like only what they say about ponzi (all ponzi players should read)

Anyway thanks for a link.

Cheers!

every currency is and as such BTC is a Ponzi as well...

[Petopas]

http://www.marketoracle.co.uk/Article44588.html

I don't like this article, I like only what they say about ponzi (all ponzi players should read)

Anyway thanks for a link.

Cheers!

every currency is and as such BTC is a Ponzi as well...

that's what I thought as well. eg the fact, that btc have solely an abstract mathematical/cryptographical value instead of any tangible value like any common raw material is actually one of the inventive advantages and not a downside. the author of the article clearly didn't understand the vision of creating a common standard value valid throughout the universe, entirely indepedent of place and materia. maybe the current exchange rates are a bit overpriced compared to the pile of difficulties the btc network is going through right now. but all the arguments in the article are plain old and apply to any other currency as well. If there'd be any flaw in the mathematical structure of btc I'd be scared but not of that kind of tunnel vision.

[Squeaker]

about the only thing that keeps pushing bitcoin prices up, is the cost of the hashpower to find each coin, and as more people keep adding more, it'll just keep going up.

there will be a point (again) where the price falls to the point where people are shutting their now-unprofitable miners, or the reward is so small, and transaction fees so small, that it isn't profitable to continue mining with the power we have now, and that will also shrink the network.

using bitcoin over the very long term as a store of wealth, would not be a good idea with that in mind.

bitcoin's worth would be for purchasing some for a transaction you will make soon, and the recipient cashing back out.

the 'whales' will be those that are willing to hold the unused coin until it is needed.

somebody, somewhere, has to hold quantities of them, after all.

=squeak=

[Petopas]

you could run a ponzi with any kind of currency. but that doesn't mean the currency as a whole is a ponzi. the author is right about ponzi schemes except the conclusion regarding btc. It underlines though the need for more transparent exchanges with proof of 100% non-fractional reserve business model or even a decentralized exchange.

[wB`]

here is a link to a phone call to the mt gox call center.

.http://www.youtube.com/watch?v=6HJt-MpoTP4

and another interesting article

http://gawker.com/does-mt-goxs-ceo-have-a-secret-history-of-online-payme-1534752110

[itsunderstood]

[itsunderstood]