MtGox withdrawal delays [Gathering]

[Zarathustra]

Ah, here he is. He's still pushing the criminals and notorious liars.

Trade with confidence on the world's largest Bitcoin exchange!

MtGox is the world's most established Bitcoin exchange. You can quickly and securely trade bitcoins with other people around the world with your local currency!

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[rpietila]

I have noted a few things:  Nobody of those who spread rumours about MtGox running a fractional reserve or having solvency problems have taken up my offer of selling their MtGox BTC to me at 90% face value.  And I know several of them hold a balance on MtGox, because I frequently get questions about SEPA withdrawal delays and similar in private messages from them.  There are however many gullible bystanders who do.  People whom the manipulators have managed to scared the brains out of by spreading FUD.

Okay, I bite

I am willing to sell you the following at 90% of the face value:

476.22140850 BTC in Mt.Gox user interface
58.59 BTC in delayed transfers.

How to proceed?

[BitPaulo]

after reviewing the bellow analysis, i felt more assured now this is just technical glitch not insolvency, load up your gun guys, buy at the dip:

http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/

The question is obviously whether gox is insolvent or just has technical problems.
Why would mt gox have technical problems for more than a month and other exchanges dont? They guy in the IRC chat asked "how come other exchanges didn't wind up with these problems?" but didnt get an answer (i didnt see any).

Here is the comment you should read.  It is by Bitcoin developer Gregory Maxwell (gmaxwell), and confirms everything I have written here, and every statement released by MtGox.

Remember that 80% of the people spreading FUD here are trying to manipulate the price.  (The rest are useful idiots manipulated by the manipulators.)  They are trading against their own advice, and it is very profitable.  I have made several years of wages worth of profit myself by betting against the FUD and that MtGox is right.  Lately I have been buying BTC on MtGox sent via internal transfer on MtGox for 90% of the face value sent from my personal wallet.  In addition to that, I have arbitraged back by buying BTC at MtGox and selling on other exchanges.  The money comes from BTC I previously sold on MtGox after buying at up to 20% lower price on other exchanges.  This was while the manipulators tried to convince people to buy BTC on MtGox and sell on other exchanges.  And it worked!  It worked extremely well, because the world is never going to run out of idiots.  I've made 20% net profit by arbitrage without moving any fiat or BTC, and then 10% on just trading BTC for BTC.  FUD works amazingly well as a manipulation strategy!

I have noted a few things:  Nobody of those who spread rumours about MtGox running a fractional reserve or having solvency problems have taken up my offer of selling their MtGox BTC to me at 90% face value.  And I know several of them hold a balance on MtGox, because I frequently get questions about SEPA withdrawal delays and similar in private messages from them.  There are however many gullible bystanders who do.  People whom the manipulators have managed to scared the brains out of by spreading FUD.

I am more than happy to sell it to you at 90% of the price. How should we go about it? I have a bit more than 2BTC and use a EUR account (SEPA).
Thanks

[sturle]

I am more than happy to sell it to you at 90% of the price. How should we go about it? I have a bit more than 2BTC and use a EUR account (SEPA).

Offers in personal message, please.

[kano]

Meanwhile back in the MtGox php failed transaction log ...
They did move a lot of them back to the accounts ...
The high I noticed today was 5442 (there may have been higher - nfi)
However, right now there are still 1926

[viajero]

All BTC now back in my gox account, including transaction fees.

Now we wait.

same here. had 5 tx lost in limbo since feb. 3rd:

today all of them are back in my account. including all the fees.

[myb87]

once people get their stuck bitcoins there might be heavy selling again

[Bitnicity]

all my coins are back to account, the backlogs seems to be removed in stages; there must be some control mechanism next week to ensure steady withdrawal ? otherwise it will flood to the moon.

[BTCalexxx2.0]

I am willing to sell you the following at 90% of the face value:

476.22140850 BTC in Mt.Gox user interface
58.59 BTC in delayed transfers.

WOW, you must have huge balls to keep such an amount on Scox.

Generally speaking, I think we should fasten our seat belts and get ready for the worst scam in Bitcoin history. Let's face the facts. Most likely, the story about a technical issue is plain bullcrap. And by now, also the most naive Bitcoiner must have realized that Mt.Gox is not to be trusted as a trading platform leaving those crooks with only two options.

A: Take hundreds of millions in customer funds and disappear enjoying la dolce vita on some private island somewhere in the Pacific.
B: Announce that everything is back to normal and watch 99% of all customers instantly withdraw their coins.

As far as I am concerned, it's kinda obvious what it's going to be.

Not only do they face a simple decision, but it also seems like they got ready for this very moment quite a while ago. According to the article "The rise and fall of the world's largest bitcoin exchange" published on wired.co.uk (7th of November 2013), Mt.Gox not even has a physical office anymore. And of course Karpeles and his gang weren't seen in a very long time as well. Plus, they might start feeling some heat after Shrem and Faiella's arrest. 

Well, let's hope for the best while preparing for the worst.

Good luck.

[Bitnicity]

once people get their stuck bitcoins there might be heavy selling again

hold your coins tight, you will regret selling now, i don't think there will be heavy selling, if the withdrawal gate does open next week, it is not a smart move to sell now, people were paying huge price to sell at shit discount earlier today; over the next two days, as more clarity emerges, the price will only one way up and shoot to the moon again.

[newguy05]

FYI, this is very concerning. Didnt realize it, but checked mtgox market depth and it's true. There already seem to be a slow run on the bank with mtgox.

Not to create panic, but i suggest anyone with money/bitcoin in mtgox to get it out for safekeeping. Right now people are still walking towards the exit, you dont want to wait until it becomes a stampede.  It's pretty obvious at this rate, the bitcoins will be drained out due to mtgox inability to withdraw funds, and now even majority bitcoin withdraw is getting delayed.

I work in the financial industry for a long time, this is no different than a run on a fund, you dont want to be the last one in it trying to get out, always be the first. Yes it may not come to that, but why take the risk by leaving your bitcoins in mtgox?

I have converted the remaining balance in mtgox to bitcoin and submitted the withdraw request to get all of it out.

repost....

i will say again, whatever you believe about mtgox and unicorns, there is no reason, absolutely NONE, to leave your fiat or bitcoins in mtgox.

All risk, no reward.

Thanks, great idea, great advice, Cpt. Obvious!

Oh wait... isn't the problem in the first place that people HAVE TO leave their fiat/btc @ mtgox, because they CAN NOT do a withdrawal?

how am i captain obvious when the warning was from last oct? and you COULD withdraw bitcoins out just not fiat, my point over and over, was to convert to bitcoin and get the hell out of mtgox before it is too late(like now) there is no reason to leave in mtgox given the risk. Reading comprehension of kids nowadays....

What can you do now?  go into hope and pray mode that they open bitcoin withdraws again, however i am not sure how that will work, because as soon as they do, you can bet there will be MASSIVE outflow of bitcoins. Mtgox knows there will be mass panic and liquidity outflow when they announced the halt, the situation must be an absolute disaster for them to not even care and just want to stop the bitcoin withdraw NOW. 

What can you do if confirmed after a few months you not getting anything out?  sell in mtgox and convert to fiat, read up on the boj's banking&regulations and file suit, you will have a much better chance if it is fiat they are holding instead of bitcoins.  Of course this only makes sense if the $ amount is above 6 figures.

[newguy05]

once people get their stuck bitcoins there might be heavy selling again

i don't think there will be heavy selling, if the withdrawal gate does open next week, it is not a smart move to sell now, people are paying huge price to sell at shit discount earlier today; over the next two days, as more clarity emerges, the price will only one way up and shoot to the moon again.

 

[donk4u]

mt gox is  a blatant liar or whomever put up their feeds. They said stuck withdrawls  only happened to limited users when it was in the thousands and thousands. Support sent same cut and paste emails mt gox is  done put a fork in them obv.  Lost total credibility with this fiasco.

how did price on gox go from 25 percent markup to almost market rate I wonder? Awesomeness for guy who flew to their offices and confronted that fat bastard.

[qxzn]

I have noted a few things:  Nobody of those who spread rumours about MtGox running a fractional reserve or having solvency problems have taken up my offer of selling their MtGox BTC to me at 90% face value.  And I know several of them hold a balance on MtGox, because I frequently get questions about SEPA withdrawal delays and similar in private messages from them.  There are however many gullible bystanders who do.  People whom the manipulators have managed to scared the brains out of by spreading FUD.

Okay, I bite

I am willing to sell you the following at 90% of the face value:

476.22140850 BTC in Mt.Gox user interface
58.59 BTC in delayed transfers.

How to proceed?

Sturle, can you explain the logistics of such a trade? I would also be interested in buying up discounted mtgox CDSes (that's essentially what they are), if I could be confident that the trade could be accomplished securely. I don't think you can make Mtgox codes anymore? How are you going to transfer the Mtgox balance?

[sturle]

Sturle, can you explain the logistics of such a trade? I would also be interested in buying up discounted mtgox CDSes (that's essentially what they are), if I could be confident that the trade could be accomplished securely. I don't think you can make Mtgox codes anymore? How are you going to transfer the Mtgox balance?

You can transfer BTC between MtGox accounts.  The sender can withdraw to the deposit address of the receiving account.  The transaction will be handled internally, and the transfer will not enter the blockchain.  (Unless you check "Open Transaction".  Don't do that.)

[whave]

how am i captain obvious when the warning was from last oct? and you COULD withdraw bitcoins out just not fiat, my point over and over, was to convert to bitcoin and get the hell out of mtgox before it is too late(like now) there is no reason to leave in mtgox given the risk. Reading comprehension of kids nowadays....

What can you do now?  go into hope and pray mode that they open bitcoin withdraws again, however i am not sure how that will work, because as soon as they do, you can bet there will be MASSIVE outflow of bitcoins. Mtgox knows there will be mass panic and liquidity outflow when they announced the halt, the situation must be an absolute disaster for them to not even care and just want to stop the bitcoin withdraw NOW. 

What can you do if confirmed after a few months you not getting anything out?  sell in mtgox and convert to fiat, read up on the boj's banking&regulations and file suit, you will have a much better chance if it is fiat they are holding instead of bitcoins.  Of course this only makes sense if the $ amount is above 6 figures.

I was making quite a few quids in October, without any problems. Not everyone is using USD.

It will be so funny when transactions are fixed, fiat backlogs are erased and queues are back to normal (well tbh I'm not sure they're gonna fix USD wiretransfers ever, but I don't care about that), and all these people screaming SCAM hysterically will just STFU finally

No one has any official info apart from the few announcements Mark made here and there.

Your "OMG THEY R GOIN DOWN" theories are based on speculation just as much as my "everything's gonna be alright eventually, be patient" theory.

Either way, crying about it won't do a thing. People should realise everything has a risk if you're trying to make money - especially some new thing like Bitcoin and it's different exchanges. Too bad everyone just thought they're gonna be rich and it's going to be super-EZ, now there is an obstacle and everyone is going into a tantrum.

[donk4u]

how am i captain obvious when the warning was from last oct? and you COULD withdraw bitcoins out just not fiat, my point over and over, was to convert to bitcoin and get the hell out of mtgox before it is too late(like now) there is no reason to leave in mtgox given the risk. Reading comprehension of kids nowadays....

What can you do now?  go into hope and pray mode that they open bitcoin withdraws again, however i am not sure how that will work, because as soon as they do, you can bet there will be MASSIVE outflow of bitcoins. Mtgox knows there will be mass panic and liquidity outflow when they announced the halt, the situation must be an absolute disaster for them to not even care and just want to stop the bitcoin withdraw NOW.  

What can you do if confirmed after a few months you not getting anything out?  sell in mtgox and convert to fiat, read up on the boj's banking&regulations and file suit, you will have a much better chance if it is fiat they are holding instead of bitcoins.  Of course this only makes sense if the $ amount is above 6 figures.

I was making quite a few quids in October, without any problems. Not everyone is using USD.

It will be so funny when transactions are fixed, fiat backlogs are erased and queues are back to normal (well tbh I'm not sure they're gonna fix USD wiretransfers ever, but I don't care about that), and all these people screaming SCAM hysterically will just STFU finally

No one has any official info apart from the few announcements Mark made here and there.

Your "OMG THEY R GOIN DOWN" theories are based on speculation just as much as my "everything's gonna be alright eventually, be patient" theory.

Either way, crying about it won't do a thing. People should realise everything has a risk if you're trying to make money - especially some new thing like Bitcoin and it's different exchanges. Too bad everyone just thought they're gonna be rich and it's going to be super-EZ, now there is an obstacle and everyone is going into a tantrum.


dumbest shit ive ever read after all that has transpired lolz  Too bad you can't fix broke or stupid, eh?

[rpietila]

Sturle, can you explain the logistics of such a trade? I would also be interested in buying up discounted mtgox CDSes (that's essentially what they are), if I could be confident that the trade could be accomplished securely. I don't think you can make Mtgox codes anymore? How are you going to transfer the Mtgox balance?

You can transfer BTC between MtGox accounts.  The sender can withdraw to the deposit address of the receiving account.  The transaction will be handled internally, and the transfer will not enter the blockchain.  (Unless you check "Open Transaction".  Don't do that.)

Okay, my goxBTC is for sale then!

[newguy05]

how am i captain obvious when the warning was from last oct? and you COULD withdraw bitcoins out just not fiat, my point over and over, was to convert to bitcoin and get the hell out of mtgox before it is too late(like now) there is no reason to leave in mtgox given the risk. Reading comprehension of kids nowadays....

What can you do now?  go into hope and pray mode that they open bitcoin withdraws again, however i am not sure how that will work, because as soon as they do, you can bet there will be MASSIVE outflow of bitcoins. Mtgox knows there will be mass panic and liquidity outflow when they announced the halt, the situation must be an absolute disaster for them to not even care and just want to stop the bitcoin withdraw NOW.  

What can you do if confirmed after a few months you not getting anything out?  sell in mtgox and convert to fiat, read up on the boj's banking&regulations and file suit, you will have a much better chance if it is fiat they are holding instead of bitcoins.  Of course this only makes sense if the $ amount is above 6 figures.

I was making quite a few quids in October, without any problems. Not everyone is using USD.

It will be so funny when transactions are fixed, fiat backlogs are erased and queues are back to normal (well tbh I'm not sure they're gonna fix USD wiretransfers ever, but I don't care about that), and all these people screaming SCAM hysterically will just STFU finally

No one has any official info apart from the few announcements Mark made here and there.

Your "OMG THEY R GOIN DOWN" theories are based on speculation just as much as my "everything's gonna be alright eventually, be patient" theory.

Either way, crying about it won't do a thing. People should realise everything has a risk if you're trying to make money - especially some new thing like Bitcoin and it's different exchanges. Too bad everyone just thought they're gonna be rich and it's going to be super-EZ, now there is an obstacle and everyone is going into a tantrum.

why would i be crying when i have no bitcoins in mtgox? you are too retarded for me to waste time responding to that dribble, go play in traffic oxygen thief.

[gizmoh]

Sturle, can you explain the logistics of such a trade? I would also be interested in buying up discounted mtgox CDSes (that's essentially what they are), if I could be confident that the trade could be accomplished securely. I don't think you can make Mtgox codes anymore? How are you going to transfer the Mtgox balance?

You can transfer BTC between MtGox accounts.  The sender can withdraw to the deposit address of the receiving account.  The transaction will be handled internally, and the transfer will not enter the blockchain.  (Unless you check "Open Transaction".  Don't do that.)

Okay, my goxBTC is for sale then!

Same here, 130.18 gox-btc on offer,  anyone?