MtGox withdrawal delays [Gathering]

[S3052]

It's still a wild west situation with bitcoins..:

here another example:
MtGox still claims on the main home page that they are the world's largest exchange. Normally, competitors would be challenging this within days after this is not true any more.. but they dont even bother..

wild west, indeed.

"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!"

[raskul]

It's still a wild west situation with bitcoins..:

here another example:
MtGox still claims on the main home page that they are the world's largest exchange. Normally, competitors would be challenging this within days after this is not true any more.. but they dont even bother..

wild west, indeed.

"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!"

they could also add...

"Anything that goes wrong with your money on our exchange, it's not our fault, feel free to find problems and we can easily and casually blame it on something else. Our accounting is 100% secure and tested, we tackle issues before they become issues."

that would surely help ?

[S3052]

It's still a wild west situation with bitcoins..:

here another example:
MtGox still claims on the main home page that they are the world's largest exchange. Normally, competitors would be challenging this within days after this is not true any more.. but they dont even bother..

wild west, indeed.

"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!"

they could also add...

"Anything that goes wrong with your money on our exchange, it's not our fault, feel free to find problems and we can easily and casually blame it on something else. Our accounting is 100% secure and tested, we tackle issues before they become issues."

that would surely help ?

love it

[btcfly]

If mt gox finally alows people to withdraw and mt gox bitcoin is at say 300 usd while other exchanges are at 650 how does that work exactly?

Then people withdraw to other exchanges and get back to normal (and hopefully in that process, mtgox goes away forever).

nope. it will jump to 750$ at bitstamp and co, and to 850$ on gox. within seconds. thats what is going to happen. same situation as before that mess!


pretty simple...

right. the same things done by BTCstamp the day before yesterday.

[ozjabi]

Super Plan to Sell Worthless Gox coin on:

https://www.bitcoinbuilder.com/

Currently there are a few bids at 0.7%
 
I think you better hurry up, anything above 0.4% is a deal, considering current discrepancy in exchange rates.

Who are these people you'd be entrusting with your Bitcoins? Sounds risky.

[ninamoto]

I requested a SEPA withdrawal of €223 on 14 Jan 14. It was stuck for a long time "Confirmed". Yesterday I contacted support and they said:

Dear Valued Customer,

Thank you for the email. Yes, your withdrawal status is confirmed which means it has been queued and yet to be processed. We will keep you updated once it gets processed.

Best regards,

MtGox Team
https://www.mtgox.com

Some minutes after this now the status changed from "Confirmed" to "processing". Is this good?

[Lohoris]

Some minutes after this now the status changed from "Confirmed" to "processing". Is this good?

It depends on what you mean with "good".

Do you consider "good" that there are unbelievably long queues, that they aren't even trasparent, and that they also can be manipupated by the staff as they see fit?

[F-bernanke]

Some minutes after this now the status changed from "Confirmed" to "processing". Is this good?

It depends on what you mean with "good".

Do you consider "good" that there are unbelievably long queues, that they aren't even trasparent, and that they also can be manipupated by the staff as they see fit?

This whole situation is highly unethical, I can't imagine how people trapped inside fort gox feel.

I'm disgusted with the lack of communication from Gox, they are basicly creating panic.

I don't have any coins at gox, but even i feel goxed.

[Lohoris]

This whole situation is highly unethical, I can't imagine how people trapped inside fort gox feel.

I'm disgusted with the lack of communication from Gox, they are basicly creating panic.

I don't have any coins at gox, but even i feel goxed.

I, on the other hand, also feel a bit good about that.

This is a situation were people who used their brain and did due diligence before taking decisions are not screwed up, while those blinded by their greed or by their sloth, are.

This is quite a good thing, if you think about it.

[raskul]

This whole situation is highly unethical, I can't imagine how people trapped inside fort gox feel.

I'm disgusted with the lack of communication from Gox, they are basicly creating panic.

I don't have any coins at gox, but even i feel goxed.

I, on the other hand, also feel a bit good about that.

This is a situation were people who used their brain and did due diligence before taking decisions are not screwed up, while those blinded by their greed or by their sloth, are.

This is quite a good thing, if you think about it.

i lost about 0.1 coin in the (trade) rush to get my btc out when the shit hit the fan. I didn't try to withdraw the fiat I had there, i took the hit, traded back to BTC at a lower rate than I bought, and withdrew back to my wallet. kinda glad I did, it was a small loss in the scheme of things, as i've paid my bills last month after putting it thru kraken, where the money would still have been stuck gox. i think i was one of the lucky few. lets see what they say tomorrow.

[igorr]

The next step is bitstamp down.
Much coins from mtgox will be sell at bitstamp + every day we have generated 4800 new bitcoin.

Its a big volume bitcoins and bitstamp need a lot money to pay it.

[McKinley]

whats to stop gox at buying bitcoins at its low rates and selling off on other exchanges ? just wodering

Against law. And when asked, Mark has said he knows it and that they are not doing it.

I'd be interested - since mtgox is a Co.Ltd. in Japan - which local Japanese or international laws might there be that disallow a company to trade with specific partners - other bitcoin exchanges - while suspending trade with others - Bitcoin accounts.

If the guy doesn't do it, it means that either he doesn't need the money, which means there's enough cash in mtgox - or  - if there is not enough cash - he rather faces bankruptcy than violate (moral?/legal?) rules or risc his company reputation. Which, in the latter case, is history any way.

It would all depend on the question, if its a moral or a legal rule. Since he is facing insolvency (Can't pay out Bitcoins, not being able to cover your financial obligation is insolvency by definition), insolvency laws apply. So selling any company value below price is in many countries a violation of law. This exactly could mtgox be doing right now by choosing only to trade within their own system. So they might already be in violation of laws by NOT doing these trades.

btw, this is criminal law then, not civil law then any more. This means the body of public prosecutors gets in charge. The question is just whether Japan has these insolvency laws and if they regard bitcoin as money and the lack of payment for over a week as sufficient for the definition of insolvency.

[rpietila]

I, on the other hand, also feel a bit good about that.

If you are the type that feels good for your daughter getting raped in a dark alley - after all she is stupid, lazy and the alley was dark - then by all means feel good for the life BTC savings that many lose in this debacle.

Not only are they still criminals, your daughter was also raped and you are an idiot.

[Lohoris]

I, on the other hand, also feel a bit good about that.

If you are the type that feels good for your daughter getting raped in a dark alley - after all she is stupid, lazy and the alley was dark - then by all means feel good for the life BTC savings that many lose in this debacle.

Not only are they still criminals, your daughter was also raped and you are an idiot.

Well, this is unfair.

This case is not an unexpected event, everyone had many months in advance to withdraw their positions.

If they stayed at mtgox instead of using another exchange, it means they were either greedy (and greed sometimes pays you, sometimes burn you) or lazy (they couldn't bother to check the state of the company they were handling their money to).

I can't see how could this compare to such a case as you state.
If a criminal assaults you, he is directly harming you, depriving you from your liberty to go and do whatever you want (as long as it's not illegal).
In this case, instead, there is nothing forcing you to use mtgox as opposite to any other exchange: money is fungible, you could just trade it elsewhere.
Fun and liberty are not fungible, though, so you can't compare "going somewhere as opposite to somewhere else" to this.

I'm quite disappointed by this post of yours

Finally, it's not an happenstance I said "I also feel a bit good about that", meaning that this is a bad and unfortunate accident, but at least those who were hit are those who didn't even try to save themselves, while people who did due diligence were able to escape.
How can you state that this is not a good thing, is beyond me.

[rpietila]

Well, this is unfair.

Hi, I appreciate the thoughtful reply. I will have to take some time to address the issues.

[F-bernanke]

While it was known on this forum that Gox was to be avoided. The majority of people simply did not know this (also basicly all news outlets showed Gox charts and quoted gox prices).

[Lohoris]

Well, this is unfair.

Hi, I appreciate the thoughtful reply. I will have to take some time to address the issues.

Thank you, I'm relieved to read such a thing!

[Lohoris]

(also basicly all news outlets showed Gox charts and quoted gox prices).

This was the biggest problem, yes.

While it was known on this forum that Gox was to be avoided. The majority of people simply did not know this

Sure, and that's why I have dual feelings about that.
Still, if you just hear about something and you throw it your money without doing a bit of research, well...

Say you just came to know about bitcoins, find out about mtgox, and want to buy some?
Well, these are the results you get searching for "mtgox trustable" on google.

First three results I get tell you about problems.

[BitPaulo]

why is the price still plummeting? I don't understand who is still selling BTCs, I can see why people are willing to buy BTCs, but selling them??

Is there new information about withdrawals that is influencing this?

[McKinley]

why is the price still plummeting? I don't understand who is still selling BTCs, I can see why people are willing to buy BTCs, but selling them??

Is there new information about withdrawals that is influencing this?

i guess panic is spreading. But it's a good thing for mtgox. The lower the price people are selling their BTC for, the less likely a mtgox bankruptcy gets. For Bitcoin owners at mtgox this is good news. Let the others sell