MtGox withdrawal delays [Gathering]

[igorr]

MtGox will kill Birstamp, If the sell 2-3 million Bitcoin !

[FrictionlessCoin]

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

Mt.Gox can technically sell more BTC that they currently have.  In fact, they can sell an infinite amount of BTC.   If they've sold more BTC than they currently own,  then the cannot possibly permit BTC withdrawals.  That would create a massive short squeeze.

Based on what I see, I doubt Mt.Gox will ever allow BTC withdrawals.  They are massively short.   In other words, they've sold more BTC that they currently own!

The only other alternative explanation is that they are covering the short position that they previously had.  

One last thought,  MtGox could in fact be exploiting the arbitrage opportunity here.  Move BTC out of their exchange, sell on another exchange, send money back to Mt.Gox, Buy BTC.  Rinse and repeat!  There is nothing to prevent MtGox from moving BTC out and receiving money in.     

[igorr]

Mtgox is dead, the next is Bitstamp !

[raskul]

Mtgox is dead, the next is Bitstamp !

yes Mr Putin, so you keep saying. you will, of course, eventually convince yourself and go play somewhere else.

[igorr]

Mtgox is dead, the next is Bitstamp !

yes Mr Putin, so you keep saying. you will, of course, eventually convince yourself and go play somewhere else.

Just watch Titanic.

[ImI]

Mtgox is dead, the next is Bitstamp !

yes Mr Putin, so you keep saying. you will, of course, eventually convince yourself and go play somewhere else.

Just watch Titanic.

Just watch icehockey. 

[raskul]

Mtgox is dead, the next is Bitstamp !

yes Mr Putin, so you keep saying. you will, of course, eventually convince yourself and go play somewhere else.

Just watch Titanic.

Just watch icehockey. 

everton v swansea is on council telly here

[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

Mt.Gox can technically sell more BTC that they currently have.  In fact, they can sell an infinite amount of BTC.   If they've sold more BTC than they currently own,  then the cannot possibly permit BTC withdrawals.  That would create a massive short squeeze.

Based on what I see, I doubt Mt.Gox will ever allow BTC withdrawals.  They are massively short.   In other words, they've sold more BTC that they currently own!

The only other alternative explanation is that they are covering the short position that they previously had.  

One last thought,  MtGox could in fact be exploiting the arbitrage opportunity here.  Move BTC out of their exchange, sell on another exchange, send money back to Mt.Gox, Buy BTC.  Rinse and repeat!  There is nothing to prevent MtGox from moving BTC out and receiving money in.    

agreed - People selling BTC at a lower than market level reduces either indirectly mtgox' debt to their users (at market BTC prices) or directly adds to their profit, if they were selling BTC at other exchanges. Either way, both help reducing liabilities and/or increase profit. Additionally, taking into account that there is a trade fee on every trade done, even if they were massively robbed should give them quite a .

I just hope they implemented some kind of risc management. Like not to having ALL their BTC money accessible from one system access point and to observe deposits and withdrawals for unusual activities, before it gets worse. But i think they did at least the latter, that's why they suspended the withdrawals. Despite their obvious technical inanity, it could actually be a good sign of well implemented risc management on the financial side. Their financial people might be outsmarting their technicians by far.

[prophetx]

does anyone know if the withdrawal on bitstamp is working now?

[dave111223]

does anyone know if the withdrawal on bitstamp is working now?

Yes it is working.

[McKinley]

Despite their obvious technical inanity, it could actually be a good sign of well implemented risc management on the financial side. Their financial people might be outsmarting their technicians by far.

just checked the CV of their CEO, Mark Karpeles. No management experience other than with mtgox and no financial experience before at all. At least from this side it doesn't look good. He is a pure programmer guy. Lets hope he had the sanity to acquire a good financial management staff or miraculously acquired the skills himself: http://www.linkedin.com/in/karpeles

Anyway, I'm little bit shocked about the fact of seeing so little management and financial experience in his cv - and he's not writing about any special skills in management or financial areas at all. .... Hope he manages.
Guess it's like with Butterflylabs - you should check out the company's people and their past before.

[igorr]

does anyone know if the withdrawal on bitstamp is working now?

Yes it is working.

Attempting to pull a larger amount of money, the same as MtGox  
I'll wait for money 3-4 month or much more.

[raskul]

does anyone know if the withdrawal on bitstamp is working now?

Yes it is working.

Attempting to pull a larger amount of money, the same as MtGox  
I'll wait for money 3-4 month or much more.

igorr, you haven't got any money, stop making out that you are the president of russia.

[Bitsinmyhead]

If anyone still have fiat stuck in Gox or waiting for a wire from them, please PM me and I will help you get it out.

[prophetx]

does anyone know if the withdrawal on bitstamp is working now?

Yes it is working.

Attempting to pull a larger amount of money, the same as MtGox  
I'll wait for money 3-4 month or much more.

igorr, you haven't got any money, stop making out that you are the president of russia.

anyone can make money these days...

[raskul]

does anyone know if the withdrawal on bitstamp is working now?

Yes it is working.

Attempting to pull a larger amount of money, the same as MtGox  
I'll wait for money 3-4 month or much more.

igorr, you haven't got any money, stop making out that you are the president of russia.

anyone can make money these days...

quality. 

[ninamoto]

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?

Well, I meant: is "processing" better than "Confirmed"?
Of course this is the first and last time I will do anything with MTGox.

[alfabitcoin]

What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.

[crazy_rabbit]

So I logged into Gox today and when I go to my funding options, I get this message:

Your account has been restricted from accessing funding options. Please contact support@mtgox.com for additional information on why your account has been restricted.


I was pretty surprised, I know they wanted to stop BTC, but I'm not allowed to withdraw fiat or deposit fiat? I've always been completely verified in good standing- so I don't really get what the problem is. It seems pretty dramatic that I'm forbidden for accessing my funding options all together.

[malevolent]

So I logged into Gox today and when I go to my funding options, I get this message:

Your account has been restricted from accessing funding options. Please contact support@mtgox.com for additional information on why your account has been restricted.


I was pretty surprised, I know they wanted to stop BTC, but I'm not allowed to withdraw fiat or deposit fiat? I've always been completely verified in good standing- so I don't really get what the problem is. It seems pretty dramatic that I'm forbidden for accessing my funding options all together.

Have you ever used Bitistant?