MtGox withdrawal delays [Gathering]

[itsunderstood]

Bloodbath started an hour ago, whats the news?

my guess is gox insolvent - when gox btc hits zero, the active exchanges will then creep back up.
just a wild guess.

It cannot go to zero, there will be massive buys on the way down, come on BTC at 50 dollars??

But yeah, someone's trying to spread the cheeks, haha.

[joesmoe2012]

There was a protest going on earlier, but they ran out of battery to broadcast it. Had 600 people watching the stream when the battery died.

[raskul]

Bloodbath started an hour ago, whats the news?

my guess is gox insolvent - when gox btc hits zero, the active exchanges will then creep back up.
just a wild guess.

It cannot go to zero, there will be massive buys on the way down, come on BTC at 50 dollars??

But yeah, someone's trying to spread the cheeks, haha.

yeah you are right enough, looks like it stabilising a bit now, creeping back up.
I don't wish gox btc to go zero tho, hope the guys with funds in there manage to get them out. it's a sorry state of affairs.

[raskul]

There was a protest going on earlier, but they ran out of battery to broadcast it. Had 600 people watching the stream when the battery died.

they've said they are trying to get power to their laptops to continue the stream;

http://www.ustream.tv/channel/mtgox-protest

[BitPaulo]

I hope this was just due to bots and not some insider trading job...

[itsunderstood]

I don't wish gox btc to go zero tho, hope the guys with funds in there manage to get them out. it's a sorry state of affairs.

Agree.

---------

But again here is the Gox arb $$$ just irresistible to anyone who can get funds out of Gox, anyone at all, would be making coin hand over fist, I mean come ON.  LOL

[raskul]

There was a protest going on earlier, but they ran out of battery to broadcast it. Had 600 people watching the stream when the battery died.

they've said they are trying to get power to their laptops to continue the stream;

http://www.ustream.tv/channel/mtgox-protest

it's back up now (stating the obvious) lol

[BitPaulo]

The price didn't go below 195EUR for the last 24 hours because somebody had placed a huge order at that price (look at the charts). Once the order was filled up, the price started to plummet...  just a theory.

[watuba]

I hope this was just due to bots and not some insider trading job...

This, about 10k coins dumped by bots.

[itsunderstood]

See look here is where they screw up again:  If ANYONE can get coin out of Gox (insider or tech or whatnot), it's a no brainer money window.  So, by allowing nobody to get out coin for this long, they allow cheating on the inside or at least its like free money for anyone who can find that secret tunnel out, knowmsayin?

wow, I bet 1000s of lawyers will soon accept cryptocoin for services.

[Slab Squathrust]

See look here is where they screw up again:  If ANYONE can get coin out of Gox (insider or tech or whatnot), it's a no brainer money window.  So, by allowing nobody to get out coin for this long, they allow cheating on the inside or at least its like free money for anyone who can find that secret tunnel out, knowmsayin?

wow, I bet 1000s of lawyers will soon accept cryptocoin for services.

I wouldn't be surprised if gox is buying btc from panic sellers and then selling them on a different exchange for instant doubling or tripling of their money.  All in all, it is sleazy as hell. 

[itsunderstood]

Well yeah I mean duh.  Right?

Let's see:

Buy 1000 BTC @ 200 = 20k
Sell 1000 BTC @ 600 = 60k
Buy 3000 BTC @ 200 = 60k
Sell 3000 BTC @ 600 = 180k

...and so on.

If even ONE in><out window exists under the radar, that person is hooked up to a money tree, in these terms.  But, it'll all come out in the wash.

[raskul]

one of those protesters should visit the local cop shop. this really does need some proper investigation.

[watuba]

See look here is where they screw up again:  If ANYONE can get coin out of Gox (insider or tech or whatnot), it's a no brainer money window.  So, by allowing nobody to get out coin for this long, they allow cheating on the inside or at least its like free money for anyone who can find that secret tunnel out, knowmsayin?

wow, I bet 1000s of lawyers will soon accept cryptocoin for services.

I wouldn't be surprised if gox is buying btc from panic sellers and then selling them on a different exchange for instant doubling or tripling of their money.  All in all, it is sleazy as hell. 

If you're right, that is sleezey as all hell

[Slab Squathrust]

See look here is where they screw up again:  If ANYONE can get coin out of Gox (insider or tech or whatnot), it's a no brainer money window.  So, by allowing nobody to get out coin for this long, they allow cheating on the inside or at least its like free money for anyone who can find that secret tunnel out, knowmsayin?

wow, I bet 1000s of lawyers will soon accept cryptocoin for services.

I wouldn't be surprised if gox is buying btc from panic sellers and then selling them on a different exchange for instant doubling or tripling of their money.  All in all, it is sleazy as hell. 

If you're right, that is sleezey as all hell

I honestly don't know if they are engaged in arbitrage, but I'm sure it's a massive temptation.  I was referring more to their actions over the last few months as being sleazy. 

[itsunderstood]

Basically if they let it go to zero, then you can bet someone was running a money tree on the way down, I mean, traders LIVE for arb positions like this.  It'd be worth bribing a Gox employee to get a window at these spreads.  I mean, frankly, Gox should halt trading if they want to have any credibility.

edit

This is not some legal fiat market based arbitrage window, this is all crypto-lightspeed money transfer.  The inducement to crime here is phenomenal, its irresponsible to law abiding BTC holders.  Gox should halt if they drop below 100 otherwise its a shark orgy on the way down and SOMEONE knows how to get coins out as it drops, some .001% will have the exit, and they will make bank, flee, and that'll be that.

[DjangoSi]

http://buttcoin.org/wp-content/uploads/2013/05/mtgox_ceo_mark_karpeles.jpg

I will try to contact their lawyers in Poland.
Also I have a Phone Number from Mark Karpeles, but I am not sure if it is the number from the old office.

[itsunderstood]

I will try to contact their lawyers in Poland.
Also I have a Phone Number from Mark Karpeles, but I am not sure if it is the number from the old office.

Probably better to cut power to their servers.  At least then law abiding Goxers' BTC wouldn't be shat upon hourly.

[raskul]

Basically if they let it go to zero, then you can bet someone was running a money tree on the way down, I mean, traders LIVE for arb positions like this.  It'd be worth bribing a Gox employee to get a window at these spreads.  I mean, frankly, Gox should halt trading if they want to have any credibility.

edit

This is not some legal fiat market based arbitrage window, this is all crypto-lightspeed money transfer.  The inducement to crime here is phenomenal, its irresponsible to law abiding BTC holders.  Gox should halt if they drop below 100 otherwise its a shark orgy on the way down and SOMEONE knows how to get coins out as it drops, some .001% will have the exit, and they will make bank, flee, and that'll be that.

I totally agree, a HALT should have occurred long before now.

[smoothie]

Basically if they let it go to zero, then you can bet someone was running a money tree on the way down, I mean, traders LIVE for arb positions like this.  It'd be worth bribing a Gox employee to get a window at these spreads.  I mean, frankly, Gox should halt trading if they want to have any credibility.

edit

This is not some legal fiat market based arbitrage window, this is all crypto-lightspeed money transfer.  The inducement to crime here is phenomenal, its irresponsible to law abiding BTC holders.  Gox should halt if they drop below 100 otherwise its a shark orgy on the way down and SOMEONE knows how to get coins out as it drops, some .001% will have the exit, and they will make bank, flee, and that'll be that.

I totally agree, a HALT should have occurred long before now.

Of course it shouldn't have been halted. This is GOX.