MtGox Waiting List related to price

[Its About Sharing]

Bitcoin has a VERY long way to go before it succeeds. Lets remember that first and foremost it is an experiment and that most experiments eventually fail. However they also lead to greater things.

Also whilst we're on the subject, I suspect there is a lot of exaggeration at MtGox about the number of accounts that are supposedly outstanding.

If they were claiming millions of accounts backlogged then okay they are likely exaggerating.

10,000 to 20,000? pfft that is barely a small town.

Well, the queue has held steady at that amount, it is not only a recent number, if you look at old threads it is a fairly steady one. The link above in this thread shows that one week ago the waiting list was about the same.

Now, you may say 10,000-20,000 is a very small number. But what would you say about a future currency/stock/commodity/payment system that currently has 11 million "coins"? That, relatively speaking, is probably smaller than that small town you brought up.    Really, if BTC succeeds you will just need one. Very very likely at some point this year, maybe next, we are going to be talking mBTC or the like.

I don't have any idea what the average deposit is at MtGox, but if it is as small as $150 (say 1BTC) then that is 15,000 or so BTC purchased. If it is larger then maybe it is 30,000 - 45,000, maybe a few hundred thousand if it involves only a few VC's looking to buy more. We can only guess. The point is, the "float" is nothing and that is why you are seeing shortages reported by some. Do you realize that at some exchanges you have pools and you can only buy 1 or 2 a day if you are lucky? (I heard that on a podcast a couple of weeks ago.) Someone correct me if I'm wrong but the man (Cliff High of halfpasthuman.com) said he was hoping to be able to buy one or two if they were available. I emailed him and mentioned some other exchanges.

Any of you guys ever trade low float stocks? Explosive is an understatement and now you can add to that that the "stock" in question is global.

It's all about sharing (at some point anyway)...

[Its About Sharing]

Actually, I found the amount and was way to conservative above. It is not just new accounts but overall the CEO of MtGox said that 5-20 million dollars is flowing in every day and that is 17-20 times the outflow. http://www.btcpedia.com/video-inside-mtgox-bitcoin-exchange/ So, lets just take a middle number, say 12.5 million dollars in purchases made daily. At a $150 BTC, that would mean 83,333 per day bought. Volume numbers on a low day is in the 40,000 BTC range and on a high day was 600,000. I don't know exactly how to make sense of it all, but that is a large amount for just getting going.

IAS

[andrewsg]

A lot of leaps of imagination happening here.

First - the queue. It really doesn't mean much. To be clear, there is no REGISTRATION queue at MtGox, there is a VERIFICATION queue. It goes up and down depending on many factors that have nothing to do with bitcoin, such as how many people MtGox dedicates to performing the AML check. Also, as pointed out in this thread some people who have had accounts with MtGox for a long time are only now getting verified. (in order to increase their daily withdrawal limits). The incentive is that being verified is effectively cheaper when withdrawing fiat.

On the incoming / outgoing imbalance. Incoming amounts do not HAVE to be spent on bitcoins. Some people may have deposited cash and are now waiting for a price drop, or LTC. Some accounts may sell BTC but not withdraw the fiat. Also, based on the evidence of many - it is FAR easier and faster to deposit than it is to withdraw. Some fiat may just be waiting inside MtGox for verification, daily/monthly withdrawal limits or various SEPA related delays. So the massive inflows vs outflows are not (all) being spent on BTC - which is pretty clear just based on the prices and market activity we are observing.

[bitleif]

So it was market manipulation, plain and simple. DDoS events don't happen by accident.

I'm calling bullshit on the whole manipulation/DDoS meme as a bunch of whine-me-a-river self-important emo BS. Mt.Gox even released a press release saying there was never a DDoS attack, which conspiracy nuts of course promptly chose to ignore.

The market crashed because it rose way too fast. No market explodes up vertically and then just stays there. The influx of people made a bubble and its correction inevitable. I think we can reach beyond $260 again some time, but hopefully without the same fervor, or else it won't last.

[Hawker]

Your Position in the Verification Queue 15140

The backlog is down to 15k.  It looks like they are making fast progress.

Your Position in the Verification Queue 13240

Seems they cleared about 1800 in 24 hours. 

[seleme]

yep, some 1500 at least.

[meebs]

well what the crap.. while I went to the effort of getting verified, I STILL have teh 100btc/1000 USD withdrawl limit per day...

[seleme]

well what the crap.. while I went to the effort of getting verified, I STILL have teh 100btc/1000 USD withdrawl limit per day...

isn't it 10 000 day/50 000 month when you're verified?

[ManBearPig]

Bitcoin has a VERY long way to go before it succeeds.

That's better

[Its About Sharing]

A lot of leaps of imagination happening here.

First - the queue. It really doesn't mean much. To be clear, there is no REGISTRATION queue at MtGox, there is a VERIFICATION queue. It goes up and down depending on many factors that have nothing to do with bitcoin, such as how many people MtGox dedicates to performing the AML check. Also, as pointed out in this thread some people who have had accounts with MtGox for a long time are only now getting verified. (in order to increase their daily withdrawal limits). The incentive is that being verified is effectively cheaper when withdrawing fiat.

On the incoming / outgoing imbalance. Incoming amounts do not HAVE to be spent on bitcoins. Some people may have deposited cash and are now waiting for a price drop, or LTC. Some accounts may sell BTC but not withdraw the fiat. Also, based on the evidence of many - it is FAR easier and faster to deposit than it is to withdraw. Some fiat may just be waiting inside MtGox for verification, daily/monthly withdrawal limits or various SEPA related delays. So the massive inflows vs outflows are not (all) being spent on BTC - which is pretty clear just based on the prices and market activity we are observing.

Where did anyone say "registration"? Verification, meaning you need to be verified before you can trade BTC, right? That is what I was talking about.
Where did anyone say the verification queue had anything to with bitcoin? It has been pretty clear it takes time for the staff to do the verifications. And, that is the point.

I've heard people talking about waiting to be verified so they can purchase bitcoins. That is my point. I'm unsure of where you went with the thread there and how you brought up things (that you were trying to correct) that no one mentioned???

IF you don't spend your incoming money on BTC's, what will you spend them on? LTC, sure, that is possible, but this queue has been going on long before they announced LTC. And, if you want LTC now there are easier ways to do it than opening up and account here, waiting 2 or 3 weeks for verification and then waiting however much longer for them to offer LTC. Why not just go to an exchange that offers LTC?

[xavier]

So it was market manipulation, plain and simple. DDoS events don't happen by accident.

I'm calling bullshit on the whole manipulation/DDoS meme as a bunch of whine-me-a-river self-important emo BS. Mt.Gox even released a press release saying there was never a DDoS attack, which conspiracy nuts of course promptly chose to ignore.

The market crashed because it rose way too fast. No market explodes up vertically and then just stays there. The influx of people made a bubble and its correction inevitable. I think we can reach beyond $260 again some time, but hopefully without the same fervor, or else it won't last.

IMO, having been watching the market when it was crashing down through 70,60,50 here was definitely some strong buying going on at 50 and 60 USD. Maybe it was many people, but I personally do think that the DDoS attack was real and that somebody was trying to pick up cheap coins at the expense of noobs.