New News: MtGox Should be back Monday Night.

[Bit_Happy]

[Update - 6:30 GMT] Still here. Still working hard to get things online.

    SHA-512 multi-iteration salted hashing is in enabled and ready for when we get users reactivating their accounts
    We are going to push our relaunch time to 2:00am GMT tomorrow so we have time to launch a our new backend and withdraw passwords.

Thanks to everyone sending the supportive emails and our extremely patient users.


IMO, This is good news, they need to get it right this time.

[S3052]

Can you make sure you either stick top this (delayed) new timing or if you do not have confidence, communicate a final timing?

It is the worst for all people to not stick to an initially communicated timing.

make sure you do not mislead people yet again.

Once you reopen, make sure that you are prepared with best security.

[Bit_Happy]

Good advice, I was also hoping the current target would be met, oh well.

[Oldminer]

I was also hoping the current target would be met, oh well.

Ah the joys of IT..they all want it yesterday but often have NFI what your up against...

Thanks for the update - really do appreciate it.

[Bit_Happy]

I was also hoping the current target would be met, oh well.

Ah the joys of IT..they all want it yesterday but often have NFI what your up against...

Thanks for the update - really do appreciate it.

Sure, you are welcome.

[klaus]

[Update - 6:30 GMT] Still here. Still working hard to get things online.

    SHA-512 multi-iteration salted hashing is in enabled and ready for when we get users reactivating their accounts
    We are going to push our relaunch time to 2:00am GMT tomorrow so we have time to launch a our new backend and withdraw passwords.

Thanks to everyone sending the supportive emails and our extremely patient users.


IMO, This is good news, they need to get it right this time.

+1

thats better. People can calm down to decide really what to do next. The old time 8:00am GMT was very short-term.

[mmortal03]

So, 9 PM Monday night, EST.

[jack_jones]

Damn, this is going to be like an IPO. The question now is, what's going to happen when the floor opens?

[Horkabork]

Damn, this is going to be like an IPO. The question now is, what's going to happen when the floor opens?

Because prior orders won't exist, first there will be a dive as freaked investors sell off for what they can. I'm guessing it'll go below 10, but not far. Then, as buyers slowly get their bid orders in, those who sold off initially will regain confidence and big sellers will hold (as they're pretty battle-hardened at this point in bitcoin's trade history).

Then, because all this USD will be sitting there only able to be withdrawn slowly, people will have enough time to watch bitcoin hit bottom and start going up. Then there will be a massive rally, probably to 25 very, very quickly, then dropping to 14, then 22, then settling at a bit lower than where it opened (17.5). I'm guessing it'll settle at $16-17.5.

Since the media is going to have a heyday with this, and even negative bitcoin news brings in shittons of new people, after enough time has passed that new bank transfers and dwolla money goes through, we'll spike up to about 35 and repeat the bubble pop characteristics that happened after we hit 32.

Also, the Jets are going to win the superbowl next year and Obama will be reelected after the republican front-runner says racist comments 2 days before the election. And the winning lotto numbers are 4-32-6-74-21-9. Bet on black. The third slot machine on the fourth row to the right of the entrance. Jim, your wife's pregnant and it's not your baby. Also you have hep C now.

[NothinG]

Damn, this is going to be like an IPO. The question now is, what's going to happen when the floor opens?

Because prior orders won't exist, first there will be a dive as freaked investors sell off for what they can. I'm guessing it'll go below 10, but not far. Then, as buyers slowly get their bid orders in, those who sold off initially will regain confidence and big sellers will hold (as they're pretty battle-hardened at this point in bitcoin's trade history).

Then, because all this USD will be sitting there only able to be withdrawn slowly, people will have enough time to watch bitcoin hit bottom and start going up. Then there will be a massive rally, probably to 25 very, very quickly, then dropping to 14, then 22, then settling at a bit lower than where it opened (17.5). I'm guessing it'll settle at $16-17.5.

Since the media is going to have a heyday with this, and even negative bitcoin news brings in shittons of new people, after enough time has passed that new bank transfers and dwolla money goes through, we'll spike up to about 35 and repeat the bubble pop characteristics that happened after we hit 32.

Also, the Jets are going to win the superbowl next year and Obama will be reelected after the republican front-runner says racist comments 2 days before the election. And the winning lotto numbers are 4-32-6-74-21-9. Bet on black. The third slot machine on the fourth row to the right of the entrance. Jim, your wife's pregnant and it's not your baby. Also you have hep C now.

Eh, a normal day.

[goldcd]

I've got absolutely no idea what's going to happen - but I'm guessing it's not going to be smooth.
My plan is to completely ignore bitcoins for the next 48 hours, drink heavily and then peer at the new price between my fingers when it's all over.

[IlbiStarz]

[Update - 12:52 GMT] Account recovery page will be up tomorrow morning (Japan time)

We have almost completed the account recovery page and are waiting for result to unit tests and intrusion tests (and more than anything, don't want to put something online and go to sleep just after, best way to get screwed), so the page will be put online tomorrow morning.

It will allow every user to claim ownership of their account based on proof such as deposits, withdraws, password (if complex enough), email or notarized documentation.

Once it is deemed enough users had the chance to get their account back, the exchange will be open again (opening time will be announced at least 24 hours in advance). It will still be possible to file claims for user accounts after this.


So...is it still going to be 2:00am GMT or what?

[S3052]

As suspected before, this is another terrible and confusing information communication.

I would not be surprised if it took at least 3-5 days more or even weeks until MtGox reopens.

I am happy to be proven otherwise, but it seems they communicate like to airplane passengers: Just 10min delay. Then 10min later: Just another 20 min delay, then ...

[nelisky]

As suspected before, this is another terrible and confusing information communication.

I would not be surprised if it took at least 3-5 days more or even weeks until MtGox reopens.

I am happy to be proven otherwise, but it seems they communicate like to airplane passengers: Just 10min delay. Then 10min later: Just another 20 min delay, then ...

panic control, anxiety level management, we do it all the time with our kids, governments to it all the time with their toddlers (us), it just beats telling a 6 year old you have no idea when lunch will be ready because the stove broke.

I would much rather get a fuller disclosure if one is in order, but on the other hand I do that all the time too, and not because I'm bad that way, just because I honestly believe I can keep my projected deadlines... sometimes I can, but shit happens.

[S3052]

You know that I appreciate your posts a lot.

In this case, though, I disagree:

We are not talking private things, but business. In business, "customer is king". If you don't satisfy your customers on a going basis as businessman, you will not get far.

[nelisky]

You know that I appreciate your posts a lot.

In this case, though, I disagree:

We are not talking private things, but business. In business, "customer is king". If you don't satisfy your customers on a going basis as businessman, you will not get far.

I appreciate your kind words. But I don't think we are disagreeing, to the extent I'm not stating a particular viewpoint as much as I'm saying there are two possible roads that lead to the same outcome, which is the ever changing deadlines for delivery;
1) knowingly set a short time to market, even though it is obviously impossible to keep, to avoid a major "rebellion" which can result in a disastrous thing for your business; it's quite incredible the number of times you can get away with this, but there are studies that explain the why (read, for example, "The Paradox of Choice" and what it says about how we remember an experience).
2) being over-optimistic. This is almost as bad as 1), if in a more humble way. They are really trying hard and if all goes according to plan they keep the deadline, but until you have the complete picture of what happened, how can you know what plan there is to keep?

While none of the two views above is something one would want or expect of a "professional" service, I must say that I'm very pleased with the way the whole thing has been handled so far. I don't know if I lost anything, but even if I did it was 2 or 3 coins at most, as I am VERY paranoid about who keeps my stuff, and I rather keep everything myself unless I'm actively trading (which I wasn't).

And I feel the need to say that all my dealing with Jed and now Mark has always been a 5 star experience. They were never the fastest to reply, granted, but always very helpful and cordial. I don't get that from my bank, unfortunately

[Oldminer]

Because prior orders won't exist, first there will be a dive as freaked investors sell off for what they can. I'm guessing it'll go below 10

Nice. Time to get some fiat $$ over ready to buy up

[Bit_Happy]

I'm not going to suddenly join the Doom and Gloom crowd.
Does anyone have solid info on any one, or more, of these questions, please.

1) Is MtGox still solvent? and/or Have they claimed to have enough funds?
2) Are there any verifiable sources about their possible legal troubles in Japan?
3) The moment we pass the new verification stage, are we allowed to look at our account, or are there more delays at that stage?