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Author Topic: MtGox will be open tomorrow at 3:00 GMT [UPD2: postponed till 25 june ]  (Read 2502 times)
jacoder
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June 23, 2011, 04:55:29 AM
 #1

Announced at https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

[Update #2 June 24 - 02:39 GMT] Postponing the Relaunch 24 hours.

Users with reclaimed accounts will be able to login to Mt.Gox on Friday June 24th at 3:00 GMT (12:00 JST). Once you are logged back into the Mt.Gox site you will be able to withdraw and deposit funds as per usual. You will not be able to trade initially, but we plan to activate trading within an hour of the site being up (4:00 GMT)

Between now and tomorrow at 3:00 GMT you should receive an email with instructions on how to access your account, provided you have successfully completed the reclaim process at claim.mtgox.com.


For 2 weeks the trading fee will be only 0.3%
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June 23, 2011, 05:18:22 AM
 #2

So MtGox's fee will be 0.6%.  In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.  Still any discount is a good discount.

Do not send bitcoins to me: 16b8s7pBJ9rUmsExNW25qD5VUqVqRPZuXu
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d.james
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June 23, 2011, 05:19:52 AM
 #3

Quote
Users who's trades were effectively cancelled during the the sell-off will be able to trade for free for 1 month following the reopening, and will also receive a free subscription to our upcoming 2-Step security authentication feature for as long as they hold their account.

Woot, so Kevin Day will be getting FREE TRADES??

You can not roll a BitCoin, but you can rollback some. Cheesy
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d.james
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June 23, 2011, 05:22:56 AM
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So MtGox's fee will be 0.6%.  In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.  Still any discount is a good discount.

UM WHAT??? Does that mean they were making 2.6% off a Trade?
Since both Buyer and Seller pays that 1.3%... HOLY CRAP!!!


According to bitcoincharts, last 30 days trade volume for mtgox is $26,064,449.30 USD
2.6% off that is $677,675!!!!    Over 2/3 Million USD in one month!!

You can not roll a BitCoin, but you can rollback some. Cheesy
Roll me back: 1NxMkvbYn8o7kKCWPsnWR4FDvH7L9TJqGG
billyjoeallen
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June 23, 2011, 05:34:54 AM
 #5

Resume trading on a Friday afternoon? Without wire transfers or Dwolla deposits all weekend? Are they crazy???  Somebody's going to get some incredible bargains.

insert coin here:
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

Open an exchange account at CampBX: options, lowest commissions, and best security
https://campbx.com/register.php?r=0Y7YxohTV0B
jacoder
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June 23, 2011, 05:53:26 AM
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Resume trading on a Friday afternoon? Without wire transfers or Dwolla deposits all weekend? Are they crazy???
Yes!
At last, let the trading begin!
dinzy
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June 23, 2011, 06:09:37 AM
 #7

Resume trading on a Friday afternoon? Without wire transfers or Dwolla deposits all weekend? Are they crazy???  Somebody's going to get some incredible bargains.

Yeah it's full BS.  Give us 3 hours or so to get situated.  And make sure you can handle the volume of withdrawals, trades and deposits that will be happening in such a short window
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June 23, 2011, 06:54:13 AM
 #8

WTF? They've been saying in interviews that trading wouldn't start for 24 hours after the site came back online for people to get in. And now it's 1 hourHuh

So if you can't be sitting in front of a computer at 3:00 GMT and ready to go at 4:00 GMT you are about to get screwed one more time.

And if they've only reported out on 10% of accounts being claimed, then 90% of people will miss out on the start of trading (aka Bargain Days Extraordinaire!!).

These guys are like nailing jell-o to a wall.

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kseistrup
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June 23, 2011, 07:04:06 AM
 #9



In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.

UM WHAT??? Does that mean they were making 2.6% off a Trade?
Since both Buyer and Seller pays that 1.3%... HOLY CRAP!!!

Dude, read that again: they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%

(Still a lot of dosh, though…)

Cheers,

Klaus Alexander Seistrup
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d.james
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June 23, 2011, 07:37:47 AM
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In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.

UM WHAT??? Does that mean they were making 2.6% off a Trade?
Since both Buyer and Seller pays that 1.3%... HOLY CRAP!!!

Dude, read that again: they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%

(Still a lot of dosh, though…)

Cheers,


Dude, think about it again: They're taken 0.65% from both the BTC and dollar sides, from a buy order, effectively making the fee 1.3% on the buyer's end,  The seller gets the same treatment: taken 0.65% from both the BTC and dollar sides.

Total fee for the completed trade = 2.6%
That's a lot of dosh X2, or whatever that is.



You can not roll a BitCoin, but you can rollback some. Cheesy
Roll me back: 1NxMkvbYn8o7kKCWPsnWR4FDvH7L9TJqGG
kseistrup
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June 23, 2011, 07:51:32 AM
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Dude, think about it again: They're taken 0.65% from both the BTC and dollar sides, from a buy order, effectively making the fee 1.3% on the buyer's end,  The seller gets the same treatment: taken 0.65% from both the BTC and dollar sides.

That's not what I see.  They take 0.65% from the buyer and 0.65% from the seller, effectively making the fee 1.30%.

Cheers,

Klaus Alexander Seistrup
http://about.me/kseistrup
d.james
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June 23, 2011, 07:55:00 AM
 #12

So MtGox's fee will be 0.6%.  In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.  Still any discount is a good discount.

^^

You can not roll a BitCoin, but you can rollback some. Cheesy
Roll me back: 1NxMkvbYn8o7kKCWPsnWR4FDvH7L9TJqGG
frutza
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June 23, 2011, 12:50:33 PM
 #13

It used to be 0.65 buyer + 0.65 seller = 1.3 per trade.
Now it appears to be 0.3 buyer + 0.3 seller = 0.6 per trade (for a couple weeks).
Nice  Grin it will certainly encourage heavy speculation!
chadqberry
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June 23, 2011, 12:56:50 PM
 #14

Has anyone gotten their account validated yet?  They say over 10% have, but I had to be one of the first ones to complete my claim just a few minutes after it came online and I've heard nothing.  The page says contact them if you haven't heard back in 48 hours, but doesn't say how to contact them.  I gave them so much information and had an email address associated with my account that they couldn't possibly not validate it very easily.  Just wondering if anyone else is actually having luck at this.

15vKCFT2Xnot3RxWhEcyed91FZcf23CyTT
kseistrup
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June 23, 2011, 01:06:25 PM
 #15


The page says contact them if you haven't heard back in 48 hours, but doesn't say how to contact them.

When the 24 hours had expired I wtote to the address that sent me to link to page you're referring to and asked them if everyting's cool.  I got the following reply:

Quote
Roger, Jun-23 14:21 (JST):
Everything is on track and we should be back online for trading very soon.
Please check http://www.MTGOX.com for updates.

We will contact you if we need any additional information from you.

Thanks,

MtGox.com Team

Basically, you can go to https://support.mtgox.com/ and request a password (your email address is already in their database) to log into your support account (once you're in you can set an OpenID login so you won't need the password in the future).

Cheers,

Klaus Alexander Seistrup
http://about.me/kseistrup
duran
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June 23, 2011, 03:13:40 PM
 #16

Am i hearing this right? peoples accounts that are still pending wont be able to trade opening hours. so when it drops like a brick, a HUGE % cant even get involved yet alone even be able to see if there bitcoins are in the account.

how retarded is mtgox? anyone know where i can find a copy of their TOS agreement, I NEVER remember seeing one. but magical tux posted about it.



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June 23, 2011, 03:18:34 PM
 #17

So MtGox's fee will be 0.6%.  In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.  Still any discount is a good discount.

UM WHAT??? Does that mean they were making 2.6% off a Trade?
Since both Buyer and Seller pays that 1.3%... HOLY CRAP!!!


According to bitcoincharts, last 30 days trade volume for mtgox is $26,064,449.30 USD
2.6% off that is $677,675!!!!    Over 2/3 Million USD in one month!!


You don't need to use bold to show how spectacularly wrong you are. Their old rates were 0.65% on each side of the trade for a total of 1.3%. Is that so hard to understand?
nosfera2
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June 23, 2011, 03:24:14 PM
 #18

Am i hearing this right? peoples accounts that are still pending wont be able to trade opening hours. so when it drops like a brick, a HUGE % cant even get involved yet alone even be able to see if there bitcoins are in the account.

how retarded is mtgox? anyone know where i can find a copy of their TOS agreement, I NEVER remember seeing one. but magical tux posted about it.




I believe he posted to say there wasn't one so he can do what he wants.
Justsomeforumuser
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June 24, 2011, 05:57:13 PM
 #19

If you exchange eur to usd or back you pay the bank a spread of around 5 cent of MIDDAY spread(obviously depending on the bank; some might only take 2-3, but I've yet to see that).

This means not just 499 more pips spread than on a broker, but also a fixed midday rate of a price that can move 1-4 cents in a day.

So a normal bank is literally taking 5% off the top for a currency exchange.

People here are whining over 0.65%.

Welcome to bitcoin.

Ho-Hum.
dinzy
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June 24, 2011, 06:35:25 PM
 #20

It's better to compare BTC <> USD trading to FOREX not exchanging a small ammount of cash at a bank.  1.3% is unheard of in FOREX and would basically kill margin trading.  FOREX operates on spread and only charges on one side of the transaction.  It's basically a micro charge riding on a rather large transaction.  Sure the volumes are different, but that is no excuse for the huge charge.  The cost to trade should decrease with competition and growth of the market.
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