MT.GOX PRESS : Statement Regarding Temporary Hiatus on U.S. Dollar Withdrawals

[smoothie]

My penis is better than an api

someone has self-esteem issues to bring that up at a time like this. 

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[ronaldlee0917]

When MtGox says two weeks, it may finally become 2 months, judging from their usual efficiency.

[byronbb]

This affect Canada at all?

[Bitcoin Roll]

Stocks crash big time and bitcoin going higher draw a conclusion chart------> https://www.google.com/#rlz=1C2RNPN_enUS395&qscrl=1&sclient=psy-ab&q=dow+jones+char+for+today+6%2F20&oq=dow+jones+char+for+today+6%2F20&gs_l=serp.3...3733.12318.0.13335.20.20.0.0.0.0.132.1920.15j5.20.0...0.0.0..1c.1.17.psy-ab.iIt6hShT3jk&pbx=1&bav=on.2,or.r_qf.&fp=c01a570862710ea0&biw=830&bih=456

[Jozzaboy]

Wow, it crapped its self!

Fsck knows what's going on with gox's bank but to me it looks like someone has been working hard to keep the rate down with constant downward pressure and big dumps any time it looks like rising. That fsckers got a big huge pile of USD on there and he cant move them for weeks. Pure tinfoil hat talk but its a cheery though

I'm not worried. It will all be used to bring the price right back up. All I need to do to ensure a profit is to wait long enough.

[smoothie]

Whoever has a ton of virtual cash on gox is fucked right now unless they buy bitcoins.

This all has a very familiar stench to a ponzi.

WITHDRAWALS: OFF
DEPOSITS: ON

[ArticMine]

Whoever has a ton of virtual cash on gox is fucked right now unless they buy bitcoins.

This all has a very familiar stench to a ponzi.

WITHDRAWALS: OFF
DEPOSITS: ON

USD but not EUR. Just wait for a few hours. It is 4:00 am CET.

[byronbb]

So can't you just sell coins in euro and withdraw, even a US person could do this.

[smoothie]

So can't you just sell coins in euro and withdraw, even a US person could do this.

LOL yeah but what can I do with EUR in the U.S.?

May as well be toilet paper. No one accepts it here. 

[adamstgBit]

the most retarded part of all this is people that bought on mtgox and then sold on bitstamp will wait 2 weeks for their bitstamp USD Withdrawal to process and feel really good about it.

[NamelessOne]

the most retarded part of all this is people that bought on mtgox and then sold on bitstamp will wait 2 weeks for their bitstamp USD Withdrawal to process and feel really good about it.

Really? I've seen plenty of people mentioning they'd had wires take 2-3 days, and generally much faster than mtgox.

[dave111223]

Panic bought  I'll take my BTC and be the f*** out thx...see you in 2 weeks.

[adamstgBit]

the most retarded part of all this is people that bought on mtgox and then sold on bitstamp will wait 2 weeks for their bitstamp USD Withdrawal to process and feel really good about it.

Really? I've seen plenty of people mentioning they'd had wires take 2-3 days, and generally much faster than mtgox.

you think they will be able to handle the huge amounts of withdrawal about to be requested?

we'll see

[dave111223]

IMH opinion (totally unfounded tale of FUD)

I remember that Karpeles said in an interview during the bubble something about getting 20Mil USD deposits per day, and 300K withdrawals a day.

Gox started to think "this is the way it's going to be now" and started to spend more than their fees...sliding into a factional reserve, with their position getting deeper and deeper; new servers, new lawyers, new boats, lots of coke etc...with 20Mil a day coming in who gives a crap ("we're rich bitch")

But then the market turns...uh oh, people are now selling their bitcoins and withdrawing, people are withdrawing to other exchanges....  Now it's flipped... 20Mil going out per day, and only 300K coming in.

At first they delay the transactions hope they can ride it out...but what do you do when the balance hits 0 and delays are getting longer?

Their story that their banks API is broken (for 2 weeks) is laughable.  Yup you broke the bank, but not the API.

Also I love how in their press release they try to say:

inconvenience this causes our U.S. customers

To try to make it seem like it's only a small number of customers that are effected (only the people the US)....when 90% of your customer accounts are denominated in USD (not just US customers)

[bronco]

This is just perfect. Just moved some coins from bitstamp bought cheaply to mtgox tried to sell. Looks like will have to sell them at coinbase

[EuroTrash]

the most retarded part of all this is people that bought on mtgox and then sold on bitstamp will wait 2 weeks for their bitstamp USD Withdrawal to process and feel really good about it.

Really? I've seen plenty of people mentioning they'd had wires take 2-3 days, and generally much faster than mtgox.

you think they will be able to handle the huge amounts of withdrawal about to be requested?

we'll see

They did during April's bubble so I think they'll do now.

[N12]

the most retarded part of all this is people that bought on mtgox and then sold on bitstamp will wait 2 weeks for their bitstamp USD Withdrawal to process and feel really good about it.

That would be too funny, and currently they would lose ~10% in the process. You have to understand that if you are buying on MtGox right now and selling at bitstamp, you are betting that they are going broke and willing to take that 10% haircut. If it turns out a day later or two that it was all unjustified panic created in a FUD environment that shitty PR made possible, well …

[oakpacific]

the most retarded part of all this is people that bought on mtgox and then sold on bitstamp will wait 2 weeks for their bitstamp USD Withdrawal to process and feel really good about it.

That would be too funny, and currently they would lose ~10% in the process. You have to understand that if you are buying on MtGox right now and selling at bitstamp, you are betting that they are going broke and willing to take that 10% haircut. If it turns out a day later or two that it was all unjustified panic created in a FUD environment that shitty PR made possible, well …

I think their assumption is actually just that banks are benevolent and righteous and never wrong, so it must be Gox's fault and if they move the bitcoins anywhere else the banks are sure going to cooperate and process the withdrawals smoothly..........

They shouldn't be into Bitcoin anyway.

[dave111223]

the most retarded part of all this is people that bought on mtgox and then sold on bitstamp will wait 2 weeks for their bitstamp USD Withdrawal to process and feel really good about it.

That would be too funny, and currently they would lose ~10% in the process. You have to understand that if you are buying on MtGox right now and selling at bitstamp, you are betting that they are going broke and willing to take that 10% haircut. If it turns out a day later or two that it was all unjustified panic created in a FUD environment that shitty PR made possible, well …

I'll admit I took a 10% haircut.

As I have seen my mtgox wires get delayed longer and longer with absolutely no reason given, now this with nonsense Press Release

There is no way that a "broken API" would cause them to stop withdrawals completely for 2 weeks, they had previously said that the API was broken so they were processing withdrawals manually; and that's why the recent delays.

So if you have someone sitting there process withdrawals manually; why would you tell them to stop?  The logically thing to do would be to continue processing withdrawals manually/slowly while you wait for the bank to fix their API...if you are worried about all the delay complaints then put up a big notice in the withdrawals section about the delays

...why would you instead stop completely and "starting looking for new bank accounts"

Of course if in 2 weeks I'm proved wrong and Mt Gox opens back up their wire transfers I can always move my money back from Bitstamp to Mt Gox and probably gain back 5%, so only took a 5% haircut.

But I'm right that I have avoided a massive loss....which is why I choose to take the haircut...

IMHO the two most logical explanations:
1) They are having issues with their bank (legal/regulatory)
OR
2) They are insolvent fractional reserve.

Both of which have got me running.

[Frozenlock]

Of course if in 2 weeks I'm proved wrong and Mt Gox opens back up their wire transfers I can always move my money back from Bitstamp to Mt Gox and probably gain back 5%, so only took a 5% haircut.

That's assuming the spread would last 2 weeks.