GOX GOXING GOX?

[smoothie]

Figured a repost was in order. please help me make some sense of what they posted in their announcement and what logic tells us.

So let me get this straight.

1. The "system" for withdrawing USD is broken (technically).

2. Yet they can still accept incoming deposits? Just not outgoing transfers?

How does that make any sense? Isn't the system they use for deposits essentially the same for transfers out?

Why would it be a different path or system? That makes like absolutely no sense . lolz


Another case of gox goxing gox?  

[ElectricMucus]

I don't think the whole truth is out yet.

[Kupsi]

My theory is that Adam is working at the bank, and he killed the outgoing transfer API so that the price will hit $180 next week.

[WackyWilly]

I just saw the announcement at https://mtgox.com/press_release_20130620.html

WTF ?!?!?!

I suspect Mt Gox is in deep shit, but is trying to save it's ass. There is just no point in stopping USD withdrawals, yet still accepting USD.
This is a matter that stinks like rat-filled a gutter on a hot summer night.

I don't trust it. What's next?

[smoothie]

I just saw the announcement at https://mtgox.com/press_release_20130620.html

WTF ?!?!?!

I suspect Mt Gox is in deep shit, but is trying to save it's ass. There is just no point in stopping USD withdrawals, yet still accepting USD.
This is a matter that stinks like rat-filled a gutter on a hot summer night.

I don't trust it. What's next?

+1

It tells me they are short on cash reserves because there has been a recent run on their "bank".

Which could only lead me to believe that they in some sense were running a ponzi (not sure why they would need to).

But allowing deposits yet cutting off withdrawals tells me they would not be able to meet their USD withdrawal obligations if they allowed it. This 2 week period, IMHO, is a time to catch a breather on their ever outflow of USD.

[greyhawk]

There is just no point in stopping USD withdrawals, yet still accepting USD.

Of course there's a point.

Consider the following:

- You have just been sued to the tune of 75 million dollars
- The US have just taken down several of your business partners, including the company you yourself set up while lying to the US.
- More and more venues to get money in or out of your  trading card game exchange are being shut down.

So what do you do in that situation?

- Book a flight to Cuba
- Stop outgoing transactions while keeping ingoing transactions open
- Sit on your bum for 2 weeks while waiting for your travel date to arrive.
- Stuff all that fiat money in your suitcases, fly to Cuba, buy a beach bar or 500 and live happily ever after.

[smoothie]

There is just no point in stopping USD withdrawals, yet still accepting USD.

Of course there's a point.

Consider the following:

- You have just been sued to the tune of 75 million dollars
- The US have just taken down several of your business partners, including the company you yourself set up while lying to the US.
- More and more venues to get money in or out of your  trading card game exchange are being shut down.

So what do you do in that situation?

- Book a flight to Cuba
- Stop outgoing transactions while keeping ingoing transactions open
- Sit on your bum for 2 weeks while waiting for your travel date to arrive.
- Stuff all that fiat money in your suitcases, fly to Cuba, buy a beach bar or 500 and live happily ever after.

ding ding ding...

+1 we have a winner Johnny!

 

[The Koolio]

Gox truly  goxxing them selves...

[mpr20rt]

community will be able to doxx him wherever he'll be...
and for that matter how far you'd think he'd be able to run? 


 

[greyhawk]

That round thing he's sitting on is actually a Japanese hi-tech superfast unicycle prototype called RaijinBooru.

[gizmoh]

Worst case scenario : They have cash flow issues, as the sum in bank account blocked during the DHS seizure is still unknown.

[ElectricMucus]

That's not the worst case scenario.

[WackyWilly]

That's not the worst case scenario.

Exactly. I fear we're in for a VERY wild ride in BTC.

Imagine: MtGox belly-up, and Bitstamp getting into banking troubles as well (be it just temporarily) if the shit hits the fan in Slovania within 4 weeks from now. There is actually talk that a Slovanian real estate owner (who WILL default) should meet obligations about NOW. It will, in turn, get Slovanian banks in trouble, meaning Slovania will need to ask for an EU-rescue. Just think of the consequences, if Bitstamp's bank gets into trouble...

Mt.Gox trouble... Bitstamp trouble...

Let's hope for the better...

[Pale Phoenix]

Worst case scenario : They have cash flow issues, as the sum in bank account blocked during the DHS seizure is still unknown.

At this point, that looks like the "most likely scenario," since you'd really have to be a rube to believe that they "broke the API" of one of the largest banks in the world, and it will be all cleared up in just Two Weeks.^TM

[samson]

He doesn't need to go to Cuba, he can just return to France.

The French government don't ask how high when the US tells them to jump. For example there is no extradition treaty between the US and France.

[EuroTrash]

That's not the worst case scenario.

Exactly. I fear we're in for a VERY wild ride in BTC.

Imagine: MtGox belly-up, and Bitstamp getting into banking troubles as well (be it just temporarily) if the shit hits the fan in Slovania within 4 weeks from now. There is actually talk that a Slovanian real estate owner (who WILL default) should meet obligations about NOW. It will, in turn, get Slovanian banks in trouble, meaning Slovania will need to ask for an EU-rescue. Just think of the consequences, if Bitstamp's bank gets into trouble...

Mt.Gox trouble... Bitstamp trouble...

Let's hope for the better...

No.
BitStamp uses the Slovenian branch of UniCredit. UniCredit is Italian. They are in trouble as well. But not rescuing Italy is out of question. The Germans will always save Italy. They own part of it anyway, and they love going on holidays there.