Grinding to a halt on MTGOX? Post from July 2013 (asking OhShei8e for a comment)

[Pangia]

It seems that MTGOX is having some issues to say the least.  

Another thread started by THE BANKER (.25 BTC reward for screen shot of successful USD withdrawl from MTGOX) was read 6116 times by members on this forum yet no one has posted a successful USD withdrawal from MTGOX.

Now if it were just a huge back log or incompetent management then shouldn't at least ONE person's withdrawal gone through.

So here's my question: if it turns out that MTGOX is in deep trouble and essentially insolvent and can't come up with all of it's client's funds, then what?

If I have USD in MTGOX (at least that's what it would say in my account) and wanted to buy BTC to get the heck out of MTGOX who would sell me BTC's if they knew that accepting my USD for the BTC's meant that they would then be stuck in MTGOX with a USD amount in their accounts but no way to get it out since it might not actually exist.

Would MTGOX trading then grind to a halt if it is determined that MTGOX is incapable of providing clients their USD?

[1714047094]

1714047094

[codesuela]

I think we are already seeing this, people were buying btc to get them out of gox. Now that most of the money has been moved trading volume goes down. The only people who are still selling there are those who hope to buy back in cheaper later. That is why the price on the other exchanges does not follow gox anymore.

[OhShei8e]

It seems that MTGOX is having some issues to say the least.  

Another thread started by THE BANKER (.25 BTC reward for screen shot of successful USD withdrawl from MTGOX) was read 6116 times by members on this forum yet no one has posted a successful USD withdrawal from MTGOX.

I never would post details to this forum. And a picture in which almost everything shown grayed proves nothing.

Now if it were just a huge back log or incompetent management then shouldn't at least ONE person's withdrawal gone through.

I receive a SEPA Withdrawal of 950€ today.  

So here's my question: if it turns out that MTGOX is in deep trouble and essentially insolvent and can't come up with all of it's client's funds, then what?

Possible but unlikely.

If I have USD in MTGOX (at least that's what it would say in my account) and wanted to buy BTC to get the heck out of MTGOX who would sell me BTC's if they knew that accepting my USD for the BTC's meant that they would then be stuck in MTGOX with a USD amount in their accounts but no way to get it out since it might not actually exist.

I would buy your BTC for 40€ (converted approximately 52$).  

Would MTGOX trading then grind to a halt if it is determined that MTGOX is incapable of providing clients their USD?

To be fair: You just scared and therefore you have a distorted perception of reality, like so many people these days. It is very unlikely that Gox is insolvent. But there is the danger of a stampede, because of people like you.  

[Pangia]

It seems that MTGOX is having some issues to say the least.  

Another thread started by THE BANKER (.25 BTC reward for screen shot of successful USD withdrawl from MTGOX) was read 6116 times by members on this forum yet no one has posted a successful USD withdrawal from MTGOX.

I never would post details to this forum. And a picture in which almost everything shown grayed proves nothing.

Now if it were just a huge back log or incompetent management then shouldn't at least ONE person's withdrawal gone through.

I receive a SEPA Withdrawal of 950€ today.  

So here's my question: if it turns out that MTGOX is in deep trouble and essentially insolvent and can't come up with all of it's client's funds, then what?

Possible but unlikely.

If I have USD in MTGOX (at least that's what it would say in my account) and wanted to buy BTC to get the heck out of MTGOX who would sell me BTC's if they knew that accepting my USD for the BTC's meant that they would then be stuck in MTGOX with a USD amount in their accounts but no way to get it out since it might not actually exist.

I would buy your BTC for 40€ (converted approximately 52$).  

Would MTGOX trading then grind to a halt if it is determined that MTGOX is incapable of providing clients their USD?

To be fair: You just scared and therefore you have a distorted perception of reality, like so many people these days. It is very unlikely that Gox is insolvent. But there is the danger of a stampede, because of people like you.  

Hi OhSei8e,

The last thing I am right now is scared.  I will admit that I WAS scared a few weeks ago. I began to purchase gold through Amagi Metals to try to get some of my funds out.  I then tried BitStamp and after getting verified I did a small transfer of USD ($500) to test to see what would happen.  I received my funds in about 6 days (4 business days).

Once that went through, I did a complete transfer of my BTC's from MTGOX to Bitstamp and sold them at a slight lose on Bitstamp (about $2500 compared to value on MTGOX) and processed a withdrawal. That transaction went through smoothly and I received my funds.

Scared? No sir. concerned about what a collapsed MTGOX might do in the short term for BTC's reputation in the mass media and the unnecessary attention that it will attract, yes.

[EuroTrash]

before alleged SEPA withdrawal successful:

And just in case - should Gox ever pay all pending withdrawals without scamming anyone, I'll bump this thread and make public amend.

I'll bump this thread and make public amend.

Please do not change.

Yesterday:

I receive a SEPA Withdrawal of 950€ today.   

I never would post details to this forum. And a picture in which almost everything shown grayed proves nothing.

You know what else proves nothing?

this:

[Pangia]

In light of the current events, I just wanted to bump this.

[Pangia]

It seems that MTGOX is having some issues to say the least.  

Another thread started by THE BANKER (.25 BTC reward for screen shot of successful USD withdrawl from MTGOX) was read 6116 times by members on this forum yet no one has posted a successful USD withdrawal from MTGOX.

I never would post details to this forum. And a picture in which almost everything shown grayed proves nothing.

Now if it were just a huge back log or incompetent management then shouldn't at least ONE person's withdrawal gone through.

I receive a SEPA Withdrawal of 950€ today.  

So here's my question: if it turns out that MTGOX is in deep trouble and essentially insolvent and can't come up with all of it's client's funds, then what?

Possible but unlikely.

If I have USD in MTGOX (at least that's what it would say in my account) and wanted to buy BTC to get the heck out of MTGOX who would sell me BTC's if they knew that accepting my USD for the BTC's meant that they would then be stuck in MTGOX with a USD amount in their accounts but no way to get it out since it might not actually exist.

I would buy your BTC for 40€ (converted approximately 52$).  

Would MTGOX trading then grind to a halt if it is determined that MTGOX is incapable of providing clients their USD?

To be fair: You just scared and therefore you have a distorted perception of reality, like so many people these days. It is very unlikely that Gox is insolvent. But there is the danger of a stampede, because of people like you.  

Where is OhShei8e? I need for him to comment on what he posted (in blue).

[OhShei8e]

To be fair: You just scared and therefore you have a distorted perception of reality, like so many people these days. It is very unlikely that Gox is insolvent. But there is the danger of a stampede, because of people like you.  

Where is OhShei8e? I need for him to comment on what he posted (in blue).

I'm here.

First I would like to point out that I have still 95% of my Bitcoins on Gox (not just a small sum).
So, I always put my money where my mouth is.

But hereafter, I will leave Gox. The last Bitcoins I bought at $ 600 on Gox. I expect to get paid.

I did not expect that something like this happens. There must be tons of Bitcoins on Gox. Incredible. Perhaps a good opportunity for newcomers.

But if Gox do not have all these coins, then it is fraud. I really do not understand why Gox gives no clear information about their Bitcoin stocks or suspend the trading. Just as they have done earlier. They have always stressed that they have all Bitcoins physically in there cold wallets. This point is very important for the people. The lack of clarity about this point was the trigger for this downward spiral.
Big mistake Mt. Gox!

Nevertheless, let us stay calm. I can wait. Under no circumstances I will trade under these conditions. Even not if we go down to one dollar. That's madness. Isn't it?
I do not stress myself anymore. It's only money. My life does not depend on it.

But consider this: In the German forum many people buy now. Either stupid German money or a very clever move. I don't know.