Bitcoin Forum
October 17, 2017, 10:07:46 AM *
News: Latest stable version of Bitcoin Core: 0.15.0.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2] 3 4 »  All
  Print  
Author Topic: MtGOX WTF is going on?  (Read 14566 times)
lunarboy
Hero Member
*****
Offline Offline

Activity: 544



View Profile
July 28, 2013, 01:58:51 PM
 #21

stop spreading FUD plz. Thanks Smiley

mt.gox is fine.

This is not FUD. this is genuine concern. 20 Days is too long to wait for a deposit.
1508234866
Hero Member
*
Offline Offline

Posts: 1508234866

View Profile Personal Message (Offline)

Ignore
1508234866
Reply with quote  #2

1508234866
Report to moderator
1508234866
Hero Member
*
Offline Offline

Posts: 1508234866

View Profile Personal Message (Offline)

Ignore
1508234866
Reply with quote  #2

1508234866
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1508234866
Hero Member
*
Offline Offline

Posts: 1508234866

View Profile Personal Message (Offline)

Ignore
1508234866
Reply with quote  #2

1508234866
Report to moderator
1508234866
Hero Member
*
Offline Offline

Posts: 1508234866

View Profile Personal Message (Offline)

Ignore
1508234866
Reply with quote  #2

1508234866
Report to moderator
Seth Otterstad
Sr. Member
****
Offline Offline

Activity: 328



View Profile
July 28, 2013, 02:41:55 PM
 #22

Although bitstamp passed them in volume for a couple days last week, I don't understand how they are still averaging higher volume.  Do people just not know how terrible they are?  6-8 weeks to withdraw, and 20 days to deposit?  WTF?

Seth Otterstad's Blog          @SethOtterstad on twitter          Seth on google+
OhShei8e
Legendary
*
Offline Offline

Activity: 1232



View Profile
July 28, 2013, 03:36:13 PM
 #23

Although bitstamp passed them in volume for a couple days last week, I don't understand how they are still averaging higher volume.  Do people just not know how terrible they are?  6-8 weeks to withdraw, and 20 days to deposit?  WTF?

- Poor trading engine and API
- safety deficiencies
- very low market depth

The money is already on Gox. Approximately over $ 20 million. This can not be easily changed. Do you get it?

The only thing you could deduct from Gox immediately are over 100,000 bitcoins. And then? Where do we sell? At what price? Do you get it?

I'm tired of this discussion.

No one, absolutely no one will deposit $ 30 million and more on any Bitcoin exchange at the moment. If Gox croaked, then we go back to single digits.

In this case I can think of many new Bitcoins with the money I've already earned and which is already on my normal savings account. Let's wait first who will survive the crash and if anyone is still interested in Bitcoin after the biggest exchange with Millions of Dollars have croaked. I don't think so. Where is the money on Bitstamp? I do not see anything! The damn orderbook is empty all the time. Bitstamp is simply the new Dwolla, LR or OKPay for Gox traders. People withdrawal immediately, no real trading. No money is deposited there permanently. An exchange with such a low market depth is ridiculous.

sublime5447
Hero Member
*****
Offline Offline

Activity: 784



View Profile
July 28, 2013, 03:51:58 PM
 #24

Exact same thing happened to me a couple of days ago. I had a guy drive down to buy coins to from me and when he got here I couldnt get my coins off Gox. I was really pissed and confused. I got it worked out, I had a friend give me a short term loan and got my account verified, but it really sucked.

COBINHOOD – ZERO TRADING FEE CRYPTOCURRENCY EXCHANGE 
slack
Telegram
dexX7
Legendary
*
Offline Offline

Activity: 1050



View Profile WWW
July 28, 2013, 08:10:03 PM
 #25

Exact same thing happened to me a couple of days ago. I had a guy drive down to buy coins to from me and when he got here I couldnt get my coins off Gox. I was really pissed and confused. I got it worked out, I had a friend give me a short term loan and got my account verified, but it really sucked.

Please confirm.

After verification you were able to withdrawal Bitcoin?

Lohoris
Hero Member
*****
Offline Offline

Activity: 616


Bitgoblin


View Profile
July 28, 2013, 08:18:47 PM
 #26

I think that happened sometime ago, you need to submit your verification and have it approved before you can do anything at Mtgox nowadays.

With the exception of depositing, that is.

There's not a bank in world that I can walk into and open an account without providing ID, yet Mt Gox can take your Bitcoin deposit without knowing exactly who you are, but when it comes time to withdraw your own funds, you have to jump through rings like a trained dog.
this.

It is utterly foolish and should be illegal IMAO.

It's just a delay tactic, part of their ponzi...
+1

not exactly a ponzi, but they likely are operating as a fractional reserve, and a bank run will destroy them.

1LohorisJie8bGGG7X4dCS9MAVsTEbzrhu
DefaultTrust is very BAD.
sublime5447
Hero Member
*****
Offline Offline

Activity: 784



View Profile
July 28, 2013, 09:48:08 PM
 #27

Exact same thing happened to me a couple of days ago. I had a guy drive down to buy coins to from me and when he got here I couldnt get my coins off Gox. I was really pissed and confused. I got it worked out, I had a friend give me a short term loan and got my account verified, but it really sucked.

Please confirm.

After verification you were able to withdrawal Bitcoin?


Yes, After I address verified they released my BTC.

COBINHOOD – ZERO TRADING FEE CRYPTOCURRENCY EXCHANGE 
slack
Telegram
Seth Otterstad
Sr. Member
****
Offline Offline

Activity: 328



View Profile
July 28, 2013, 10:59:19 PM
 #28

Although bitstamp passed them in volume for a couple days last week, I don't understand how they are still averaging higher volume.  Do people just not know how terrible they are?  6-8 weeks to withdraw, and 20 days to deposit?  WTF?

- Poor trading engine and API
- safety deficiencies
- very low market depth

The money is already on Gox. Approximately over $ 20 million. This can not be easily changed. Do you get it?

The only thing you could deduct from Gox immediately are over 100,000 bitcoins. And then? Where do we sell? At what price? Do you get it?

I'm tired of this discussion.

No one, absolutely no one will deposit $ 30 million and more on any Bitcoin exchange at the moment. If Gox croaked, then we go back to single digits.

In this case I can think of many new Bitcoins with the money I've already earned and which is already on my normal savings account. Let's wait first who will survive the crash and if anyone is still interested in Bitcoin after the biggest exchange with Millions of Dollars have croaked. I don't think so. Where is the money on Bitstamp? I do not see anything! The damn orderbook is empty all the time. Bitstamp is simply the new Dwolla, LR or OKPay for Gox traders. People withdrawal immediately, no real trading. No money is deposited there permanently. An exchange with such a low market depth is ridiculous.

This makes sense to to me.  So the volume is close on bitstamp because that is where people are going to actually move money in/out of bitcoin, while all the day traders are sitting on gox.  Anyone buying bitcoins would be crazy to wire to mtgox instead of bitstamp.  I had a look at the order books, and bitstamp has about 5000 coins on each side within $10 of the current price.  Mtgox has 20-25k coins on each side.  So that is some 4-5x deeper.  Still, the trend is moving towards bitstamp. 

What safety deficiencies are you talking about?

Seth Otterstad's Blog          @SethOtterstad on twitter          Seth on google+
casascius
Mike Caldwell
VIP
Legendary
*
Offline Offline

Activity: 1358


The Casascius 1oz 10BTC Silver Round (w/ Gold B)


View Profile WWW
July 28, 2013, 11:04:25 PM
 #29


not exactly a ponzi, but they likely are operating as a fractional reserve, and a bank run will destroy them.


My uninformed guesstimation is that they're broke on fiat but sitting on a large number of early adopter bitcoins and if they could only sell a bunch at the current market price without crashing it, they'd be able to pay out withdrawals.

I don't have any inside information to formulate this guess, it's simply what I gather when they dish BS about fiat withdrawals but have never (to my knowledge) held up bitcoin withdrawals.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
solex
Legendary
*
Offline Offline

Activity: 1078


100 satoshis -> ISO code


View Profile
July 28, 2013, 11:21:48 PM
 #30

I was a fan of MtGox until early June when it was obvious they were lying to customers. Now I wouldn't touch them with a barge-pole.

If they have coins in reserve they could trade on their own account to obtain fiat, but I think the problem is not that they have run out of fiat, but that they have been black-listed by the international banking system. The US Govt can scare any bank into stopping a customer from doing USD business. This blacklisting has probably had a knock-on effect on non-USD transfers as banks avoid MtGox generally.

Did they paint the target on themselves that led to this situation? The failed merger and lawsuit was one problem but another was the incredibly foolish G8 magazine advertisement. They should have stayed under the radar as long as possible quietly building their business. Instead they played with fire and are getting torched as a result.

MPOE-PR
Hero Member
*****
Offline Offline

Activity: 756



View Profile
July 28, 2013, 11:31:40 PM
 #31

I just tried to withdraw funds from MtGOX....

"Your account is currently pending review, please visit https://mtgox.com/forms/verification"

This is bit-coins I recently placed into the account. They are now blocking the withdrawals and demanding verification... even to withdraw 2 bit-coins....

These were clean coins from mining.

Karpeles gotta eat. Gotta eat a lot. A LOT.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
melon
Full Member
***
Offline Offline

Activity: 134



View Profile
July 29, 2013, 12:11:37 AM
 #32

TOKYO - JAPAN - May 30, 2013

Statement Regarding Account Verifications

 The Bitcoin market continues to evolve, as do regulations and conditions of compliance for Mt. Gox to continue bringing secure services to our customers. It our responsibility to provide a trusted and legal exchange, and that includes making sure that we are operating within strict anti-money laundering rules and preventing other malicious activity.

 As a result, beginning May 30th, 2013 all Mt. Gox user accounts are required to be verified in order to perform any currency deposits and withdrawals.Bitcoin deposits do not need verification, and at this time we are not requiring verification for Bitcoin withdrawals.


has this changed sometime in the past 2 months with an official announcement?






Once was a man his name was Jed..had a lot of hair but it wasn't on his head !
zeroblock
Full Member
***
Offline Offline

Activity: 238


View Profile
July 29, 2013, 02:40:47 AM
 #33

TOKYO - JAPAN - May 30, 2013

Statement Regarding Account Verifications

 The Bitcoin market continues to evolve, as do regulations and conditions of compliance for Mt. Gox to continue bringing secure services to our customers. It our responsibility to provide a trusted and legal exchange, and that includes making sure that we are operating within strict anti-money laundering rules and preventing other malicious activity.

 As a result, beginning May 30th, 2013 all Mt. Gox user accounts are required to be verified in order to perform any currency deposits and withdrawals.Bitcoin deposits do not need verification, and at this time we are not requiring verification for Bitcoin withdrawals.


has this changed sometime in the past 2 months with an official announcement?

These "verifications" will serve as a mean to delay user BTC transfers when the "bank run" on Gox happens.  Considering that they changed their policy without notification should sound the alarm bells for everyone.  Especially since it has to do with BTC withdraws, which is the last remaining viable exit point of Gox.
melon
Full Member
***
Offline Offline

Activity: 134



View Profile
July 29, 2013, 04:23:47 AM
 #34

I have withdrawn BTC to my wallet many times from Gox over the past few months. I have never been verified, I don't withdraw fiat, I just use Gox to make more BTC when the BTC/USD is volatile there.



how many at a time ?a few or a few dozen?
(wonder if there is a limit change in policy) or aml flags or just fud on this thread by others...or trying to hold a Ponzi together

Once was a man his name was Jed..had a lot of hair but it wasn't on his head !
erk
Hero Member
*****
Offline Offline

Activity: 644


View Profile
July 29, 2013, 04:35:32 AM
 #35

I have withdrawn BTC to my wallet many times from Gox over the past few months. I have never been verified, I don't withdraw fiat, I just use Gox to make more BTC when the BTC/USD is volatile there.



how many at a time ?a few or a few dozen?
(wonder if there is a limit change in policy) or aml flags or just fud on this thread by others...or trying to hold a Ponzi together
5 BTC withdrawals since the start of May, never a problem, sometimes slow. Never bothered to get verified.
BTCBlade
Jr. Member
*
Offline Offline

Activity: 59

I am the blade, edge of the algo bots


View Profile
July 29, 2013, 05:10:30 AM
 #36

I have a verified account with Mt Gox

The troll box on btc-e said that mtgox btc transfers are now blocked so i panicked, got my yubikey and proceeded to try and cash out some BTC from mt gox.

I got my BTC to my wallet within literally less than 30 seconds

: )

mt gox still has my trust
razorfishsl
Sr. Member
****
Offline Offline

Activity: 406


View Profile WWW
July 29, 2013, 06:22:57 AM
 #37

Quote
"We have detected that you are using TOR, VPN or a public network to use our services without a "verified" account.
ATTENTION: using our services via TOR, VPN or a public network will automatically trigger a Level 1 AML Alert. This is in order for us to make sure that you are the owner of the account you are trying to access."


The only way this could have been triggered is if someone else tries to access your account,
Since I never use any of the above methods.


But that does show a weakness in the system, if someone were to attempt dummy logins from a public network, it would trigger a denial of services attack against users.
They would not be able to withdraw funds until they verified the account....


But it really is a crock of shit.......
Because if it was 'illegal access', someone could still strip the account , by selling at a low price

High Quality USB Hubs for Bitcoin miners
https://bitcointalk.org/index.php?topic=560003
Itcher
Full Member
***
Offline Offline

Activity: 210



View Profile
July 29, 2013, 07:24:30 AM
 #38

damn! How long does Mt. Gox need to accept verification? Is it possible they don't accept the verification?

I want to believe the reason for this is Gox' registration at the FINcen. I hope, they will have success ...

And please stop claiming Gox be a Ponzi. This just creates fog on words. Gox offers a service, Ponzis don't do.

█████████   NAMETOKEN – up to 50% ICO Bonus   █████████
◆ ❖ ◆ ICO 2nd August to 30th September 2017 ◆ ❖ ◆
Bitcointalk | Bounty | Slack | Facebook | Twitter | Whitepaper
btc4ever
Sr. Member
****
Offline Offline

Activity: 419


View Profile
July 29, 2013, 07:36:00 AM
 #39

Not their fault, they just don't feel like being raided. Should have used localbitcoins or something.

^^^^  this.  The more people that use localbitcoins and start regular buttonwood exchange meetups all around the world, the more fully decentralized we become.  This is the time to be forming those relationships.... with regards to the online exchanges -- it may get a lot worse before it gets any better.

Psst!!  Wanna make bitcoin unstoppable? Why the Only Real Way to Buy Bitcoins Is on the Streets. Avoid banks and centralized exchanges.   Buy/Sell coins locally.  Meet other bitcoiners and develop your network.   Try localbitcoins.com or find or start a buttonwood / satoshi square in your area.  Pass it on!
Grinder
Legendary
*
Offline Offline

Activity: 1283


View Profile
July 29, 2013, 07:54:23 AM
 #40

And please stop claiming Gox be a Ponzi. This just creates fog on words. Gox offers a service, Ponzis don't do.
I wouldn't put money on MtGox having turned into a ponzi, but currently they are only *claiming* to offer a service. That's exactly what ponzies do too.
Pages: « 1 [2] 3 4 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!