Mt GOX starting to die?

[OhShei8e]

First of all, I refuse to argue with someone who is so grossly incompetent.  Second, please refer to links.

 

- Coinbase doesn't use Gox
- Bips doesn't use Gox
- Bitpay doesn't use Gox

That's exactly what I've written.

They all no longer use Gox, but they do not produce obvious volume on their new places of activity. => quod erat demonstrandum  

Coinbase, Bips and Bitpay simply have no appreciable volume. All what they have are loud-mouthed press releases which make clear how important they are.  

[flound1129]

First of all, I refuse to argue with someone who is so grossly incompetent.  Second, please refer to links.

 

- Coinbase doesn't use Gox
- Bips doesn't use Gox
- Bitpay doesn't use Gox

That's exactly what I've written.

They all no longer use Gox, but they do not produce obvious volume on their new places of activity. => quod erat demonstrandum  

Coinbase, Bips and Bitpay simply have no appreciable volume. All what they have are loud-mouthed press releases which make clear how important they are.  

If they use Gox, they either have exclusive contracts for getting their fiat out, or they have deep investor pockets and are trying to cash in on the spread.

What are the other possible explanations for these services continuing to use Gox?

[Zarathustra]

I still can't believe you are talking about order books.... look at VOLUME or better said, ACTUAL TRANSACTIONS!

I am aware of both. But the volume changes rapidly while the USD ratio in contrast remains constant. And as long as this is so, nothing changes. Gox had from January to April more volume than Bitstamp throughout its whole lifetime. As long as the ratio does not change and (much) more FIAT is flowing to Bitstamp you'll never see large volumes on Bitstamp. It's amazing how little you and others know about very basic economic effects. The trading volume is just almost irrelevant, except for the fact that it is very low.

It's not the others; it's you. The volume of the past is irrelevant. More and more market share is travelling from Gox to Bitstamp - the last 30 days Bitstamp had already nearly half the volume of Gox - if you still didn't realize it.

[OhShei8e]

It's not the others; it's you. The volume of the past is irrelevant. More and more market share is travelling from Gox to Bitstamp - the last 30 days Bitstamp had already nearly half the volume of Gox - if you still didn't realize it.

Think what you want, but you only concerned with relative values. The market volume is very small at the moment.   

In some situations a bicycle is faster than a car in city traffic. But no one would argue that a bicycle is generally faster than a car.

As soon as we are back on the highway, you will understand what I mean. Once Gox has solved its problems, we will have again trading volumes as seen earlier this year. Bitstamp missing the money and the trading engine for that. Bitstamp's just a bike.

For Gox it is crucial that they can work with their old business partners together again. Especially with Dwolla. This can happen very quickly. I think later this year. They are now registered and once all the formalities are cleared it continues.

[Zarathustra]

Think what you want, but you only concerned with relative values. The market volume is very small at the moment.  

In some situations a bicycle is faster than a car in city traffic. But no one would argue that a bicycle is generally faster than a car.

Gox is neither a car nor a bicycle; it is an Undead, a Zombie. It is an analphabetic construct that is not able to give support and informations to their customers for weeks and months.
If I would serve my customers this way with robotic copy/paste 'answers', I would be forced into bankruptcy long before.
Companies with such service have a high probability to go bankrupt.

As soon as we are back on the highway, you will understand what I mean. Once Gox has solved its problems, we will have again trading volumes as seen earlier this year.

Pure guessing. You should write: If Gox will be able to solve its problems ....

When I read these threads about Gox, then I guess that the smart money left this place already. The remaining money is the dumb money.

[Nagle]

If 30 days from the day a customer asks to withdraw customer funds held go by without you delivering then the hammer comes down down on you bigtime. (this applies if you hold "customer funds" for any reason, if it's funds on an exchange or a bank account or whatever).

MtGox would have been shut down and they would have been facing criminal charges if they were operating in this country.

When people start filing complaints with the US SEC and the Japan Financial Services Agency, that will happen.

[OhShei8e]

When people start filing complaints with the US SEC and the Japan Financial Services Agency, that will happen.

Yes, first you throw them sticks between the legs and then you close it because they hobble. 

[flound1129]

When people start filing complaints with the US SEC and the Japan Financial Services Agency, that will happen.

Yes, first you throw them sticks between the legs and then you close it because they hobble. 

Wait so Mt. Gox's customers did this to them?

[OhShei8e]

When people start filing complaints with the US SEC and the Japan Financial Services Agency, that will happen.

Yes, first you throw them sticks between the legs and then you close it because they hobble. 

Wait so Mt. Gox's customers did this to them?

Some try.

[Scott J]

What site are they buying?

Anyone?

[YipYip]

So simple question

If i want to cash out 30btc to Australia

Should I use Gox or are transfers to Australia cactus as well ??

[joesmoe2012]

You don't seem to get the point.

ONLY Japanese transfers are working in a reasonable time frame.

Everything else is BS.

They are sending 10 Swift a day, and have something like a "50k euro" daily limit on their SEPA transfers.

[Nagle]

ONLY Japanese transfers are working in a reasonable time frame. Everything else is BS.

They are sending 10 Swift a day, and have something like a "50k euro" daily limit on their SEPA transfers.

That's what makes me think the customers' money isn't there. It's a classic red flag for a fraud scheme when you can't get your money out.

[zeroblock]

ONLY Japanese transfers are working in a reasonable time frame. Everything else is BS.

They are sending 10 Swift a day, and have something like a "50k euro" daily limit on their SEPA transfers.

That's what makes me think the customers' money isn't there. It's a classic red flag for a fraud scheme when you can't get your money out.

Exactly.  Cough MF Global cough.

[Peter Lambert]

It's not the others; it's you. The volume of the past is irrelevant. More and more market share is travelling from Gox to Bitstamp - the last 30 days Bitstamp had already nearly half the volume of Gox - if you still didn't realize it.

Think what you want, but you only concerned with relative values. The market volume is very small at the moment.   

In some situations a bicycle is faster than a car in city traffic. But no one would argue that a bicycle is generally faster than a car.

As soon as we are back on the highway, you will understand what I mean. Once Gox has solved its problems, we will have again trading volumes as seen earlier this year. Bitstamp missing the money and the trading engine for that. Bitstamp's just a bike.

For Gox it is crucial that they can work with their old business partners together again. Especially with Dwolla. This can happen very quickly. I think later this year. They are now registered and once all the formalities are cleared it continues.

As soon as they clear up whatever the trouble is, you will see a large amount of fiat withdrawn from gox, and there might be a slight bump in volume as people take advantage of the prices and get their money out, but once all that fiat is gone from Gox there will be nothing left to trade and they will dwindle into a forgotten footnote in the history of bitcoins.

[tvbcof]

I'll present a hypothesis which, like most of my hypothesis, I don't necessarily believe.

What if Mt. Gox is making a boat-load of money (which I've always suspected to be true) but their biggest source of grief is AML (which I also expect true) and it is complicated by a lot of legacy customers who are a bit shady and not vetted in the same manner as newly verified persons.

The way to make money in this business is to take the low hanging fruit.  In this case, that would be the obviously clean people who are speculators and what-not.  As a corollary, one could gain an extra competitive advantage over one's adversaries by foisting the problem children off on them.  This would not be unlike the calculus which appears to network providers who are probably not exactly broken-hearted when a bandwidth hog gets pissed and switches service providers.

Anyway, a good way to lose some undesired baggage would be to go through a protracted period of 'problems' in getting people their money.  Or at least certain groups of people.  That is what I would do if I were running things, and also why I have no desire to be running things.

A more likely hypothesis is that Mt. Gox is simply struggling mightily with mainstream financial institutions, regulators, and law enforcement.

The least likely hypothesis in my mind is that Mark is running out of capital unless he has kind of a world-record appetite for hookers and blow.

[OhShei8e]

As soon as they clear up whatever the trouble is, you will see a large amount of fiat withdrawn from gox, and there might be a slight bump in volume as people take advantage of the prices and get their money out, but once all that fiat is gone from Gox there will be nothing left to trade and they will dwindle into a forgotten footnote in the history of bitcoins.

Bitcoin itself would be forgotten.

[OhShei8e]

US Exchanges in the pipeline:

- CoinX
- CoinMkt
- Kraken
- Coinsetter
- Alpha Point

To say it with the Borg: These are irrelevant.

[yuriygeorge]

The US Govt seized $2.9 million from Mt. Gox's Dwolla account:

http://finextra.com/News/FullStory.aspx?newsitemid=25134

That explains why they're having a hard time making withdrawals... because they are out $2.9 million. They can only handle x amount of withdrawals a day to keep up with revenues and expenses.

[davidspitzer]

US Exchanges in the pipeline:

- CoinX
- CoinMkt
- Kraken
- Coinsetter
- Alpha Point

To say it with the Borg: These are irrelevant.

CAMPBX