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Author Topic: What if Gox runs out of Bitcoins?  (Read 2858 times)
theonewhowaskazu
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October 18, 2013, 10:41:57 PM
 #21

I'm starting to see reports in the Service section and on Reddit of delays in withdrawing btc from Gox. It has taken several days in some cases. So far, looks like everyone eventually received their coins.

However, some of Gox's explanations are complete bullshit. For example, when they blame "net congestion." lol. That excuse, along with tapping a cold wallet, will only last so long.

Let's suppose Gox has been selling their btc to meet demand for fiat withdrawals and they are now running low. What happens to the price in USD when it is just as difficult, if not more so, to withdraw btc as it is fiat?


If, gox "runs out of coins to sell", the BTC price goes way up.

If it becomes just as difficult to withdraw BTC as fiat, the BTC price goes down.

They are completely different scenarios.

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Elwar
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October 18, 2013, 10:42:27 PM
 #22

Why would Gox run out of bitcoins?

Currently the best way to make money off of them is to buy a bunch of bitcoins on the cheaper exchanges, send those bitcoins to MtGox and sell them at a higher price.

It is cash that they will run out of sooner.

I doubt they are trading bitcoins on other exchanges. And why would anyone withdraw bitcoins from MtGox?

Who is getting their fiat out of mt.gox? there is a reason why they are 20 bucks more a coin than anywhere else, people are forced  to buy coin and move them, like I did.. Im just glad I did it when the price was about 30 dollars cheaper.. I was lucky, I have no more coins on mt.gox.. If i were you, I would pull all coins off mt.gox, if they aren't bankrupt, they will be soon.

I havent heard of on person saying that they have been able to pull their fiat out. One guy I know has been waiting for over 2 months for just one coins worth. I have heard that they are getting to them, but they are just slow. I have a feeling its much worse over there.. Get your coins off mt.gox asap...

Ahh, makes sense. I took everything out when Dwolla jacked them.

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October 18, 2013, 10:45:52 PM
 #23

2 months to withdraw cash from Gox? Proof or it didn't happened!

GOX says they have backlog but only 2-3 weeks.

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October 19, 2013, 03:19:54 AM
 #24


Mt. Gox order book, USD/BTC.

All those dollars, trying to get out. Is that why the price of Bitcoin suddenly took a big jump today?
theonewhowaskazu
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October 19, 2013, 03:24:08 AM
 #25


Mt. Gox order book, USD/BTC.

All those dollars, trying to get out. Is that why the price of Bitcoin suddenly took a big jump today?

Actually, yea it is.   Undecided They are getting out by buying BTC.

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October 19, 2013, 03:26:38 AM
 #26

Might be, rally is only on Gox.

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October 19, 2013, 03:28:18 AM
 #27

1K is 100,000,000,000 satoshies
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October 19, 2013, 03:28:35 AM
 #28

Might be, rally is only on Gox.
What? Bitstamp is up $10 over the last 18 hours. And looking at bitcoinity (not sure how accurate), they started the movement this morning -- Gox and Chinese markets lagged by quite a bit.

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October 19, 2013, 03:29:50 AM
 #29

Then they will have both USD problem and BTC problem Smiley

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October 19, 2013, 03:30:29 AM
 #30

Bitstamp and the Chinese exchanges are keeping up with MTGox http://btckan.com/price. Also BTC will flow into MTGox at a price. Let us not forget that EUR and JPY can and do leave MTGox.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
theonewhowaskazu
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October 19, 2013, 03:32:17 AM
 #31

Bitstamp and the Chinese exchanges are keeping up with MTGox http://btckan.com/price. Also BTC will flow into MTGox at a price. Let us not forget that EUR and JPY can and do leave MTGox.

No they're not, Bitstamp has been hovering around $150 now for a while.

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October 19, 2013, 03:34:02 AM
 #32

Bitstamp and the Chinese exchanges are keeping up with MTGox http://btckan.com/price. Also BTC will flow into MTGox at a price. Let us not forget that EUR and JPY can and do leave MTGox.

No they're not, Bitstamp has been hovering around $150 now for a while.

Bitstamp 153.8 to MTGox 170. That is under 10% as per my link above. 796.com is over 1000 CNY

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
SheHadMANHands
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October 19, 2013, 03:34:52 AM
 #33


Mt. Gox order book, USD/BTC.

All those dollars, trying to get out. Is that why the price of Bitcoin suddenly took a big jump today?

Actually, yea it is.   Undecided They are getting out by buying BTC.

We heard this last week.   Roll Eyes

And a month ago..   Roll Eyes

And three months ago..    Roll Eyes



Buying pressure has been driven by Stamp, by the way.
wobber
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October 19, 2013, 03:34:58 AM
 #34

People deserve this for not keeping their coins in the wallet. Why the fuck would YOU want to keep coins in SOMEBODY's ELSE wallet?

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October 19, 2013, 03:37:25 AM
 #35

Bitstamp and the Chinese exchanges are keeping up with MTGox http://btckan.com/price. Also BTC will flow into MTGox at a price. Let us not forget that EUR and JPY can and do leave MTGox.

No they're not, Bitstamp has been hovering around $150 now for a while.
For reference:




I's say they are keeping up. And correct me if I'm wrong, but Bitstamp led the run-up this morning, 3:00.

theonewhowaskazu
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October 19, 2013, 03:37:39 AM
 #36


Mt. Gox order book, USD/BTC.

All those dollars, trying to get out. Is that why the price of Bitcoin suddenly took a big jump today?

Actually, yea it is.   Undecided They are getting out by buying BTC.

We heard this last week.   Roll Eyes

And a month ago..   Roll Eyes

And three months ago..    Roll Eyes



Buying pressure has been driven by Stamp, by the way.

Look I'm not saying that BTC hasn't been bought up for 'real' reasons.

I'm just saying that saying "BTC price goes up thus no fiat wants out of Gox" is a backward statement.

oakpacific
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October 19, 2013, 04:04:30 AM
 #37

I assure everyone I will "redistribute" some bitcoins once the price is considered high enough, FYI I can withdraw to a Japanese bank account, which has never been a problem Wink, now can we please end this FUD thread?

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
Walsoraj
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October 19, 2013, 04:15:26 AM
 #38

yes anyone else having this problem?  i am a verified user (mailed them my passport etc..) and never had this problem until today.  Not able to get my btc out for over 8 hours now and still waiting, very frustrating as i need it to do a transaction.

i got a bullshit cookie cutter response from mtgox, btc withdraw still not processed.   wtf, i am going to get all my btc out of mtgox, this is crap.

Quote
Hello,

Thank you for contacting us. Please be aware that:

When withdrawing or depositing bitcoins into your Mt.Gox account there may occasionally be a delay (1~24 hours) depending on network congestion, your internet connection speed and the time required to get 6 confirmations on the network. If you're sending to your computer's wallet, it's good practice to keep your bitcoin client running so it can download the block chain. For those that may not know the block chain is the complete history of all transactions made on the bitcoin network, and as such it can take some time to update and download the most current block and see the bitcoins in your wallet.

If you aren't seeing the funds after either withdrawing/sending to Mt. Gox from your bitcoin program, please wait 24 hours before contacting us. If your transfer has still not occurred within 48 hours, please lodge a support request so we may begin the process of tracking your bitcoins and reinitiating the transfer.

We apologize for any inconvenience this may cause. If you have any further enquiries, please do not hesitate to contact Mt.Gox Support by responding to this email (should the enquiry relate to this ticket).

Best regards,

Mt.Gox Team
https://www.mtgox.com

This is such bullshit i still dont have my bitcoins and no response from mtgox after 2+ days now.

I can understand bank wire taking time due to external factors with international wire transfers and regulations.

But there is NO EXCUSE why bitcoin transfers is taking anything more than 30 mins.

fuck mtgox.

^ Gox's excuse is HILARIOUS.
zeroday
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October 19, 2013, 03:19:10 PM
 #39

Last time I waited for over a day for transaction to appear on the network. Gox's support replied me with different idiotic advises such as I need keep bitcoin client running in order to have transaction finished.
It seems that Gox generates transaction but then waits long time before releasing it to the network.



Lohoris
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October 19, 2013, 04:27:38 PM
 #40

Bitstamp and the Chinese exchanges are keeping up with MTGox http://btckan.com/price. Also BTC will flow into MTGox at a price. Let us not forget that EUR and JPY can and do leave MTGox.
SEPA transfers are supposed to be completed within 1 business day.
Since they take several weeks from Mt. Gox, saying that "EUR can leave Mt.Gox" is inexact at the very least.

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