How much longer will Mt.Gox exist before they´re out of business?

[fonzie]

How much longer will Mt.Gox exist before they´re out of business?

[1713865692]

1713865692

[1713865692]

1713865692

[T.Stuart]

6 years

[fonzie]

Are you stalking me  ? I´m scared

[YoYa]

Hmmmmm delicious profitable GOXFUD.

Protip: Exchanges are a zero sum game.

[TERA]

I'm writing a futuristic movie about the future. It goes like this:

The year is 2016. All major bitcoin exchanges have suffered government interventions and hacks. Except one. The only one left standing is... Mtgox. Mtgox now offers a working withdrawal solution and everyone has sent their coins there. Trading is going as normal. There is a 5,000btc wall here, a 10,000btc wall there, and massive buys and dumps of 20,000 coins at a time are occurring. The sell side is stocked with 160,000 coins.

Later on, something happens with the business and people start speculating that MtGox is going to die. A btc veteran says "don't worry. I've seen mtgox die many deaths before and come back to life". Most people don't believe him, and don't understand, but other more experienced bitcoiners get an eerie feeling of deja vu and they can't quite put their finger on it.

[fonzie]

Hmmmmm delicious profitable GOXFUD.

Protip: Exchanges are a zero sum game.

Money goes in, but no money goes out. How is that zero sum?

[HairyMaclairy]

Hmmmmm delicious profitable GOXFUD.

Protip: Exchanges are a zero sum game.

So long as they don't engage in fractional reserve banking on bitcoins and get caught on the wrong side of a 10,000 % increase in value.  

[Dalmar]

Mt.Gox bankruptcy will be the big crash we have all been anticipating, not China.  

[TERA]

Mt.Gox bankruptcy will be the big crash we have all been anticipating, not China.  

Or mtgox fixes withdrawals, and suddenly 200,000btc appear on the order books, causing the entire market to panic with it.

[fonzie]

Mt.Gox bankruptcy will be the big crash we have all been anticipating, not China.  

About 5 minutes left until someone comes and says: "IT´S ALREADY PRICED IN, DUUUDE"

 

[YoYa]

Hmmmmm delicious profitable GOXFUD.

Protip: Exchanges are a zero sum game.

Money goes in, but no money goes out. How is that zero sum?

So? Even if everyone cashes out their coin and the price goes to 10k, the cash in GOX remains and the traders who stayed and accepted fiat are now legal owners of that fiat. Gox eventually fixes it's transmission woes and as per the zero sum game, the traders who didn't panic get what's theirs in the end. Gox ain't corrupt, ain't in financial difficulty, but is suffering from bad management. They retain their fees earned over 5 years and have more than enough in reserve(btc and fiat) to get through the problems and in the end the only people who lose are that newb's that panicked on the back of FUD.

You keep flailing, I'll keep profiting thank you.

[MatTheCat]

Are you stalking me  ? I´m scared

T.Stuart doesn't like people who say nasty things about Bitcoin.

He bought into all the hype and has a rather high personal stake. He claims he got into Bitcoin at much lower prices than we see today but going by his behaviour, I would say the current market action is biting pretty close to his bones.

[T.Stuart]

Are you stalking me  ? I´m scared

T.Stuart doesn't like people who say nasty things about Bitcoin.

He bought into all the hype and has a rather high personal stake. He claims he got into Bitcoin at much lower prices than we say today but going by his behaviour, I would say the current market action is biting pretty close to his bones.

He he! 

What's wrong MatTheCat? Why are you taking a swipe at me?

[tsoPANos]

I don't think MtGox will extinct,
As it gets less and less popylar,
it will be able to process more transactions

[fonzie]

Hmmmmm delicious profitable GOXFUD.

Protip: Exchanges are a zero sum game.

Money goes in, but no money goes out. How is that zero sum?

So? Even if everyone cashes out their coin and the price goes to 10k, the cash in GOX remains and the traders who stayed and accepted fiat are now legal owners of that fiat. Gox eventually fixes it's transmission woes and as per the zero sum game, the traders who didn't panic get what's theirs in the end. Gox ain't corrupt, ain't in financial difficulty, but is suffering from bad management. They retain their fees earned over 5 years and have more than enough in reserve(btc and fiat) to get through the problems and in the end the only people who lose are that newb's that panicked on the back of FUD.

You keep flailing, I'll keep profiting thank you.

So you suggest that everyone(at least the smart ones) should send their coins over there, and take advantage of the higher price?

[YoYa]

I'm saying don't panic, hedge, and risk as much as you feel comfortable with. Some people no doubt are sending coins to gox on this basis. While I'm not panicing about gox, I wouldn't reccomend 100% holdings there either.

[ElectricMucus]

they will be around much longer and will continue to play an important role in the market, the spread won't grow much larger than 35%, and maybe we even have seen the highest spread already.

[eiskalt]

Mtgox is out of business already. It only takes some time for the brain to realize.

This has to do with plasticity and physiology of the human brain.

Some people have faster neurons though.

[ElectricMucus]

Mtgox is out of business already. It only takes some time for the brain to realize.

This has to do with plasticity and physiology of the human brain.

Some people have faster neurons though.

As long as people wire them cash there in business, period. It's just that their business model that may have changed...

[eiskalt]

Mtgox is out of business already. It only takes some time for the brain to realize.

This has to do with plasticity and physiology of the human brain.

Some people have faster neurons though.

As long as people wire them cash there in business, period.

You make me laugh, you think someone wires them money? seriously?

Did you?

Gneeheehee

[ElectricMucus]

Mtgox is out of business already. It only takes some time for the brain to realize.

This has to do with plasticity and physiology of the human brain.

Some people have faster neurons though.

As long as people wire them cash there in business, period.

You make me laugh, you think someone wires them money? seriously?

Did you?

Gneeheehee

My posts are usually slightly humorous.
And no, I didn't wire them money but there is always somebody who does. And if they are insolvent and still operating, again their business model has changed, now if you don't get that....

[fonzie]

Only 14000 BTC left on Gox.

http://trading.i286.org/

[eiskalt]

My posts are usually slightly humorous.
And no, I didn't wire them money but there is always somebody who does. And if they are insolvent and still operating, again their business model has changed, now if you don't get that....

I get it as Kungfu-Zius said:

"If there is a bitcoin exchange going down and noone is there who can see it going down, is it then really going down?"

Still some people have eyes to see.

Thx

[fonzie]

It really looks like things are getting out of order now. Please vote if you haven´t done already.

That said, the number of broken TX just DOUBLED in the last hour!!!!!!!  It was down to around 800, but has now jumped to 1700!  Things just got very VERY serious.

75% of my coin worth is currently stuck in limbo, and even their manual rebroadcast of my coins failed AGAIN early this morning.

get out the pitchforks, boys... we're about to go to war.

EDIT:  thegoxreport.com is broken, so the true count is no longer on Dizko's charts there.  You have to use skanner.net to see the current broken TX!

[Cluster2k]

I'm not sure how people can continue to use an exchange that takes months to process withdraws.  Logically, one would think that everyone who is aware of MtGox's situation has already lined up to get their money out.  Near 100% of MtGox's money should be heading towards the exit.  If everyone can't withdraw in a timely manner (a few days) MtGox clearly doesn't have the money and should immediately stop trading as it's insolvent.  It's not a fractional reserve bank and shouldn't act like one.

[disclaimer201]

Can't wait til they are gone. Suckers only kept this game running on 60000 bitcoinica bitcoins withheld and thousands of dollars cash. Let them roast in hell.

[Nagle]

Gox will hang on, stalling on withdrawals, until somebody does something that forces them to pay up. A lawsuit, intervention by the Japan Financial Services Agency, or something like that. As long as the marks don't apply serious pressure, Gox can continue screwing them.

I'm amazed that after six months, they haven't been sued out of existence. I suspect that some of the bigger customers did have lawyers contact Gox, and those customers were paid off.

[virtualfaqs]

Guess who's going to get all the media attention when we hit ATH? Mtgox  and bet most won't even talk about the withdrawal problems.

[ScrapOfCat]

"Will I Ever See MTGox go out of business, Daddy?"

"Never, Sweetheart. Never In a Million Years."

[segeln]

watch Gox  and stamp here
http://bitcoinwisdom.com/markets/mtgox/btcusd

Gox seems to be chrashing
and Gox bid/ask  http://trading.i286.org/mtgox/?item=btc&currency=usd

[KC82]

So if Gox goes bye-bye, what will happen to services like Coinbase and Bitpay that require Mt Gox to function? I imagine they would scramble to find a viable alternative, but I'm not sure of all the regulations they need to comply with. Would they even have the option to use some other exchange? Would it have to be a US based exchange? Is there any exchange that would be able to support Coinbase, Bitpay, and the like?

[BreathOfZen]

So if Gox goes bye-bye, what will happen to services like Coinbase and Bitpay that require Mt Gox to function? I imagine they would scramble to find a viable alternative, but I'm not sure of all the regulations they need to comply with. Would they even have the option to use some other exchange? Would it have to be a US based exchange? Is there any exchange that would be able to support Coinbase, Bitpay, and the like?

I'm pretty sure they go through another exchange already like Bitstamp, not MtGox.

[disclaimer201]

Gox will hang on, stalling on withdrawals, until somebody does something that forces them to pay up. A lawsuit, intervention by the Japan Financial Services Agency, or something like that. As long as the marks don't apply serious pressure, Gox can continue screwing them.

I'm amazed that after six months, they haven't been sued out of existence. I suspect that some of the bigger customers did have lawyers contact Gox, and those customers were paid off.

There is actually a chance Gox will be sued for holding back coins and funds from the court-appointed liquidators of bitcoinica.

[fonzie]

The sum of all BTC stuck in failed TX has risen to 27687BTC
Imagine what will happen if only 30% of those get sold on Bitstamp....
And if you like in the service discussion forum, there are a lot of people who want to do exactly that.
These broken TX are a main reason why the price didn´t went down further.
You should really check these links:

http://thegoxreport.com/

If the number goes down significantly you should watch the market as a lot of these coins are going to be sold on Bitstamp/BTC-e

[BreathOfZen]

The sum of all BTC stuck in failed TX has risen to 27687BTC
Imagine what will happen if only 30% of those get sold on Bitstamp....
And if you like in the service discussion forum, there are a lot of people who want to do exactly that.
These broken TX are a main reason why the price didn´t went down further.
You should really check these links:

http://thegoxreport.com/

If the number goes down significantly you should watch the market as a lot of these coins are going to be sold on Bitstamp/BTC-e

One of the more obvious theories on why they are holding back coins: everyone was getting worried about the price difference between exchanges rising, so they have been selling customer btc on their market to knock the price back down again, as well as to fund their remaining few weeks of existence.(Edited out the last part, because they wouldn't sell coins to get cash from their market participants, they would just take it without asking.)

[fonzie]

This is of course also a reasonable explanation. Any probably one of many processes that are sketchy over there right now.
We have only seen the tip of the iceberg.

[fonzie]

Choo Choooo - Almost 30000BTC (28401) are missin in action until now.   

[yatsey87]

I don't know how long it'll last but any longer is too long. How they have any business left is beyond me.

[indiemax]

My god,anyone daft enough to have Bitcoin in Gox at such a unknown time regarding China and with all the history of getting out with fiat ,deserves to get stung

it's clear they are insolvent

will they last to the 31st or shut up shop before?

not long to wait either way

[TooDumbForBitcoin]

I'm amazed that after six months, they haven't been sued out of existence.

Your journey from contrarian to curmudgeon to whistleblower to giantkiller won't be complete until you yourself deposit a couple grand in Mt. Gox, do a couple trades, try to withdraw, then take the steps you've been urging for six months.  What is stopping you?

[gaston909]

I heard its all going really well and they plan in integrate litecoin

[yatsey87]

I heard its all going really well and they plan in integrate litecoin

Ha, I wonder if that ever will actually happen. I'm sure they realised there's not much point now.

[El Dude]

I heard its all going really well and they plan in integrate litecoin

Ha, I wonder if that ever will actually happen. I'm sure they realised there's not much point now.

The only way gox will stay alive is if they trading Litecoin.

[DPoS]

the answer in the bitcoin universe is always.. always....  '2 weeks'

[chessnut]

the answer in the bitcoin universe is always.. always....  '2 weeks'

...........How long until we reach 1 trillion market cap?

[dropt]

the answer in the bitcoin universe is always.. always....  '2 weeks'

...........How long until we reach 1 trillion market cap?

I expect somewhere around two weeks at the latest.

[yatsey87]

I heard its all going really well and they plan in integrate litecoin

Ha, I wonder if that ever will actually happen. I'm sure they realised there's not much point now.

The only way gox will stay alive is if they trading Litecoin.

I doubt even that can save them.

[samson]

In the UK you can get a 'winding up order' if a company owes you more than a mere 750 pounds.

A lot of people aren't aware of this but it's the one thing that gets debts paid immediately because when this hits they are forced to take immediate action or lose control of their company.

https://www.gov.uk/wind-up-a-company-that-owes-you-money

If they don't pay within 21 days the company will be put into liquidation.

[JimboToronto]

How much longer will Mt.Gox exist before they´re out of business?

Years.

A better question is, "How much longer will Fonzie exist as a troll before she's on almost everyone's ignore list?"