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Author Topic: Mt.Gox SCAM? $38million disappeared. Large sums affected.  (Read 37705 times)
Come-from-Beyond
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February 07, 2014, 06:28:33 AM
 #121

Believe it or not, but there are people out there, who find information channels, like this forum, too complex to comprehend. There are people out there who are used to getting their information from the evening news, and if some of them lose their path and wonder to the world of bitcoin, then they will get their information from places like bitcoin.org. Places that are still recommending MtGox as the first choice of exchanges.. There is no clear central information network about the integrity of different exchanges.
And if you are saying "to hell with those people, they are stupid and deserve it", then you are saying to hell with bitcoin. Because these kind of people are still the majority of society, and these people would be the future of bitcoin if bitcoin has a future.
Don't be an elitist snoob with the fact that you get your information by more complex methods. That will scare away those who you see as inferior, and then they don't want to play bitcoin with you anymore..

Point taken, seems u r right. Shame on Bitcoin Foundation ruled by bunch of scam artists...
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February 07, 2014, 06:29:25 AM
 #122

and how is that working out?

Edit: yes we know who mark is, we know he is running a ponzi and we know the dea has him by the balls... wait a second, were you being sarcastic?

At least in the case of Mt Gox, at least we know against whom we should file the court case.

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February 07, 2014, 06:29:43 AM
 #123

It's going to be a long weekend for MTGOX users.

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February 07, 2014, 06:31:07 AM
 #124

and how is that working out?

Edit: yes we know who mark is, we know he is running a ponzi and we know the dea has him by the balls... wait a second, were you being sarcastic?

At least in the case of Mt Gox, at least we know against whom we should file the court case.

Or just dont use exchanges and do in-person transactions.

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February 07, 2014, 06:32:48 AM
 #125

and how is that working out?

Edit: yes we know who mark is, we know he is running a ponzi and we know the dea has him by the balls... wait a second, were you being sarcastic?

At least in the case of Mt Gox, at least we know against whom we should file the court case.

Only if you have the necessary pocket money, which in many cases could be more than what Gox owes you.
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February 07, 2014, 06:34:57 AM
 #126

If you ask me their claim is nothing but an attempt to buy more time.

If they can stop BTC withdrawals that stops their "bank" from becoming insolvent in the short-term.

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February 07, 2014, 06:39:35 AM
 #127

If you ask me their claim is nothing but an attempt to buy more time.

If they can stop BTC withdrawals that stops their "bank" from becoming insolvent in the short-term.
One possibility is that it's an attempt to drive the price below other exchanges in order to attract more fiat once the "technical difficulties" magically resolve themselves.

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February 07, 2014, 07:01:03 AM
 #128

People still use MtGox? Geesh, some never learn.

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February 07, 2014, 07:01:49 AM
 #129

Has anyone thought about maybe Mark K is simply taking a vacation? I hear he's been trying to visit this pretty beach for some time now.



Da Da Dum Dum Dum - Another One Bites The Dust

Water skiing, surf boarding, oh boy what fun!


While listening to Iron Maiden with the Scavenger's Daughter on the beach, somebody'll be tightening the Thumbscrews on The Wheel that's turning The Rack of Brazen Bull, of which will be served up with Stake and Choke Pears prior to a fun game of Pillory.

My only question is, why weren't tickets made available via pre-orders?

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February 07, 2014, 07:52:35 AM
 #130

Gox was my entry portal to btc in march. i tried to withdraw some $ in august and waited 8 weeks. nothing happened so i reconverted to BTC and promptly sent to wallet, left $2 usd there as a placeholder. All the warning signs were there that  the place was in disarray. there's a commandment laying around that i paraphrase: "If you do not answer a question properly, with good manners and in due time, you flunk."

I've lost some coin in this and other ventures but never twice, or a significant amount because i'm alert at the response time of the person/corporation i'm dealing with...

A while back i read the interview of the Gox guy... He gave the interview sitting on a bounce ball... Obviously a person totally out of his depth, perhaps semi autistic... this will delay the coming of age of the whole criptocoin ecology. Suits me fine. Gives me time to enter at cheaper prices.
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February 07, 2014, 08:43:23 AM
 #131

BTC is going below $650... I am concerned.  Angry

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February 07, 2014, 08:47:34 AM
 #132

I highly, highly, doubt Gox is going belly up. They handle an enormous volume both in trade and deposit/withdrawals. Obviously there is some sort of issue that needs to get solved. Maybe there is some sort of issue that only crops up with very large withdrawal volume. Either way, chill out. :-)

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February 07, 2014, 08:50:07 AM
 #133

mah bum hurts.


that chart from earlier and that channel... time will tell

My guess is massive support 150-180 if it's there's enough 'bad' news at once.

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February 07, 2014, 09:01:11 AM
 #134

This is a great time to be alive  Smiley

mah bum hurts.


that chart from earlier and that channel... time will tell

My guess is massive support 150-180 if it's there's enough 'bad' news at once.

People are overly scared so the market will go up instead....LOL.
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February 07, 2014, 09:17:45 AM
 #135

I highly, highly, doubt Gox is going belly up. They handle an enormous volume both in trade and deposit/withdrawals. Obviously there is some sort of issue that needs to get solved. Maybe there is some sort of issue that only crops up with very large withdrawal volume. Either way, chill out. :-)

Their death is long overdue though.
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February 07, 2014, 09:43:06 AM
 #136

Banks are the enemy right? Imagine if you walked into a bank and they said "sorry no withdraws our system is down until who knows when". And then it started happening at a lot of banks, and certain banks would just vanish after you deposited your money would you still have faith in the banking system? Its a big deal.

Your money does vanish when you deposit it into a bank, everyone just try and withdraw your Money on the same day  Roll Eyes

A guy who banked with HSBC recently tried to withdraw £7000 from his account to give to his mother - was told he needed a written signed letter confirming it from said mother.
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February 07, 2014, 09:52:40 AM
 #137

In the bigger picture, I don't understand why people are surprised. There have been warning signs for years.

First, they were a playing cards exchange that jumped ship to get into this later as an after thought because it was more profitable for them.

Second, lets go back to 2011, when an auditor's account was hacked and 2000 BTC were stolen.

Third, openly manipulating the market by simply shutting down their exchange for a "cooldown" period. TWICE!

Fourth, this is not new. They have been having problems since mid 2013. Such as being sued for $75 million dollars by CoinLab and US Feds seizing $5 million in assets because they were not registered in the US as money transmitters back in May, suspending USD withdrawals in June, USD withdrawals not working when they resumed in July, a claim of massive losses in August from crediting deposits before they actually cleared. The buffer they had ran out, and now we're at where we're at.

Fifth is that their exchange rate has always been so much higher than that of all the other exchanges which more or less tracked around the same level. Now, yes, there can be variance in exchange rates dependent on local currency value and exchange volume and other such factors, but it never really did make sense that their exchange alone consistently was 20%+ better than everyone else. It always smelled of price manipulation, but most users never bothered to care because it worked in their favor, or so they thought. There is a saying: "If it seems to good to be true, it probably is!"


So whats happening now? USD withdrawals were never fixed, only got worse and effecting other fiat's too. Insolvent with millions of dollars missing. Their CEO has disappeared as of yesterday. And now BTC withdrawals are suspended. Technical issues? Yeah right. BTC was the only thing of value MtGox possessed, and that was quickly going away as everyone started buying/withdrawing coins since they couldn't get their fiat out, so of course they shut that off.

I'm sorry that a lot of people got and will get screwed. But the writing has been on the wall for a while. They are an inexperienced and shady exchange and always have been. But too many people were (and some still are, I think) in denial of this.
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February 07, 2014, 10:04:31 AM
 #138

In the bigger picture, I don't understand why people are surprised. There have been warning signs for years.

First, they were a playing cards exchange that jumped ship to get into this later as an after thought because it was more profitable for them.

Second, lets go back to 2011, when an auditor's account was hacked and 2000 BTC were stolen.

Third, openly manipulating the market by simply shutting down their exchange for a "cooldown" period. TWICE!

Fourth, this is not new. They have been having problems since mid 2013. Such as being sued for $75 million dollars by CoinLab and US Feds seizing $5 million in assets because they were not registered in the US as money transmitters back in May, suspending USD withdrawals in June, USD withdrawals not working when they resumed in July, a claim of massive losses in August from crediting deposits before they actually cleared. The buffer they had ran out, and now we're at where we're at.

Fifth is that their exchange rate has always been so much higher than that of all the other exchanges which more or less tracked around the same level. Now, yes, there can be variance in exchange rates dependent on local currency value and exchange volume and other such factors, but it never really did make sense that their exchange alone consistently was 20%+ better than everyone else. It always smelled of price manipulation, but most users never bothered to care because it worked in their favor, or so they thought. There is a saying: "If it seems to good to be true, it probably is!"


So whats happening now? USD withdrawals were never fixed, only got worse and effecting other fiat's too. Insolvent with millions of dollars missing. Their CEO has disappeared as of yesterday. And now BTC withdrawals are suspended. Technical issues? Yeah right. BTC was the only thing of value MtGox possessed, and that was quickly going away as everyone started buying/withdrawing coins since they couldn't get their fiat out, so of course they shut that off.

I'm sorry that a lot of people got and will get screwed. But the writing has been on the wall for a while. They are an inexperienced and shady exchange and always have been. But too many people were (and some still are, I think) in denial of this.

This "temporary" BTC withdrawal suspension (as if it was working recently) is only a way to stop the run on their wallet of BTCs.

Come Monday, if they have not fixed the issue, I would presume it isn't a technical one but more of an insolvency issue.

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matt4054
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February 07, 2014, 10:14:01 AM
 #139

If we can finally get rid of The Gox Issue once for all, that will pave the way to a solid, sustainable growth in the following months.

As far as I'm concerned they had lost my trust and I stopped using them on that famous day of April 2013 Wink
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February 07, 2014, 10:18:22 AM
 #140

Cypress Hill ~ When The Ship Goes Down ^.^
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