|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
knircky
Member
 Offline
Activity: 99
Merit: 18
|
 |
February 06, 2014, 04:23:40 AM |
|
is this the reason for the drop in price?
Weird?
|
|
|
|
keithers
Legendary
Offline
Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
|
|
February 06, 2014, 04:30:21 AM |
|
I said this in another thread, but I have a bad feeling that the people at Gox have been using user's funds for themselves and only processing withdraws when there are sufficient new deposits. It was working before because such huge sums of money kept getting deposited, but its starting to pile up. Seems like it could be exactly what Ultimate Bet was doing with online poker player funds. I could be completely wrong, but something is definitely up. Claiming the site was hacked would be an easy out at first..
|
|
|
|
|
hellscabane
Legendary
Offline
Activity: 896
Merit: 1000
|
|
February 06, 2014, 04:37:12 AM |
|
I'll admit, Mt. Gox crashing isn't all that bad. At least there won't be a ridiculous spread between it and the other more liquid options. Besides, Mt. Gox needed to get smacked down in my opinion. As for the people affected by this bull crap though. I feel bad for that; no one should have their hard-earned money toyed around with like that. I'm sure we've seen this play out last year when USD withdrawals went to a crawl. Either there is a ton of incompetence afloat or a horrendous amount of scheming about. And those are two choices that just plain sucks... |
|
|
|
|
|
RandyMagnum
|
|
February 06, 2014, 04:51:30 AM |
|
It seems very likely to me that for some reason Mark K is not able to work on his codebase anymore, and isn't able to resolve bugs in a timely manner, leaving his support staff to try and clean up the mess by making horrible hacks like "throw away and retry later". The question in my mind then becomes - where is Mark and what is he doing? - Mike Hearn https://bitcoinfoundation.org/forum/index.php?/topic/700-mtgox-insolvency/ |
|
|
|
|
|
BittBurger
|
|
February 06, 2014, 05:05:16 AM |
|
I said this in another thread, but I have a bad feeling that the people at Gox have been using user's funds for themselves and only processing withdraws when there are sufficient new deposits. It was working before because such huge sums of money kept getting deposited, but its starting to pile up. Seems like it could be exactly what Ultimate Bet was doing with online poker player funds. I could be completely wrong, but something is definitely up. Claiming the site was hacked would be an easy out at first..
Soon after they had their accounts seized and were seriously short on money, a friend of mine simply lost all his coins out of his online wallet there. No explanation, no refund, nothing. Just gone. About $2,000 worth at the time (25 BTC). |
|
|
|
gollum
Sr. Member
Offline
Activity: 434
Merit: 250
In Hashrate We Trust!
|
|
February 06, 2014, 05:17:27 AM |
|
Seems like MtGox is the "Lehman Brothers" of the bitcoin world. My analysis points out that BTC/USD might crash down to $100  |
|
|
|
|
|
seriouscoin
|
|
February 06, 2014, 05:19:26 AM |
|
Seems like MtGox is the "Lehman Brothers" of the bitcoin world. My analysis points out that BTC/USD might crash down to $100 What software is this? care to share? |
|
|
|
|
gollum
Sr. Member
Offline
Activity: 434
Merit: 250
In Hashrate We Trust!
|
|
February 06, 2014, 05:20:41 AM |
|
Seems like MtGox is the "Lehman Brothers" of the bitcoin world. My analysis points out that BTC/USD might crash down to $100 What software is this? care to share? Here you are: https://www.tradingview.com/e/?symbol=MTGOX%3ABTCUSD# |
|
|
|
|
|
CompNsci
|
|
February 06, 2014, 05:29:41 AM |
|
This is curious. Just posted a number of withdrawals of various amounts. The first two smaller ones (<=1.0 BTC) went through quickly and immediately appeared on the blockchain. Subsequent withdrawals, whether larger or smaller, have failed to appear, despite Mt. Gox producing a transaction hash and emailing it to me. The long term history of their behavior has been honest, but it appears there is something seriously wrong with the their BTC withdrawal code. Comment #27 on the article at falvinge.net ( http://falkvinge.net/2014/02/04/major-bitcoin-exchange-not-executing-withdrawals-now-owes-clients-38m-in-disappeared-money/) seems to point to a race condition in their withdrawal code, creating transactions which attempt to double spend the same outputs. This can apparently be verified on Mt. Gox's api for their transactions. This would point toward another technical glitch, rather than fraud. |
|
|
|
|
|
homerzhu
|
|
February 06, 2014, 05:30:21 AM |
|
is it true?
|
|
|
|
|
bryant.coleman
Legendary
Offline
Activity: 3640
Merit: 1217
|
|
February 06, 2014, 05:32:48 AM |
|
BTC vs USD exchange rates are currently on a free-fall..... So something serious is going on...
|
|
|
|
|
Holliday
Legendary
Offline
Activity: 1120
Merit: 1009
|
|
February 06, 2014, 05:34:18 AM |
|
How long is MtGox going to be a scab on the face of Bitcoin?
Stop using MtGox people. That was obvious in 2011...
|
If you aren't the sole controller of your private keys, you don't have any bitcoins.
|
|
|
CryptoVortex
Newbie
Offline
Activity: 34
Merit: 0
|
|
February 06, 2014, 05:39:45 AM |
|
is this the reason for the drop in price?
Weird?
It does seem to be the reason for the drop in price. Whether the price should drop is not so clear to me, though. Previously, when Gox only blocked fiat withdrawals, it was obvious that the USD/BTC price should be higher there than on other exchanges. The bitcoin there were worth just as much, but a "dollar" on Gox was worth less than a real dollar. However, if both the denominator and the numerator are going to zero, then what is a fair exchange rate between "Gox dollars" and "Gox bitcoin"? Personally, if I had not abandoned Gox a year ago after they embezzled from me, I would be buying bitcoin there. Although neither fiat nor bitcoin withdrawals are working as they should now, it's much still much more likely that you'll be able to get your bitcoin out of there than that they'll pay you in fiat. If anything, I would think that this news should be causing a spike in the price at Gox. Expect the volatility to keep rising there if they don't resolve this soon. If this does turn out to be just a massive technical glitch, then the main effect will be to slightly reduce faith in bitcoin generally and thus drive the price down at all exchanges. On the other hand, it will certainly drive even more people away from Gox, which can only be good for the bitcoin community in the long run, IMHO. |
|
|
|
|
|
gog1
|
|
February 06, 2014, 05:45:04 AM |
|
BTC vs USD exchange rates are currently on a free-fall..... So something serious is going on...
gox had been acting as a hard cap on prices on all other exchanges, I suppose when people realize that it is not possible to withdraw btc from gox, they'll completely ignore their trades. |
|
|
|
|
|
daserpent1 (OP)
|
|
February 06, 2014, 05:52:00 AM |
|
I just tried to withdraw my bitcoins and they haven't even shown up in the blockchain yet  Been more than an hour now. Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw.  |
|
|
|
|
|
ymer
|
|
February 06, 2014, 05:56:28 AM |
|
I just tried to withdraw my bitcoins and they haven't even shown up in the blockchain yet Been more than an hour now. Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw. I'm afraid that your coins have already been spent  |
|
|
|
|
JakeGold
Member
Offline
Activity: 96
Merit: 10
|
|
February 06, 2014, 05:58:24 AM |
|
Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw. Gox: Teaching people the hard way. |
|
|
|
|
|
daserpent1 (OP)
|
|
February 06, 2014, 05:59:06 AM |
|
I just tried to withdraw my bitcoins and they haven't even shown up in the blockchain yet Been more than an hour now. Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw. I'm afraid that your coins have already been spent Well, all i can do is wait and wait and wait i guess |
|
|
|
|
bbit
Legendary
Offline
Activity: 1330
Merit: 1000
Bitcoin
|
|
February 06, 2014, 06:02:33 AM |
|
I just tried to withdraw my bitcoins and they haven't even shown up in the blockchain yet Been more than an hour now. Mtgox can't stop withdrawals as and when they wish. It is our coins! We decide when to withdraw. I'm afraid that your coins have already been spent Well, all i can do is wait and wait and wait i guess I've been saying this for months insolvency means taking everyones coins with them......all your coins are mine... anyone who needs to blow a load because you lost a ton of money check out my sig below  |
|
|
|
|
