Mt.Gox SCAM? $38million disappeared. Large sums affected.

[Crypto Currency!]

This is very confusing, rate is keep dropping

[Kava_Kauboi]

Gox reinstated my withdrawal capabilities a few hours ago after asking for AML verification paperwork that i gave them years ago. Blamed it on bitinstant arrest. Price crashed within minutes of my account being reinstated. I tried to withdraw 1 btc as a test. Several hours later and still not on blockchain. Fiat and btc now stuck. Hope Gox fixes this if it is fixable.

[BTCisthefuture]

Hopefully gox can fade away without having a huge impact on the value of bitcoin.  Gox is simply too problematic and it's long overdue for poor servicing bitcoin companies to fade away.  Of course if gox improves the way they service customers then I'm fine if the stick around,  not happy about how many people still use gox though when it's clear gox is ran and managed pretty horribly.

[Holliday]

Hope Gox fixes this if it is fixable.

They've got their entire IT department on it!

[BTCisthefuture]

Hope Gox fixes this if it is fixable.

They've got their entire IT department on it!

Hahah! 

[Jeezy911]

Everything is looking so scammish lately, even projects that seem so legit. Cryptsy, scharmbeck, now gox. Seriously this kind of shit will kill crypto.

[cypherdoc]

just got off IRC with Karpeles.

it's a technical glitch, not insolvency.  they're still working to fix it.

[Nathonas]

Everything is looking so scammish lately, even projects that seem so legit. Cryptsy, scharmbeck, now gox. Seriously this kind of shit will kill crypto.

That's a little bit pessimistic. Most alt coins are pretty much scam land, I'll give you that but... Crypsty hasn't scammed people to my knowledge, just a lot of problems with that website (remember when you could withdraw 10 btc or whatever that you didn't even have?). Gox never scammed people, their website just has some technical problems sometimes.

[bitdude]

I am not sure this is a good time to "try" to withdraw. You are likely to enter an undefined state with your coins. I will wait.

[cypherdoc]

Everything is looking so scammish lately, even projects that seem so legit. Cryptsy, scharmbeck, now gox. Seriously this kind of shit will kill crypto.

That's a little bit pessimistic. Most alt coins are pretty much scam land already. Crypsty hasn't scammed people to my knowledge, just a lot of problems with that website (remember when you could withdraw 10 btc or whatever that you didn't even have?). Gox never scammed people, their website just has some technical problems sometimes.

yes, Karpeles has never stolen from anyone.

in fact, he's covered ppl's losses from his own funds when he was responsible for destroyed coins from his coding errors.  he's always fixed the problems and security has been impeccable since 2011.

he'll get this one fixed too.

[Jeezy911]

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.

[RandyMagnum]

just got off IRC with Karpeles.

it's a technical glitch, not insolvency.  they're still working to fix it.

Shame you didn't snatch a screencap, but I'm inclined to believe this is the most likely case in any event.

[papamoi]

Everything is looking so scammish lately, even projects that seem so legit. Cryptsy, scharmbeck, now gox. Seriously this kind of shit will kill crypto.

That's a little bit pessimistic. Most alt coins are pretty much scam land already. Crypsty hasn't scammed people to my knowledge, just a lot of problems with that website (remember when you could withdraw 10 btc or whatever that you didn't even have?). Gox never scammed people, their website just has some technical problems sometimes.

yes, Karpeles has never stolen from anyone.

in fact, he's covered ppl's losses from his own funds when he was responsible for destroyed coins from his coding errors.  he's always fixed the problems and security has been impeccable since 2011.

he'll get this one fixed too.

HI cypherdoc,

How about the fiat withdrawal he never paid?

we are waiting our money since 4 months now and despite promising us to pay quickly if we pay 5% ,we did accept this and even with this rackettering ,no trace of our money

so can you help on this doc?

[Xendrios]

A company unable to pay up when it's asked to is insolvent.

MtGox has all thesame symptoms of a bankrun. And we all know the banks run a 'fractional reserve', this means a run on the bank is an dangerous thing.

MtGox in theory shouldn't be a 'fractional reserve' system, but it clearly is.

First it lacked fiat, so it started delaying fiat payments, blaming it on the banks.
Then it started to lack even fiat, so it started selling bitcoins of users to get fiat. (Why do you think price has been stable for a while now even though there's been lots of good news)
Now it lacks bitcoins so it delays bitcoin transfers and blames a technical glitch.

One has to be really blind to not see this unfolding for over half a year already.
I got out my bitcoins as soon as my transfers took a month instead of a day.

Now everyone left is holding the bag...

The numbers in the accounts are all fake, fictional numbers.

It's sad that our brilliant bitcoin has soo many criminals around...

[ArticMine]

DISCLOSURE
The author is personally affected by MtGox’ behavior, having a six-figure dollar amount in such non-executed withdrawals. He considered Gox to be a safer repository for bitcoin than his own probably-hackable computer. That judgment may not have been accurate.

Let me guess he is running Microsoft Windows on his computer. When will people learn that installing GNU/Linux on one's computer and using such computer to store one's bitcoin is a far safer option than storing bitcoin on an exchange.

[Lucky Cris]

It's sad that our brilliant bitcoin has soo many criminals around...

Unfortunately it is.

[phrackage]

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.

This has happened many times in history actually.

[dharmapuriharithaa]

38 million is huge money. I think govt will get involved soon restrict bitcoin.

[daserpent1]

2 police cases have been registered against mtgox already by some big btc holders. I dont think this is going to end well.

[donate2me]

This is a classic PONZI scheme.  Don't listen to these idiots on this forum pumping the shit out of bitcoin.  Google "pump and dump". Realistically you are talking about cyber money. You may as well kiss your money goodbye.  Why the f- would the winklevoss guys come out and say they own a grip of bitcoin.... So the rest of you morons buy buy buy and drive the price to 1200.  I feel bad for all of you that put your savings and hard earned money into Monopoly money.  It will collapse soon.  And guess who won't have a bitcoin in their wallet ---- you guesses it... The winklevoss twins, laughing all the way to the bank with your money.  Any website that used to be for trading magic cards is definently a scam!