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

[MikeyVeez]

If morons didn't figure out that mt gox is shady, what exchange or bank keeps limiting withdrawals? Ohh i know the ones who are having bank runs like Cyprus banks and about to go bankrupt.

THEY ARE NOT HAVING TECHNICAL DIFFICULTIES, they just don't have enough cash to support people withdrawing massive amounts of money.

[1715586077]

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[disclaimer201]

Gox's fractional reserve system coming to an end finally. Buckle up.

[Elwar]

MtGox is dead!

https://www.mtgox.com/press_release_20140207.html

Long live MtGox!

[techniquev3]

To hell with Gox, Localcoins is where it's at.

[juju]

Could someone explain to me why Gox has a much higher price for BTC. Someone offered an explanation once that it was one of the only exchanges that Europe and Asia could use easily?

It was very enticing to sell my BTC on Gox and rebuy through other exchanges until I saw the monthly Withdrawal limits.

[oscarg]

This is just a thought...

... possible deep speculation, but can anyone join these dots up?

The arrest of The BitInstant CEO occurred on Feb 3rd, just before these other issues began with MtGox,
here is the MtGox press Release.

https://support.mtgox.com/entries/26563440-MtGox-Response-to-BitInstant-CEO-Arrest

It seems there has been an increase in regulatory pressure on MtGox since then (starting more or less exactly then).

I am not sure of the exact charges of the BitInstant CEO, or what his relationship to MtGox is, but is it possible there is a link between the BitInstant event and regulatory action against MtGox?

Any ideas? or am I way off?

[bennybong]

This is just a thought...

... possible deep speculation, but can anyone join these dots up?

The arrest of The BitInstant CEO occurred on Feb 3rd, just before these other issues began with MtGox,
here is the MtGox press Release.

https://support.mtgox.com/entries/26563440-MtGox-Response-to-BitInstant-CEO-Arrest

It seems there has been an increase in regulatory pressure on MtGox since then (starting more or less exactly then).

I am not sure of the exact charges of the BitInstant CEO, or what his relationship to MtGox is, but is it possible there is a link between the BitInstant event and regulatory action against MtGox?

Any ideas? or am I way off?

Well they did say there are some ongoing investigations that they can't comment on... I wouldn't be surprised if the shit is going to hit the fan for them very soon. I don't care, I just want my btc!

[sikke]

Fiat deposits work to gox? Maybe can buy some btc when it hits 100$

[jongameson]

cause when i think bitcoins I think of Magic: The Gathering

[tvbcof]

This is just a thought...

... possible deep speculation, but can anyone join these dots up?

The arrest of The BitInstant CEO occurred on Feb 3rd, just before these other issues began with MtGox,
here is the MtGox press Release.

https://support.mtgox.com/entries/26563440-MtGox-Response-to-BitInstant-CEO-Arrest

It seems there has been an increase in regulatory pressure on MtGox since then (starting more or less exactly then).

I am not sure of the exact charges of the BitInstant CEO, or what his relationship to MtGox is, but is it possible there is a link between the BitInstant event and regulatory action against MtGox?

Any ideas? or am I way off?

Well they did say there are some ongoing investigations that they can't comment on... I wouldn't be surprised if the shit is going to hit the fan for them very soon. I don't care, I just want my btc!

I've no doubt that Shrem's (hours long) incarceration is not an insignificant part of the story, but Mark has been saying that he cannot say anything about anything for a long time now.  Almost as if he was under a gag order of some sort...

The big shift I saw came at the time the Coinlab deal fell through and came to a head.

Vesseness (who continues as the chairman of the board of the Bitcoin Foundation BTW) is well aware of the wealth of data that Mt. Gox has, and is also favorably disposed toward coin tracking and blacklisting.  Even retro-actively and even just by virtue of using a mixing service at all.  He made that abundantly clear at the SJ 2013 conference and warned against using any mixing service for this reason.

If I had to pick the top most likely 'business' to have been started from scratch by some state organ for the purposes of 'disrupting' Bitcoin, it would be Coinlab.  If this is the case, the failure to acquire Mt. Gox's books must have been a truly infuriating setback and could have triggered a robust response...including but not limited to the appropriation of Marks $5M + $5M.

[thethingis]

cause when i think bitcoins I think of Magic: The Gathering

I propose we ignore their "Mt.Gox" rebranding efforts and insist on calling them "Magic: The Gathering Online eXchange" in full.

This will reinforce to potential customers that they're really just a video game trading card circle jerk.

Trust-based exchanges need to die. There are alternatives.

[CryptoVortex]

Could someone explain to me why Gox has a much higher price for BTC. Someone offered an explanation once that it was one of the only exchanges that Europe and Asia could use easily?

LOL.  I'm curious who offered this explanation.  The price at Gox is higher, because withdrawing fiat is more difficult at Gox than at the most reputable exchanges.  "USD" in your Gox account were, in effect, worth less than USD in an account that you could withdraw with confidence and without undue delay.  

This is why the sudden drop in the price premium between MtGox and other exchanges over the past 48 hours is so troubling.  It's not because "Gox USD" are worth more than they were last week; evidently "Gox BTC" are now worth less than real BTC, because people are no longer confident that they will be able to move their bitcoin out of MtGox.

[gog1]

for the advancement of bitcoin, mtgox need to fold

[hpitcher]

looks like some issues with coinbase too Someone is getting rich.
http://gizmodo.com/hackers-have-stolen-40-000-from-bitcoins-biggest-wall-1518184070

[seriouscoin]

looks like some issues with coinbase too Someone is getting rich.
http://gizmodo.com/hackers-have-stolen-40-000-from-bitcoins-biggest-wall-1518184070

Its unrelated. And its a user error, not the same thing. Stop posting crap that you cant read idiot

[User705]

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.

It is now below other exchanges.  If one were prone to tinfoil hat theories one could think that previously mtgox was intentionally not letting out fiat in order to self deal by buying XBT elsewhere and selling for a large premium or perhaps even selling XBT they never had.  Once the rush died down and it was time to deliver the XBT they don't have, they simply froze XBT withdrawals and will now start buying back for their own accounts at prices below other exchanges.  It wouldn't be a big surprise if prices on Gox go significantly below other exchanges for a while that the XBT withdrawal problems will magically resolve themselves.

[smoothie]

It sure sounds like MTGOX is insolvent: http://www.reddit.com/r/Bitcoin/comments/1x9gue/my_protest_at_mtgox_offices_5_to_7th_february/

[dissident]

what a great scam though... to run off with all those BTC and be essentially untraceable.

[disclaimer201]

what a great scam though... to run off with all those BTC and be essentially untraceable.

Yep, the money may be untraceable. Mark Karpeles is not. I hope he will face some judicial consequences.

[Artlover]

I propose we ignore their "Mt.Gox" rebranding efforts and insist on calling them "Magic: The Gathering Online eXchange" in full.

This will reinforce to potential customers that they're really just a video game trading card circle jerk.

Hahahahaha. Quoted because this is just to funny to let get lost in the thread!