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"You Asked For Change, We Gave You Coins" -- casascius
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corsaro
Legendary
 Offline
Activity: 1400
Merit: 1000
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February 09, 2014, 03:53:36 PM |
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This is why you should never keep all your coin in one place in an emerging market like this.
Someone with industry experience needs to come in and lead the way - bitstamp.net seems like a good alternative.
bitstamp.net is excellent. from my personal experience, both bitcoin deposits/withdawals and USD deposits/withdrawals are fast. Normally from an eu country bank, they receive a usd deposit in 1-2 days, and you will receive a usd withdrawal from bitstamp bank to your bank in just 1-2 days |
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2double0
Legendary
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Activity: 2618
Merit: 1105
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February 09, 2014, 04:16:09 PM |
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I think if this is the case and the banks and the governments are tying up their bank accounts it would be in the best of interest of MtGox to explain themselves as things could turn around more in their favor, instead of giving people their bullshit.
One of the biggest problems which Mt. Gox has, in addition to technical incompetence, is a lack of transparency about what is going on. Several exchanges have this problem which prevents the adoption of bitcoins globally. |
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P_Shep
Legendary
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Activity: 1795
Merit: 1198
This is not OK.
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February 09, 2014, 09:52:23 PM |
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Another 5 dust payments has been sucked up by MtGox with no fee... gonna take a while for those to clear!
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Artlover
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February 10, 2014, 01:16:46 AM |
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Here's a possible explanation as to the "technical" issues that MtGox has been suffering. http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/In short, Mt Gox wrote their own custom wallet software, which only worked because of a bug in early versions of bitcoin. The bug was fixed in a recent release. This would cause transactions sent from Gox to fail. A group of people, thinking that they were being helpful set up relay servers that would take the transactions from Gox, fix them to work around the bug, and then rebroadcast the fixed transactions. The transactions could reuse the same signature (as they were the same transaction), but would be allocated a new TxID. A second bug in Gox's wallet meant that their wallet client only checked it's own TxIDs, and never scanned the blockchain for other TxIDs on its coins. As a result, it is possible that the wallet ran dry, but the actual wallet client didn't notice, and transactions would block because of attempted double-spend. So if it's a general wallet issue, why are deposits still allowed? What does this have to do with all the other issues. Like USD withdrawals not working for 8+ months and lost funds from other issues like crediting deposits before they cleared. What does that have to do with all the new lost funds issues this excuse creates? Where is their CEO? Where is the money. The last question is the big one. They claim they have it in cold storage across at least 6 different locations. Ok fine. So GO GET IT and do a wallet to wallet transfer so you can prove it to everyone via the block chain as they have willing done before when there were questions about their solvency, then put it back into cold storage. Is it that hard to go to these 6 places in question? Or are they still living in the 12th century over there and visiting the next village means loading up a caravan of horses for the 6 month trek across the mountains? No. Someone or a couple of people need to jump in their cars, drive across town, pull the BTC out of the vaults and show everyone they have it. They refuse to do it, instead spewing "Trust us!" Hahahahaha. Yeah, right. I haven't trusted you for the past 3 years, why in the hell would I start now! It never ceases to amaze me just how many people are honestly willing to throw their heads in the sand and pretend like everything is under control. A playing card exchange that has been having legal and financial problems for a year now. USD withdrawals haven't been working right for 8+ months and had a manipulated exchange rate abnormally & unjustifiably higher then all the other exchanges. If that alone isn't enough to convince anyone to stay away, then you are fools. Yet despite their long sorted history and on going troubles, people still keep trying to defend them, even as new problems keep appearing. And that is the fundamental problem with MtGox. Even if, by some chance, this is true, and this particular issue really is just a technical glitch, it's still just one of MANY problems to throw on the already heaping pile of problems they have/had. If your local fiat bank was having all these issues, you know damn well you wouldn't trust them or be making excuses for them. So why do it for MtGox? Oh, I'm 100% sure their BTC withdrawals will be open Monday. They have been mining all weekend, so they can cover the smaller customers now. I'm also 100% sure those with large amounts will still be facing "technical glitches" when they to withdrawal, just as they have been for the past while now. |
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smoothie
Legendary
Offline
Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
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February 10, 2014, 01:21:44 AM |
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Here's a possible explanation as to the "technical" issues that MtGox has been suffering. http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/In short, Mt Gox wrote their own custom wallet software, which only worked because of a bug in early versions of bitcoin. The bug was fixed in a recent release. This would cause transactions sent from Gox to fail. A group of people, thinking that they were being helpful set up relay servers that would take the transactions from Gox, fix them to work around the bug, and then rebroadcast the fixed transactions. The transactions could reuse the same signature (as they were the same transaction), but would be allocated a new TxID. A second bug in Gox's wallet meant that their wallet client only checked it's own TxIDs, and never scanned the blockchain for other TxIDs on its coins. As a result, it is possible that the wallet ran dry, but the actual wallet client didn't notice, and transactions would block because of attempted double-spend. So if it's a general wallet issue, why are deposits still allowed? What does this have to do with all the other issues. Like USD withdrawals not working for 8+ months and lost funds from other issues like crediting deposits before they cleared. What does that have to do with all the new lost funds issues this excuse creates? Where is their CEO? Where is the money. The last question is the big one. They claim they have it in cold storage across at least 6 different locations. Ok fine. So GO GET IT and do a wallet to wallet transfer so you can prove it to everyone via the block chain as they have willing done before when there were questions about their solvency, then put it back into cold storage. Is it that hard to go to these 6 places in question? Or are they still living in the 12th century over there and visiting the next village means loading up a caravan of horses for the 6 month trek across the mountains? No. Someone or a couple of people need to jump in their cars, drive across town, pull the BTC out of the vaults and show everyone they have it. They refuse to do it, instead spewing "Trust us!" Hahahahaha. Yeah, right. I haven't trusted you for the past 3 years, why in the hell would I start now! It never ceases to amaze me just how many people are honestly willing to throw their heads in the sand and pretend like everything is under control. A playing card exchange that has been having legal and financial problems for a year now. USD withdrawals haven't been working right for 8+ months and had a manipulated exchange rate abnormally & unjustifiably higher then all the other exchanges. If that alone isn't enough to convince anyone to stay away, then you are fools. Yet despite their long sorted history and on going troubles, people still keep trying to defend them, even as new problems keep appearing. And that is the fundamental problem with MtGox. Even if, by some chance, this is true, and this particular issue really is just a technical glitch, it's still just one of MANY problems to throw on the already heaping pile of problems they have/had. If your local fiat bank was having all these issues, you know damn well you wouldn't trust them or be making excuses for them. So why do it for MtGox? Oh, I'm 100% sure their BTC withdrawals will be open Monday. They have been mining all weekend, so they can cover the smaller customers now. I'm also 100% sure those with large amounts will still be facing "technical glitches" when they to withdrawal, just as they have been for the past while now. Bold portion is the best case scenario in my view. A run on their bitcoin wallet will happen if they ever open BTC withdrawals ever again. That in turn will raise the price on MTGOX and then those people will likely send it to another exchange and sell thus driving the price down. Overall price is going down over the next 1-2 months. We may rally a bit due to influx of people wanting to withdrawal and some suckers on other exchanges may still follow MTGOX but in the end price is headed lower. I'm a long term bull, but short-term bear currently. |
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| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ .
LEALANA BITCOIN GRIM REAPER SILVER COINS.
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disclaimer201
Legendary
Offline
Activity: 1526
Merit: 1001
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February 10, 2014, 01:27:47 AM |
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Here's a possible explanation as to the "technical" issues that MtGox has been suffering. http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/In short, Mt Gox wrote their own custom wallet software, which only worked because of a bug in early versions of bitcoin. The bug was fixed in a recent release. This would cause transactions sent from Gox to fail. A group of people, thinking that they were being helpful set up relay servers that would take the transactions from Gox, fix them to work around the bug, and then rebroadcast the fixed transactions. The transactions could reuse the same signature (as they were the same transaction), but would be allocated a new TxID. A second bug in Gox's wallet meant that their wallet client only checked it's own TxIDs, and never scanned the blockchain for other TxIDs on its coins. As a result, it is possible that the wallet ran dry, but the actual wallet client didn't notice, and transactions would block because of attempted double-spend. So if it's a general wallet issue, why are deposits still allowed? What does this have to do with all the other issues. Like USD withdrawals not working for 8+ months and lost funds from other issues like crediting deposits before they cleared. What does that have to do with all the new lost funds issues this excuse creates? Where is their CEO? Where is the money. The last question is the big one. They claim they have it in cold storage across at least 6 different locations. Ok fine. So GO GET IT and do a wallet to wallet transfer so you can prove it to everyone via the block chain as they have willing done before when there were questions about their solvency, then put it back into cold storage. Is it that hard to go to these 6 places in question? Or are they still living in the 12th century over there and visiting the next village means loading up a caravan of horses for the 6 month trek across the mountains? No. Someone or a couple of people need to jump in their cars, drive across town, pull the BTC out of the vaults and show everyone they have it. They refuse to do it, instead spewing "Trust us!" Hahahahaha. Yeah, right. I haven't trusted you for the past 3 years, why in the hell would I start now! It never ceases to amaze me just how many people are honestly willing to throw their heads in the sand and pretend like everything is under control. A playing card exchange that has been having legal and financial problems for a year now. USD withdrawals haven't been working right for 8+ months and had a manipulated exchange rate abnormally & unjustifiably higher then all the other exchanges. If that alone isn't enough to convince anyone to stay away, then you are fools. Yet despite their long sorted history and on going troubles, people still keep trying to defend them, even as new problems keep appearing. And that is the fundamental problem with MtGox. Even if, by some chance, this is true, and this particular issue really is just a technical glitch, it's still just one of MANY problems to throw on the already heaping pile of problems they have/had. If your local fiat bank was having all these issues, you know damn well you wouldn't trust them or be making excuses for them. So why do it for MtGox? Oh, I'm 100% sure their BTC withdrawals will be open Monday. They have been mining all weekend, so they can cover the smaller customers now. I'm also 100% sure those with large amounts will still be facing "technical glitches" when they to withdrawal, just as they have been for the past while now. Bold portion is the best case scenario in my view. A run on their bitcoin wallet will happen if they ever open BTC withdrawals ever again. That in turn will raise the price on MTGOX and then those people will likely send it to another exchange and sell thus driving the price down. Overall price is going down over the next 1-2 months. We may rally a bit due to influx of people wanting to withdrawal and some suckers on other exchanges may still follow MTGOX but in the end price is headed lower. I'm a long term bull, but short-term bear currently. Again I fully agree with smoothie, but I'm a bit worried these super whales on Btc-e will use any movement to manipulate the price in their favor in the meantime, meaning the downtrend might be broken by a few perhaps significant pumps, thus further delaying the overall downtrend a bit further. Btc will be fine in the long run, but short to mid-term down, or - if gox indeed fails - short term down significantly. |
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indiekiduk
Newbie
Offline
Activity: 27
Merit: 0
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February 10, 2014, 01:30:22 AM |
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Here's a possible explanation as to the "technical" issues that MtGox has been suffering. http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/In short, Mt Gox wrote their own custom wallet software, which only worked because of a bug in early versions of bitcoin. The bug was fixed in a recent release. This would cause transactions sent from Gox to fail. A group of people, thinking that they were being helpful set up relay servers that would take the transactions from Gox, fix them to work around the bug, and then rebroadcast the fixed transactions. The transactions could reuse the same signature (as they were the same transaction), but would be allocated a new TxID. A second bug in Gox's wallet meant that their wallet client only checked it's own TxIDs, and never scanned the blockchain for other TxIDs on its coins. As a result, it is possible that the wallet ran dry, but the actual wallet client didn't notice, and transactions would block because of attempted double-spend. So if it's a general wallet issue, why are deposits still allowed? What does this have to do with all the other issues. Like USD withdrawals not working for 8+ months and lost funds from other issues like crediting deposits before they cleared. What does that have to do with all the new lost funds issues this excuse creates? Where is their CEO? Where is the money. The last question is the big one. They claim they have it in cold storage across at least 6 different locations. Ok fine. So GO GET IT and do a wallet to wallet transfer so you can prove it to everyone via the block chain as they have willing done before when there were questions about their solvency, then put it back into cold storage. Is it that hard to go to these 6 places in question? Or are they still living in the 12th century over there and visiting the next village means loading up a caravan of horses for the 6 month trek across the mountains? No. Someone or a couple of people need to jump in their cars, drive across town, pull the BTC out of the vaults and show everyone they have it. They refuse to do it, instead spewing "Trust us!" Hahahahaha. Yeah, right. I haven't trusted you for the past 3 years, why in the hell would I start now! It never ceases to amaze me just how many people are honestly willing to throw their heads in the sand and pretend like everything is under control. A playing card exchange that has been having legal and financial problems for a year now. USD withdrawals haven't been working right for 8+ months and had a manipulated exchange rate abnormally & unjustifiably higher then all the other exchanges. If that alone isn't enough to convince anyone to stay away, then you are fools. Yet despite their long sorted history and on going troubles, people still keep trying to defend them, even as new problems keep appearing. And that is the fundamental problem with MtGox. Even if, by some chance, this is true, and this particular issue really is just a technical glitch, it's still just one of MANY problems to throw on the already heaping pile of problems they have/had. If your local fiat bank was having all these issues, you know damn well you wouldn't trust them or be making excuses for them. So why do it for MtGox? Oh, I'm 100% sure their BTC withdrawals will be open Monday. They have been mining all weekend, so they can cover the smaller customers now. I'm also 100% sure those with large amounts will still be facing "technical glitches" when they to withdrawal, just as they have been for the past while now. All the answers to your questions are in the reddit post. The bug is in withdrawals not deposits. USD issues have been stopped while they are under investigation. For security reasons they can't just go and get the secured bit coins. The more people you tell the more risk they are at getting stolen. They probably tried quite hard to limit the number of people who know where they are. And just involving secure transport means even more people knowing. It probably would be a 2 week operation and quite expensive. As for their CEO I don't know if anyone he met was the CEO, but he got the answers anyway. We know the whole system was bits and pieces hacked together held together by a thin thread, just accept MtGox for what it is, I don't see any reason why it would shut down any time soon. If you've seen the software investment banks use then it would be less of a shock to you. These sudden scare drops don't happen often anymore, take advantage and load up on discount coins. I'll be back over $1000 before you learn to say konichiwa |
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Artlover
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February 10, 2014, 02:17:59 AM |
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USD issues have been stopped while they are under investigation. Uh, no. USD withdrawals were stopped in June of 2013 because they were not registered in the USA as a money transferer. They filed the paper work, became registered and reopened USD withdrawals back in July of 2013. Except, it has never actually "worked", with some withdrawals taking upwards of 2+ months, many never getting them at all. Interestingly enough, if you read MtGox's news on the matter, they used the excuse of increased volume/demand for why they shut down USD withdrawals in June while they made improvements to the system. I can't find anywhere on their website where they even mention their problems with the FED's and banking regulations in this country. As far as investigations. Silkroad investigations were mostly last year and why the $5.5 million was seized from them in May of 2013. While I'm sure there still investigations going on, especially after the Charlie Sherm incident, that would not cause the shutdown of just USD withdrawls. Makes no sense anyways since much of Silkroad's business was tied to users (both buyers and sellers alike) in other countries besides the US. What it would (and DID) do is cause the funds in specific individual accounts suspected of being involved (everyone who used BitInstant) being locked (which seemed to effect AUD holders more then anything). To get back to a previous point. They used the excuse of increased volume/demand. Where have I heard that before? They already have an established history of lying about reasons for what goes on there using the same old worn out excuses. I should believe them now why? |
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EvilPanda
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February 10, 2014, 02:40:20 AM |
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Yup, as some people stated before, a big business like that shouldn't avoid questions. If you were earning as much as they do from fees, you could easily hire 1 or 2 people to just sit there and answer emails, manage facebook and twitter accounts or just being a responsible CO, sit your ass in front of the screen for 30 min a day and write a summary of problems and actions taken, for all to see. Next thing is the weekend problem - wtf? You run a company, it gets in trouble, people are losing patience and you take a 2 day break from work because it's weekend? Maybe I'm strange but I'd lose sleep, call freinds to help me and sit there whole day trying to resolve this. That's why even if they manage to survive this, their attitude should be a clear sign to stay away. If something like this happens again, they will just ignore your claims and eventually pack their bags and run.
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hyphymikey
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February 10, 2014, 03:00:45 AM |
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Yup, as some people stated before, a big business like that shouldn't avoid questions. If you were earning as much as they do from fees, you could easily hire 1 or 2 people to just sit there and answer emails, manage facebook and twitter accounts or just being a responsible CO, sit your ass in front of the screen for 30 min a day and write a summary of problems and actions taken, for all to see. Next thing is the weekend problem - wtf? You run a company, it gets in trouble, people are losing patience and you take a 2 day break from work because it's weekend? Maybe I'm strange but I'd lose sleep, call freinds to help me and sit there whole day trying to resolve this. That's why even if they manage to survive this, their attitude should be a clear sign to stay away. If something like this happens again, they will just ignore your claims and eventually pack their bags and run.
I have a feeling even if they worked throughout the weekend they would achieve nothing. Things are worse then they appear. They spent the bitcoinica funds and more, also having the FBI lock down some funds, therefore having to halt withdrawals. They will have to open withdrawals manually, allowing only what comes in to go out because they have nothing left (just like they did with fiat). |
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AndersAA
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February 10, 2014, 03:28:55 AM |
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Yup, as some people stated before, a big business like that shouldn't avoid questions. If you were earning as much as they do from fees, you could easily hire 1 or 2 people to just sit there and answer emails, manage facebook and twitter accounts or just being a responsible CO, sit your ass in front of the screen for 30 min a day and write a summary of problems and actions taken, for all to see. Next thing is the weekend problem - wtf? You run a company, it gets in trouble, people are losing patience and you take a 2 day break from work because it's weekend? Maybe I'm strange but I'd lose sleep, call freinds to help me and sit there whole day trying to resolve this. That's why even if they manage to survive this, their attitude should be a clear sign to stay away. If something like this happens again, they will just ignore your claims and eventually pack their bags and run.
I have a feeling even if they worked throughout the weekend they would achieve nothing. Things are worse then they appear. They spent the bitcoinica funds and more, also having the FBI lock down some funds, therefore having to halt withdrawals. They will have to open withdrawals manually, allowing only what comes in to go out because they have nothing left (just like they did with fiat). And how exactly did the FBI lock down gox bitcoins? That's a trick I'd like to learn ;-) |
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disclaimer201
Legendary
Offline
Activity: 1526
Merit: 1001
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February 10, 2014, 04:12:02 AM |
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Hey, I was thinking about that thread yesterday and wondered how hard it would be to find, thanks. I wonder if he ever did the hashing of passwords the way he was asked to in this 2010 thread. Otherwise, uhm ooopsie. |
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goode400
Newbie
Offline
Activity: 30
Merit: 0
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February 10, 2014, 06:48:18 AM |
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What? I woke up (in the UK) expecting to at least see something had happened. As I write, it's 3.45pm in Tokyo. Nothing new on the mtgox new-sfeed. I thought no news would be the worst news of all...but the price has barely changed. Does everyone really believe that an announcement is still coming in the last couple of hours of their working day? If you were in charge there, at 9am, wouldn't you at least have written something along the lines of 'announcement at 5pm'?
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Artlover
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February 10, 2014, 07:29:16 AM |
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I wonder if he ever did the hashing of passwords the way he was asked to in this 2010 thread. Otherwise, uhm ooopsie. That would explain how an auditor's account got hacked in 2011 and a crap load of BTC were stolen.  |
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Artlover
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February 10, 2014, 07:32:05 AM |
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Well, there is some news from a newspaper: All old news. Are all your aussie newspapers 3+ days behind? LOL.  |
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Eternity
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February 10, 2014, 07:35:01 AM |
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Things looks good now seems so
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disclaimer201
Legendary
Offline
Activity: 1526
Merit: 1001
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February 10, 2014, 07:45:40 AM |
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Things looks good now seems so
Really? Almost 5pm in Japan and still no update. Looking real good! |
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smoothie
Legendary
Offline
Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
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February 10, 2014, 08:10:02 AM |
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Things looks good now seems so
Really? Almost 5pm in Japan and still no update. Looking real good! Not surprising. Their update likely wont have much to appease their customers wanting their Bitcoins out. |
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| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ .
LEALANA BITCOIN GRIM REAPER SILVER COINS.
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