Bitcoin Forum
December 16, 2017, 07:21:03 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Poll
Question: What will happen with Mt. Gox on Monday, 10 February 2014  (Voting closed: February 11, 2014, 10:37:07 PM)
All pending Bitcoin withdrawals are immediately paid out. - 2 (3%)
Bitcoin withdrawals resume but existing ones are cancelled. - 11 (16.7%)
Bitcoin withdrawals do not resume. - 18 (27.3%)
A few small withdrawals resume, but not big ones. - 6 (9.1%)
Mt. Gox has a new excuse for not paying. - 20 (30.3%)
Mt. Gox is shut down by authorities in Japan. - 0 (0%)
Mt. Gox announces they're going out of business. - 4 (6.1%)
Karpeles runs away with the assets. - 5 (7.6%)
Total Voters: 66

Pages: [1]
  Print  
Author Topic: Mt. Gox on Monday  (Read 1370 times)
Nagle
Legendary
*
Offline Offline

Activity: 1204


View Profile WWW
February 08, 2014, 10:37:07 PM
 #1

So what happens on Monday morning?
1513452063
Hero Member
*
Offline Offline

Posts: 1513452063

View Profile Personal Message (Offline)

Ignore
1513452063
Reply with quote  #2

1513452063
Report to moderator
"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- gmaxwell
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513452063
Hero Member
*
Offline Offline

Posts: 1513452063

View Profile Personal Message (Offline)

Ignore
1513452063
Reply with quote  #2

1513452063
Report to moderator
1513452063
Hero Member
*
Offline Offline

Posts: 1513452063

View Profile Personal Message (Offline)

Ignore
1513452063
Reply with quote  #2

1513452063
Report to moderator
1513452063
Hero Member
*
Offline Offline

Posts: 1513452063

View Profile Personal Message (Offline)

Ignore
1513452063
Reply with quote  #2

1513452063
Report to moderator
sd
Hero Member
*****
Offline Offline

Activity: 730



View Profile
February 08, 2014, 10:59:18 PM
 #2

So what happens on Monday morning?

Nothing. Around Thursday mtgox announce they need more time to resolve their technical issues.
njcarlos
Sr. Member
****
Offline Offline

Activity: 280


View Profile
February 08, 2014, 11:15:01 PM
 #3

Well they didn't say it would be fixed by Monday, correct? Just that they would provide an update. So, likely they'll need more time.
medUSA
Legendary
*
Offline Offline

Activity: 952


--Signature Designs-- http://bit.ly/1Pjbx77


View Profile WWW
February 08, 2014, 11:27:14 PM
 #4

I posted this in another topic, saying I am rather pessimistic on this...

As to how Gox is going turn out on Monday, I hold quite a pessimistic view...

For every trade in the exchange, coins are simply changing hands, and no coins are generated or destroyed. Gox SHOULD always have enough bitcoins for traders to withdraw and there should never be ANY holdups. If they have resorted to sending coins manually in these few days to "catch up" with the backlog, they would have said so. The fact they have halted withdraw, it could be something more troubling.

Let's hope we get some good news
thelema93
Full Member
***
Offline Offline

Activity: 238


View Profile
February 09, 2014, 02:19:06 AM
 #5

I posted this in another topic, saying I am rather pessimistic on this...

As to how Gox is going turn out on Monday, I hold quite a pessimistic view...

For every trade in the exchange, coins are simply changing hands, and no coins are generated or destroyed. Gox SHOULD always have enough bitcoins for traders to withdraw and there should never be ANY holdups. If they have resorted to sending coins manually in these few days to "catch up" with the backlog, they would have said so. The fact they have halted withdraw, it could be something more troubling.

Let's hope we get some good news

Doesn't anyone understand the complexity involved in running a website like Gox? It's an automated wallet system linked to a massive database of users accounts. It is very easy to imagine a glitch in that happening. it's much more likely that they really have a glitch than they are trying to scam their customers. That is pure paranoia.
Bitnicity
Jr. Member
*
Offline Offline

Activity: 56


View Profile
February 09, 2014, 03:00:43 AM
 #6

don't wet your pent pal, you will get your coins, eventually. I don't believe they are short of coins, otherwise, Mark would have flew to some exotic islands already.
TTBit
Legendary
*
Offline Offline

Activity: 1136


View Profile
February 09, 2014, 03:04:30 AM
 #7

Here is what I think they will post:

Quote
TOKYO - JAPAN February 10, 2014

Dear MtGox Customers,

Thank you for your patience regarding the temporary suspension of BTC withdrawals. All BTC withdraws were being processed, but not at the rate we want. The volume of pending BTC withdrawls and deposits overloaded our system, and code had to be re-written. We are working around the clock to fix this issue. We expect to begin testing the new software later this week, and resume full withdrawals in the next 7~10 days.

Despite this setback, our vision of becoming the best bitcoin exchange has not changed. Our team is focused on realizing this goal.

As a thank you for your continued patience and support, we are introducing a special 0.49% bonus on any BTC deposit (up to 0.50 btc per account) while we troubleshoot this issue.

Regards
Mt.Gox Co. Ltd Team.

* Look for a '7~10' days to give them some wiggle room.
* Look for a trading fee discount / deposit bonus. A deposit bonus might be a giveaway of the severity of the issue, but its funnier to write. A trading discount is more likely.

good judgment comes from experience, and experience comes from bad judgment
DaRude
Legendary
*
Offline Offline

Activity: 1358


In order to dump coins one must have coins


View Profile
February 09, 2014, 05:59:11 AM
 #8

Yep agreed. Update will be that they're still working on this technical issue. As a convenience a manual withdraw option will be offered at a 30% discount rate

Step1: Conglomerate of miners corner the hash rate
Step2: ??
Step3: People invest in BTCina In code miner conglomerate we trust™ coin $$$ Profit $$$
Bitnicity
Jr. Member
*
Offline Offline

Activity: 56


View Profile
February 09, 2014, 06:09:22 AM
 #9

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity;  They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.
medUSA
Legendary
*
Offline Offline

Activity: 952


--Signature Designs-- http://bit.ly/1Pjbx77


View Profile WWW
February 09, 2014, 07:19:59 PM
 #10

look at all the panic sale over the past several days, that's astonishing slaughtering, think about those sellers who just bought goxbtc at $200 above market just a week ago and now screaming to fire sell at $50-100 below market; Gox is the only asshole that benefit from this stupidity;  They are taking advantage of the panic to pick up some cheap goxbtc at shit discount (they are the only guys that know all the gox$ plus goxbtc dark pool), then off load to the same guys selling today at huge mark-up tomorrow as people rush to withdraw - be rational guys, Gox is no way to be insolvent as they are just collecting all your btc at basement price- unexpectedly, Gox will announce "withdraw as usual" when they finally clean the floors , let's test my theory and prove me wrong over the next week.

You have a point. Gox could have sold all their btc (users' btc) on other exchanges days in advance, halt withdraw on Gox, create a panic, pick up cheap coins, shipped them back into Gox, and business as usual on Monday.

This is certainly good news, nothing to worry about then  Cheesy
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!