Mt. Gox on Monday

[Nagle]

So what happens on Monday morning?

[sd]

So what happens on Monday morning?

Nothing. Around Thursday mtgox announce they need more time to resolve their technical issues.

[njcarlos]

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]

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]

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]

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]

Here is what I think they will post:

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.

[DaRude]

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

[Bitnicity]

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]

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