Mt.GOX is FINE, BTC HAS NOT 'CRASHED'

[thelema93]

OK, let's look at the facts:

1) BTC price has not actually dropped any lower than it was just a few weeks ago, on Dec 18th. On Dec 18th the price was $600 USD. So far the price has not dropped to this low - so in no way is the price 'crashing'. That is pure hype crap.

2) Mt. GOX has had some kind of technical glitch. They are the BIGGEST bitcoin exchange in the world. I am a web designer and database engineer - Obviously the technical processes involved in running a massive exchange like that means that there might be some glitches sometimes. They have temporarily suspended BTC withdrawals - so they can fix the bug. If they wanted to run off with everyone's coins - why wouldn't they just shut down and say they got hacked or something - surely that would be very easy for them if they wanted to do that.

3) I have personally made many AUD and BTC deposits & withdrawals in and out of Gox over the last few weeks. They respond to my support request on average in about 4 days. I have absolutely no paranoid deluded fear that they are trying to scam me.

4) Gox has recently added One time password cards to their security. Why would they go to all the hassle of adding new features to their website when their prime goal is to run off with everyone's coins?

5) The only reason Gox slowed down USD withdrawals was because the US government stole $5 million of their money.

If anyone believes the total and utter crap written all over this forum trying to say that Gox is trying to scam everyone then they are an idiot.

If they don't re-start BTC withdrawals within a few days i'll eat my hat.

THIS IS NOT A CRASH:

[smoothie]

Yes nothing is wrong...yup BTC withdrawals halted...nothing wrong there. 

[busygin]

Everything you said could be true yet they may be unable to resume BTC withdrawals soon (if the technical glitch is too big to fix quickly).

[Dalmar]

Gox's undercover PR department is here.

[thelema93]

Yes nothing is wrong...yup BTC withdrawals halted...nothing wrong there. 

When you do a withdrawal on a massive website like Gox, it's not the same as simply sending money from your wallet. It's a massive database combined with multiple wallets and cold storage too. To be honest i'm surprised they haven't had to do that before. It is a very complex web application and i am sure they are working very hard to fix the problem.

I don't really get this idea that they are doing it deliberately. Like i said. Why wouldn't they just shut down a bunch of people's accounts and steal their coins - or pretend they got hacked or something - if they wanted to steal coins?

It doesn't make any sense that they would stop withdrawals unless they HAD to - obviously it doesn't look good. They wouldn't do it unless their really was a technical hitch.

LOL! you paranoids make me laugh.

[zeroday]

Who cares. I just want my coins @ $500 

Panic more guys, the end is coming, as always...

[JimboToronto]

Yes nothing is wrong...yup BTC withdrawals halted...nothing wrong there. 

When you do a withdrawal on a massive website like Gox, it's not the same as simply sending money from your wallet. It's a massive database combined with multiple wallets and cold storage too. To be honest i'm surprised they haven't had to do that before. It is a very complex web application and i am sure they are working very hard to fix the problem.

I don't really get this idea that they are doing it deliberately. Like i said. Why wouldn't they just shut down a bunch of people's accounts and steal their coins - or pretend they got hacked or something - if they wanted to steal coins?

It doesn't make any sense that they would stop withdrawals unless they HAD to - obviously it doesn't look good. They wouldn't do it unless their really was a technical hitch.

LOL! you paranoids make me laugh.

You have to understand that MtGox has some credibility issues around here due to the fact that when they announced a 2-week "temporary" hiatus on USD withdrawals last June, it turned into many months and very inconsistent withdrawals when they did return.

It seems whales were able to move fiat in and out through sheer volume and paying a premium. Small investors and traders were treated as 2nd-class citizens.

Needless to say, when they recently suspended BTC withdrawals and promised to have things back running in 2 weeks, many people were skeptical.

[thelema93]

You have to understand that MtGox has some credibility issues around here due to the fact that when they announced a 2-week "temporary" hiatus on USD withdrawals last June, it turned into many months and very inconsistent withdrawals when they did return.

It seems whales were able to move fiat in and out through sheer volume and paying a premium. Small investors and traders were treated as 2nd-class citizens.

Needless to say, when they recently suspended BTC withdrawals and promised to have things back running in 2 weeks, many people were skeptical.

Sure, understood. I'm not trying to make excuses for Gox - I just think that most of the comments on this forum are waaaay out of balance. Of course it sucks that their withdrawals have had issues. But it doesn't mean they are trying to scam everyone. That's my point.
i'm just trying to bring some balance to the force. I really don't think anyone needs to be afraid that Gox is going to steal their money.

[JimboToronto]

i'm just trying to bring some balance to the force.

LOL This trollbox? Good luck. 

[fonzie]

You have to understand that MtGox has some credibility issues around here due to the fact that when they announced a 2-week "temporary" hiatus on USD withdrawals last June, it turned into many months and very inconsistent withdrawals when they did return.

It seems whales were able to move fiat in and out through sheer volume and paying a premium. Small investors and traders were treated as 2nd-class citizens.

Needless to say, when they recently suspended BTC withdrawals and promised to have things back running in 2 weeks, many people were skeptical.

MT.GOX IS ABOUT TO SCAM EVERYONE!

Sad but true 

[Ibian]

Out of curiosity, how much do you have tied up with gox?

[chessnut]

it hasnt crashed YET, and who said it has?
there is a very real possibility that we revisit 400. lets not speak too soon.

[thelema93]

Out of curiosity, how much do you have tied up with gox?

Not too much. I have equal number of coins in Gox, btce and localbitcoins - i think they are all good in different ways. Gox always had a better rate for selling & better withdrawals in AUD. btce better EUR withdrawals. Localbitcoins good for the more decentralized approach.
I am not trying to kiss Gox's ass or something - just trying to point out that the Gox-hating club on this forum is way out of balance and a lot of them seem actually to be anti-bitcoin itself. So go figure. They have an agenda. If they can get everyone to hate Gox then maybe bitcoin itself will go down. It's the biggest exchange and most professional in it's feel and support. No joke they nearly always reply to my support request in 4-5 days max. Btce has no support as far as i can see. Trying to kill Gox is like trying to kill bitcoin so take all the trolls Gox-hating with a big pinch of salt.

[dwdoc]

Is that the sound of helicopters?

No wait. It's just a posttraumatic coinlenders flashback...

[theonewhowaskazu]

I agree on the fact that BTC staying above the $600-ish area is indicative of at least a modicum of support.

But I disagree on Gox, it clearly isn't fine. The main upside to this is that hopefully gox will die and not cause any further liquidity crisis.

[glendall]

Ya I've trying to tell ppl the same thing .  I don't really consider something selling for 250 then 1000 then 650 in less than 3 months a big crash. It's a matter of perspective. It's just as valid to say the price has tripled in less than 3 months.... uh, how is that a crash exactly?   

I'm even hearing out the 'big bitcoin crash, haha, oh you know bitcoin , it crashes all the time' kind of news stories in mainstream media.It just makes me laugh.  If we go to down to sub 300 , that would be a crash.

[the_sunship]

Gox going away will be positive in the long run. It's silk road all over again in bitcoinland

[thelema93]

Gox going away will be positive in the long run. It's silk road all over again in bitcoinland

Sorry I don't agree. Gox going down would be very bad for bitcoin, as millions of bitcoin users would lose confidence, and the media hype would be really bad for bitcoin too. I hope for bitcoins sake that they are fine. Nothing points to them going down at all anyway.

[BitcoinAshley]

Gox going away will be positive in the long run. It's silk road all over again in bitcoinland

Sorry I don't agree. Gox going down would be very bad for bitcoin, as millions of bitcoin users would lose confidence, and the media hype would be really bad for bitcoin too. I hope for bitcoins sake that they are fine. Nothing points to them going down at all anyway.

Uh, how would millions of bitcoin users lose confidence? Major exchanges have gone down in the past. Bitfloor was the top exchange in the US and it disappeared... Gox has only a fraction of its former market share. Most people who have been around longer than a few months have seen things like this happen before. That it is Gox does not mean that everyone will throw up their arms and panic. Heck, most people hate Gox and would love to see it go.

[Impaler]

Gox's undercover PR department is here.

I knew the moment I read the title this was going to be here.

P.S.  People talking about needing to see $300 again for a 'crash' as confusing a crash with 'giving up all gains'.  A Crash is a sudden drop far in excess of normal daily volatility, this is a Big Crash on Gox (because it was combined with the closing of the gap between Gox and other exchanges) and a modest one (so far) on other exchanges.  BTC MIGHT give up all it's November gains but no bubble EVER gives up all its gains IN ONE CRASH, past precedent in BTC if for gains to slowly slide over the course of months. To claim an immediate loss of all gains is what needs to happen to 'crash' is to set up an unrealistic hurdle.