HUGE PLUMMET TOMORROW!

[windjc]

It seems that the mutated transactions attack is intensifying, and is not limited to MtGox, but spread to the whole network.
May I ask how could someone know in advance that the price is going to drop so sharply (on BTC-E at least), and because of this attack?
If this attack continues / worsens, then maybe the OP knows who is perpetrating it, or even he may be involved.

Ignored

[pungopete468]

So lets look at our current situation...

This is fact:
- Gox is insolvent ever since the FBI grabs 9 million USD.

Not a fact. This belongs under speculation. They also didn't grab 9M USD but 5M if I remember correctly. I doubt that would make them insolvent.

- Gox price hovers far above other exchanges for USD withdrawal issues related to insolvency.
- Gox offers Gox Bux for withdrawals instead of USD.
- Gox halts all BTC withdrawals claiming a bug in the BTC protocol.
- Gox admits to knowing about the problem since 2011.
- Gox somehow re-enables USD withdrawals despite previous insolvency.
- Gox exchange prices plummet.

This is speculation:
- Gox was the source of the coins unloaded on other exchanges in an effort to gain fiat liquidity.
- Gox is allowing USD withdrawals because they expect the price to fall on their exchange as people cash out in fiat
- Gox can profit from the arbitrage as their members will sell BTC for relatively low USD amounts reducing the financial liability for Gox.
- Gox has no intentions of enabling BTC withdrawals but will allow users to cash out in fiat.
- Gox is using the Bitcoin protocol as a scapegoat to scam it's members by selling their coins at a profit through arbitrage.

Some additional info:
This "bug" is not actually a bug but rather a caveat that the exchanges are well aware of and have already designed their automated payout systems appropriately. The payout systems rely on wallet addresses and confirmations rather than TXID's to prevent this situation.
Gox enabled USD withdrawal the day after the major dumps on other exchanges.

You don't have to agree with my opinions on the speculation but if you look at the well known history and put the pieces together it really looks bad for Gox...

The only thing I agree on is that MtGox is done for, they can only delay the inevitable. But this is something I and I think a big part of the market with me has been very much aware of since June 2013. The only thing that surprises me is how long MtGox has been able to keep being in business, I actually expected their lights to go out somewhere last year. I would be really surprised if they survive this year as well. But for me personally MtGox is already dead and has been for quite some time.

You're right on the $5 million USD. I was mistaken... It did make them insolvent, however. They had to disable USD withdrawal because the accounts that were seized were used for customer withdrawals according to the FBI warrant used to appropriate the accounts.

I agree with you that the death of Gox has been priced into the market sentiment; that doesn't mean Gox won't unload tens of thousands of BTC on other exchanges as they go out.

[cdooer]

Do you know this man ?



http://en.wikipedia.org/wiki/Ponzi_scheme

No, but he looks like an igorr...

[igorr]

Do you know this man ?



http://en.wikipedia.org/wiki/Ponzi_scheme

No, but he looks like an igorr...

lol, funny

[mladen00]

Mark my words, we will see btc to under $100 by friday... MT GOX will announce they are halting trading indefinitely. Be prepared to buy low if you can!

Dream on, why would people e.g. from Bitstamp sell all their coins? If your neighbours company goes bankrupt because he was an idiot do you close yours too?

what? you'll get yours monthly pay-check and you wanna buy cheap btc

Something major is going to happen this week... I am warning you all now..

[kireinaha]

OP was right, how did he know about the bitcoin tx ID bug? We're done I'm afraid. Once people understand the full impact, we rewlly could see < $100 prices, huge sell pressure coming. This is going to cause major trust issue with the protocol because it's going to effect everyone. We need exchanges. One falling is no big deal, but it sounds like many if not all are being effected. This could be really bad.

[c0dex]

It still doesn't seem as though it will get ANYWHERE near $100 again, and in fact seems to have stopped plummeting now that we're heading back up on Bitstamp.

[igorr]

Breaking news, https://www.bitstamp.net/article/bitcoin-withdraws-suspended/

[David Rabahy]

Here's the thing; non-participants in Bitcoin can worry all they want; they don't participate so their concerns do not impact the exchange rates, period.  Only participants in Bitcoin can impact the exchange rates by buying and selling.  If some weaklings got into Bitcoin and don't take the time to understand Mt. Gox is blowing smoke then they made a mistake getting in in the first place.  Investing in Bitcoin is not for weaklings.

[kireinaha]

It still doesn't seem as though it will get ANYWHERE near $100 again, and in fact seems to have stopped plummeting now that we're heading back up on Bitstamp.

I think we're still just now absorbing the impact of this. People laughed off Gox's statement at first, maybe because they didn't want to believe it. We're probably going to see more exchanges suspend withdrawals one by one. If it's not resolved soon, we'll have a few more sell offs i'm afraid that will test historic lows. People will be rushing for the exits, it's a mixture of a legitimate bug and mass hysteria. This is shaping up to be the "worst case scenario" I always feared but hoped wouldn't happen.

[c0dex]

It still doesn't seem as though it will get ANYWHERE near $100 again, and in fact seems to have stopped plummeting now that we're heading back up on Bitstamp.

I think we're still just now absorbing the impact of this. People laughed off Gox's statement at first, maybe because they didn't want to believe it. We're probably going to see more exchanges suspend withdrawals one by one. If it's not resolved soon, we'll have a few more sell offs i'm afraid that will test historic lows. People will be rushing for the exists, it's a mixture of a legitimate bug and mass hysteria.

Very plausible, kireinaha!

[c0dex]

Our friend BitcoinSteve is starting new threads with "news":

https://bitcointalk.org/index.php?topic=460671.0

[BitcoinSteve]

Our friend BitcoinSteve is starting new threads with "news":

https://bitcointalk.org/index.php?topic=460671.0

Just trying to help, donations are not needed anymore.. its over..

[c0dex]

Our friend BitcoinSteve is starting new threads with "news":

https://bitcointalk.org/index.php?topic=460671.0

Just trying to help, donations are not needed anymore.. its over..

If you were truly trying to help anyone, you'd be less cryptic, you wouldn't have required donations in order to hear your "news," etc

[BitcoinSteve]

Our friend BitcoinSteve is starting new threads with "news":

https://bitcointalk.org/index.php?topic=460671.0

Just trying to help, donations are not needed anymore.. its over..

If you were truly trying to help anyone, you'd be less cryptic, you wouldn't have required donations in order to hear your "news," etc

The news has changed, I do not want donations, BITCOIN is almost over..

[FierceRadish]

Our friend BitcoinSteve is starting new threads with "news":

https://bitcointalk.org/index.php?topic=460671.0

Just trying to help, donations are not needed anymore.. its over..

It's just that, other than your very good call the other day, your post history doesn't in any way suggest you should know something more than the average BTCTalker.

(By the way, <$100 doesn't necessarily mean Bitcoin would be over. Or do you know something truly dramatic?)

[DaFockBro]

BitcoinSteve = Satoshi = NSA

https://i.imgur.com/h1KeAIq.jpg

[igorr]

BitcoinSteve = Satoshi = NSA

+1

[elviselvis101]

BitcoinSteve hath spoken!

SELL SELL SELL!

Run for the hills! There soon will be panic in the streets!  Lol  

nice pic, what movie, if any ?

[nakaone]

Clutching at straws here but maybe related to this? http://www.itnews.com.au/News/372033,worlds-largest-ddos-strikes-us-europe.aspx

nice deduction

told my friends during lunch that this is probably going to happen

anyway hodling