New Mt Gox Press Release - Feb 10 - they are claiming flaw in bitcoin protocol !

[coins101]

very clear explanation of what's happening:

http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/cf99yac

+1

Very clear.

[Moebius327]

http://

$513

Hit $102 on btc-e.

[nosf009]

For a moment BTC hit 110 USD on BTC-e. I can see now how some people laugh out loud, and with a reason.

And yeah, this MTGox story - from a tech perspective, a bit silly in the end. Really I don't get it - Friday's news about UK putting up 28.000 sale places for fiat/BTC went completely not noticed due to some exchange?
Well, let em close and burn already if they can't handle their business.

[miner002013]

Time to sell bitcoin or hold?

[yatsey87]

This is a blame game - they want to buy some time.
If the procol got bugs, how come it's only MtGox that has detected this bug?

Also, why has it gone 5 years before the bug was found, this is pure Bull, i dont believe it.


 

It's probably not even a bug just gox passing blame.

[phrozenspite]

Hmm this website just released this: http://www.businessweek.com/news/2014-02-10/bitcoin-exchange-mt-dot-gox-says-users-can-withdraw-cash-as-normal

They say everything will be ok i dont know why everyone is selling there coins?

Money wasn't the issue, being unable to withdraw your bitcoins is.

[guybrushthreepwood]

Why are people selling their coins for this low? I dont get it. It's their fault that the price is crashing.

[duncangray]

I think people that get freaked out about the fluction of the bit coin have quite a lot to learn, all currency values fluctuate due to daily activities.
So there has been a bit of bad confidence but when the issues are sorted then confidence will improve and the bit coin will strengthen.
At the moment it gives people a chance to buy bit coin at a reduced rate.

I noticed another online electronics retailer(www.aria.co.uk) started accepting the bit coin today for payments so if anything I would say acceptance is gathering pace.

[5flags]

Some people are going to have lost an awful lot of money today.

On the plus side, some people are going to have made an awful lot of money today

Unfortunately, I was holding, so I'm just locked in until the bounce, which is happening.

[tozak]

http://

$513

Hit $102 on btc-e.

If only was in USD

[smoothrunnings]

Sell Sell Sell! Lets have the price drop to $0.05 a bitcoin!!

The price will eventually go back up again.

[nosf009]

This is a blame game - they want to buy some time.
If the procol got bugs, how come it's only MtGox that has detected this bug?

Also, why has it gone 5 years before the bug was found, this is pure Bull, i dont believe it.


 

It's probably not even a bug just gox passing blame.

And on that topic, I've gone through article on Friday with some analysis guy saying that it's damn MtGox's fault they actually used the non standard code and implementation; and that their amateurish work is simply not good enough for the increasing demand and popularity BTC has. So, I took a look at things a bit, and mostly it all adds up to such conclusions.
So, defo - it's a blame passing, and buying time, while unfortunately, probably about 80% people are panicking simply because they've been blinded by such lame statements from MtGox.

I wish I only had once for change listened to the BTC-e trollbox and sold everything in alts for some btc, then did what someone did - sell 550, buy 150, it would be 4x my money in 10 seconds.

IMHO; if one exchange can't handle it's business - let it rot.
And for this BTC - if BTC can "die" due one exchange having baby problems, then, no matter how much loss I sustain, let the BTC burn too, what else to say.

[Mikellev]

The ONLY real reason!

[glendall]

Well here's hoping this is the final Gox-caused market crash. 

I really hope people will stay away from them even if they manage to get back on their feet.

[smoothrunnings]

BTW kiddies, MtGox has the lowest price for BTC, all the other sites (check preev.com) are $600 to $700 USD, even cavirtex.ca is about $700 per BTC.

I suspect more and more people as they leave MtGox will drive the price on that exchange and either keep the price going at the other exchanges as they pick up the slack and or drive up the price. In the end the largest exchange is going to take a heavy hit for their own stupidity.

[tozak]

Is it just me or do others also think Gox lost some BTC a while back and realised if it got out there would be a run on BTC withdrawal, so they halted large volume withdrawals but that caused more withdrawals so they had to suspend all withdrawals.

Then they come up with a weak bs story about how (not their system is flawed but how BTC it's self is flawed) and bang they can go buy up the missing coins on other exchanges dirt cheap.

[coins101]

For all those that are panic selling.....I'm panic buying.

Thanks for the early birthday present.  

[Duetschpire]

Why do we drill "mainstream" people with "Decentralized" when one exchange's not so legit announcement can do to the market what mtGox did today? How is that not centralized?

[techstorm3]

Im sure if they are talking BS, the core developers will be quick to rebut there claims, if not they'll just fix it.


Bitcoin has worked without major issues for the last 5 years so the former seems more likely.

 

[Rampion]

Well, Gox statement was the perfect panic generator - noobs selling, the rest of us buying

This problem with bitcoin protocol was well documented and the "flaw" is in the custom bitcoin implementation used by MtGox's wallet.

Nothing new.