What will happen when Gox re-opens BTC withdrawals?

[thelema93]

I'm guessing that soon as they re-open withdrawals there'll be a lot of people who have fiat in there who will suddenly want to buy loads of coins at their new low rate. I guess that will quickly make their price rise back up to what it was before and then they'll be back where they were again - with a higher price than everyone else again.

I'm still not sure whether the price dropped BEFORE they stopped BTC widthdrawals or AFTER? Does anyone know what time they shut down the BTC withdrawals on the 7th?

[Jeezy911]

Error-Not enough funds available for withdraw

[Ibian]

When?

[pungopete468]

If Gox gets as high as it was in proportion to the other exchanges it's a sign of insolvency.

Arbitrage is a price equalizer. If you can't get fiat out of an exchange to buy coins from other exchanges then the price per BTC will spike out of proportion to the rest of the BTC economy. If you can't get BTC out then you have a mass crash because in the event of a loss you can value your losses in fiat rather than BTC and it streamlines the legal process when you sue as there's no conflict in the actual value of your losses...

[theonewhowaskazu]

IF gox allows BTC withdraws again, and they actually work, before it starts processing USD withdraws, expect the Gox BTCUSD exchange rate to double in 24 hours.

Thats a big goddamn IF.

[TERA]

There was an article on here earlier that gox is already processing cash withdrawals. Was it fake?

[glendall]

You know what I really, really, really hope happens?

People stop using Gox and don't go back.

I mean wow, how many crashes have Gox caused now?  And I also gotta admit it is bad marketing / pr for bitcoin when the biggest exchange (for the longest period) used to be a Magic The Gathering card exchange.

I really think the management there, or their technical staff, are [edit!] NOT up to the challenges of being a premier exchange, I wish they'd just graciously bow out, instead of taking so much of the market with them.  Mt Crash.

[thelema93]

There was an article on here earlier that gox is already processing cash withdrawals. Was it fake?

No it's not fake. I have done a bunch of withdrawals recently FIAT - not BTC

[thelema93]

IF gox allows BTC withdraws again, and they actually work, before it starts processing USD withdraws, expect the Gox BTCUSD exchange rate to double in 24 hours.

Thats a big goddamn IF.

That's what I expect. They have loads of USD withdrawals in a queue. Syrely the Gox BTC/USD rate shooting up would benefit them greatly too - so they don't have everyone extracting all their BTC.

[theonewhowaskazu]

IF gox allows BTC withdraws again, and they actually work, before it starts processing USD withdraws, expect the Gox BTCUSD exchange rate to double in 24 hours.

Thats a big goddamn IF.

That's what I expect. They have loads of USD withdrawals in a queue. Syrely the Gox BTC/USD rate shooting up would benefit them greatly too - so they don't have everyone extracting all their BTC.

Must be nice for whoever is in the "in crowd" over there. Make an account on btc.sx, long for all you've got just before you open up BTC withdraws, withdraw like 10x what you deposited.

[jballs]

If they do not stop trading it will not matter because BTC will be worth ZERO.

How can this be allowed to go on? You are letting Mt Gox kill Bitcoin right before your eyes.

It cannot come back, unless you open the doors, the math stopped working awhile ago.

Suicide pact I guess, hard to believe this is how it ends. Not with a bang but with total and complete incompetence.

[jballs]

There was an article on here earlier that gox is already processing cash withdrawals. Was it fake?

No it's not fake. I have done a bunch of withdrawals recently FIAT - not BTC

This is even worse.

Hold stuck bitcoins or sell them to withdraw your cash from a paralyzed exchange?

Gee what will happen to bitcoin price I wonder?

[pungopete468]

Wow Gox has USD withdrawals now?

That's actually alarming! I guess it's safer to pay out the USD obligation because the value of BTC is so volatile they can reduce their legal obligation when they close the site down by claiming BTC is worth the market value after the crash...

Looks like we know who sold all of those Bitcoins across the other exchanges now! Wow... That's really a nasty underhanded thing to do; and then to blame it on some BS about double withdrawals with zero confirmations...

[thelema93]

Speculation! It's good to remember that this is a speculation forum!

[painlord2k]

How can this be allowed to go on? You are letting Mt Gox kill Bitcoin right before your eyes.

MtGox incompetence can kill Bitcoin as much as government's malice can.
They can not.

They will die and fade away.
Just ignore them or take advantage of their incompetence and malice.

[Rygon]

With this latest screw-up, the technical management at Mt. Gox has proven itself to be either incompetent or guilty of deliberately crashing the market for personal profit. Either way, I wouldn't put any funds in their hands.

[BigLad]

People, on the OPs point.

If you had over 4 BTC in Gox right now, would you hold until if/when they re-open BTC withdrawals or cut your losses and take out FIAT now?

[Oldminer]

Gox isnt re-opening withdrawals. Theres nothing to withdraw. Any 'news' to the contrary is them buying more time. Good fucking riddance karpels...you always were a stain on bitcoin....

[smoothie]

Never. Or once they collected enough BTC via trading fees by suckers still buying and selling on their closed system exchange.

[segeln]

buying and selling on their closed system exchange.

the "Gox-Prisoners"