(Poll) Do you have money in Mt Gox?

[GeniuSxBoY]

Is it possible for bitcoin at gox to go to $0?

This sucks for those with funds at gox!  

no, because one penny would be able to buy infinity at 0.0000000.

[T.Stuart]

Last time I checked, there were a slew of exchanges that have already shut down and outright stole bitcoins that have better reputation than you guys give gox.

The fact that well over half the users of Gox polled say they can't get money out is only one point but it's much more then enough:

http://www.coindesk.com/mt-gox-users-awaiting-funds-survey-reveals/

[evolve]

You don't. No one can really say what's going on at Gox besides karpeles and his cronies.  The market is losing faith in Gox, and the lack of arbitrage opportunities only exacerbates the spread between Gox and other exchanges.

[DanielVG]

NO.
I've used every exchange available for my area except MTGox.
I have an account though, but luckily never used it.

[evolve]

No. There is no proof that Gox is selling BTC it doesn't have, yet.  People assume that they are insolvent, but as I said before, only karpeles and his cronies know for sure.

The truth is no one knows, but the market is acting on pure assumption at this point due to a lack of communication from Gox.

[theonewhowaskazu]

If gox sold BTC they didn't have, to keep the price down when they couldn't pay USD,

they can easily buy back even more BTC than they sold now that the price has tanked since they can't pay BTC.

If Mark and his cronies want to, and haven't acted ENTIRELY irrational, there is no reason to believe that they can't pay back BTC, since this process can repeat as long as need be. The only conceivable end will come AFTER gox opens withdraws, if everybody (wisely) leaves the exchange and nobody comes back.

[knightcoin]

I have 6-7 dollars because I was testing

Qt Bitcoin Trader
http://sourceforge.net/projects/bitcointrader/

and some some analysis from
TSSB
http://www.tssbsoftware.com/

but to be very honest it was 2-3 months ago... and since then I did not have connected to gox ...

 

[theonewhowaskazu]

I have 0.06 BTC left over.

[Hoofy]

Hi all. Been Lurking a while but just signed up for first post.

 If you had money in GOX, surely you'd buy cheap coins? This whole things a gamble right? It's just a further gamble whether GOX springs back or takes the lot. There probably wont be another chance to buy coins this cheap.

 Personally I would rather have nothing in GOX but I had a couple of hundred GBP in so have bought some cheap coin. Whether I will see those coins again is anyones guess, But I'm not going to just watch these cheap coins selling.

 In for a penny.....

[boomertoo]

They turned me down  at GOX for my id being to low quality, thankfully.
I will stick with purchases  coinbase and trade occasionally  at localbitcoin then store my savings in a wallet at blockchain cant complain so far.

[knightcoin]

Hi all. Been Lurking a while but just signed up for first post.

 If you had money in GOX, surely you'd buy cheap coins? This whole things a gamble right? It's just a further gamble whether GOX springs back or takes the lot. There probably wont be another chance to buy coins this cheap.

 Personally I would rather have nothing in GOX but I had a couple of hundred GBP in so have bought some cheap coin. Whether I will see those coins again is anyones guess, But I'm not going to just watch these cheap coins selling.

 In for a penny.....

[evolve]

No. There is no proof that Gox is selling BTC it doesn't have, yet.  People assume that they are insolvent, but as I said before, only karpeles and his cronies know for sure.

The truth is no one knows, but the market is acting on pure assumption at this point due to a lack of communication from Gox.

What does gox achieve by not allowing withdrawals?

Conspiracy to drive down the price?

Although, Karpeles looks like a complete moron, so my bet is, he has lost the money, screwed everyone over and is now destroying gox.

Because they haven't fixed the transaction duplication problem.

[Ibian]

No. There is no proof that Gox is selling BTC it doesn't have, yet.  People assume that they are insolvent, but as I said before, only karpeles and his cronies know for sure.

The truth is no one knows, but the market is acting on pure assumption at this point due to a lack of communication from Gox.

What does gox achieve by not allowing withdrawals?

Conspiracy to drive down the price?

Although, Karpeles looks like a complete moron, so my bet is, he has lost the money, screwed everyone over and is now destroying gox.

Because they haven't fixed the transaction duplication problem.

If there is indeed such a problem. I don't believe they could be so incompetent as to have a known piece of the code shut them down for so long with no word on when things will be back in working order. It's a scam at this point.

[T.Stuart]

Just bought 0.2 Bitcoin for $57 on Gox! 

[Chemistry1988]

"No" for me.

[evolve]

No. There is no proof that Gox is selling BTC it doesn't have, yet.  People assume that they are insolvent, but as I said before, only karpeles and his cronies know for sure.

The truth is no one knows, but the market is acting on pure assumption at this point due to a lack of communication from Gox.

What does gox achieve by not allowing withdrawals?

Conspiracy to drive down the price?

Although, Karpeles looks like a complete moron, so my bet is, he has lost the money, screwed everyone over and is now destroying gox.

Because they haven't fixed the transaction duplication problem.

If there is indeed such a problem. I don't believe they could be so incompetent as to have a known piece of the code shut them down for so long with no word on when things will be back in working order. It's a scam at this point.

I think they are definitely that incompetent.  Gox always handles things in the most stupid way imaginable.  


That said, whether they can survive this or not is uncertain; then again it was uncertain they'd survive the hack and trade rollback back in 2011. 

[smoothie]

You don't. No one can really say what's going on at Gox besides karpeles and his cronies.  The market is losing faith in Gox, and the lack of arbitrage opportunities only exacerbates the spread between Gox and other exchanges.

True we all can't say 100% we know what is going on at GOX, but we can use all of the tell-tale signs to deduce what is very likely going on over there.

Any person/business when accused of being insolvent and is not insolvent would be screaming out to the media and community they are solvent and then provide PROOF they are solvent. (which can be easily managed if they aren't insolvent).

[Tirapon]

Trick question. There is no such thing as 'money in MT Gox'. Only IOUs.

[mvdheuvel1983]

I have about 50 cents there, maybe in the near future I can buy a whole bitcoin with it on gox 

[Puppet]

If there is indeed such a problem.

Considering bitstamp temporarily halted withdrawals for the very same reason, Im not sure why you would doubt that.

Where I sit, there are roughly two possibilities; One, Gox is saying the truth, are dealing with a technical problem that is confirmed to exist and once they fixed it, BTC withdrawals will resume and anyone who sold their coins for less than 50% of market price is going to feel silly, especially after you realized you converted your bitcoins into gox dollars that are infinitely harder to actually withdraw.

Two; somehow Gox, a company that by my guestimate reeks in between 500 and 1000 BTC in trading fees per day, and has been doing so for more than 4 years, became insolvent. Problem is that I really cant imagine how. EVen if some hacker exploited the malleability bug to empty Gox' hot wallet, that wallet would not have contained more than a tiny fraction of the bitcoins (or corresponding dollars)  Gox has accumulated over the years. Do the math; ~0.5% trading fees, x2 for each side of the trade. Even on a black day as today, that is 1% of 60000 BTC or 600 BTC in fees. x365 = ~220000 BTC per year.

BUt lets assume those windfall profits have been paid out as dividends to shareholders and Gox keeps next to nothing in reserve, and due to some hack, they are now insolvent. What is more likely, that its shareholders will let it go bust, or that they will inject the needed cash/coins  to keep their 200K BTC per year cash cow in business?

As for it being a scam; I will not vouch for Karpeles, but even if he is stupid, evil and untrustworthy it makes no sense to scam when you can legally make this kind of money, especially not when you are already in crosshairs of just about every major financial regulator in the world.  It does not compute.