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Author Topic: Strategically Exploiting Gox's Ineptitude...  (Read 1292 times)
Sage
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February 14, 2014, 05:04:24 AM
 #1

Do you have $$$ in Gox & don't know what to do?

Well, Gox ineptitude means $$$ for you… IF you play it right.

Gox is either solvent & telling the truth.

Or…

They are lying to manipulate the market to get coins cheap.

Or…

They are using & long-known Bitcoin flaw as an excuse to buy themselves some time.

And if they are insolvent currently, they might just pull it off.  Manipulating the market to the degree that they can get coins cheap enough to cover their withdrawals.

If they are solvent then it's all a mute point.  You'll get your coins eventually.

So how to play all these scenarios…?

There's only one strategy, and that is to buy in progressively through the dip.

Gox is trading well below the other exchanges.  And Gox it pulling all the other exchange prices down.

That means hella deals for Gox customers if they have $$$ in the exchange.

Here's how to capitalize on Gox's ineptitude...

Set a progressive buy in strategy at these points (just above resistance points)...

301 
290
214
175
138
111

Have a few pie in the sky buys just in case we get a total system collapse in the Gox exchange…

76
51
11
2
0.11
0.01

If it ever hits those numbers it sure as hell won't stay there long.  Nothing to lose by having orders in.

Watch carefully.  If/when Gox starts honoring withdraws, expect the price to rebound pretty fast.  At that point I'd do a heavy buy in.  Especially if the price is trading well below the other exchanges.  It will quickly rebound to be on pare with the other exchanges.

Put your buys in.  Then walk way.  Stick to your plan.  Don't let emotions change your orders.

If you get your coins out then you got them at hella deals.  If Gox is insolvent, then it wouldn't matter whether you held fiat or coins.

There is no upside to holding fiat.  But plenty of potential upside to a progressive coin buy in.

Now is the time to be buying.  Not selling.

Hope that helps…

Cheers
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CryptoVortex
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February 14, 2014, 08:14:42 AM
 #2

This is an interesting idea, and I appreciate the contrarian view that a catastrophic crash is a buying opportunity. 

I'm not sure who your suggestion is directed at.  Who has fiat sitting on the sidelines at Gox? I don't think you're suggesting that people deposit dollars in their Gox accounts, and things have finally reached the point that I doubt anyone is doing so.  Moving bitcoin onto Gox at the moment seems even crazier, since the huge price disparity makes that market a terrible place to sell BTC if you have any other choice.

If you really believe that Gox is insolvent, desperate and willing to manipulate the market to save themselves, then it seems to me that you are underestimating the power they have.  The MtGox market is totally unregulated and opaque.  They can do whatever they want with their order book.  Even the best poker players know that they can't beat a cheater.  The only reason I don't particularly think that such shenanigans are behind the current price action at Gox is that their ineptitude casts doubt on whether they're smart enough to cheat so effectively.   Huh

In addition, if solvency is really the problem, then I think that may be a good reason to keep your funds in "fiat".  If Gox collapses, there will be legal action.  There might be a shred of hope of getting some of your $$$ back, but the legal basis for recovering bitcoin is murky at best. 

Good luck with your strategy, if you do decide to follow it.  I'll be watching from afar.
Sage
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February 14, 2014, 12:03:03 PM
 #3

Nope... don't send money into Gox at this point.

This was directed at those who have money in Gox.

But...

Gox is pulling down all the other exchanges too.

I would progressively buy in across the board, regardless of the exchange you're on.

And have the balls to buy in all the way to the bottom.  Budget yourself to buy in progressively.

The malleability issue is a temp problem.  Buy now in strategically well before the lemmings figure that out.


Sindelar1938
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February 16, 2014, 11:20:42 AM
 #4

Not sure if this would apply in mos cases

OhShei8e
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February 16, 2014, 12:01:58 PM
 #5

The malleability issue is a temp problem.  Buy now in strategically well before the lemmings figure that out.

To late. Had spent all my Gox money at 475€.  Cheesy

I think a fair price.

But the art of trading is to predict others people stupidity. Obviously I'm not able to do that. Hope I get my Cons down from Gox. After this LONG-TERM forever.

But I also do not buy further. Now we have to watch the coming years.

If Gox broke, Bitcoin is done for me. Have everything on Gox. There is no coming back for me.

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February 16, 2014, 08:54:07 PM
 #6

me too ------     OhShei8e


best of luck 4 us !!!      respect n positivity
MysticalCockFungus
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February 19, 2014, 09:37:56 AM
 #7

Can someone explain how Gox could even possibly be insolvent? All they do is take millions of dollars in trading fees, they're are no assets or liquidity issues involved they are pretty much running a website that churns out money as long as its online. How could they possibly be insolvent unless they are playing around with users money which i highly doubt they need to...

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Sage
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February 19, 2014, 12:45:23 PM
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Can someone explain how Gox could even possibly be insolvent? All they do is take millions of dollars in trading fees, they're are no assets or liquidity issues involved they are pretty much running a website that churns out money as long as its online. How could they possibly be insolvent unless they are playing around with users money which i highly doubt they need to...

Their track record doesn't boost confidence in their ethics, nor their judgment.  There are plenty of ways they could have screwed up & are now insolvent.
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February 19, 2014, 03:12:12 PM
Last edit: February 19, 2014, 07:04:16 PM by pw121257
 #9

Nope... don't send money into Gox at this point.

This was directed at those who have money in Gox.

But...

Gox is pulling down all the other exchanges too.

I would progressively buy in across the board, regardless of the exchange you're on.

And have the balls to buy in all the way to the bottom.  Budget yourself to buy in progressively.

The malleability issue is a temp problem.  Buy now in strategically well before the lemmings figure that out.

OK- Noob question.
I like this idea of buying now and intend funding my mtgox acct with fiat.
I have never experienced the process of buying on mtgox-
Will I be buying Bitcoin from mtgox themselves or from members posting trades?
(I do understand that withdrawing the Bitcoins from mtgox is not possible at this time)

Btw- If there are people holding Bitcoin in mtgox and want to trade for my Paypal- please message me. I have about USD100 to trade.
Shenol
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February 19, 2014, 03:45:39 PM
 #10

Does anyone have Mt.Gox dollars? I'm paying a nice premium on your Mt.Gox dollars, we can discuss the amount + you get rid of the risk to not receive your money at all. I can pay in bitcoins. I want to have money there by tomorrow.
Shenol
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February 21, 2014, 11:54:42 PM
 #11

You can trade GOX for "real" BTC at https://bitcoinbuilder.com/
The current exchange rate is about 0.4 BTC for a GOX BTC.
Much easier than trying to open a new GOX account and transfer fiat in, if you want to bet on GOX recovering.  And a pretty good price to get your GOX out, if you think GOX is dead.
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