NEWS: MtGox should be able to resume withdrawals "soon"

[smoothie]

So they basically are:

1. Not opening withdrawals of BTC yet.

2. Haven't proven they have all of their customer funds.

3. "Supposedly" going to re-open withdrawal with new limits (BTC).

4. Not defined "limits" for BTC withdrawals (could be anything). <------- Prevents a bank run.

5. Claimed they will have more info by Thursday of this week (more delays as expected).

6. Still failing at running an exchange at world-class level.



Seriously they need to go away. Bitcoin doesn't need MTGOX and obviously MTGOX doesn't believe it needs to operate in the best interest of their customers.

[1714961768]

1714961768

[1714961768]

1714961768

[gollum]

Seems like this was an empty promise to create another wave of pump-and-dump, albeit shortlived.

[Electra]

What about my SEPA withdrawal from Dec 20th?!
No news about them!!

[Rygon]

So they basically are:

1. Not opening withdrawals of BTC yet.

2. Haven't proven they have all of their customer funds.

3. "Supposedly" going to re-open withdrawal with new limits (BTC).

4. Not defined "limits" for BTC withdrawals (could be anything). <------- Prevents a bank run.

5. Claimed they will have more info by Thursday of this week (more delays as expected).

6. Still failing at running an exchange at world-class level.



Seriously they need to go away. Bitcoin doesn't need MTGOX and obviously MTGOX doesn't believe it needs to operate in the best interest of their customers.

Textbook example of a bank failing. They are giving just enough information so that customers don't go running to the legal authorities. They'll drag it out as a long as they can by delaying for vague reasons, and perhaps bring it online for a few select individuals just to throw a bone to the general community.

If you have money stored at MtGox, the only thing to be positive about right now is that MtGox is likely profiting from insider trading while the prices are low, which might mean they will solvent and come back online. That's illegal, of course, so there is a real risk that they might get shut down by the banking regulators in Japan at anytime. Good luck getting any kind of withdrawals then.

[gmaxwell]

It was obvious that blockchain.info would "help" MtGox out. The actual Bitcoin developers, on the other hand, basically responded by saying "You actually don't need this new txid thing you demand, just code your damn php based bitcoin daemon to look at actual inputs and outputs". https://github.com/bitcoin/bitcoin/pull/3656

Hey, another ID could be useful to help with customer support—  really this is only because people are not using Bitcoin as intended: if all your withdraws were to unique scriptPubkeys then thats all the ID you need to know you've been paid.

Of course, there would be no reason to gate withdraws on being able to give people IDs to look up transactions:  For one, you could always have your own internal gox UUID (which they already issue) to list-of-txids. ... and even without _any_ improvements in that regard, an ID lookup is only relevant in some negligible number of odd transactions.  I'm pretty sure customers would understand "Withdraws are enabled and working fine, but if there is any issue with your transaction, you'll have to wait in a long support queue to get it sorted" and prefer that over the current situation.

What that additional ID has to do with the Bitcoin protocol I dunno— it would purely be a frontend feature, and it's not like bitcoin-qt is the most significant wallet frontend— esp since it doesn't normally index third party transactions at all. There is no place for something like that in the protocol itself, similar to how the protocol itself has no concept of addresses (only scriptpubkeys) or change.

[Bitnicity]

ok, when I tried to withdraw btc, they returned this fucking message:

"Transfer queue is currently not accepting more requests, please retry later"

Does that mean they are devising some fucking queuing system, first come first out and say put a total daily aggregate limit at 10btc for all users? then when we used up that limts(or Gox CLAIMS that the daily limit is used up, given no one really know the actual utilization of limit anyway) , then no one can withdraw. they are the most evil assholes in the Universe! fuck Gox.

[Gulinborsti]

This is the response for some days now, it is simply their way to tell you that they have not yet opened up withdrawals again.
Maybe some weird babelfish translation ... 

[Mythul]

any news on this ?

[superduh]

and btw roger ver of blockchain you are breaking inside trader laws  - sorry to call you out you seem a nice guy but you associate with gox & i want my BTC ASAP not 3 months time thanks

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

roger ver buying up gox coin

https://bitcointalk.org/index.php?topic=455243.msg5111950#msg5111950



again, im sorry, just angry

insider trading laws?? STFU - mtgox is not a public company.
stop pretending to know anything and stop FUDDING

[BitCoinNutJob]

insider trading laws?? STFU - mtgox is not a public company.
stop pretending to know anything and stop FUDDING

sure lets defend gox & friends.

dont like inside trader ok..... how about FRAUD!!

 

[bananas]

FRAUD sounds correct

[opentoe]

Since I got started into bitcoin and mining a couple years ago even then all I ever heard was problems and issues with Mt. Gox. All the time! Every day I heard issues, problems and just things never working properly. Why in the HECK are people still using that site? I don't get it. They apparently are the most fraudulent site around, trying  every tactic in the book to make as much profit as they can. And the latest, they've gotten so bold they now do it right in the wide open and no one gives a shit. I never put one bitcoin through that site and would never touch it again and I recommend you do the same if you don't want any problems. I never understood why that site was so needed anyway? There are other ways to cash out your bitcoin. Unfortunately the safest way is to personal exchanges these days. All the  big exchanges are just greedy hoarding CEO's running the business to the ground. I'm ready to sue CampBX and file a complaint against then for stealing my money, so you really have to watch what you do out there.

[superduh]

insider trading laws?? STFU - mtgox is not a public company.
stop pretending to know anything and stop FUDDING

sure lets defend gox & friends.

dont like inside trader ok..... how about FRAUD!!

 

incompetence is not always fraud

[BitCoinNutJob]

insider trading laws?? STFU - mtgox is not a public company.
stop pretending to know anything and stop FUDDING

sure lets defend gox & friends.

dont like inside trader ok..... how about FRAUD!!

 

incompetence is not always fraud

You are missing the sentiment even though you are likely correct on the inside trading definition.

I dont really care what the exact law term that could potentially be being broken is. i didnt even read much of what inside trading is - a mistake maybe cause i was trying to win people over but i dont care about knowing law. 

Laws are mostly interchangeable nonsense words with no objective morality currently.  Laws are used to preserve elites powers.  Roger Ver is a decent target.  Roger Ver associates with gox. Fuck gox.

If i was Mark Karpeles friend for many many years i would likely have had a word with him to get the dam BTC withdraws up ASAP & quit lying.   So right now fuck Roger Ver.


FRAUD

[Amitabh S]

Fool me once shame on you, fool me twice shame on me,
fool me once, shame on - shame on you. Fool me - you can't get fooled again

[Nagle]

Mt. Gox is not resuming withdrawals.

Mt. Gox is claiming they will issue a statement about resuming withdrawals at some future time.

There's a big difference.

[Nagle]

Roger Ver is a decent target.  Roger Ver associates with gox. Fuck gox.

Roger Ver is a convicted felon.

[joesmoe2012]

Any confirmed withdraws yet?

[epetroel]

Roger Ver is a decent target.  Roger Ver associates with gox. Fuck gox.

Roger Ver is a convicted felon.

Yeah, but that was for selling explosives on e-bay.  Doesn't get much cooler than that 

[smoothie]

Fact #1 - Users with funds at MTGOX are trying to be hopeful by creating threads like this one. Ultimately a thread creation will not affect the outcome of MTGOX's solvency.

Fact #2 - The market has spoken concerning MTGOX's solvency in BTC based on price. Getting legal action for USD is likely easier to do than for BTC.

Fact #3 - MTGOX has avoided answering the hard questions on whether they actually have all the bitcoins for customers.

Fact #4 - They are going to institute a withdraw (BTC) limit per day and per month. <----- Big sign of insolvency.



MY PREDICTION: Once Gox continues to delay and not allow users to withdraw all their funds as they would want, the truth will sink into the minds of their customers over about a 1-3 weeks that they likely will never see all of their funds again.

This will in turn create bad press for Bitcoin and confidence in the price will sink, ultimately making the price go lower. Those smart enough to time their purchases right will get a discount on the price of Bitcoin sometime in the next 2-6 weeks from now.

I truly hope people get their money back and do not wish people to lose money with MTGOX. Good luck to those people.