Hot Off the Mt Gox Press ... Mt Gox Is STILL Holding Your Money

[Armis]

"Tokyo, Japan, February 17th, 2014!

Dear MtGox Customers,

We apologize for the inconvenience caused by the recent suspension of external
bitcoin transfers. Fortunately, as we announced on Saturday we have now
implemented a solution that should enable withdrawals and mitigate any issues
caused by transaction malleability (please see our previous statements for
details on this issue).

Thanks to our friends at Blockchain.info, MtGox now has a workaround that will
use a unique identifier created by Blockchain to show whether transactions have
been modified or not. This will prevent any fraudulent use of the malleability
issue and protect the assets of our customers.

Resuming Withdrawals

With this new system in place, MtGox should be able to resume withdrawals
soon. At the beginning we will do so at a moderated pace and with new daily/
monthly limits in place to prevent any problems with the new system and to take
into account current market conditions.

In order to launch the new system, we are going through the following steps:

- Re-indexing the entire Blockchain (approx. 32 million entries)
- Fully deploying the new NTX ID
- Implementing a new bitcoin withdrawal queue that needs to be tested

We will update everyone again by Thursday at the latest.

Additionally, you may have noticed that we have added a new login system that
sends you an email when you successfully access your account. This is an
additional security layer, but as always we strongly encourage our customers to
use the 2-step authorization options available in our Security Center.

Thank you again for your support, and we look forward to resume bitcoin
withdrawals as quickly as possible.

Best regards,

MtGox Team"


______________________


Ok, if you read between the lines:

1) the "problem" was solved days ago,
2) you still won't get your money out today or tomorrow,
3) the ray of sunshine should enable people to start buying Mt Gox btc immediately (low rates too tempting to resist)
4) when withdrawals do start, likely Wednesday or Thursday they will be measured
5) they said MONTHLY just in case their btc rate dosn't bounce back by next Monday
6) they want the opportunity to work their way back into the market place
and
7) they ancillary efforts are to want to warrant your forgiveness, expect more goodies




Personally, I've seen too much, ... I would not give them the benefit of a third opportunity to erode btc value wholesale.

If you choose to stay or go to them, I would recommend that you insist on better internal oversight, some outside guarantees, and a better accountability system.
[now is the time that they are most open and receptive for constructive suggestions]

[1715125321]

1715125321

[1715125321]

1715125321

[Zeeks]

"new daily/monthly limits in place"

Yeah I bet. Gonna get the pittance I have left in there out asap because I don't want to be holding the hot potato.

[LiteCoinGuy]

"new daily/monthly limits in place"

Yeah I bet. Gonna get the pittance I have left in there out asap because I don't want to be holding the hot potato.

daily: 100 USD
monthly: 110 USD


 

[prophette]

MtGox's actions are very suspicious these months. Please read:

https://bitcointalk.org/index.php?topic=468765.0

[Armis]

"new daily/monthly limits in place"

Yeah I bet. Gonna get the pittance I have left in there out asap because I don't want to be holding the hot potato.

daily: 100 USD
monthly: 110 USD


 

ahahahahahaaaaaa

[supersajin]

"the check is in the mail"!!!

[btbrae]

With this new system in place, MtGox should be able to resume withdrawals
soon. At the beginning we will do so at a moderated pace and with new daily/
monthly limits in place to prevent any problems with the new system and to take
into account current market conditions.

Well. Capital controls won't instill the kind of confidence the market needs right now. This is getting dodgier by the hour.

[biafore]

FUD FUD FUD

[troy112]

Lol, its just getting better and better. I bet i can't do this anymore. Bye Bye Mt Gox

[fonzie]

In the end Bitcoin will die, but Mt.Gox will manage to survive.

[FreedomCoin]

GOXXED!

[Armis]

GOXXED!

and my guess is investors who ought to know better are still buying in

[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.

[nitehawk]

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.

a little off topic.. but why do people think i'm you?

[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.

a little off topic.. but why do people think i'm you?

No clue, perhaps you should ask those "people".

On topic: Anyone who has been around long enough knows that what MTGOX says rarely ever materializes. It would not surprise me if people never get their full amount of BTC in any meaningful amount of time.

I would expect the daily/monthly BTC withdrawals to be something like 10BTC/day and 50 BTC/month. Anyone with a large account will be stuck there for a long long time.

Just my little bit of speculation based on their past track record.

[smoothie]

I would expect the daily/monthly BTC withdrawals to be something like 10BTC/day and 50 BTC/month. Anyone with a large account will be stuck there for a long long time.

Just my little bit of speculation based on their past track record.

I think the 10/50 would be reasonable, but it might be less than that.   

If you had more than 100 btcs in MtGox, and didn't sell it to someone else at a discount then you probably won't mind the wait.   Everyone's always talking about holding the coin, now they will see how it can devalue even when the price is rising.

If they go into bankrupcy depositors are looking at perhaps .1btc on the 1btc.

Yes in my estimates I was being optimistic.

May be more like 5 BTC or 1 BTC per day. lol

Wouldn't that be pathetic?

[YipYip]

Just wanted to point out that if they dont have all of the depositors funds & or the assets to cover those funds they are insolvent

It is ILLEGAL in all country's to trade while insolvent ..... They are not allowed to do any of this bullshit !!!

This is not some guy who owes you lunch money he borrowed off you ...it is a commercial business ...

There is absolutely no legal standing  for them to limit BTC withdrawls ...They are not allowed to trade out of there insolvency

Any creditor is allowed to contact the relevant Business Security Commission in Japan and call GOX for bankruptcy due to insolvency