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Author Topic: Upcoming MtGox Movement  (Read 6040 times)
zhangweiwu
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February 21, 2014, 02:43:50 PM
 #81


People who are about as "inside" as you can get - Andreas/Roger  say they are very solvent.

Roger Ver spoke in a youtube video a few months ago. But he did not see how much is left in the wallet: he sees MtGox have big numbers on their bank account, and he has no way to know if the digits add up to the total incoming transactions - too easy to cook and hard to verify. Even if he is sure the fiat is there, he didn't mention the coins are there. Besides, he said MtGox doesn't have liquidity problems to offer fiat withdraw, that is a bit different than solvent.
http://www.youtube.com/watch?v=4pSYJiXQgbM

Andreas Antonopolos didn't say anything related to MtGox's solvency recently. He did mention the opposite in another youtube video, that the transaction on MtGox happens on the book, not in blockchain (implies that he doesn't know), and he mentioned in a fraction-reserve system transaction also happens only on the book - a bad way to express it, hinting MtGox is reserving only a fraction of funds which he didn't mean.
http://www.youtube.com/watch?v=JP9-lAYngi4

So I cannot take these information as Andreas/Roger claiming MtGox being solvent. Did I miss something? Kindly add more information:)

My (old) column about Bitcoin & China: http://bitcoinblog.de/tag/zhangweiwuengl/
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Cryddit
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February 21, 2014, 06:54:32 PM
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There is no way they will allow withdrawals of bitcoin sold at $100.  If they intended to allow bitcoin withdrawals, there is no way they'd be allowing bitcoin to trade so cheap on their separated market.  They're allowing deposits of fiat to buy those bitcoins, but they cannot get bitcoins *ANYWHERE* at that price. 

So look at it.  If they ever allow withdrawals of bitcoin, then they lose $400 per $100 they're allowing to come in now.  There is no way they're going to do that.  They'd rather not be allowing the money to come in now.

So ask yourself, why is fiat money so important to them?  Is it because they intend to allow fiat withdrawals?  Hint: if they had been allowing fiat withdrawals then customers would have withdrawn fiat, and their bitcoin market would not have become so depressed.  Hence there would be no "lure" to draw in more fiat. 

To me, this smells like someone is either getting ready to either take the money on a vacation to the islands, or close the books repaying a paltry amount of fiat to some limited class of investors or lienholders - but the market is giving 5 to 1 odds, and I personally will offer 10 to 1 if someone cares for a bet, that Gox's customers will be left twisting in the wind. 

dedcoin
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February 21, 2014, 07:00:00 PM
 #83

There is no way they will allow withdrawals of bitcoin sold at $100.  If they intended to allow bitcoin withdrawals, there is no way they'd be allowing bitcoin to trade so cheap on their separated market.  They're allowing deposits of fiat to buy those bitcoins, but they cannot get bitcoins *ANYWHERE* at that price. 

It's an exchange market not a bank. They are not supposed to own a single bitcoin, just taking fees from transactions. That's the only business model.
Now if they start speculating with their clients money, it's another story.

First bitcoin bought at $70
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February 21, 2014, 07:12:07 PM
 #84

Ive been warning ppl about mtgox since the first simulated crash. They are manipulating the market, very obviously now that there are other established exchanges to compare them to. They are playing a game with their users money and bitcoin. Reminds me of a casino, and this case is no different, the house always wins. Feel bad for anyone that was still doing business with MTGOX> Hopefully we all learn a valuable lesson from this an once and for all boycott gox. However it plays out, I wish those that have money with Gox, much luck.

Free Litecoin Faucet ---> http://ltc4you.com/?r=6840
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