MtGox website down. Watch them disappear!

[superduh]

"day traders" think they will get cash out before bitcoins  


fiat does not flow out of gox, and if there ever is a bankruptcy you'll get pennies on the dollar of whatever cash you do hold there.

so.........

[superduh]

Not sure I understand this fully.

Is it impossible to withdraw Bitcoins from MtGox to another exchange?

It seems weird that the price is dumping.

The basic gist is that most investors believe Gox is going to go bankrupt and it's better to have a claim against them in fiat than in btc -- so people are dumping all they can, and at this point, at whatever price they can get.

bankruptcy doesn't mean there are actual funds there to "distribute" out. so whoever actually thinks that is just extermely confused about what bankruptcy is

[minerdetail]

Not sure I understand this fully.

Is it impossible to withdraw Bitcoins from MtGox to another exchange?

It seems weird that the price is dumping.

The basic gist is that most investors believe Gox is going to go bankrupt and it's better to have a claim against them in fiat than in btc -- so people are dumping all they can, and at this point, at whatever price they can get.

I see...

But the reasoning behind this must be that there actually exists fiat at MtGox, either already in ppl accounts or somehow deposited.

They are as many buyers as sellers, so it seems a bit strange that one part wants to have fiat, while another want Bitcoins, if investors are going to claim against them?

[wasamata]

receivers ala fire sale?
looking forward til their done so we can get on with bitcoin supremacy.

[Cloudpost]

It is the end of gox. I think it is good for bitcoin.

But so sad a lot of people lost their btc/dollars

[keithers]

Not sure I understand this fully.

Is it impossible to withdraw Bitcoins from MtGox to another exchange?

It seems weird that the price is dumping.

The basic gist is that most investors believe Gox is going to go bankrupt and it's better to have a claim against them in fiat than in btc -- so people are dumping all they can, and at this point, at whatever price they can get.

And that's correct -- can't withdraw in either fiat or BTC, thus further driving the panic.

Yes, that is the latest speculation in regards to holding either fiat or btc from there...  i cannot believe that it is under $150 now, and still dropping

[Cloudpost]

I'm hypnotized by the drama of the falling charts... 135 now...

[sprinkle]

Not sure I understand this fully.

Is it impossible to withdraw Bitcoins from MtGox to another exchange?

It seems weird that the price is dumping.

The basic gist is that most investors believe Gox is going to go bankrupt and it's better to have a claim against them in fiat than in btc -- so people are dumping all they can, and at this point, at whatever price they can get.

bankruptcy doesn't mean there are actual funds there to "distribute" out. so whoever actually thinks that is just extermely confused about what bankruptcy is

Totally right, but the general legal advice getting handed out is that if things go to court, it's probably going to be easier to get your pennies back than your bitcoins.

[superduh]

Not sure I understand this fully.

Is it impossible to withdraw Bitcoins from MtGox to another exchange?

It seems weird that the price is dumping.

The basic gist is that most investors believe Gox is going to go bankrupt and it's better to have a claim against them in fiat than in btc -- so people are dumping all they can, and at this point, at whatever price they can get.

bankruptcy doesn't mean there are actual funds there to "distribute" out. so whoever actually thinks that is just extermely confused about what bankruptcy is

Totally right, but the general legal advice getting handed out is that if things go to court, it's probably going to be easier to get your pennies back than your bitcoins.

advice: "take a guranteed big loss on your position" so if mtgox goes bankrupt you have a 1% chance at recovering 1% of your funds. worst fucking advice. then again that's how lawyers make their money.

[Phinnaeus Gage]

you can still log in here: https://www.mtgox.com/login

And here: https://www.mtgox.com/deposit_please

[Phinnaeus Gage]

probably won't be long before they are complete gone!

First step is already done!
They changed address to digits only!
https://bitcointalk.org/index.php?topic=474795.0

The final step: https://bitcointalk.org/index.php?tropics=1337

[Phinnaeus Gage]

I don't know why you all want Gox to die...we should be rooting for them to fix things.   A lot of people have a lot of money tied up on that website.   Obviously, the people just rooting for it to just implode, don't have any skin in the game over there.   

The best case scenario would be for another company to come in and buy out Gox, fix the problems, and slowly be able to pay everyone back the money that they are owed...

Ergo,...

[Phinnaeus Gage]

Bitcoin wouldn't have reached $1000 as early as it did without Gox. Show some respect.

Blue ball on head. CHECK!
Big gut. CHECK!
Going up in flames. CHECK!
Kept the flames small to show respect. DOUBLE CHECK[MATE]!!!

[exocytosis]

What happened to the announcement they were gonna make?

[NickPortland]

What happened to the announcement they were gonna make?

6p.m. Tokyo time

[pleiotropik]

Obvious what's happening: Mr K. Frappucino is lowering the $ so that when Gox goes Bust the $ fiat liability will be smaller.

[minerdetail]

Where is the money then?

Who owns them?

The logic behind buy and sell, is that before a price can increase/ decrease there need to be some money / btc in the system. If the ppl have money at their accounts they are exchanging those to Bitcoins and vice versa.

If no money can enter or leave the system, then it makes absolutely no sense that the price is dropping, except that the clever ones must be very happy to receive cheap Bitcoins. Theoretically the price could increase 10-fold, due to the fact that the system is isolated.

Common sense must denote that it is extremely stupid to exchange anything at an exchange that is heading for bankruptcy.

Why do most people think that the money is coming from MtGox, when they actually should/ are coming from the customers that use MtGox.

The only way I can see that MtGox is not able to payout fiat, is that the fiat is lost/ stolen from the accounts (and has been for a very long time) and that the fiat-amount one could see in their account balance was fake. (i.e. the money behind it was gone/ deported to the MtGox-scammers)


Just my 2 cents

[Dr. Sekxy]

I don't actually understand who is selling their coins at these low prices? Why sell on gox for $250 when you could just pop them over to bitstamp and get $600+?

gox is hodling their coins since they suspended btc withdrawal so gox users are selling at cute prices

[Sheldor333]

Yes, that's definitely good news. I am glad to see that people, even new-comers, aren't as reliable on Mt. Gox for their price, and certainly don't use them to buy Bitcoins, for the most part. CoinBase and Bitstamp seem to be the two main branches, which is awesome, as they both have very good support, however, I can see a large load mounting on both of them, one for UK and one for US, and a similar situation happening, whereby they become over-encumbered by the large load.

[pleiotropik]

this year? ... What about this month. I'm looking at a $130 quote. The K is making the quote plunge. Those are not market forces at work.

1 theory: getting ready to close shop and declare that he will redeem all btc in USD... 

I propose that bitcointalk move all mtgox related threads to the gambling/ponzi ghetto.