Official End of Mt Gox thread

[subSTRATA]

This may have a bigger affect. Didn't MtGox buy the rights to the Bitcoin trademark or something?

If this is true, it could wreak havoc on the symbol BTC

Not really. It and other widely used Bitcoin graphics were put in public domain by their creator few years ago, check for it on this forum.

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[DeathAndTaxes]

and the surprise is?

to my knowledge there has yet to be a single long term business (years) whose main focus has been bitcoin that hasn't either

1) been hacked and lost a whole lotta stuff
2) pulled a runner
3) scammed everyone in some way
4) been shut down and lost peoples stuff

Tangible Cryptography.

Is January 2012 old enough?
Never lost a single satoshi of company or customer funds.  
Never broke a trade ("high risk" abort).
Paid back every satoshi borrowed with interest.
Was shut down by the state of virginia, nobody but company lost a penny, relocated, restructured, and now operates as a direct broker of bitcoins then never holds customer coins.   Nothing to have frozen because users hold their own coins up to the point of sale.

Still pretty sure BitPay would meet your criteria as well and I am sure there has to be at least a couple more.

[jasonjm]

here comes 99!!!!

[igorr]

Bitstamp also collapse!

[wayneyoyo]

I hopes MTGOX gone out quickly so it wont disturb the price

[gentlemand]

I don't think reducing the suffering they inflict on people is in their remit.

[Bobsurplus]

$95

[wayneyoyo]

$95

Its not matter anymore

[Mk2vr6]

Had to quote this from the Wall observer thread - Sums this up perfectly.

Twas the night before Goxxing, when all through Mark's house
Not a feature was working, not even Mark's mouse
The bitcoin were slung through trades with despair,
In hopes that St. Solvency soon would be there

The miners were slowing and profits were dead,
While visions of sugar-drinks danced in his head.
The llama they call Proudhon, and I in my cap,
Had long since forgotten the exchange that was crap.

When out from Mt. Gox there arose such a smatter,
I clicked on the link to see what was the matter.
Away from that window I clicked in a flash,
More opened and cluttered the further it crashed.

The doom on the boards from the new-fallen low
Gave the FUDsters some ammo with which they could sow.
When, with much thundering pain should appear,
But a bouncing blue ball, and a chap in headgear.

With a riddled fat rider, so ugly and sick
I knew in two seconds this guy was a dick.
Less rapid than sloth his announcements they came,
And he whistled, and shouted, and then bitcoin he blamed!

"Now, asshole! now, cancer! now answer and quicken!
Go, stop it! You're putrid! go, go ponder and fix it!
To the site you must lurch! you should stop with the stall!
Now bounce away! Bounce away! Bounce away ball!"

As dry leaves that before the wild hurricane fly,
When they meet with an obstacle, mount to the sky.
So up to the exchange the ball he did move,
With a mind full of ploys, and some syphilis too.

And then, with no thinking, he said quite aloof
His address was changing to a virtual roof.
As I saw what he said, and was browsing around,
The price just kept moving faster and further down.

They weren't impressed that's for sure, with this end to their loot,
The masses pressed onward, the response was quite moot.
A wallet of coins he had flung out the back,
He was leaving forever, he had had already packed.

His drinks-they were sprinkled! his pimples how cherry!
His face in weird poses, his complexion quite scary!
His droll little mouth was drawn up like a bow,
And the fat of his belly hid his penis below.

The stump of a drive he held tight in his teeth,
And I heard all the bitcoins cry out for relief!
He had a broad face and a giant round belly,
That shook when he sneered, like a bowlful of jelly!

He was a chubby chump, with a magic card shelf,
And I laughed when I learned it, in spite of myself!
A wink of his eye and a twist of his head,
Soon had me wondering if bitcoin was dead.

He spoke of goxbux, PHP - that would work!
And filled all the accounts, then turned with a jerk.
And laying a cheek aside of his ball,
And giving a nod, out the exchange he hauled!

He bounced down the street, and his katana glistened,
I told you stupid fuckers, you all should have listened.
But I heard him exclaim, as he bounced out of site,
"Happy Goxxing to all", and "you've all been fucked right!"

[ledmaniak]

Awesome!

They should make it their official MtGox song. Every new user has to sing it and accept it before they can start trading(so they are aware of the dangers).

[dnaleor]

I think, this time, Mt.Gox will really die and never be revived again...
And I really hope so. This was a cancer for the Bitcoin ecosphere.

When all this is over, and Mt.Gox is burried, the media will finally check bitcoinaverage in stead of Mt.Gox

[seleme]

I think, this time, Mt.Gox will really die and never be revived again...
And I really hope so. This was a cencer for the Bitcoin ecosphere.

When all this is over, and Mt.Gox is burried, the media will finally check bitcoinaverage in stead of Mt.Gox

Gox carried away Bitcoin ecosphere for some time. They're shit now but let's not forget to speak truth and give credits where it's due.

[Lloydie]

When gox is dead, Btc prices will be able to rise again.

[donjoe]

Hate all you want, but maybe Gox's screw-ups are what's been keeping this market volatile the way you like it.

All I can see is that they've been the biggest exchange for most of Bitcoin's history, naturally this lead to having the biggest problems to deal with, and they did deal with them and kept going every time. They're having a harder price crash than ever this time, but all eyes are on them and they're still making statements, so I can't say I'm expecting anything other than the usual: the problem getting solved in the end and overall public confidence in the Bitcoin ecosystem getting another boost from that.

Now you can carry on with your hate thread.

[Zangelbert Bingledack]

Hate all you want, but maybe Gox's screw-ups are what's been keeping this market volatile the way you like it.

All I can see is that they've been the biggest exchange for most of Bitcoin's history, naturally this lead to having the biggest problems to deal with, and they did deal with them and kept going every time. They're having a harder price crash than ever this time, but all eyes are on them and they're still making statements, so I can't say I'm expecting anything other than the usual: the problem getting solved in the end and overall public confidence in the Bitcoin ecosystem getting another boost from that.

Now you can carry on with your hate thread.

Indeed. Besides the lawsuits I can't see any particular reason for Gox to die. Keep in mind Gox has been working great, with only a few minor hiccups (and of course slow tech support), for those of us in Japan. It takes literally 2 minutes to deposit yen from a Japanese bank, and withdrawals have been smooth, usually 2-3 days, at most 2-3 weeks (this January). I hear SEPA withdrawals are working as well, though a few weeks delayed, and deposits seem to take a few days.

So, besides those in the US (and where else?), it's only been this recent BTC malleability issue - which was legitimized by other exchanges having similar issues concurrently - that has changed anything. Granted we can expect the usual bumbling, non-communicative, heal-dragging approach as always, but if they solve the malleability problem in a few weeks I see no particular reason to expect any kind of insolvency or discontinuation of service. They will of course lose a lot of customers and probably remain a buggy experience overall, but other than potential lawsuits I don't see what is supposed to be actually killing them at this time. Eventually, sure, they will die or become a niche service, but insolvency just because they probably got scammed out of some number of coins? Seems like idle speculation.

[MAbtc]

So, besides those in the US (and where else?), it's only been this recent BTC malleability issue - which was legitimized by other exchanges having similar issues concurrently - that has changed anything.

To be fair, Gox appears to have failed tx problems going back at least 4 months. It is possible, if reconciliation processes were handled incompetently, that they were being exploited long before the recent attack.

http://www.reddit.com/r/Bitcoin/comments/1pdkk8/mtgox_have_failed_to_process_my_btc_withdraw/
https://bitcointalk.org/index.php?topic=324918.0

[ArticMine]

Hate all you want, but maybe Gox's screw-ups are what's been keeping this market volatile the way you like it.

All I can see is that they've been the biggest exchange for most of Bitcoin's history, naturally this lead to having the biggest problems to deal with, and they did deal with them and kept going every time. They're having a harder price crash than ever this time, but all eyes are on them and they're still making statements, so I can't say I'm expecting anything other than the usual: the problem getting solved in the end and overall public confidence in the Bitcoin ecosystem getting another boost from that.

Now you can carry on with your hate thread.

Indeed. Besides the lawsuits I can't see any particular reason for Gox to die. Keep in mind Gox has been working great, with only a few minor hiccups (and of course slow tech support), for those of us in Japan. It takes literally 2 minutes to deposit yen from a Japanese bank, and withdrawals have been smooth, usually 2-3 days, at most 2-3 weeks (this January). I hear SEPA withdrawals are working as well, though a few weeks delayed, and deposits seem to take a few days.

So, besides those in the US (and where else?), it's only been this recent BTC malleability issue - which was legitimized by other exchanges having similar issues concurrently - that has changed anything. Granted we can expect the usual bumbling, non-communicative, heal-dragging approach as always, but if they solve the malleability problem in a few weeks I see no particular reason to expect any kind of insolvency or discontinuation of service. They will of course lose a lot of customers and probably remain a buggy experience overall, but other than potential lawsuits I don't see what is supposed to be actually killing them at this time. Eventually, sure, they will die or become a niche service, but insolvency just because they probably got scammed out of some number of coins? Seems like idle speculation.

I also had no problems withdrawing USD to my Canadian bank account up to 10 months ago. It was very smooth typically under 48 hours. That was then, today the situation is very different. It is not just a "US" problem. I tried withdrawing CAD to a Canadian bank account back in October 2013. Not possible. I ended up buying back my BTC (at a profit I must say due to the silk road crash) and withdrawing my BTC right after. Now the real question here is JPY withdrawals (domestic within Japan) in the last two weeks. How are they proceeding?

[glendall]

I think Gox will survive and be just fine.

Why? Because people didn't stay away after they were large part of all the other big price crashes in bitcoin.

I really hope I'm wrong though. I wish they would just disappear. The management is a bunch of imbeciles and they have been shown to untrustworthy.

If I wanted a fractional reserve system I'll just stick to fiat thanks.

[Lloydie]

I cannot understand why Gox has not issued a statement to the effect that x% of total funds was in their hot wallet versus cold wallet. That would reassure a lot of people. Just a really sad situation really. The management appears extremely inadequate in dealing with the public. They do not realise the impact they are having on bitcoin itself.

[ArticMine]

I think Gox will survive and be just fine.

Why? Because people didn't stay away after they were large part of all the other big price crashes in bitcoin.

I really hope I'm wrong though. I wish they would just disappear. The management is a bunch of imbeciles and they have been shown to untrustworthy.

If I wanted a fractional reserve system I'll just stick to fiat thanks.

If they are running a fractional reserve on BTC, which I suspect that are now, it will get real ugly real fast. Why because the BTC/USD rate will go up sharply and when it does that will be the end. It was an increase BTC/USD rate that killed pirateat40, and once the market got out of denial, and accepted the fact that pirateat40 did not have the BTC to pay anyone the BTC/USD rate went up by a factor of 100.