Official End of Mt Gox thread

[Cassius]

So more people flew to Japan and someone threatened to kick Kraples ass? Am I reading that correctly?

this week we have experienced some
security problems, and as a result we had to relocate MtGox to our previous office building
in Shibuya

https://www.mtgox.com/img/pdf/20140220-Announcement.pdf

Maybe they were asked by the owner of the building to leave. Having protestors at the front of your door isn't good advertisement.

That's what I understood - not sure where I read that though.
On the other hand, would you hang around with 500,000 of other people's bitcoins stuffing your trousers? Good reason to be anywhere but at the office right now.

[BitcoinTate]

So more people flew to Japan and someone threatened to kick Kraples ass? Am I reading that correctly?

this week we have experienced some
security problems, and as a result we had to relocate MtGox to our previous office building
in Shibuya

https://www.mtgox.com/img/pdf/20140220-Announcement.pdf

Maybe they were asked by the owner of the building to leave. Having protestors at the front of your door isn't good advertisement.

That would make sense: http://www.pcworld.com/article/2099620/mt-gox-protesters-still-without-bitcoin-answers.html

[sgbett]

has anyone successfully got any funds onto gox in the past few days?

yes. sepa took about 48 hours excluding weekends (and I think monday was a holiday in US? maybe elsewhere).

just wondering... you wired money to gox to pick up coins cheap, which makes sense maybe economically, if the chance of total failure is outweighed by the chance of getting the coins out of gox and the possible profit you could make on that.

But you don't see any  problem at all that, by doing so, you're lending gox legitimacy that they very much don't deserve anymore? I mean, I know, it's a market, morality has no place in here but... really?

I'm not a moral arbiter. Especially not given that I don't actually *know* what is going on at gox.

I'm amazed how many people claim that they do.

Here's just one scenario out of a hat.

Gox knows that by allowing BTC withdrawals, they could potentially double pay (yes due to their own flawed algorithm - but still a risk all the same), and this would threaten solvency/customer deposits.

What needs to happen is that the free market will decide. If people are happy to tolerate gox's way of doing things they will carry on, if they don't gox will die.

If people want to make it a moral crusade that's their call. To me its just business.

I could say something about the paradox of the self-interested actor, something along the lines of the dominant strategy not necessarily leading to the optimal result for the individual that chose that strategy, but I would sound like a self-righteous, hypocritical dick. Carry on then.

Tragedy of the commons? true enough.

Sorry if i sound callous I'm just taking the 4-1 odds against mtgox crashing. I don't really share the seemingly common belief that what gox are doing/not doing is inherently good or bad for bitcoin. I think its just all 'stuff' like pirate wasn't good or bad for bitcoin, he was just bad for the people that fell for it. Like Madoff wasn't 'bad' for the dollar etc i dunno what i really think, just kind of riding the waves.

A small part of me wonders if, not just in Bitcoin valuation, but other ventures as well, we hit a local maximum because of our choices without ever being aware of the possibility that, had we acted different, we would have reached a higher point... but that's idle speculation.

Hence: I have no good reason to complain from a moral point of view. Objection withdrawn.

But I don't need to tell you that you'll get zero sympathy if you get burned on there. I've read enough of your posts to know that you're well aware of the risks and such. Good luck though

Sounds a bit like game theory, which I'll admit to not really knowing anything about, other than it's a thing! You are probably right indeed. I think there is the eternal struggle between opposing forces in everything, the light and dark, yin and yang whatever. The emergent behaviour being the richness and complexity if everything around us. With $goxusdrate being just one tiny facet of an enormous symphony of variables.

Thanks for the good wishes, don't worry I'll be the first to poke my head up over the parapet for people to take potshots at should it all go pear shaped! It's all in the spirit of the game eh

[BitcoinTate]

Would hate to be the secretary answering calls on this one. Anyone tried calling them yet? lol

A virtual office provides your business with the corporate image and business infrastructure of a multinational company without the cost. Your business will get a prestigious business address and a designated local phone number with a receptionist answering your calls in your company name. Professionally trained secretarial staff will manage your correspondence, and can provide additional administrative and support services as you need them.

http://www.executivecentre.com/virtual_offices/faq

[Wardan_reloadeD]

fuck gox, lets watch it die!@

oh lol, best popedcorn gif evar!

  The Prety Most Biggest Eminent Highness Grand Caesar OYNLBWB* Imperator,  Goat quotes my gif... im geting excited



*Owner of a yellow nice lambo bougth with bitcoin

[Bobsurplus]

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

Do you have any more info on this?

[Teppino]

Being that in Japan only fiat is regulated should they decide to forcefully liquidate all their customers into fiat (at their current ridicoulos exchange rate)  there will be also no room for lawsuits against them.

[jasonjm]

Being that in Japan only fiat is regulated should they decide to forcefully liquidate all their customers into fiat (at their current ridicoulos exchange rate)  there will be also no room for lawsuits against them.

well, if this is true, they can EASILY just build a fake sell storm on their platform, as they dont even need to have the BTC to sell, just sell millions of non existent BTC, drive the price down to $1, pay everyone back at $1 = 1 BTC rate, and get away no issues from the law at all


typical bitcoin scam as always.

[ArticMine]

Being that in Japan only fiat is regulated should they decide to forcefully liquidate all their customers into fiat (at their current ridicoulos exchange rate)  there will be also no room for lawsuits against them.

This has been tried before by a certain pirateat40 in the US. It did not work when the US government went to court and made the case that to all effective purposes Bitcoin is money.

[Teppino]

Being that in Japan only fiat is regulated should they decide to forcefully liquidate all their customers into fiat (at their current ridicoulos exchange rate)  there will be also no room for lawsuits against them.

well, if this is true, they can EASILY just build a fake sell storm on their platform, as they dont even need to have the BTC to sell, just sell millions of non existent BTC, drive the price down to $1, pay everyone back at $1 = 1 BTC rate, and get away no issues from the law at all


typical bitcoin scam as always.

Yes, but they probably have a lot of big fiat holders, a progressive crash would be more effective luring them into buying cheap coins whereas an instant crash to 1$ would be ineffective and also easily spotted leaving gox with much more fiat to give back.
Also note i'm pretty new and probably wrong.

[jasonjm]

well mtgox is at 111

if any of you watch cricket, 111 is bad

[Bobsurplus]

don't forget to post your funny memes and pictures here guys.

https://bitcointalk.org/index.php?topic=477704.new#new

[subSTRATA]

In my eyes it's completely insane, that trading hasn't been halted -- it should have been a few minutes prior to the first announcement, that bitcoin withdrawals are suspended!

A honest business would have done that (suspend trading), but MTGox chose to defraud its customers.
When the MtGox price is 75% lower than Bitstamp, I think defraud is the right verb describing the situation.

+1

[barbs]

In my eyes it's completely insane, that trading hasn't been halted -- it should have been a few minutes prior to the first announcement, that bitcoin withdrawals are suspended!

A honest business would have done that (suspend trading), but MTGox chose to defraud its customers.
When the MtGox price is 75% lower than Bitstamp, I think defraud is the right verb describing the situation.

+1

+1

They are blaming a technical issue but continuing trading ? Staying online / live w a technical fault ?

Absolute fraud

[jasonjm]

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

[epetroel]

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

I think CampBX would qualify there.  Can't think of anybody else though.  Maybe Cassicus if you count that.

[trepper]

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

I think CampBX would qualify there.  Can't think of anybody else though.  Maybe Cassicus if you count that.

You can count BTC-24 too...

[jasonjm]

those still trading on gox right now, summons this image

https://www.youtube.com/watch?v=O5zGkqAWsWE

[seleme]

No end of Gox, they'll buy loads of cheap coins they are obviously missing and some more. Then reopen withdrawals, and make money on the price going up again.

That's the only way to get out of the mess they got in with missing coins and only way to gain them again. That's why they didn't close trading.

[markjamrobin]

What is this security issue?  We used to have animal rights protestors outside our door every other week.  It never bothered me that much.  If it gets bad you call the police.  I have never heard of anyone running away because of a security issue.  Besides that an office move can be incredibly disruptive if it is not carefully planned. I am smelling that smell again...

And if you tell everyone where you are going, they will go there instead...