Official End of Mt Gox thread

[Lloydie]

We have no evidence that Gox was running a fractional reserve system, unless someone can point us to data proving so? It's unlikely for them to do so precisely because of Btc appreciation versus fiat in the months leading up to November 2013.

[ArticMine]

We have no evidence that Gox was running a fractional reserve system, unless someone can point us to data proving so? It's unlikely for them to do so precisely because of Btc appreciation versus fiat in the months leading up to November 2013.

One would think, except for the fact that the "delays" in BTC withdrawals have followed a sharp rise in the BTC/USD rate in November / December 2013.

[Zangelbert Bingledack]

Now the real question here is JPY withdrawals (domestic within Japan) in the last two weeks. How are they proceeding?

Seem to be taking 3-4 weeks, faster if you have a Japanet bank account, according to https://bitcointalk.org/index.php?topic=428242.100

[sgbett]

So is the allegation that gox facing solvency issues due to general mismanagement of finances, decided to 'buy' bitcoin with goxbux, whilst stalling on fiat withdrawals, thusly pushing the gox price higher, whilst selling them on the other exchanges for real fiat.

It continued to harvest fiat thus easing cash-flow issues, waiting for the inevitable market blow off. Once it was clear we were in a solid downtrend it reversed its strategy this time, blocking BTC withdrawals to capitalise on downward momentum, causing panic selloffs. With all the surplus fiat gox now had, it was able to cover the 'goxbux' liability, as well as acquire a whole bunch of additional btc for cheap, knowing full well that it would reduce its bitcoin liability to customers such that when withdrawals re-open, they are left sat on a whole load of spare bitcoin, which will inevitably trend back towards equilibrium with the rest of the exchanges.

So if thats the story...

Is karpeles is the genius criminal mastermind behind this?  

[humanitee]

My greatest fear is that they will come out of this stronger, with their fraudulent/immoral/unethical behaviour being further incentivized. Now traders will want to have even more money there to be prepared for the next great Goxxing.

I will not put any more fiat into the ecosystem, and will strongly suggest to immediate friends and family they they do the same, until I see Gox volume drop greatly.

This could set a dangerous precedent for the community, especially if no legal action results.

[sgbett]

My greatest fear is that they will come out of this stronger, with their fraudulent/immoral/unethical behaviour being further incentivized. Now traders will want to have even more money there to be prepared for the next great Goxxing.

I will not put any more fiat into the ecosystem, and will strongly suggest to immediate friends and family they they do the same, until I see Gox volume drop greatly.

This could set a dangerous precedent for the community, especially if no legal action results.

let me tell you a story about how well the legal action is going with bitcoinica...

[humanitee]

My greatest fear is that they will come out of this stronger, with their fraudulent/immoral/unethical behaviour being further incentivized. Now traders will want to have even more money there to be prepared for the next great Goxxing.

I will not put any more fiat into the ecosystem, and will strongly suggest to immediate friends and family they they do the same, until I see Gox volume drop greatly.

This could set a dangerous precedent for the community, especially if no legal action results.

let me tell you a story about how well the legal action is going with bitcoinica...

I actually haven't kept up with that. I'm guessing it's going quite shittily, yes?

[Lloydie]

We have no evidence that Gox was running a fractional reserve system, unless someone can point us to data proving so? It's unlikely for them to do so precisely because of Btc appreciation versus fiat in the months leading up to November 2013.

One would think, except for the fact that the "delays" in BTC withdrawals have followed a sharp rise in the BTC/USD rate in November / December 2013.

I thought the delays were initially in fiat. Only after a few months, were Btc withdrawals delayed, which caused gox Btc rates to fall below other exchanges?

[sgbett]

My greatest fear is that they will come out of this stronger, with their fraudulent/immoral/unethical behaviour being further incentivized. Now traders will want to have even more money there to be prepared for the next great Goxxing.

I will not put any more fiat into the ecosystem, and will strongly suggest to immediate friends and family they they do the same, until I see Gox volume drop greatly.

This could set a dangerous precedent for the community, especially if no legal action results.

let me tell you a story about how well the legal action is going with bitcoinica...

I actually haven't kept up with that. I'm guessing it's going quite shittily, yes?

The additional carriage return at the end of my post was indicative of the progress that appears to have been made.

Oh, and the legal people start making noises like all us plaintiffs might have to 'donate' to keep the case going.

Oh how I laughed

[sgbett]

So is the allegation that gox facing solvency issues due to general mismanagement of finances, decided to 'buy' bitcoin with goxbux, whilst stalling on fiat withdrawals, thusly pushing the gox price higher, whilst selling them on the other exchanges for real fiat.

It continued to harvest fiat thus easing cash-flow issues, waiting for the inevitable market blow off. Once it was clear we were in a solid downtrend it reversed its strategy this time, blocking BTC withdrawals to capitalise on downward momentum, causing panic selloffs. With all the surplus fiat gox now had, it was able to cover the 'goxbux' liability, as well as acquire a whole bunch of additional btc for cheap, knowing full well that it would reduce its bitcoin liability to customers such that when withdrawals re-open, they are left sat on a whole load of spare bitcoin, which will inevitably trend back towards equilibrium with the rest of the exchanges.

So if thats the story...

Is karpeles is the genius criminal mastermind behind this?  

It also crossed my mind, that if this (or whatever form of 1.stop deposits, 2.arb, 3.profit) has happened, then gox is going nowhere

[humanitee]

The additional carriage return at the end of my post was indicative of the progress that appears to have been made.

Oh, and the legal people start making noises like all us plaintiffs might have to 'donate' to keep the case going.

Oh how I laughed

lmfao, why am I not surprised.

[ArticMine]

Now the real question here is JPY withdrawals (domestic within Japan) in the last two weeks. How are they proceeding?

Seem to be taking 3-4 weeks, faster if you have a Japanet bank account, according to https://bitcointalk.org/index.php?topic=428242.100

This JPY delay is what finally convinced me that MTGox is insolvent.

[markjamrobin]

Now the real question here is JPY withdrawals (domestic within Japan) in the last two weeks. How are they proceeding?

Seem to be taking 3-4 weeks, faster if you have a Japanet bank account, according to https://bitcointalk.org/index.php?topic=428242.100

This JPY delay is what finally convinced me that MTGox is insolvent.

What are JPY withdrawal times at these days?

[TooDumbForBitcoin]

I'm confused by the title of this thread.

Is this thread about the official end of Mt. Gox?

Is this the official thread about the end of Mt. Gox?

Has the official end of the the Mt. Gox thread been announced?

[hvezdasmrti]

This is the only statement which gox announced for his customers: http://www.youtube.com/watch?v=oHg5SJYRHA0

[zedicus]

I'm confused by the title of this thread.

Is this thread about the official end of Mt. Gox?

Is this the official thread about the end of Mt. Gox?

Has the official end of the the Mt. Gox thread been announced?

   The community sentiment is "to stick gox with a pitchfork" and take turns twisting and turning but..

I believe gox will stay and pretend none of this happened!

Kinda like that **** Yufi from Avalon who is still selling miners with a bag over his head...
 
 
 



 

[MANofthePEOPLE]

Wouldn't the obvious thing for gox management be to just send coins to other exchanges and sell? Might not be legal but would keep them alive

[Cassius]

Wouldn't the obvious thing for gox management be to just send coins to other exchanges and sell? Might not be legal but would keep them alive

There was a point to that effect earlier in the thread - or that it's actually been happening for months.
Dangerous strategy if that's really going on, since sales of the volumes required would crash the price on those excha- oh, wait...
It seems pretty clear there's some illegal or at least very dubious activity going on, as well as straightforward incompetence and getting a bunch of coins stolen by hackers, perhaps for some time now.
I think the safest strategy is to assume that anything underhand, incompetent or brutally stupid that could have been going on at Gox has been.

[seldon]

Feeling brave guys? I can confirm, that Sepa still works _both ways_. Last withdraw took 3 weeks, last deposit took 48h.
The fact that they still withdraw brings a glimmer of hope that they are not legally insolvent. The rest is greed and trying bitcoinbuilder for a nice 50% profit in 48h

[invisiblefriend]

n its moving !