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Author Topic: Game Over??  (Read 2238 times)
BitcoinTate
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February 20, 2014, 08:18:11 PM
 #21

I don't understand why they wont suspend trading if exchange is not functioning properly.
How else could they arbitrage their own exchange and pay off their bills?

- aka The "DigiMan"
sgbett
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February 20, 2014, 08:21:51 PM
 #22

Gosh, I could easily liquidate on BitStamp, Coinbase, or with SecondMarket for over $550/BTC, but the crash is happening on Gox so I should probably send my bitcoins there to sell.  Yes?

I knew you wouldn't be able to resist coming back at these levels of drama Cheesy

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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st4nl3y
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February 20, 2014, 08:24:26 PM
 #23

bitstamp and others are still holding strong but if/when mtgox resumes btc withdrawals, the price will crash everywhere else.
we might even see low 2-digit number on mtgox before this^ happens
zemario
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February 20, 2014, 08:25:45 PM
 #24

I smell cheap coins.
Holliday
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February 20, 2014, 08:34:42 PM
 #25

certainly mtgox is taking arbitrages so they pay the bills but someone must have all this fucking money

I mean, I know Gox is pretty fucking incompetent, but it boggles the mind how they could be in debt after all the fees they've been scalping from their victims customers the past few days.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
odysseus654
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February 20, 2014, 08:42:46 PM
Last edit: February 20, 2014, 09:10:43 PM by odysseus654
 #26

I haven't heard anyone mentioning what I speculate happened, so time to throw my voice into the crowd.

We have a situation where MtGox has without warning disabled bitcoin withdrawals, then a couple days later announce/accuse a hole that permitted someone from getting more bitcoins than they deserved.

Days later another popular "exchange" said they were affected by the same vulnerability and had their entire wallet stolen by the process.

MtGox states that they are in full compliance with Japanese law, which requires all exchanges to be fully solvent while they are running.

What I speculate may have happened is that MtGox's online wallet was completely drained by this exploit and that may have caused bitcoin withdrawals to end.  They may have been smart and had an offline wallet as well (so they aren't completely bled dry) however being a very popular exchange they likely lost a large chunk of their coins in the process and are now bitcoin-insolvent.  They are still operating within the law in this case because Japan doesn't know what bitcoins are yet and they are still fully fiat-solvent.

It also means that their goal would not be to attract more dollars, but try to find some place to get more coins from.  Metering bitcoin withdraws at the beginning would make sense (until they run dry).  I believe they're also scrambling over trying to improve their code to plug the hole, especially with feedback (in threads on this site) as to how low their server code quality is.
sgbett
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February 20, 2014, 08:46:34 PM
 #27

certainly mtgox is taking arbitrages so they pay the bills but someone must have all this fucking money

I mean, I know Gox is pretty fucking incompetent, but it boggles the mind how they could be in debt after all the fees they've been scalping from their victims customers the past few days.

this exactly (its why I've taken a risk).

not saying they aren't, but if they are, then I'm buying shares in starbucks because there next quarterly report is gonna be through the roof Wink

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
*my posts are not investment advice*
TERA
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February 20, 2014, 08:50:03 PM
 #28

Network Security Dispatched.

Foreign Thread Eliminated.

Access Denied.

Game Over.
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vertex output parameter not completely initialized


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February 20, 2014, 08:52:40 PM
 #29

TERA
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February 20, 2014, 09:03:40 PM
 #30

I don't understand why they wont suspend trading if exchange is not functioning properly.
How else could they arbitrage their own exchange and pay off their bills?
Don't you understand? The Modus Operandi of mtgox is to do absolutely nothing. That includes halting trading on their exchange.
DanielVG
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February 20, 2014, 09:15:03 PM
 #31



GAME OVER MAN! GAME OVER!
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February 20, 2014, 09:36:19 PM
 #32


Nah, don't worry. I have a few friends at the NSA who owe me a favour and I'll ask the to install a backup of the internet (including the blockchain) from November 2013.
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