calm down folks, Mtgox issue is still not resolved.

[david_lebrand]

The MTGox transaction API (https://data.mtgox.com/api/0/bitcoin_tx.php) shows transactions MTGox authors.
Throughout the outage— e.g. as early as the 8th— they've been making a small number of what looks like dust sweeping transactions.
One shown right now is TXID ed7ffa58fef651adaf1281ad10e98a4399eb2be40950345c7ccb7c8f76f067e1 which spends 45d45286bac04311684ab7716ab170b50781cde6b094d9a644fb89ca07ae6888:31 which is the coinbase transaction of block 0000000000000000da75e32e941537e00bd2e752527adba6193f35ccaa6da293. At the moment it only has 62 confirmations.
Because the rules of the Bitcoin protocol prohibit spending coinbase txn with under 100 confirmations this transaction is currently invalid and will remain invalid for another 38 blocks.
So after all this outage time, MTGox has still not fixed their software to stop authoring invalid transactions.

source: http://www.reddit.com/r/Bitcoin/comments/1ymwzj/mtgox_still_authoring_invalid_transactions/

[Holliday]

Yes. Gox is allegedly fixing the problem involving transaction malleability.

Did you expect them to fix every other problem they have as well (for example, making transaction with immature coins)?

LOL. This is Gox we are talking about. Band-aids. That's all they can do.

I hope they can use a large enough Band-aid to resume withdraws and allow those poor folks known as Gox customers to get their funds out.

Don't expect much more from them.

[$1vEr.$urfer]

Well then, can anybody please explain WHY the bitcoin price has gone up by 10% on most exchanges over the past 6 or 7 hours???  ($550 to $600 on BTC-e)

(on Mt Gox it has more than doubled over the last 12 hours!!!)   Was $105, now sitting at $260

I would have thought that such an increase could/would only occur in the event that there was definitite concrete good news from Gox at their next official update - which i thought would only occur on monday 24 February!??

WTF is going on??!!!

[franky1]

Well then, can anybody please explain WHY the bitcoin price has gone up by 10% on most exchanges over the past 6 or 7 hours???  ($550 to $600 on BTC-e)

(on Mt Gox it has more than doubled over the last 12 hours!!!)   Was $105, now sitting at $260

I would have thought that such an increase could/would only occur in the event that there was definitite concrete good news from Gox at their next official update - which i thought would only occur on monday 24 February!??

WTF is going on??!!!

..speculations, panic, sheep followers..

thats the three options, ill leave you to pick one

[bananas]

this is not a pro market, prices move a random

[kireinaha]

I guess a lot of people are brand new to the world of investing. Have you heard the term "market psychology" before? A rumor starts, some people buy, people see these people buying and devide to buy, price starts rising so even more people panic buy, etc....

Nothing needs to fundamentally change to start a flash rally/crash...

[Bit_Happy]

Well then, can anybody please explain WHY the bitcoin price has gone up by 10% on most exchanges over the past 6 or 7 hours???  ($550 to $600 on BTC-e)

(on Mt Gox it has more than doubled over the last 12 hours!!!)   Was $105, now sitting at $260

I would have thought that such an increase could/would only occur in the event that there was definitite concrete good news from Gox at their next official update - which i thought would only occur on monday 24 February!??

WTF is going on??!!!

Oversold
Anticipation of good news
Bad news would have no effect (prices too low already)
What goes down, usually goes back up.

[Bit_Happy]

OMG it's time to buy more!!  

I guess a lot of people are brand new to the world of investing. Have you heard the term "market psychology" before? A rumor starts, some people buy, people see these people buying and devide to buy, price starts rising so even more people panic buy, etc....

Nothing needs to fundamentally change to start a flash rally/crash...

[Nagle]

Yes. Gox is allegedly fixing the problem involving transaction malleability.Did you expect them to fix every other problem they have as well (for example, making transaction with immature coins)?

Where is Gox getting immature coins? Those come from recent mining. Why would any miner with perfectly good Bitcoins sell on Gox right now? Were these coins actually mined recently?

[grifferz]

gmaxwell said on the reddit thread that he thought some miners had set their pool deposit address to be a mtgox address, so those coins are their earnings.

[keithers]

Its partially because of rumors that some have been able to withdraw from Gox

[Holliday]

Yes. Gox is allegedly fixing the problem involving transaction malleability.Did you expect them to fix every other problem they have as well (for example, making transaction with immature coins)?

Where is Gox getting immature coins? Those come from recent mining. Why would any miner with perfectly good Bitcoins sell on Gox right now? Were these coins actually mined recently?

Miners. Stupidity. Yes.

[repentance]

Gox will be shouting it from the roof-tops when they intend to resume withdrawals. 

Of course once they announce the new withdrawal limits and the measures they're taking to ensure there's no mass exodus of funds from Gox, who knows how the market will react.  A ton of people are going to be submitting new withdrawal requests, so the "standard" withdrawal time on Gox is going to blow out even more.  That could drive the price down even further if Gox doesn't provide convincing evidence that they're solvent (even if they do, how many people want to wait months to be able to get control of their BTC/fiat).

[kolev]

Gox will be shouting it from the roof-tops when they intend to resume withdrawals.  

Of course once they announce the new withdrawal limits and the measures they're taking to ensure there's no mass exodus of funds from Gox, who knows how the market will react.  A ton of people are going to be submitting new withdrawal requests, so the "standard" withdrawal time on Gox is going to blow out even more.  That could drive the price down even further if Gox doesn't provide convincing evidence that they're solvent (even if they do, how many people want to wait months to be able to get control of their BTC/fiat).

Total amateur hour. Somebody posts here and the prices rise $50+.

Also, Mt.Gox guys don't work over the weekends or overtime. Don't expect anything happening over the weekend.

[yogi]

Gox will be shouting it from the roof-tops when they intend to resume withdrawals. 

Of course once they announce the new withdrawal limits and the measures they're taking to ensure there's no mass exodus of funds from Gox, who knows how the market will react.  A ton of people are going to be submitting new withdrawal requests, so the "standard" withdrawal time on Gox is going to blow out even more.  That could drive the price down even further if Gox doesn't provide convincing evidence that they're solvent (even if they do, how many people want to wait months to be able to get control of their BTC/fiat).

So you've gone from 'withdrawals will never be restarted' to 'when withdrawals are restarted the market will crash', make your mind up 

[rograz]

Well then, can anybody please explain WHY the bitcoin price has gone up by 10% on most exchanges over the past 6 or 7 hours???  ($550 to $600 on BTC-e)

The same reason why it went so low on gox without any real proof that they are insolvent, speculation and rumors. Also it became more profitable to sell "goxbtc" for btc than to covert to usd at gox rates so buying pressure increased.

[ArticMine]

I would take a very close look at this: https://bitcointalk.org/index.php?topic=476535.0;all. It may also explain the recent behaviour of the MTGoxBTC/MTGoxUSD market.

[repentance]

So you've gone from 'withdrawals will never be restarted' to 'when withdrawals are restarted the market will crash', make your mind up 

I've never said that withdrawals won't be restarted and I never said "the market will crash" - Gox price will if they lose volume.  There are any number of scenarios which could cause that to be the case, but nothing is certain regarding MtGox right now.  If they do resume withdrawals, it means nothing about their viability as a business as they'll be in a position to ensure that the rate at which funds are leaving MtGox is less than the rate at which funds are entering MtGox.  They could be broke and hide it for a long time providing they control the rate of withdrawals.

I believe that the best thing for Bitcoin overall would be for MtGox to fail now rather than continue failing by degrees, but I acknowledge that they could keep limping along for quite a while.  You only need to look at the dark markets to see how willing people are to keep giving funds to services which have repeatedly failed if they think there's the slightest chance they'll benefit from doing so.

The same reason why it went so low on gox without any real proof that they are insolvent, speculation and rumors.

The price should be low on an exchange where withdrawals have been halted, irrespective of any speculation about their financial state.

[Melbustus]

gmaxwell said on the reddit thread that he thought some miners had set their pool deposit address to be a mtgox address, so those coins are their earnings.

That is unbelievably stupid... It amazes me that people who know bitcoin enough to set up a miner are stupid enough to automatically pump fresh coins into a shared online wallet.

This is bitcoin. STORE YOUR OWN MONEY! Gad...

[wickedgoodtrader]

Listen here folks. GOX is fucked. They don't have the coins they are suppose to have. IT IS WAY WORSE THEN ANYBODY IMAGINES.

It's not like they have 70% of the coins or something. They don't have a pot to piss in. If they did they would be buying coins on their exchange and selling them on other exchanges BOTTOM LINE! I mean, if you were as shady as Karpeles don't you think you would be doing it?

Instead, because they have no coins, they have to crash their own market with fake sells. So Karpeles just takes out the fiat bids and sells them gox btc. The price on gox will crash. Then gox has to goto court to settle/go bankrupt. The guy who had 100 btc only gets about $250 though because they crashed the price to $5 so 100 btc is only worth $500 and then they still didn't have enough to cover it so everyone gets .50 on the dollar.

Mark my words, companies who go insolvent don't dig themselves out of it, especially when it's run by Karpeles.