Why are people defending MTGox?

[mercilesssuggy]

What I don't understand is the many posters on this board that seem to suggest MTGox ISN'T in trouble and that it's all a conspiracy theory to destory them?

Yes, the facts are limited, other than 1 very simple and important fact... MTGox are no longer trading bitcoin withdrawls.

I mean, that's pretty substantial fact don't ya think? All the other exchanges are which shows there's no technical reason why they can't. But they aren't.

They make statement after statement about how they will one day potentially start again, but these statements count for nothing because at the end of the day, they still aren't trading.

For those who are saying MTGox are not in trouble, you are ignoring the one most important simple fact which I stated above. If the company wasn't in trouble, they would have shed a load of cash on fixing the problem quick and moving on......

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[turtle83]

http://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model#Stages

They are still in the first stage...

[Elwar]

I can see MtGox coming back. But what will be the most puzzling thing will be the people that still use that exchange.

[TrailingComet]

Not sure that anybody is defending them
Some folks think MtGox is not as terminal as it is, that's all

[Wilhelm]

Is it me or is MtGOX down? 

[Zangelbert Bingledack]

I'll defend anyone against rumors, amateurish "leaked" documents, and unconfirmed allegations.

It's to everyone's benefit in this community that we have accurate, solid information and not jump to conclusions. Circumstantial evidence is being used to declare MtGox insolvency as a foregone conclusion, rather than just a fairly high likelihood. This is wrong. It is poor reckoning of evidence, even if they do turn out to be insolvent in the end.

[mercilesssuggy]

I'll defend anyone against rumors, amateurish "leaked" documents, and unconfirmed allegations.

It's to everyone's benefit in this community that we have accurate, solid information and not jump to conclusions. Circumstantial evidence is being used to declare MtGox insolvency as a foregone conclusion, rather than just a fairly high likelihood. This is wrong. It is poor reckoning of evidence, even if they do turn out to be insolvent in the end.

Are you telling me MTGox is a business not in trouble? Despite still not trading? Rofl. That is evidence enough. Did you follow the Full Tilt Poker demise?

"Yes, player funds are secure, yes player funds are secure, yes player funds are secure.." - DOJ freezes account: "Ok, player funds weren't secure".

[mvdheuvel1983]

Is it me or is MtGOX down? 

I think it's you.

I'm logged right now. Gox just re-enabled bitcoin withdrawals. Didn't you get the memo? I'm withdrawing bitcoins as we speak.

 

[cosmofly]

die gox dieeeeeeeeeeeeeeeeeeeeeeeeeee fucking die die die dieeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee

[bassclef]

I'll defend anyone against rumors, amateurish "leaked" documents, and unconfirmed allegations.

It's to everyone's benefit in this community that we have accurate, solid information and not jump to conclusions. Circumstantial evidence is being used to declare MtGox insolvency as a foregone conclusion, rather than just a fairly high likelihood. This is wrong. It is poor reckoning of evidence, even if they do turn out to be insolvent in the end.

Thank god there is another rational adult in this forum. Hold tight kids, don't make me turn this car around!

[T.Stuart]

I'll defend anyone against rumors, amateurish "leaked" documents, and unconfirmed allegations.

It's to everyone's benefit in this community that we have accurate, solid information and not jump to conclusions. Circumstantial evidence is being used to declare MtGox insolvency as a foregone conclusion, rather than just a fairly high likelihood. This is wrong. It is poor reckoning of evidence, even if they do turn out to be insolvent in the end.

The "crisis document" is so badly fake it would be laughable in different circumstances, but I fear that many (including myself) have been blinded by either greed or hope over the past couple of weeks.

[harkonnen]

Is it me or is MtGOX down? 

I think it's you.

I'm logged right now. Gox just re-enabled bitcoin withdrawals. Didn't you get the memo? I'm withdrawing bitcoins as we speak.

 

Stop making fun of the situation. Many people lost a lot of money. I can feel their pains.
MtGox is still giving blank page. Android app seems to be able to pull some info. According to app, Trading volume is "zero."

[harkonnen]

I'll defend anyone against rumors, amateurish "leaked" documents, and unconfirmed allegations.

It's to everyone's benefit in this community that we have accurate, solid information and not jump to conclusions. Circumstantial evidence is being used to declare MtGox insolvency as a foregone conclusion, rather than just a fairly high likelihood. This is wrong. It is poor reckoning of evidence, even if they do turn out to be insolvent in the end.

The "crisis document" is so badly fake it would be laughable in different circumstances, but I fear that many (including myself) have been blinded by either greed or hope over the past couple of weeks.

Leaked paper doesn't look like professional, but so does MtGox. What do you expect? They used to trade some cards.
Don't give victims false hope. Many people are in first stage of grief.
http://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model#Stages

I lost 1.8BTC to some scammers, so I can imagine some victims' pain when they lost 75BTC or more on MtGox.

[mvdheuvel1983]

Is it me or is MtGOX down?  

I think it's you.

I'm logged right now. Gox just re-enabled bitcoin withdrawals. Didn't you get the memo? I'm withdrawing bitcoins as we speak.

 

Stop making fun of the situation. Many people lost a lot of money. I can feel their pains.
MtGox is still giving blank page. Android app seems to be able to pull some info. According to app, Trading volume is "zero."

I also lost some money on this, € 400. Not much, I know, but still. Me making a joke doesn't mean I like this situation, and I'm not one of those guys who wishes everyone to lose their money. Hope everyone gets it back eventually.

edit: And let's not forget it's not sure the money and BTC are really lost. Nothing is sure yet at this moment!

[Swordsoffreedom]

I can see MtGox coming back. But what will be the most puzzling thing will be the people that still use that exchange.

I can see this scenario as well since they were able to cover their holdings by acquiring bitcoins at lower prices if they decide to remain an exchange that is.

The other scenario of a full on retreat is also highly likely.

[T.Stuart]

I'll defend anyone against rumors, amateurish "leaked" documents, and unconfirmed allegations.

It's to everyone's benefit in this community that we have accurate, solid information and not jump to conclusions. Circumstantial evidence is being used to declare MtGox insolvency as a foregone conclusion, rather than just a fairly high likelihood. This is wrong. It is poor reckoning of evidence, even if they do turn out to be insolvent in the end.

The "crisis document" is so badly fake it would be laughable in different circumstances, but I fear that many (including myself) have been blinded by either greed or hope over the past couple of weeks.

Leaked paper doesn't look like professional, but so does MtGox. What do you expect? They used to trade some cards.
Don't give victims false hope. Many people are in first stage of grief.
http://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model#Stages

I lost 1.8BTC to some scammers, so I can imagine some victims' pain when they lost 75BTC or more on MtGox.

Not giving anyone false hope. As I said I fear some with funds in Gox since before the lockdown have been blinded by hope and some going wild trading real BTC for Gox BTC by fear: ie despite strange documents appearing etc. it looks like game over.

EDIT: greed! 

[darkmule]

I'll defend anyone against rumors, amateurish "leaked" documents, and unconfirmed allegations.

It's to everyone's benefit in this community that we have accurate, solid information and not jump to conclusions. Circumstantial evidence is being used to declare MtGox insolvency as a foregone conclusion, rather than just a fairly high likelihood. This is wrong. It is poor reckoning of evidence, even if they do turn out to be insolvent in the end.

So why does what actually happened in reality seem to correspond to what's in the document?  gox.com now points to mtgox.com, which is now a blanked page.  On top of that, they closed their support ticket system.  Someone had to do that deliberately.  Or did trolls somehow fake that, too?

[Artlover]

I'll defend anyone against rumors, amateurish "leaked" documents, and unconfirmed allegations.

It's to everyone's benefit in this community that we have accurate, solid information and not jump to conclusions. Circumstantial evidence is being used to declare MtGox insolvency as a foregone conclusion, rather than just a fairly high likelihood. This is wrong. It is poor reckoning of evidence, even if they do turn out to be insolvent in the end.

Problem is, good sir, is this is just one of a dozen different problems Gox has had over the years, none of which they have ever been truthful and forth coming about. They never really explained the last theft they had a few years ago, they never explained their deliberate market manipulation, they lied about why they stopped doing USD withdrawals last years, had no good reason why other fiat withdrawals were getting hung up. Now they have been blaming a non issue for withdrawal problems, never reactivating them after getting a so called fix a while ago. Sneaking off to a new location in the middle of the night. About the only thing Gox has ever been somewhat truthful about is the fact that they knowingly and deliberately chose to ignore proper bitcoin network protocol because it didn't serve their needs. Which is precisely why they are in the situation they are in.

Has nothing to do with rumors or circumstantial evidence. It's about years and years of known incompetence, lies and coverups. Given their long shady history, there is no reason to believe otherwise. That is squarely their fault and completely deserved. They deserve no assumptions on innocence. THEY need to be proactively trying to prove everyone wrong (of course they won't because they can't. Same situation they have been in time and time before).

Also, the amateurish "leaked" document is likely real. Real in as much as it came from inside Gox. ALL of their documents are pathetically amateurish looking like they were written by a 16 year old. This has already been discussed to death in other forums. This looks exactly like what they always throw out there. That said, it's fake in that I doubt any of that is the real intention. Like everything else, it's a feel good stall tactic to give people false hope while they finish covering their tracks and pocketing the last few coins and dollars of fiat that are left.

[thelema93]

Hmm...  It's a conspiracy theory to say that the leaked document is fake - but....

Like everything else, it's a feel good stall tactic to give people false hope while they finish covering their tracks and pocketing the last few coins and dollars of fiat that are left.

Conspiracies, conspiracies eh?

It's not about defending Gox. When people make wild claims like the one above with no supporting evidence - then any fair minded person would 'defend' the person being accused. There is no real evidence to say that Gox is trying to steal anyone's money so just repeating that meme.

Gox have fucked up big time, yes. But that could be for many reasons - they've been hacked, they are incompetent, they have bugs in code etc... probably all three of those things, now on top of that the phoney leaked document comes out the same day Mark is 'resigned' - so to save a total collapse of bitcoin, they switched off their system. That's the facts as they seem to be right now.

[DieJohnny]

Also, the amateurish "leaked" document is likely real. Real in as much as it came from inside Gox. ALL of their documents are pathetically amateurish looking like they were written by a 16 year old.

Mt Gox is the typical accidental tech-startup success and failure. A company Created by people/persons too dumb and young to realize the monumental task they are undertaking, creating a web of crap that actually functions on the surface in a way that then creates out-sized egos about their genius and their individual management capabilities.

The kids that start such companies never see their own incompetence because they are self-made. They are unmanageable because anyone brought in to work with the founders cannot match the founder's knowledge of their spaghetti-coded cluster F.  So they are all hostages and prisoners to the spoiled child that created a monster that is only destined for destruction.

Evidence of these companies always trickles out in childish press releases and incompetent crisis management. The occasional powerpoint that someone in your local tech college would spit out shows up to validate your suspicions. Unfortunately, busy lives or maybe personal greed push you past reason and force you into a business relationship with these clowns. Everyone gets burned in the end.

This also sounds like everything we see with the Obama adminstration, NSA, and the USA government in general. Interesting........