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Author Topic: Wanna price go up? Withdraw from MtGox. They are selling your coins.  (Read 1767 times)
finway
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November 15, 2011, 03:57:06 PM
 #1

And make they buy back by withdrawing from it.

At least try another exchanger.


I store no coins on MtGox, I don't trust it.

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finway
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November 15, 2011, 04:15:15 PM
 #2

According to the statistics, no body owns more than 50k BTCs except MtGox.

Today's sell-off is 350k big,

no doubt MtGox is the manipulator and they are selling your BTCs.

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November 15, 2011, 04:18:47 PM
 #3

According to the statistics, no body owns more than 50k BTCs except MtGox.

Today's sell-off is 350k big,

no doubt MtGox is the manipulator and they are selling your BTCs.

How do you think Mt. Gox works? Of course they have a wallet containing all the coins people deposited...

Did you really think that through before posting?
finway
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November 15, 2011, 04:25:29 PM
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How do you think Mt. Gox works? Of course they have a wallet containing all the coins people deposited...
Did you really think that through before posting?

they have a lot of deposited USDs and BTCs,
USDs are withdrawed frequently ,
BTCs are not.

What's they do about the big BTCs account? 

Sell high buy low, make some money, since few people will withdraw BTCs. 

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November 15, 2011, 04:30:24 PM
 #5

Just because they can do it doesn't mean they are.  Doesn't mean they aren't either.  A third part audit would be a better way of seeing if unethical things are happening.  Those aren't cheap though.

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November 15, 2011, 04:30:42 PM
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I've stated my concerns with Mt Gox many times, but even the big hack couldnt push them off as the #1 exchange so i doubt your post will do anything.

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finway
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November 15, 2011, 04:35:03 PM
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I've stated my concerns with Mt Gox many times, but even the big hack couldnt push them off as the #1 exchange so i doubt your post will do anything.

yeah, habit sucks.

wareen
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November 15, 2011, 04:55:07 PM
 #8

What's they do about the big BTCs account? 

Sell high buy low, make some money, since few people will withdraw BTCs. 
Sell high, buy low - that sounds about like what everybody else does as well - no need to imply Mt. Gox.

Besides, there was no single 350k BTC sell-off - the largest trade that clearly seems to be from a single account is around 40k BTC and that's pocket change for some at the recent price levels.

Quote
According to the statistics, no body owns more than 50k BTCs except MtGox.
That reasoning is flawed.

Yes sure, Mt. Gox _could_ trade on their own exchange but you have absolutely nothing to back up your accusations.

Don't get me wrong I'm all for more decentralized exchanges and eliminating single points of failure, but there's no need to accuse Mark of outright fraud. He has done a _lot_ for the community and he is arguably taking most of the heat from the regulators.

So please, unless you have something more substantial, refrain from such wild accusations.
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November 15, 2011, 05:12:42 PM
 #9

According to the statistics, no body owns more than 50k BTCs except MtGox.

Today's sell-off is 350k big,

no doubt MtGox is the manipulator and they are selling your BTCs.


With such accusations, hard evidence would be preffered.
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November 15, 2011, 05:15:51 PM
 #10

Fact of the matter is that everyone uses MTGOX on faith. They're an unregulated, unmonitored exchange.

Are they manipulating the market using your deposited bitcoins/USD? Perhaps.
Do they still have all the BTC/USD in their wallets/accounts that they say they do? Probably.

Does anyone know for sure? Nope.
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November 15, 2011, 05:18:05 PM
 #11

Buying low and selling high using the same money does not affect the overall price. It's just taking profits from volatility. Someone else still has to buy at the high and sell at the low for that to work. If Gox is doing that, all they are doing is risking other peoples money, not manipulating prices. I hope they are not risking other peoples money, and doubt they are.

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November 15, 2011, 05:23:44 PM
 #12

According to the statistics, no body owns more than 50k BTCs except MtGox.

Citation of this? I thought there's like 12 old addresses with six-figures BTC?

I stand by my opinion in the other thread about this - you're clueless and your post smacks of butthurt.

^_^
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November 15, 2011, 05:29:16 PM
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Fact of the matter is that everyone uses MTGOX on faith. They're an unregulated, unmonitored exchange.

Are they manipulating the market using your deposited bitcoins/USD? Perhaps.
Do they still have all the BTC/USD in their wallets/accounts that they say they do? Probably.

Does anyone know for sure? Nope.
This.

If you want absolute security, don't use an exchange.  AFAIK, none of them have independent audits verifying integrity, so you must realize the risks when you trade or keep money on any of them.  At this point, I'd probably trust crypto exchange more than MtGox though... they seem to strive for transparency and quick response, neither of which MtGox is good at.  CE just needs to establish a track record now, and they could do very well.
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