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Statement Regarding Temporary Hiatus on U.S. Dollar Withdrawals
- thejosh 13y agoAny theories how this will fair for the market cost of Bitcoin?
- Drakim 13y agoAlthough it could have some impact, your money isn't "locked" with MtGox due to being able to transfer it to another exchange as Bitcoins, and cash it out as another currency there.
- bdcravens 13y agoMost on Mt. Gox don't have secondary accounts, and this is more likely for those who are looking to make short term $ (and who tend to panic sell). For the various exchanges they could move to, what's the turnover time to be able to trade and more importantly, make USD withdrawals? Will the other exchanges be ready for this? How exacerbated could this be if there's a price drop?
- unreal37 13y agoA comment based entirely on speculation. Do you know for a fact that most people on Mt Gox don't already have another account elsewhere or can't figure out how to create one?
- Sealy 13y agoLittle affect these days. There are other brokers out there which helps stabilise the price of bitcoin.
- TomGullen 13y agoPossibly raise the price on MtGox as people who want their cash will have to buy BTC with it and then sell them for USD elsewhere.
- betterunix 13y agoBuy it from whom? Who is going to sell BTC for USD without some confidence that they can actually receive the USD from MtGox?
- fnordfnordfnord 13y agoAny news, no matter what it is, immediately causes panic selling. So, short term price drop. Then? Who knows?
- tlrobinson 13y agoExcept that it's up slightly since this news was released.
- dragonwriter 13y agoWell, yeah, since its negative news for the expected future value of USD balances currently held on Mt.Gox, the natural result is, at least in the short-term, a drop in the value of USD on the Mt.Gox exchange, which, ceteris paribus, implies a rise in the BTC:USD exchange rate on that exchange.
- pixie_ 13y agoPrice has been pretty stable for awhile now. There's always 'the crazy periods' when it get's hyped up and the price is all over the place, but in general the price hovers around plateaus. Currently around ~$100.
- zikzikzik 13y agoIs this possibly a canary?
- jstanley 13y agoFor what?
- prawks 13y agoI believe he may have been implying that the cause is somehow linked to an outside agency, which in the case of Bitcoin discussions usually implies a government body somewhere.
- pvnick 13y agoNo, it's a press release. (sorry, I can't help my Airplane style of humor)
- thaumaturgy 13y agoI was actually wondering the same. For those curious: https://github.com/therealplato/dhs-mtgox-warrant/blob/master/Mt-Gox-Dwolla-Warrant-5-14-13-transcribed.md https://github.com/therealplato/dhs-mtgox-warrant/blob/maste...
- clarkmoody 13y agoas well as debuting a dramatically improved trading engine which will be launching very soon They wedged that one in there at the last minute, but this tidbit could have more impact on the future of the company than the rest of the release. One of the main gripes of Mt. Gox has been the lag-prone trading engine and the spotty real-time data feed. Fixing those two things could help them keep customers they have and potentially attract more traders who rely on speed in their strategies.
- GigabyteCoin 13y agoimho they're just serving up a compliment sandwhich of sorts: http://www.urbandictionary.com/define.php?term=compliment%20sandwich http://www.urbandictionary.com/define.php?term=compliment%20...
- sneak 13y agoA reminder: bitcoin, like tor, is useless if the government has a realtime analysis of the L3 network traffic of a majority of the participants, as we have learned they do in the US under NSA's MAINWAY and MARINA programs.
- tlrobinson 13y agoIt's still useful, just less anonymous.
- mjgoins 13y agoFrom bitcoin.org: "Bitcoin is not anonymous" http://bitcoin.org/en/you-need-to-know
- tlrobinson 13y agoYeah I should have been more specific: less pseudononymous. Eavesdroppers (local, ISP, or NSA) can link specific addresses to your IP address when you make a transaction. One workaround is to use a hosted online wallet or submit pre-signed transactions to the network through a third party like https://blockchain.info/pushtx https://blockchain.info/pushtx (assuming the connection is secure, including resistance to traffic analysis isn't possible)
- gasull 13y agoWhy pasting as code making it impossible to click on it?
- m-r-a-m 13y agoI don't think the entire usefulness of Bitcoin is related to staying anonymous as it's actually pretty hard to stay anonymous when using Bitcoin. Also, wouldn't the government need to be operating a certain percentage of the Tor nodes to do effective traffic analysis?
- betterunix 13y ago"Also, wouldn't the government need to be operating a certain percentage of the Tor nodes to do effective traffic analysis?" Not if they can conduct surveillance on the entire Internet.
- downandout 13y agoFor those willing to wait, this should temporarily make arbitrage more profitable. People that cannot wait 2 weeks for withdrawals will have to use their USD balances at Mt Gox to (re)purchase Bitcoins, which can then be moved to other exchanges and sold. This will cause a temporary, artificial increase in demand at Mt Gox only, leading to a higher-than-normal price differential between it and other exchanges. That said, this is only the latest snafu with these guys. I am tired of all of the issues at Mt. Gox. Someone else really needs to step up in their place.
- 0x006A 13y agojust do it
- 1053r 13y agoOver the last few weeks, bitstampUSD has moved from 6% to 14% on this chart. My guess is that only accelerates that process. http://www.bitcoincharts.com/charts/volumepie/ http://www.bitcoincharts.com/charts/volumepie/
- tlrobinson 13y agoIndeed, MtGox is trading about 5% higher than other USD exchanges right now. There is a (small?) risk that this could be a sign of bigger trouble to come. I don't know if I'd be comfortable leaving USD funds in MtGox right now. Maybe that's a risk others are willing to take.
- downandout 13y agoAgreed. It may be smarter at this point to buy Bitcoins with you USD balance and sell them for EUR, GBP or JPY. The volumes are smaller but it is possible.
- jerguismi 13y agoLocalBitcoins.com still up and running: https://localbitcoins.com/sell-bitcoins-online/usd/ https://localbitcoins.com/sell-bitcoins-online/usd/
- patio11 13y agoHate to quote myself, but see the P.S. here: http://news.ycombinator.com/item?id=5568610 http://news.ycombinator.com/item?id=5568610 If I were a gambling man, I'd say this is quite likely to be shoe #1.
- drcode 13y agoUnfortunately true. I'd hate to tell everyone with money in mtgox that it is time for a bank run, but...
- pdog 13y agoLuckily, everyone with deposits in Mt.Gox can convert them to bitcoins and send them to some other address. This is one of the benefits of Bitcoin.
- simias 13y agoIf mtgox crashes bitcoin crashes, at least temporarily. You'll end up with your bitcoins safe, but they won't be worth $100+ anymore (if ever again).
- wcoenen 13y agoUnfortunately, nobody will be willing to sell bitcoins for USD on mtgox if they can't ever get their USD out.
- drcode 13y agoRight, but my guess is people who have dollar holdings on mtgox aren't going to find it as easy now to sell them in order to do such a transfer.
- drcode 13y agoThis assumes they haven't already spent some of their depositors' bitcoin and can run out. (Not claiming they have done this, just pointing out this scenario is possible)
- dragonwriter 13y ago
- rheide 13y agoJust FYI, I made 6 bank withdrawals in Euro two months ago, and I still have only received 3 of them. They've used up all their goodwill with me.
- tvararu 13y agoCurrency of the future. I've also been waiting on my second withdrawal forever.
- bdcravens 13y agoYour withdrawing in your local currency, right? The problem is with Mt. Gox and their ability to give you fiat, not Bitcoin.
- betterunix 13y agoYeah, and what do you think would happen to Bitcoin if all the exchanges vanished? How long do you think the Bitcoin economy can survive on its own? The reality is that for the majority of its users, Bitcoin is not a currency; it is just a way to make payments in other currencies.
- jafaku 13y agoSo it's like gold, but better.
- celticninja 13y agoThe best way to withdraw money from mtgox is to post a sell ad on bitcointalk.org in the currency you wish to withdraw, set your price about 3-5% above daily average (as long as that is at or below the cost to buy coins immediately) then sell the coins to someone for a bank transfer in your local currency, saves having to wait weeks for your money.
- pakitan 13y agoI suppose you've talked to support about this? What's their excuse?
- bdcravens 13y agoAs many mentioned, you can easily move your Bitcoins out. However, I'd posit that 75% or more of accounts on Mt. Gox do not have a verified account elsewhere. Are the other exchanges prepared for the increased load if it comes? If one or two have downtime, what will that do to the price?
- cLeEOGPw 13y agoIt's only a matter of time until there will be enough exchanges to satisfy the demand, the problem here and the potential price drop is only temporary. Bitcoin market has yet to adapt to all this.
- drcode 13y ago> you can easily move your Bitcoins out As long as they don't run out of bitcoins (I'm not claiming they've been spending their depositors' bitcoins, just pointing out that it's a theoretical risk.)
- colanderman 13y agoFFS, the original title, something like "Mt. Gox suspends U.S. Dollar Withdrawls for two weeks", was FINE. "Statement Regarding Temporary Hiatus on U.S. Dollar Withdrawals" makes NO SENSE out of context. Mods: Please STOP rewriting titles to match the page! You're NOT doing it right!
- GigabyteCoin 13y agoAnother suggestion would be to add a little "title edited by: MOD_USERNAME" tag to any edited titles so we could at least keep track of the moderators who are doing it incorrectly. As it stands, I have no idea if pg himself edited the title or if it was some random user who recently acquired the correct amount of karma.
- xnxn 13y ago> or if it was some random user who recently acquired the correct amount of karma I certainly hope moderatorship isn't granted based on a karma threshold.
- GigabyteCoin 13y agoCertain permissions are, like when you get over 500 karma for example as you should soon: you will notice a downvote option beside comments that are not a directly reply to your own.
- pyre 13y agoIf it's based on a karma threshold, I haven't reached it yet, which would mean that the bar is fairly high.
- jafaku 13y agoIf you want karma all you have to do is submit a lot of garbage, just keep it coming. Most of your submissions will get 0 votes, a few will get you 10 or 20 votes, and one or two will get you 300-400. That's how downvoters get their downvoting powers. Another option is to submit quality comments for a decade without being banned for saying something against Ruby or whatever the mods are emotionally or economically attached to at the time. Then you may be able to downvote.