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I really wish you had put in the word "temporarily" in your HN title. Thankfully, fiat withdrawals aren't affected, although there still remains the issue that

by otoburb 13y ago

I really wish you had put in the word "temporarily" in your HN title. Thankfully, fiat withdrawals aren't affected, although there still remains the issue that fiat takes a while (more than 4 weeks) to get out of MtGox. EDIT: Thanks for updating the title appropriately.

huwtheperson 13y ago
It's annoying that people make these sensationalist titles when really all that's happened is another bug. Comes at a bad time though, with the latest $200 crash due to the war on Bitcoin apps.
- ekianjo 13y ago
  > all that's happened is another bug It makes you wonder if it's really a bug if they are just using this an excuse to hide a more significant issue.
- antics 13y ago
  > all that's happened is another bug Yes, all that's happened is a bug that completely halted trading at a financial service managing millions and millions of dollars worth of assets. At every point in the sad journey of Mt Gox -- from expertly storing passwords in plaintext (EDIT: actually it was unsalted MD5 hashes, but still, jesus christ) to this awful business of freezing the entire exchange -- the bitcoin community has fallen all over itself to forgive and excuse them. How much is too much? You people should be calling for someone's head on a damn platter.
  - jnbiche 13y ago
    You left out the inability to keep a trading engine running under modest load after two years of lost opportunity to fix the problem. Turns out most of those "DDos" attacks on Gox were simply their customers wanting to trade at modest to moderately-high Bitcoin volume (aka low volume in traditional exchanges).
ihuman 13y ago
A mod has edited the title of the submission to include the word "temporary"
sillysaurus2 13y ago
Sorry... I should have used the original title. I'm still sort of in shock. I allowed myself to believe it was a good idea to store all of my bitcoin in mtgox, due to their One Time Password protection features. Once I realized something was up, and realized that only small withdraws of <0.05 BTC were being processed, I spent the last 24 hours salvaging as much as I could. I was able to withdraw 3.4 BTC of my 9.2 total. There are still 0.65 in my MtGox account. The remaining 5.15 are stuck in "withdraw limbo" due to the technical problems. MtGox has set up a system to automatically refund all stuck withdraws exactly 7 days after they get stuck. So, hopefully 7 days from now I'll be able to withdraw the rest, if MtGox allows it. I hope their Monday update will bring good news... Once again, sorry about the original title.
- otoburb 13y ago
  No worries, and thanks for updating the post title. I know plenty of people who have BTC and fiat stuck in MtGox. Congrats on getting at least a third of your holdings out. A bunch of people are looking forward to the MtGox update on Monday.
- nwh 13y ago
  Before you get too worried, it's likely more a technical problem with their wallet software than them not having the funds to spend. It seems to be that they are losing track of which inputs they have spent and which ones haven't, and everything is getting backed up behind a mound of transactions with unmet dependancies. No doubt they'll sort it out and be back to processing withdrawals again in no time.
  - ekianjo 13y ago
    Not sure how you can be so confident there's no other issue. I certainly hope you are right, though...
    - Daniel_Newby 13y ago
      Historically, collapsing banks simply collapse all at once. There is no incentive to slowly unveil a fraud. The depositors might kill you.
downandout 13y ago
I stopped using Gox long ago because of the fiat withdrawal issues. Their reign as the king of the Bitcoin markets boggles my mind. Like Bitinstant, somehow the fact that they were among the first in this space has engendered undying loyalty in the face of outrageous problems that would be instant business killers for any site other than themselves. It's a fascinating study in brand loyalty, but is also ultimately hurtful to the Bitcoin community. Customer acceptance of Gox's mediocrity will only ensure that these and even more egregious issues continue to occur.
- jnbiche 13y ago
  I agree -- I stopped having anything to do with them after the debacles of 2011. Karpales is a pretty stunning mix of hubris and incompetence -- the kind that only happens in a very few people. To be honest, I wouldn't mind another big crash if it finally woke people up to the incompetence, greed, and customer contempt that is Mt. Gox. Yet somehow, it never does...
jaggederest 13y ago
"More than 4 weeks" could as well read "More than 6 months", that's how long I was been waiting before I cancelled the attempt and pulled it via bitcoin.

by otoburb 13y ago

huwtheperson 13y ago

It's annoying that people make these sensationalist titles when really all that's happened is another bug. Comes at a bad time though, with the latest $200 crash due to the war on Bitcoin apps.

ekianjo 13y ago
> all that's happened is another bug It makes you wonder if it's really a bug if they are just using this an excuse to hide a more significant issue.
antics 13y ago
> all that's happened is another bug Yes, all that's happened is a bug that completely halted trading at a financial service managing millions and millions of dollars worth of assets. At every point in the sad journey of Mt Gox -- from expertly storing passwords in plaintext (EDIT: actually it was unsalted MD5 hashes, but still, jesus christ) to this awful business of freezing the entire exchange -- the bitcoin community has fallen all over itself to forgive and excuse them. How much is too much? You people should be calling for someone's head on a damn platter.
- jnbiche 13y ago
  You left out the inability to keep a trading engine running under modest load after two years of lost opportunity to fix the problem. Turns out most of those "DDos" attacks on Gox were simply their customers wanting to trade at modest to moderately-high Bitcoin volume (aka low volume in traditional exchanges).

ihuman 13y ago

A mod has edited the title of the submission to include the word "temporary"

sillysaurus2 13y ago

Sorry... I should have used the original title. I'm still sort of in shock. I allowed myself to believe it was a good idea to store all of my bitcoin in mtgox, due to their One Time Password protection features. Once I realized something was up, and realized that only small withdraws of <0.05 BTC were being processed, I spent the last 24 hours salvaging as much as I could. I was able to withdraw 3.4 BTC of my 9.2 total. There are still 0.65 in my MtGox account. The remaining 5.15 are stuck in "withdraw limbo" due to the technical problems. MtGox has set up a system to automatically refund all stuck withdraws exactly 7 days after they get stuck. So, hopefully 7 days from now I'll be able to withdraw the rest, if MtGox allows it. I hope their Monday update will bring good news... Once again, sorry about the original title.

otoburb 13y ago
No worries, and thanks for updating the post title. I know plenty of people who have BTC and fiat stuck in MtGox. Congrats on getting at least a third of your holdings out. A bunch of people are looking forward to the MtGox update on Monday.
nwh 13y ago
Before you get too worried, it's likely more a technical problem with their wallet software than them not having the funds to spend. It seems to be that they are losing track of which inputs they have spent and which ones haven't, and everything is getting backed up behind a mound of transactions with unmet dependancies. No doubt they'll sort it out and be back to processing withdrawals again in no time.
- ekianjo 13y ago
  Not sure how you can be so confident there's no other issue. I certainly hope you are right, though...
  - Daniel_Newby 13y ago
    Historically, collapsing banks simply collapse all at once. There is no incentive to slowly unveil a fraud. The depositors might kill you.

downandout 13y ago

I stopped using Gox long ago because of the fiat withdrawal issues. Their reign as the king of the Bitcoin markets boggles my mind. Like Bitinstant, somehow the fact that they were among the first in this space has engendered undying loyalty in the face of outrageous problems that would be instant business killers for any site other than themselves. It's a fascinating study in brand loyalty, but is also ultimately hurtful to the Bitcoin community. Customer acceptance of Gox's mediocrity will only ensure that these and even more egregious issues continue to occur.

jnbiche 13y ago
I agree -- I stopped having anything to do with them after the debacles of 2011. Karpales is a pretty stunning mix of hubris and incompetence -- the kind that only happens in a very few people. To be honest, I wouldn't mind another big crash if it finally woke people up to the incompetence, greed, and customer contempt that is Mt. Gox. Yet somehow, it never does...

jaggederest 13y ago

"More than 4 weeks" could as well read "More than 6 months", that's how long I was been waiting before I cancelled the attempt and pulled it via bitcoin.