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So are we supposed to conclude from this that we won't be getting our Bitcoin out of Mt Gox?

by zoba 13y ago

deleted 13y ago
[deleted]
Xdes 13y ago
It is anyone's guess. The MtGox developers have been far from transparent about their current roadblocks. The MtGox BTC price will continue to fall the longer this charade continues. The other exchanges will likely rebound once MtGox is out of the press. MtGox has deviated too much to be relevant in the fast pace of Bitcoin trading. No rational consumer is going to trust them going forward.
- DrStalker 13y ago
  Could this be a plan to drive down the BTC price on MtGox, let the MtGox admins buy out their entire supply at bargain prices and then they can manually transfer their coins out? They might be able to make enough profit there to cover the losses from the hack, depending on how much they lost.
  - deleted 13y ago
    [deleted]
- aestra 13y ago
  No rational consumer is going to trust them going forward but new consumers who might not know the history of MtGox might not know any better.
nwh 13y ago
I'm not sure there's any conclusion to be drawn, this doesn't really offer any additional information outside of people pressuring them to resign. As far as anybody can tell they haven't fixed their software bugs, Gregory Maxwell wrote about that yesterday[0]. The gist is that they haven't fixed incredibly easy bugs, and are still spending unconfirmed transactions that they were warned about months ago (in this case not withdrawals, just automated housekeeping transactions). I'm on the fence weather they will reopen their own withdrawls or not, they don't seem to be in too much of a hurry. From them moving to a virtual office[1][2] it sounds like they were threatened or some other physical incident arose that made it necessary for them to mask their location. We probably won't ever know about that, but it's not a long stretch to imagine somebody with a lot of money there could do something stupid. [0]: https://pay.reddit.com/r/Bitcoin/comments/1ymwzj/mtgox_still_authoring_invalid_transactions/ https://pay.reddit.com/r/Bitcoin/comments/1ymwzj/mtgox_still... [1]: https://support.mtgox.com/entries/27131120-MtGox-Co-Ltd-Location-and-Address-Change-February-19 https://support.mtgox.com/entries/27131120-MtGox-Co-Ltd-Loca... [2]: http://www.executivecentre.com/virtual_offices/faq http://www.executivecentre.com/virtual_offices/faq
- leoc 13y ago
  > From them moving to a virtual office it sounds like they were threatened or some other incident arose that made it necessary for them to mask their location. There have to be some colourful people with very large deposits at Mt. Gox.
kordless 13y ago
You can assume Mt. Gox handled this poorly and it reflects similarly on the entire community. Whether it was by conscious choice or compelled choice matters not. I appreciate they were able to take the honorable route of excusing themselves from the table. Past that, we can't assume much about the situation until they tell us what the status is. Hopefully it'll resolve this week and we can all move on from it. Lessons learned.
smtddr 13y ago
Can still go either way. I don't have funds in MtGox, but I really wish they could at least make everyone whole using profits(that hopefully were eventually moved into fiat) before shutting down. I'm mildly impacted in that my day-trading has been stalled since MtGox drama has prevented the monthly'ish high swings of coin prices. But I know that's nothing compared to funds mtgox account holders stand to lose in this. However, I'm not sure I have the same sympathy for these folks[1]. 1. http://money.cnn.com/2014/02/20/technology/innovation/bitcoin-mtgox/ http://money.cnn.com/2014/02/20/technology/innovation/bitcoi... Anyways... Good luck folks, http://i.imgur.com/nTFj3zs.png http://i.imgur.com/nTFj3zs.png
- colept 13y ago
  The sooner they fade back into obscurity, the sooner our investments aren't at risk from their opaque operations, unless you're reading this and you have coins in Mt. Gox in which case, you're familiar with the game of Sorry!
deleted 13y ago
[deleted]
3327 13y ago
Although you will read people saying don't draw that conclusion with links to evidence and a great case, historically f-ups like this in any finance/money related industry do not result in "everyone getting their money back". I hope you all do, but the odds are not in your favor.

So are we supposed to conclude from this that we won't be getting our Bitcoin out of Mt Gox?

by zoba 13y ago

So are we supposed to conclude from this that we won't be getting our Bitcoin out of Mt Gox?

deleted 13y ago

[deleted]

Xdes 13y ago

It is anyone's guess. The MtGox developers have been far from transparent about their current roadblocks. The MtGox BTC price will continue to fall the longer this charade continues. The other exchanges will likely rebound once MtGox is out of the press. MtGox has deviated too much to be relevant in the fast pace of Bitcoin trading. No rational consumer is going to trust them going forward.

DrStalker 13y ago
Could this be a plan to drive down the BTC price on MtGox, let the MtGox admins buy out their entire supply at bargain prices and then they can manually transfer their coins out? They might be able to make enough profit there to cover the losses from the hack, depending on how much they lost.
- deleted 13y ago
  [deleted]
aestra 13y ago
No rational consumer is going to trust them going forward but new consumers who might not know the history of MtGox might not know any better.

nwh 13y ago

I'm not sure there's any conclusion to be drawn, this doesn't really offer any additional information outside of people pressuring them to resign. As far as anybody can tell they haven't fixed their software bugs, Gregory Maxwell wrote about that yesterday[0]. The gist is that they haven't fixed incredibly easy bugs, and are still spending unconfirmed transactions that they were warned about months ago (in this case not withdrawals, just automated housekeeping transactions). I'm on the fence weather they will reopen their own withdrawls or not, they don't seem to be in too much of a hurry. From them moving to a virtual office[1][2] it sounds like they were threatened or some other physical incident arose that made it necessary for them to mask their location. We probably won't ever know about that, but it's not a long stretch to imagine somebody with a lot of money there could do something stupid. [0]: https://pay.reddit.com/r/Bitcoin/comments/1ymwzj/mtgox_still_authoring_invalid_transactions/ https://pay.reddit.com/r/Bitcoin/comments/1ymwzj/mtgox_still... [1]: https://support.mtgox.com/entries/27131120-MtGox-Co-Ltd-Location-and-Address-Change-February-19 https://support.mtgox.com/entries/27131120-MtGox-Co-Ltd-Loca... [2]: http://www.executivecentre.com/virtual_offices/faq http://www.executivecentre.com/virtual_offices/faq

leoc 13y ago
> From them moving to a virtual office it sounds like they were threatened or some other incident arose that made it necessary for them to mask their location. There have to be some colourful people with very large deposits at Mt. Gox.

kordless 13y ago

You can assume Mt. Gox handled this poorly and it reflects similarly on the entire community. Whether it was by conscious choice or compelled choice matters not. I appreciate they were able to take the honorable route of excusing themselves from the table. Past that, we can't assume much about the situation until they tell us what the status is. Hopefully it'll resolve this week and we can all move on from it. Lessons learned.

smtddr 13y ago

Can still go either way. I don't have funds in MtGox, but I really wish they could at least make everyone whole using profits(that hopefully were eventually moved into fiat) before shutting down. I'm mildly impacted in that my day-trading has been stalled since MtGox drama has prevented the monthly'ish high swings of coin prices. But I know that's nothing compared to funds mtgox account holders stand to lose in this. However, I'm not sure I have the same sympathy for these folks[1]. 1. http://money.cnn.com/2014/02/20/technology/innovation/bitcoin-mtgox/ http://money.cnn.com/2014/02/20/technology/innovation/bitcoi... Anyways... Good luck folks, http://i.imgur.com/nTFj3zs.png http://i.imgur.com/nTFj3zs.png

colept 13y ago
The sooner they fade back into obscurity, the sooner our investments aren't at risk from their opaque operations, unless you're reading this and you have coins in Mt. Gox in which case, you're familiar with the game of Sorry!

deleted 13y ago

[deleted]

3327 13y ago

Although you will read people saying don't draw that conclusion with links to evidence and a great case, historically f-ups like this in any finance/money related industry do not result in "everyone getting their money back". I hope you all do, but the odds are not in your favor.