- Joined
- Nov 12, 2002
- Location
- Rootstown, OH
Planning to arbitrage MtGox once withdrawals are enabled? It won't work the way you are planning to do it.
They stated there will be a withdraw queue. The first people in line will be Gox employees. The second people in line will be Gox family. The third people in line will be Gox insiders/investors. The fourth people in line will be Gox friends.
While that takes place, price on Gox will rise considerably since coins are getting out and there is proof. Then people will realize that they can't get their own coins out. Gox will reassure them, don't worry, there is a queue in order to protect you and deal with "market conditions". So you wait, because your other options are fiat withdrawal, but at this point the price is tanking already again, and fiat still hasn't gotten out from people waiting since September of last year.
Not long after that, Gox reports that they've made a critical mistake in that they've been distributing profits to investors and employees, while not reserving enough funds for their operating budget in light of unforeseen circumstances related to lost bitcoin due to their handling of transaction malleability and the cost related to hire contractors to address the issue. Again they reassure users, they are transparent lately, they've been telling people what is going on and working at resolutions for weeks now. Just bear with us, we're looking at various options which will enable us to continue servicing customers, and it will only take some time to sort this out.
Unfortunately, Karpeles probably would mean it to... Except the next morning the protester out front of the office doesn't have a sign on the end of his picket stick, he's sharpened it... He's been paid off by others stuck with Goxbux seeking revenge. Karpeles doesn't die cleanly but die he does... bitcointalkforums holds an international day of celebration, a new CEO is hired, and the next day all of their problems are fixed. Unfortunately, it turns out all of Goxes funds were stored in a paperwallet which Karpeles was carrying as he was going into the office for the last time, but when he was stabbed it spilled his delicious dessert coffee beverage rendering the paper wallet unreadable. All the coins to cover user balances are gone... No one complains however, as at least the real problem got fixed.
They stated there will be a withdraw queue. The first people in line will be Gox employees. The second people in line will be Gox family. The third people in line will be Gox insiders/investors. The fourth people in line will be Gox friends.
While that takes place, price on Gox will rise considerably since coins are getting out and there is proof. Then people will realize that they can't get their own coins out. Gox will reassure them, don't worry, there is a queue in order to protect you and deal with "market conditions". So you wait, because your other options are fiat withdrawal, but at this point the price is tanking already again, and fiat still hasn't gotten out from people waiting since September of last year.
Not long after that, Gox reports that they've made a critical mistake in that they've been distributing profits to investors and employees, while not reserving enough funds for their operating budget in light of unforeseen circumstances related to lost bitcoin due to their handling of transaction malleability and the cost related to hire contractors to address the issue. Again they reassure users, they are transparent lately, they've been telling people what is going on and working at resolutions for weeks now. Just bear with us, we're looking at various options which will enable us to continue servicing customers, and it will only take some time to sort this out.
Unfortunately, Karpeles probably would mean it to... Except the next morning the protester out front of the office doesn't have a sign on the end of his picket stick, he's sharpened it... He's been paid off by others stuck with Goxbux seeking revenge. Karpeles doesn't die cleanly but die he does... bitcointalkforums holds an international day of celebration, a new CEO is hired, and the next day all of their problems are fixed. Unfortunately, it turns out all of Goxes funds were stored in a paperwallet which Karpeles was carrying as he was going into the office for the last time, but when he was stabbed it spilled his delicious dessert coffee beverage rendering the paper wallet unreadable. All the coins to cover user balances are gone... No one complains however, as at least the real problem got fixed.
