- Joined
- Oct 14, 2012
-
Welcome to Overclockers Forums! Join us to reply in threads, receive reduced ads, and to customize your site experience!
Meltdown at MtGox. Update: 2/28 BANKRUPTCY FILED
- Thread starter eaglescouter
- Start date
- Joined
- Nov 12, 2002
- Location
- Rootstown, OH
Keep us posted if you do try to get it out. I've heard a lot of concern about withdraw queue... I think price will skyrocket almost instantly (within minutes) when withdraws are re-enabled and people are actually reporting they got BTC out. When that happens, there will be a rush to withdraw and BTC delays will likely grow as they transfer from cold storage to hot wallet.
I would definitely try and get it out as soon as you can!
I would definitely try and get it out as soon as you can!
- Joined
- May 15, 2010
- Location
- Euroland, Denmark
Oh how I hope and pray prices will skyrocket. I got hardware i need to pay off 
MtGox ruined my time line a bit.
MtGox ruined my time line a bit.
- Joined
- Oct 14, 2012
- Joined
- May 15, 2010
- Location
- Euroland, Denmark
- Joined
- Nov 12, 2002
- Location
- Rootstown, OH
Ya, I'm taking the latest announcement as bad news.
It is good that they pinpointed specific things and they communicated what they are doing.
However, it is concerning that it is more delays and weak prospects. The comment about "market conditions" clearly indicates to me that they are seeking to throttle an epic exodus which they themselves expect.
Like everyone else, I just want this to be done and behind us. I would be surprised if there isn't another announcement on Thursday, while at the same time there is no tangible progress from a user perspective actually trying to use the exchange. (Except perhaps for mtgox insider trading, which is ideal during throttled withdraw queue... Who is at the front of the queue)
It is good that they pinpointed specific things and they communicated what they are doing.
However, it is concerning that it is more delays and weak prospects. The comment about "market conditions" clearly indicates to me that they are seeking to throttle an epic exodus which they themselves expect.
Like everyone else, I just want this to be done and behind us. I would be surprised if there isn't another announcement on Thursday, while at the same time there is no tangible progress from a user perspective actually trying to use the exchange. (Except perhaps for mtgox insider trading, which is ideal during throttled withdraw queue... Who is at the front of the queue)
OP
- Joined
- Dec 9, 2002
- Thread Starter
- #74
- Joined
- Nov 25, 2008
Good article. One thing though:
Does anyone that doesn't have coin/cash in gox actually want it to survive? I mean, they've been having issues for a long while now and it's been influencing the market pretty strongly. I'd rather the thing just die and be done with it, lest it continue to intentionally or unintentionally drag the market down with it.
- Joined
- Nov 12, 2002
- Location
- Rootstown, OH
I dunno, while its annoying, this current price level is one of the best buying opportunities in the past 4 months - $600 bit coins have only been available in 3 days in that time I think? So it wouldn't be bad for gox to keep fumbling along, just annoying really as its likely and unpredictable when they will screw things up.
- Joined
- Nov 12, 2002
- Location
- Rootstown, OH
I'm going to also say bankruptcy isn't likely for Gox and there are a half dozen better theories than the gambling analogy. Gambling faced aggressively negative politics in the US, while bit coin fits with potential capital and business opportunity bureaucrats have already seek to understand and overall have been supportive towards.
The only situation in which Gox could be insolvent is if they've been paying massive sums to their investors/board/employees, leaving the business operations budget underfunded. Their operating costs are too minimal, and their profit too great for them to be insolvent any other way.
That's possible, however I think the problem is far more simple. The daily operations are poorly managed because Karpeles is out of his league. Nothing sinister, and financials are good enough to get them thru all the mistakes, but crap keeps going wrong because the business is mismanaged.
The only situation in which Gox could be insolvent is if they've been paying massive sums to their investors/board/employees, leaving the business operations budget underfunded. Their operating costs are too minimal, and their profit too great for them to be insolvent any other way.
That's possible, however I think the problem is far more simple. The daily operations are poorly managed because Karpeles is out of his league. Nothing sinister, and financials are good enough to get them thru all the mistakes, but crap keeps going wrong because the business is mismanaged.
- Joined
- Nov 12, 2002
- Location
- Rootstown, OH
Hey bud, check this out and let me know if you need help setting it up. This might help you get coin out ASAP once it is enabled:
(Be sure to change the numbers for YOUR wallet address)
- Joined
- Oct 14, 2012
- Joined
- Nov 25, 2008
Again, why are people defending gox? Am I the only person that wants to see the site DDoSed and burn to the ground? The "withdrawal queue" is a load of unfair nonsense so they can decide who they pay off first and everyone knows that some people are going to lose their coins from gox. It's just a question of how many.
I can't see anything happening to the site itself that the owners don't entirely deserve. Maybe it's because I haven't used the site?
