the price is moving a lot in both directions. I was shocked when it hit 300 yesterday, considering the risk associated with goxbtc at the moment. they very well could be arbing right now, and the reason it is taking this long to re-open withdrawals is that it takes a long time to arb that many btc in a shallow market.

if the goxbtc/real btc price gets low enough, I might buy some just for a fun gamble. with some skill+luck, somebody could have easily turned 1 gox btc into 5 this last week. the swings there are just ridiculous.

yeah really interesting company in perhaps the best place in the world to start up in.


IIRC the ipo closed and shares purchased after the 23rd have a different dividend policy. But if you look hard enough, you can find a few websites that trade it through a passthrough. I can send you in the right direction if you are interested.

The rise in gox could easily have been attributed to the bitcoinbuilder. That play appears to no longer be profitable so we'll see if all the gox buying is gone.

'Pony' botnet steals bitcoins

http://reut.rs/1h6yvgY

its certainly possible that bitcoinbuilder contributed. I also think that there are some who are depositing money and buying a bunch at whatever the price is. the people that were buying via bitcointalk or bitcoinbuilder wanted to get the goxbtc as fast as possible. they didn't want to wait for a deposit to clear. the deposits will probably keep coming in, causing the price to spike, then fall back down. obviously, the longer this plays out, the less spikes there will be.

the more I think about it, the more I believe gox has to have most of their btc. they had to have most of it in cold storage. unless they are completely ******ed, they should have noticed that their accounts were getting empty way too fast. I know that they are incompetent, but is it possible to be that stupid?

I'd be shocked if Gox has more than 10% of the bitcoins/cash they owe their customers. I'm thinking it's probably more like 5% or less.

Do you have to verify your account on Gox to withdraw coins?

What would be the effect if this is true?

http://two-bit-idiot.tumblr.com/post...-may-have-lost

Sounds like a hoax to drive prices down.

Possible, but when you think about it, exchanges put bitcoin at huge risk. If any 1 entity steals a massive amount of BTC, it essentially almost ruins btc.

holy ****. if true, there is no saving gox. I'm not really sure what it means to bitcoin in the long run. it definitely shows how easy it is to **** up using bitcoin, even if you are supposedly an expert. I still don't understand how you wouldn't notice that many btc missing. the article says it was over several years. who is their accountant? how often do they balance the books? I feel really bad for all those who had their stash on gox.

Do people not use wallets?

Everyone knew Gox was a fractional reserve exchange, and like Seth said, they were fine with it. It's unsurprising that Gox ****ed it all up with their strong history of utter incompetence.

I would actually be shocked if they don't have more than 50% and would not be surprised if they are still holding 80% or more. That is still a huge hole to fill and would explain all the delays.

I think you underestimate the amount of money that is still locked up on MtGox and the amount of bitcoins they hold. The only way they are below 10% is if they lost their cold storage private keys and that is very unlikely. Of course if Karpeles does a runner then everyone else will end up with nothing.

As for litigation. That is going to be a nightmare because I am sure MtGox will claim it is not a financial institution.

a lot of people day trade bitcoins. to do so, you would likely keep most of your stash on the site. you can't put in a trade if the funds aren't there. you can't maximize gains without being able to really hit the edges hard. most of the really extreme dips and rises happen too fast to be able to deposit, wait for confirmations, then sell. they definitely happen too fast to get cash in there.

yeah, either they would have had to manually open cold wallets to make transfers without noticing that they were nearly empty, or lose their private keys. I'm not sure which scenario is more likely. it would be crazy if they really lost 750k btc before noticing.

how would their status as a financial institution affect litigation? if they went bankrupt, wouldn't they still just divide assets and allocate them to whoever is owed, %-wise?

More and more bad news from Gox (also their AstroPay service is now non-functional)

Can't see the market do anything but go down at least in the short term personally. We're selling all our coins, perhaps I'm panic selling but I feel the price dropping is probably the most likely outcome. Can buy back in later once the Gox crap has cleared the air whenever that might be.

Reddit is calling the 2bit post above utter Fud, whether it is or not every step MtGox is taking is making me more and more convinced their completely screwed. Think a lot of the masses are in denial personally from what I've been reading.

$525 seems like a reasonable sell point to me for 350% ROI over the last several months, these drops are stressing me out a little bit too much anyway over the last couple of weeks.

That was literally posted like 9 posts ago

Whoops, sorry

At what price would you buy in again?

Don't think I'll consider buying back at all until the dust settles with Gox. Would happily buy in again at just about any amount, but I think Gox is a cancer and there's only more bad news on the way.

I'm a noob though and could barely beat 0.25/0.50 nl though so take my opinion for what it's worth

Lots of people still in denial about Gox which I find staggering, when that faux confidence bubble pops could be a lot of panic. (Although I'm pretty insulated to Reddit.)

Document released:
http://www.scribd.com/doc/209050732/...Strategy-Draft

Again, I find the scenario where this is proved to be non-authentic to be pretty irrelevant to a drop in value for Bitcoin

I think outright theft, incompetence, government seizure, and waste is just as likely, if not more likely, than all of their cold storage being hacked.

Out at $500, (damn stamps 6 confirmations)

interesting and i'm sorry to hear if you actually sold all your coins. i think it's posts like this that officially mark the bottom. hopefully for you im wrong and you can scoop up your coins again. best of luck.