MtGox support has broken 261 price support
Posted Feb 20, 2014, 6:53 AM UTC
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Bigger questions are how much bitcoin was stolen?
How much capital has been sucked out of bitcoin? How many investors and backers are we losing here?
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A poor estimate (but probably the only one we are likely to get) would be the size of the GOX failed withdrawal que, at 70,000+ bitcoins.
Thats just of people who tried to get out of within a week or two of the problems starting... what % of total customers tried to get their coins out in that time frame?
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I think this is it. MtGox is dead, everyone is moving to fiat in anticipation of having to sue the company to get their funds back, since that will be easier to do than suing for bitcoin because they'll never be able to afford to buy them back at real prices to pay off their defrauded customers.
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This is the only assumption that makes any kind of sense to explain this kind of sell-off.
If the company was solvent, the first thing they would do is halt trading and issue an announcement explaining what they should have all along. Since that has NOT happened in any way shape or form and this is shaping up just like every other bad\insolvent company... well I'm sorry to anyone who ignored all the warning signs on Gox.
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Why would they halt trading? They're making massive amounts of money/BTC off of their ridiculously high 0.5% trading fee...and the volume hasn't been this high in months.
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Good point.. They've made 150,000 USD @ current market prices in trading fees in the last 6 hours. Not that bad all things considered.
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What the hell, why the downvote? Has there been an announcement?
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Man, everyone but me knows they're insolvent. How does everyone here know so much about business?
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They don't, but the current behaviour of mtgox is very fishy.
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What announcement is this?
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crazy stuff, like watching a traffic accident.
I'm guessing someones been tipped off to bad news, and they are liquidating to fiat?
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15 seconds ago price was at 210 and now its at 250. What the fuck is going on.
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Oh I spoke too soon. Literally 10 seconds later and now it's down to 200.
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*192
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I feel really bad for the people that bought coins on this exchange at 1200
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*171
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whoever buying these coins at gox might be super rich soon.. or might regret very badly
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Well, if they had money on Gox then they don't stand to lose anything they wouldn't already if Gox dies, but stand to make quite a bit if they can eventually get those coins out. I'd be buying if I was on Gox.
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It was 134USD today
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Giant wall at 150. How annoying.
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I would be curious to see Gox price below 100$
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Volume spiked too.
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Glad to see such support on the other exchanges, though. I hope I'm not speaking too soon...
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The other exchanges are accepting deposits and withdrawals (although not always reliably) though, so the support is more or less warranted. Now if the worst case happens and Gox goes bye-bye, I expect some more panic on the other exchanges due to people who might question the reliability of the current crop of exchanges as a whole.
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If Gox announces catastrophic news today, rest assured the other exchanges will feel it, and not in a good way.
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Not really. If Gox doesn't really have the coins, then that means there's 20% LESS coins on the market than everyone thought. It's like the reverse of the SR coins being dumped. All the sudden we find out that the market has less supply than we thought, and hence everyone's coins are actually worth more than before.
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Somehow I doubt that Gox going out of business would be interpreted as a good thing by the markets.
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No, it is actually good news.....
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There's a lot of people who see MtGox as an artifact of bitcoin's past. The old has to make way for the new, and the new is pretty darn better than Gox.
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Yeah they might feel it in the short term, but once the dust settles and some time passes and the rest of the exchanges continue to operate normally things will start looking good with the gox clusterfuck out of the ecuation for good...
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Price seems to be going up. I don't know if its due to this, but I just noticed the error message when attempting to withdraw bitcoins has changed and is now "Limit reached or not enough bitcoins in your account"
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So you are saying that Gox will steal everybodies Bitcoins?
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I think that the trading activity is indicating that many people already know that the coins are gone and that the company is fully insolvent.
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What makes you think that way? What are the indicators you are talking about?
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Err everybody dumping their Gox coins at absurd prices because they are desperate to at least try to be able to recover some fiat once gox defaults isn't a good indicator enough???
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Wow crashed down to like 134
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Didn't the last updates come in really late (tokyo local time)?
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when did last weeks update come out?
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fuck gox, they should get ddos for the eternity.
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Welp... It's Thursday now..
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Thanks for the breaking news and creating a new thread about it.
You're welcome.