Has anyone tried to buy at Mtgox?
 

any experts want to chime in?

Why, when you cant withdraw anything?

Mtgox is finished....

I hope it is...but could be a decent gamble to buy a couple coin there now..no?

If they go into insolvency...they might deliver coins.

Why not just give me your money instead of giving it to a sinking ship because I doubt you'll get anything out of buying there now.

oh I know chances are slim...but hey gambling $120 to see what happens wouldnt kill anyone.

so all bitcoins on mtgox fucked?

well it's not totally clear yet - they are claiming to still be taking orders - although I kind of doubt it..Thats probably just PR to stop the bleeding

I guess people are camped outside their offices trying to get withdraws

http://www.wired.com/wiredenterprise/2014/02/mtgox-2/

this is an amazing sign for the longevity of BTC - if MtGox would have taken a shit 6 months ago - the price would be below 100 across the board

I thought about this too. What if the coins were all ripped off and they are just delaying the crash and burn? Adding funds and trying to buy might just be throwing the money away.

oh my god. the stupidity of BTC longs just has no bottom. Its a sign of longevity that its most prominent exchange was hacked? What logic is there to that?

:upsidedow

I'm going to tell you the real deal about Mt.Gox

They could have stopped trading but by keeping the trading and blocking withdrawals they can pull off a get rich as fuck scheme.

The insiders can remove the bitcoins that you trade to sell and resell it at the market price.

They will continue to do this as long as trading is still active.

It'd be a gamble for sure. You either lose everything or gain 2-7x your investment. There's a lot of confusion as to what's going on.

Is gox holding their price down while they buy up all the btc and sell on other exchanges?
Are people converting their btc to dollars so they have some sort of bankruptcy claim?
How many btc are waiting in people's gox wallets to be dumped on the other exchanges?


Even if you had all the answers, you still need a verified account at mtgox to make a deposit.

Are your USDs stuck on MtGox? Congratulations. You're in for a nice profit! If you follow these steps (self.Bitcoin)

submitted 5 hours ago* by Nooku

1) Say for example that you have $ 1000 on MtGox. Buy BTCs on MtGox at the current rate of 112.09 USD/BTC, giving you 8.92 Bitcoins on MtGox.

2) Open an account on https://bitcoinbuilder.com

3) Get verified ( takes less than 24 hours )

4) Bitcoin Builder will give you an internal MtGox address to deposit your MtGox BTCs to. Choose Withdraw Funds on MtGox and send it to this Bitcoin Builder address. ( transactions between internal Gox addresses still work )

5) You'll immediately see your GOX-BTC balance increase on the Bitcoin Builder website

6) Sell your GOX-BTCs for real BTCs at the awful rate of 0.43

This means, if you just bought 8.92 BTC on MtGox, the market at Bitcoin Builder will give you 3.84 real BTCs in exchange. That's an awful rate but don't worry, because...

7) Withdraw your, now real BTCs, to any wallet / exchange / etc. For example Bitstamp.

8) Sell your Bitcoins on Bitstamp at the current rate of 570 $ / BTC

9) Your 3.84 real BTCs are now worth $ 2189

10) Your $1000 that was stuck on MtGox, is now free, and worth $ 2189. That's almost 120 % profit.

11) You're welcome

Note: For more information on Bitcoinbuilder:

http://www.reddit.com/r/Bitcoin/comm..._gox_btc_real/

The guy behind Bitcoin Builder is not some random anonymous dude, but Josh, owner of Dreamhost. He has confirmed that he's really the guy behind Bitcoin Builder.

do you know anything about bitcoin? or just feel like talkin shit?

what you call the most prominent exchange you should call the most problematic exchange - always has been.

If you read my statement I said IF this had happened 6 months ago the price would have crashed through the floor - the fact that thats not happening is a very very good sign. Hopefully gox will fold and we'll get a nice sub 300 bottom out of this.

What is this shit, if it was possible to buy BTC at mtgox than everybody would have already bought it with their dollars... I mean who would not buy for 200$ a piece :1orglaugh

Gox has been a "has been" exchange for a while now, as they were eclipsed by real exchanges. Their code has been revealed to be poorly implemented and thoroughly lacking in initial design.

It's worth rolling the dice, though, if you're a gambler. I rolled a few myself on this one.

That doesn't remove any coins from gox. But it seems like a viable way to get your cash out.

$2189 for 8.92 btc comes out to $245.40 each. So, they're betting mtgox doesn't give people's bitcoins back. Or maybe they're afraid of not being able to sell for $245+ later.

Lets see if they ring fenced money from operating costs.

To be clear, MtGox users who take Josh from DreamHost up on his offer are betting their money is going to go down with the ship when MtGox goes and Bit Coin Builder is betting that, whether MtGox recovers or goes bankrupt, the amount of BTC to be recovered will be greater than what was paid out to sellers by Bit Coin Builder.

Whatever happens with MtGox is not going to affect BTC in the long run at all. If you don't have a dog in this fight, maybe some of you should just shut up until you have some knowledge.

GFY: Where those who know the least know it the loudest.

read the first line again

Enlighten me.

How can you be sure bitcoin is going to continue to rise indefinitely? What happens if there is over 100,000 bitcoins released from gox in the next month?

Do you think the recent surge of clone shit coins undermine the legitimacy of bitcoin? If not, why won't new comers buy something like doge instead of btc?

Know one knows if it's going to rise indefinitely - but we do know that IF Gox falls it can only slow, not stop, Bitcoin. It's widely believed in the community that a full Gox failure would be a good thing for Bitcoin long term.

What happens if Gox releases 100k BTC and floods the market - they will get snapped up in a heartbeat by people like me waiting for the drop. Will the price plummet for a while..we can only hope.

All this is growing pains of an industry in it's infancy. Poorly run and poorly coded exchanges need to die off so the robust can rise. Exchange leaders with sound financial management backgrounds are coming in to replace slingers, gamers, and those who deal in shady markets.

It's survival of the fittest, and legitest.


As for the Alt Coins - who cares if they gain ground on BTC..thats a good thing - remember we can transfer between coins instantly (in most cases) it's cryptos in general that are here to stay, and they support each other...might a challenger usurp the BTC throne..maybe...no worries...the only way that could happen is if we all started moving our BTC over to the preferred Alt..

Well said.

live pic from the gox exchange

http://i.imgur.com/SOEIzg4.jpg

Thanks for sharing your perspective, new xtc. It's hard for me to see the big picture clearly through all the uncertainty.

you got that right, I laugh so hard at times when I see it, this place cracks me up, gotta love it

It is funny line and even funnier given that somebody that posts as often as you do about bitcoins is the one posting it..... :)

I answer questions. If you followed my advice, you made a lot of money. Hope you did.

I've been following your advice and making money. Thanks for taking the time to share it. Wish I had paid attention much sooner, but it's definitely not too late to make money with cryptocurrency. For sure more than porn these days.

You're quite welcome. People focus so much on the price; I focus on the opportunity the volatility provides. In and out, left and right.

I missed out on all your advise - was it a thread - maybe we need a new BTC master thread

Might need a thread like that. I've been collecting some good links to coin resources. Don't mind sharing.

lets do it :)

I've given advice on much more than just cryptocurrency. I don't make specific threads, I just reply to existing threads when people talk out of their ass. If you'd mirrored my investments, you'd be up quite a bit.

they suspended withdrawals!! :1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh :( im going to hell but not for laughing! :1orglaugh:1orglaugh:1orglaugh

They were suspended before this thread was made. Was that your point, or did you think this was recent news?

TREND REVERSING?

https://bitcoinbuilder.com/

Maybe its just weekend effect, if the price continues to rise on monday it may be time to buy buy buy

http://i.imgur.com/VwWVBfj.jpg

Very funny edgeprod, you can take your wall down now. :winkwink:

cracked nest eggs :1orglaugh

Haha! My bots do what they want. :1orglaugh


If you think the PRICE of bitcoin is what matters (versus the volatility), then I feel bad for you.