Mt. Gox. Bitcoin Settlement Deadline Pushed to October 2020

My protest at MtGox Offices - 5 to 7th February 2014, Tokyo, Japan.

Day 1 – Wednesday 5 February
After repeated and failed attempts to withdraw my BTC from MtGox, I decided to jump on a plane and pay them a visit in Tokyo.
After a 16 hr. flight from Australia I went straight to their offices, arriving at around 4pm. The receptionist in the lobby told me there was no one available to meet me and I should arrange an appointment.
I refused to leave and after about 15 mins or so, the receptionist handed me the telephone to speak with a member of MtGox support. The support person referred me to their website. After a ‘lively’ conversation I told him I wasn’t gong anywhere, I didn’t travel 16 hrs to read a website I could have read at home. I would wait for Mark Karpeles to come down.
Same thing happened 15 mins later, another call, more non-sense about technical issues, and a suggestion the authorities might have to be called. I told him great, I could lodge an official complaint against MtGox while they were here.
After some hours had passed, the building cleared out and the receptionists left for the night. I was alone in the lobby. Then at approximately 8 pm, I was suddenly greeted by Gonzague Gay-Bouchery, Manager Business Development, and Mark Karpeles right hand man.
I recognized him from some news articles. I thought great, and straight away put some burning questions to him:
Q1. What is causing the withdrawal delays?
• Well, because Gox is the best known of all the exchanges, we have been under the regulatory spotlight.
• This has created problems with government agencies, and also with our banking partners.
• There are also some ongoing investigations, which we cannot talk about.
Q.2 Sure, and this would explain the FIAT delays, but what about the BTC delays; you can’t blame that on anyone else.
• The BTC withdrawal issue is a technical one, and one that has previously affected the MtGox system, our engineers are working hard to resolve the problem.
• As of now, some BTC withdrawals were going through
• For those transactions that remain broken for a week, the balance of BTC will be returned to a customers MtGox account.
Q3. A great way to buy time for a liquidity problem?
• No, it’s a technical issue.
Q4. So why are so many of the input addresses feeding into transactions in the queue coming up empty?
• This is a complex technical issue to which neither of us know the answer
Q5. Try to explain it to me.
• Its technical
Q6. There are over 40,000 BTC in the withdrawal queue, isn’t that the electronic equivalent of a bank run?
• The 40,000 figure is not correct, and the goxreport isn’t accurate.
Q.7 But I actually obtained this data from Delerium’s website who is a gox employee / contractor / associate.
• I will have to look into that.
Q8. Why doesn’t Gox prove they are solvent by transferring a large quantity of BTC between two internal wallets like Mark previously did. Then we can all check it out on the blockchain and be reassured?
• The overwhelming majority of BTC are held in cold storage. Logistically and legally in would be difficult to replicate the transfer “trick” Mark previously employed at Gox to prove their solvency.
Q9. Try me, how hard is it, what exactly is involved?
• Obviously I can’t go into too much detail for security reasons, but it would involve physically obtaining them from 6 or more locations.
Q10. Well, why don’t u do it, isn’t this a critical situation?
• It’s not that straight foreword.
Q11. You do realize no-one believes the technical excuses for the delay in BTC?
• Mt Gox has the coins, it is a technical issue and we need people to be patient.
Q12. What is you view on the poll recently published by Coindesk on Mt Gox?
• Coindesk have a vendetta against MtGox.
Q13. But they one of the most trusted sources of news in the Bitcoin community.
• Some people have it out for Mt Gox.
Q14. How do you explain the vastly different prices that appear on Gox compared with other exchanges? It recently went to 25%.
• Some traders were responsible for the manufacturing the differential in an attempt to financially benefit from arbitrage.
Q15. But people exploiting the arbitrage opportunity would actually reduce the price differential, not widen it.
[I can’t recall receiving a response to this particular point]
Q16. Is MtGox manipulating the price by directly purchasing Bitcoins on their own exchange?
• No, MtGox is not permitted to do this.
[coincidently, almost immediately after this meeting the price on MtGox tanked]
Q17. People have a lot of money tied up in your exchange, and they don’t believe your excuses. All the evidence suggests something more serious going on at gox. You are playing with people’s lives here.
• All the coins are safe; this is merely a technical issue.
When I left the office that night, I wanted to believe that everything was indeed fine, and these were indeed some temporary technical glitches, but this view was somewhat influenced by the fact I still have BTC on their exchange. All the evidence appears to suggest something more serious.
For the record, I gave Gonzague an advance copy of this transcript and offered him the opportunity to have any of his answers amended if he felt I misrepresented him in any way. A member of his support team replied by stating he did not have any comment on my version of the conversation.
Day 2 – Thursday 6 February 2014
I arrived at MtGox early, approximately 8am, and stood outside with a sign reading “MtGox, where has my money gone”. I got some curious looks, and a lot of questions from passersby about my protest.
Then at approximately 9.20 am, Mark Karpeles himself came along carrying a large, and very fancy coffee in his hand that could have passed as a dessert. I immediately confronted him and told him we needed a chat. So he stopped to hear me out.
I told him he was playing with people’s lives, and some people stood to lose their entire savings. Like Gonzague told me the night before, he mentioned technical issues, and that he would look into my case.
Then 20mins later at around 9.40am Gonzague arrived. “Good news” he said, we have sorted out your account, go and check it online. After I got Wi-Fi connection back the hotel I discovered my failed BTC withdrawal transactions had been cancelled and all my BTC were put back in the one place in the world I didn’t want them: The MtGox website. Back to joining the queue of 40,000 other BTCs.
I think this was some sort of ironic joke. I quickly tried to withdraw them again; but surprise, surprise, stuck again.
By late evening, the majority of the other workers in the MtGox building had heard of my protest and were bringing me out sandwiches and beer, and inviting me to lunch. As it turns out, Japan is probably one of the better countries in the world to protest. Everyone is so friendly; I can see why the Goxies choose to set up shop here.
As the evening drew on, it looked like I would have do a late one to catch Mark again on the way out. However, at around 7.30pm, I was approached by a law professor from a local university who has written widely on bitcoin legal issues. He was on his way to a bitcoin “meet-up” and asked me to come along to tell my story to the other bitcoin enthusiasts. I was reluctant to leave the protest but was interested in what other Tokyo resident’s thought of MtGox.
When I arrived, everyone was very interested in hearing my story. There was a general consensus amongst the participants that MtGox was finished as an exchange. They acknowledged that MtGox had played an important role in propelling Bitcoin to what it is today, but its decline and ultimate closure was inevitable.
However, there was some divergent views on the reason for this, most people, including myself are of the view that bad business decisions and incompetence were primarily to blame, while others held the view that government restriction, and secret investigations were hampering MtGox’s ability to function efficiently. Who knows what the truth is, maybe it is a bit of both.
At the end of the day 2, there was a very worrying development, the data feed for the goxreport, and delerium’s MtGox transaction failure website were cut. Perhaps a final act of MtGox’s desperation to hide the truth.
Day 3 – Friday 7 February
I started my protest a little later today in the knowledge that most of the Goxies don’t start work until after 9am. Then there was an unexpected twist; another person showed up looking for Mark. He was an emissary of an early adopter and well known member of the bitcoin community, and was there to collect an eye watering amount of money.
My emotions were mixed on seeing this person; on one hand I was glad to see another protester to fight the good cause. On the other hand, my heart sank in the knowledge that if Mark isn’t paying off his old friends in the bitcoin community then what chance do small fry like me have?
As the emissary and I chatted, Mark Karpeles arrived, and we both confronted him, the conversation went on for some time and most of it conducted in French which I had trouble understanding. However I did mange to record the whole thing on video.
The episode only came to a halt when Gonzague appeared in the lobby and rescued Mark. Very soon after this point, MtGox released a statement announcing that all BTC withdrawals were suspended.
In conclusion, I think i just witnessed MtGox die today. I didn’t get my bitcoin, but glad I came and tried.
submitted by CoinSearcher to Bitcoin [link] [comments]

Trying to get 40,000 BTC out of the MtGOX exchange... and failing.

Day 1 – Wednesday 5 February
After repeated and failed attempts to withdraw my BTC from MtGox, I decided to jump on a plane and pay them a visit in Tokyo.
After a 16 hr. flight from Australia I went straight to their offices, arriving at around 4pm. The receptionist in the lobby told me there was no one available to meet me and I should arrange an appointment.
I refused to leave and after about 15 mins or so, the receptionist handed me the telephone to speak with a member of MtGox support. The support person referred me to their website. After a ‘lively’ conversation I told him I wasn’t gong anywhere, I didn’t travel 16 hrs to read a website I could have read at home. I would wait for Mark Karpeles to come down.
Same thing happened 15 mins later, another call, more non-sense about technical issues, and a suggestion the authorities might have to be called. I told him great, I could lodge an official complaint against MtGox while they were here.
After some hours had passed, the building cleared out and the receptionists left for the night. I was alone in the lobby. Then at approximately 8 pm, I was suddenly greeted by Gonzague Gay-Bouchery, Manager Business Development, and Mark Karpeles right hand man.
I recognized him from some news articles. I thought great, and straight away put some burning questions to him:
Q1. What is causing the withdrawal delays?
• Well, because Gox is the best known of all the exchanges, we have been under the regulatory spotlight.
• This has created problems with government agencies, and also with our banking partners.
• There are also some ongoing investigations, which we cannot talk about.
Q.2 Sure, and this would explain the FIAT delays, but what about the BTC delays; you can’t blame that on anyone else.
• The BTC withdrawal issue is a technical one, and one that has previously affected the MtGox system, our engineers are working hard to resolve the problem.
• As of now, some BTC withdrawals were going through
• For those transactions that remain broken for a week, the balance of BTC will be returned to a customers MtGox account.
Q3. A great way to buy time for a liquidity problem?
• No, it’s a technical issue.
Q4. So why are so many of the input addresses feeding into transactions in the queue coming up empty?
• This is a complex technical issue to which neither of us know the answer
Q5. Try to explain it to me.
• Its technical
Q6. There are over 40,000 BTC in the withdrawal queue, isn’t that the electronic equivalent of a bank run?
• The 40,000 figure is not correct, and the goxreport isn’t accurate.
Q.7 But I actually obtained this data from Delerium’s website who is a gox employee / contractor / associate.
• I will have to look into that.
Q8. Why doesn’t Gox prove they are solvent by transferring a large quantity of BTC between two internal wallets like Mark previously did. Then we can all check it out on the blockchain and be reassured?
• The overwhelming majority of BTC are held in cold storage. Logistically and legally in would be difficult to replicate the transfer “trick” Mark previously employed at Gox to prove their solvency.
Q9. Try me, how hard is it, what exactly is involved?
• Obviously I can’t go into too much detail for security reasons, but it would involve physically obtaining them from 6 or more locations.
Q10. Well, why don’t u do it, isn’t this a critical situation?
• It’s not that straight foreword.
Q11. You do realize no-one believes the technical excuses for the delay in BTC?
• Mt Gox has the coins, it is a technical issue and we need people to be patient.
Q12. What is you view on the poll recently published by Coindesk on Mt Gox?
• Coindesk have a vendetta against MtGox.
Q13. But they one of the most trusted sources of news in the Bitcoin community.
• Some people have it out for Mt Gox.
Q14. How do you explain the vastly different prices that appear on Gox compared with other exchanges? It recently went to 25%.
• Some traders were responsible for the manufacturing the differential in an attempt to financially benefit from arbitrage.
Q15. But people exploiting the arbitrage opportunity would actually reduce the price differential, not widen it.
[I can’t recall receiving a response to this particular point]
Q16. Is MtGox manipulating the price by directly purchasing Bitcoins on their own exchange?
• No, MtGox is not permitted to do this.
[coincidently, almost immediately after this meeting the price on MtGox tanked]
Q17. People have a lot of money tied up in your exchange, and they don’t believe your excuses. All the evidence suggests something more serious going on at gox. You are playing with people’s lives here.
• All the coins are safe; this is merely a technical issue.
When I left the office that night, I wanted to believe that everything was indeed fine, and these were indeed some temporary technical glitches, but this view was somewhat influenced by the fact I still have BTC on their exchange. All the evidence appears to suggest something more serious.
For the record, I gave Gonzague an advance copy of this transcript and offered him the opportunity to have any of his answers amended if he felt I misrepresented him in any way. A member of his support team replied by stating he did not have any comment on my version of the conversation.
Day 2 – Thursday 6 February 2014
I arrived at MtGox early, approximately 8am, and stood outside with a sign reading “MtGox, where has my money gone”. I got some curious looks, and a lot of questions from passersby about my protest.
Then at approximately 9.20 am, Mark Karpeles himself came along carrying a large, and very fancy coffee in his hand that could have passed as a dessert. I immediately confronted him and told him we needed a chat. So he stopped to hear me out.
I told him he was playing with people’s lives, and some people stood to lose their entire savings. Like Gonzague told me the night before, he mentioned technical issues, and that he would look into my case.
Then 20mins later at around 9.40am Gonzague arrived. “Good news” he said, we have sorted out your account, go and check it online. After I got Wi-Fi connection back the hotel I discovered my failed BTC withdrawal transactions had been cancelled and all my BTC were put back in the one place in the world I didn’t want them: The MtGox website. Back to joining the queue of 40,000 other BTCs.
I think this was some sort of ironic joke. I quickly tried to withdraw them again; but surprise, surprise, stuck again.
By late evening, the majority of the other workers in the MtGox building had heard of my protest and were bringing me out sandwiches and beer, and inviting me to lunch. As it turns out, Japan is probably one of the better countries in the world to protest. Everyone is so friendly; I can see why the Goxies choose to set up shop here.
As the evening drew on, it looked like I would have do a late one to catch Mark again on the way out. However, at around 7.30pm, I was approached by a law professor from a local university who has written widely on bitcoin legal issues. He was on his way to a bitcoin “meet-up” and asked me to come along to tell my story to the other bitcoin enthusiasts. I was reluctant to leave the protest but was interested in what other Tokyo resident’s thought of MtGox.
When I arrived, everyone was very interested in hearing my story. There was a general consensus amongst the participants that MtGox was finished as an exchange. They acknowledged that MtGox had played an important role in propelling Bitcoin to what it is today, but its decline and ultimate closure was inevitable.
However, there was some divergent views on the reason for this, most people, including myself are of the view that bad business decisions and incompetence were primarily to blame, while others held the view that government restriction, and secret investigations were hampering MtGox’s ability to function efficiently. Who knows what the truth is, maybe it is a bit of both.
At the end of the day 2, there was a very worrying development, the data feed for the goxreport, and delerium’s MtGox transaction failure website were cut. Perhaps a final act of MtGox’s desperation to hide the truth.
Day 3 – Friday 7 February
I started my protest a little later today in the knowledge that most of the Goxies don’t start work until after 9am. Then there was an unexpected twist; another person showed up looking for Mark. He was an emissary of an early adopter and well known member of the bitcoin community, and was there to collect an eye watering amount of money.
My emotions were mixed on seeing this person; on one hand I was glad to see another protester to fight the good cause. On the other hand, my heart sank in the knowledge that if Mark isn’t paying off his old friends in the bitcoin community then what chance do small fry like me have?
As the emissary and I chatted, Mark Karpeles arrived, and we both confronted him, the conversation went on for some time and most of it conducted in French which I had trouble understanding. However I did mange to record the whole thing on video.
The episode only came to a halt when Gonzague appeared in the lobby and rescued Mark. Very soon after this point, MtGox released a statement announcing that all BTC withdrawals were suspended.
In conclusion, I think i just witnessed MtGox die today. I didn’t get my bitcoin, but glad I came and tried.
submitted by kkodaxeroo to Bitcoin [link] [comments]

I just launched a new exchange for Gox BTC <=> Real BTC!

Heya!
https://www.bitcoinbuilder.com/ has been re-purposed (I made it two years ago originally as a way to buy bitcoins on mtgox with dwolla!) to a full-fledged "Gox" BTC to "Real" BTC exchange!
It works simply enough.. you deposit "Gox" BTC to the "Gox" address on your account (internal transfers of BTC within mtgox still work) and/or regular BTC to your "Real" BTC address. You can then place bids and asks (there's a 2% fee on all trades) and then withdraw your "Real" or "Gox" BTC (only to a mtgox address will work for "Gox" BTC!). Withdrawals are all manually processed once per day by me around 11pm, for SAFETY!
Anyway, it really works.. already today there have been 11 completed trades it looks like, and hopefully you can trust me. I'm Josh Jones, founder of DreamHost.com, the Los Angeles Bitcoin Meetup, ChunkHost, BitMadness.com, and 310-570-COIN (which I just switched off of the mtgox price)!
Please check it out and lemme know what you think!
josh!
EDIT: Just a note that the order book and trade history (as a json feed at https://www.bitcoinbuilder.com/trades.php) are now live and public on the front page!
submitted by zhoujianfu to Bitcoin [link] [comments]

Bitcoin history: The BearWhale of 2012

The "BearWhale" recently crashed the price of Bitcoin by cashing out nearly $8 million worth of BTC. But, just as recently as two and a half years ago, all it took to crash the price was a measly $13,000 investment in 10:1 leveraged Bitcoin shorts.
Unfortunately for the person who made this bet, though, he (or she) made the mistake of bragging about it, posting a screenshot of the highly-leveraged position on the BitcoinTalk forum. Unlike today, when we wonder who the BearWhale may be, the "BearWhale of 2012" openly identified not only himself, but his financial position as well. This meant that everyone could see the exact point at which his bet on the price of Bitcoin going down would be force-liquidated, and he would lose everything.
So that's exactly what happened. The original posts have since been deleted, but another trader (and rather perturbed Bitcoin supporter) saw the post of the leveraged "BearWhale of 2012" bragging about shorting Bitcoin, and decided to buy a large amount of BTC instead, raising the price and forcing a margin call on the position. He then posted saying he had done so, decidedly slaying the "BearWhale of 2012."
The result was immediate, and hilarious. Given the somewhat shoddy and unreliable nature of Bitcoin trading platforms at the time, most traders had no idea what had happened. MtGox had a live data feed that was prone to melting down at the most inopportune times. As far as most traders could tell, the price had just inexplicably gone down, and then just as inexplicably gone back up, while in the mean time many leveraged positions had been thrown into disarray. Many were blaming the trading platform, Bitcoinica, for a glitch. But word of the dueling shenanigans spread on the forum, and most quickly realized that the reality of Bitcoin trading was "far more entertaining than some TV drama".
In the aftermath, the volume and zeal of Bitcoin speculative trading was dampened considerably by this episode, and the price stabilized for a lengthy period. No doubt many lawyers and accountants were consulted, and probably even some lawmakers contacted, due to money earned and lost. Leveraged Bitcoin trading would eventually disappear for a time. Today, though, it is in the process of returning. The players have mostly all changed, but the game remains much the same.
submitted by benjamindees to Bitcoin [link] [comments]

G20 Day 1 / Mastercard Open To Crypto / MtGox Dump Debunked / Trump Bans Petro MT GOX Moves More BTC - Bitcoin & Altcoin Chart Analysis & Chat LIVE MadBitcoins Live: Mt. Gox Recovery? - US Senator wants to Ban Bitcoin - and more! Tech Talk: Bitcoin Exchange MtGox Closes After $500m Cyber Theft The Bitcoin Group #18 (Live) - Mt. Gox (part III ...

In Tokio hat der Prozess gegen den ehemaligen Chef von Mt. Gox begonnen. Die Firma hatte 2014 Insolvenz angemeldet. Ihr waren Bitcoin im Wert von damals mehreren Hundert Millionen Dollar abhanden ... MtGox Live is a quite pretty live market depth graph. For some reason it only shows prices in USD. Does anyone know an equally good alternative which supports EUR instead? mtgox charts. share improve this question follow edited Sep 21 '11 at 13:37. Stéphane Gimenez. 4,814 2 2 gold badges 28 28 silver badges 36 36 bronze badges. asked Sep 21 '11 at 9:25. o0'. o0'. 5,190 5 5 gold badges ... The What Bitcoin Did Mt. Gox Interviews take you behind the scenes of one of the most notorious scandals in Bitcoin's history. Click here to listen now! Home Podcast Specials Support Subscribe Income Reports Merch Learn Bitcoin. Back Bitcoin Podcasts Guests Topics Transcriptions Back WBD Specials The Beginner’s Guide to Bitcoin ATM Week Libra Deep Dive Lightning Network Special Live Shows Mt ... Mt. Gox. Bitcoin Settlement Deadline Pushed to October 2020 The Tokyo District Court grants the Rehabilitation Trustee in the Mt. Gox case another extension for the submission of the reimbursement proposal. Bitcoin Ticker - Tick by tick, real time updates. All data is indicative. Options Last Updated: seconds : Time between graph updates : ms: Play sound on each trade . Round Bids/Asks to 0.500 . Animate Depth Movements . Highlight BTC bids/asks above : Alert if price falls below: Alert if price climbs above: Alert if price change +/- : Sound Alert . Desktop Alert . Show Personalized Content ...

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G20 Day 1 / Mastercard Open To Crypto / MtGox Dump Debunked / Trump Bans Petro

MtGox Bitcoins To BTC Bitcoins BITCOIN PRICE , BITCOIN FUTURE in doubt http://youtu.be/eO-yrpQpIT8 What is NAMECOIN BITCOIN'S First Fork http://youtu.be/oBkh... If the Bitcoin’s of the world continue developing as free and open networks, Mastercard is eventually facing the fate of the dodo. 3:38 Story - Is The MtGox. Dump A Myth? MadBitcoins Live: Mt. Gox Recovery? - US Senator wants to Ban Bitcoin - and more! This video is unavailable. Watch Queue Queue. Watch Queue Queue Mt Gox has moved 8,000+ more BTC. Will this cause a BTC crash? Bitcoin and alt coin technical analysis and chat live. Crypto Money Life Community Discord Ser...

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