The Litepresence Report on Cryptocurrency

http://www.reddit.com/r/Bitcoin/comments/1yeye1/mtgox_situation/

This was posted by one of the Ops on Btc-e ... Gox really has no office... just a virtual secretary who answers their phone and a mail box; where they pick up the mail once per week.... I don't know what they are doing right now, but sure seems sinister .... sinister right from the start .. They are a "roach motel", where deposits continue to come in but withdrawals are refused.
 
My question is how many coins has Gox bought in house for $100, moved and sold to the outside world to make instant profit.
 
Not sure if this has been posted yet, but if anyone has balls of steel and thinks Gox will enable withdrawals, you can buy Gox coins at www.bitcoinbuilder.com for 1/3 of the price, or whatever the going rate is. It has become a mini-market unto itself.

How it works is Gox's internal coin transfer mechanism is still active, so you deposit your coins @ bitcoinbuilder, then they buy the coins from Gox users' accounts and transfer them to your Gox account. If transfers are enabled, the coins are yours. If not, well, you're stuck with Goxcoins.
 
amonasro said:
Not sure if this has been posted yet, but if anyone has balls of steel and thinks Gox will enable withdrawals, you can buy Gox coins at www.bitcoinbuilder.com for 1/3 of the price, or whatever the going rate is. It has become a mini-market unto itself.

How it works is Gox's internal coin transfer mechanism is still active, so you deposit your coins @ bitcoinbuilder, then they buy the coins from Gox users' accounts and transfer them to your Gox account. If transfers are enabled, the coins are yours. If not, well, you're stuck with Goxcoins.
Click to expand...

You said it, but just wanted to confirm that you must have an account with GOX to use this service? I don't have one, is the reason I'm asking.
 
Dianne said:
You said it, but just wanted to confirm that you must have an account with GOX to use this service? I don't have one, is the reason I'm asking.
Click to expand...

Yes, you need an account. I haven't used mine in months so I don't remember what their rules are on withdrawing from new, unverified accounts.
 
amonasro said:
Yes, you need an account. I haven't used mine in months so I don't remember what their rules are on withdrawing from new, unverified accounts.
Click to expand...

You can't do it, is the rule. You need to be verified now. I would like to stress that the chances of Gox coming back from this are very slim. If they could, they would have already. Even if they do, they're bound to go out of business soon. It's not a matter of if, it's a matter of when.
 
PaulConventionWV said:
You can't do it, is the rule. You need to be verified now. I would like to stress that the chances of Gox coming back from this are very slim. If they could, they would have already. Even if they do, they're bound to go out of business soon. It's not a matter of if, it's a matter of when.
Click to expand...

Good to know, thanks. I saw on the bitcointalk forums that somebody wired over $50,000 to Gox this morning. Probably an early adopter with the capital to spare, but yes, it's one hell of a gamble. Their reasoning is that Gox, while woefully slow and incompetent, bounced back twice already and they simply need to update their new software and be sure it works. However IMO this problem is just worse and worse the longer it persists. I don't really know what to think. It is entertaining though; one of those times where truth is stranger than fiction.
 
amonasro said:
Yes, you need an account. I haven't used mine in months so I don't remember what their rules are on withdrawing from new, unverified accounts.
Click to expand...

That's not correct. You do not need a mtgox account. You can buy the goxbtc using regular btc and just leave it in the bitcoinbuilder exchange. If/when gox recovers you can then send it anywhere.
 
69360 said:
That's not correct. You do not need a mtgox account. You can buy the goxbtc using regular btc and just leave it in the bitcoinbuilder exchange. If/when gox recovers you can then send it anywhere.
Click to expand...

I might have the balls to try this. My gut says all the btc in gox isn't lost and will be recoverable eventually. I'm watching and waiting, it's been down to 91 but is back up to 130 now, I'm not sure it bottomed.
 
69360 said:
That's not correct. You do not need a mtgox account. You can buy the goxbtc using regular btc and just leave it in the bitcoinbuilder exchange. If/when gox recovers you can then send it anywhere.
Click to expand...

That sounds scary.
 
69360 said:
That's not correct. You do not need a mtgox account. You can buy the goxbtc using regular btc and just leave it in the bitcoinbuilder exchange. If/when gox recovers you can then send it anywhere.
Click to expand...

Ahh, thanks for that. I wasn't sure if Gox was using a proprietary "internal" address like Cryptsy does. I lost faith in Mt Pox months ago so... it's been awhile.

I have to admit I am very tempted by the $100 coins. My gut says they are simply testing and implementing new software... there was something about Blockchain.info helping them out somewhere. Antonopolous is Blockchain's IT guy so perhaps they'll come out of this after all.
 
A bit of advice you can take to the bank my friends... when we do finally bounce bull again... the first sell off will occur between MA's 88 and 92 on 12h scale

sbja8m.png




This should be true for BTCUSD and any altcoin to USD pair and you should have at least 4 days before you get the signal to buy back in.
 
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Last edited:
amonasro said:
Not sure if this has been posted yet, but if anyone has balls of steel and thinks Gox will enable withdrawals, you can buy Gox coins at www.bitcoinbuilder.com for 1/3 of the price, or whatever the going rate is. It has become a mini-market unto itself.

How it works is Gox's internal coin transfer mechanism is still active, so you deposit your coins @ bitcoinbuilder, then they buy the coins from Gox users' accounts and transfer them to your Gox account. If transfers are enabled, the coins are yours. If not, well, you're stuck with Goxcoins.
Click to expand...

Have you had experience with them before? I signed up with them, but then they said to verify my identity.. They wanted my name, address, social security number, so I didn't continue the sign up process.
 
amonasro said:
there was something about Blockchain.info helping them out somewhere. Antonopolous is Blockchain's IT guy so perhaps they'll come out of this after all.
Click to expand...

He was quoted in an article saying mtgox is not insolvent.
 
presence said:
A bit of advice you can take to the bank my friends... when we do finally bounce bull again... the first sell off will occur between MA's 88 and 92 on 12h scale

sbja8m.png






This should be true for BTCUSD and any altcoin to USD pair and you should have at least 4 days before you get the signal to buy back in.
Click to expand...

What is MA's 88 and 92? Can someone tell me in layman's language what this chart is saying.
 
presence said:
but you're looking at 3:1 or 4:1 on your coins.
Click to expand...

I would only test small amounts. People that use that site don't have to be accountable. Then when people get scammed they blame BTC for not having the authoritarian ability to protect people from their own dumb actions.
 
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