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Mt. Gox Bitcoin (www.mtgox.com)
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Mt. Gox Bitcoin (www.mtgox.com)

  #1 (permalink)
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Mt. Gox Bitcoin (www.mtgox.com)

Any thoughts on using this "exchange"?

I want to use a small amount of play money and get a feel for BTC market, just for grins. This MtGox seems to be the big player. I also want to store some Bitcoins somewhere for safe keeping just in case one day they are worth some real money.

Since I am such a noob on Bitcoin, my understanding is that once you exchange dollars for Bitcoins it is now decentralized and MtGox can go belly up and it would not impact me. I just need to store my Bitcoins safely somewhere and then it doesn't matter beyond that.

Now obviously for day to day trades, it would be different and you are relying upon their stability, just like the futures market these days.

Mike

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  #2 (permalink)
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I have a nephew who is becoming interested in trading, and assuming that 1 unit is 1 Bitcoin, my thought was that it could be a good instrument for beginners because of the good intraday volatility, but I found there to be an amazing lack of seemingly important information on the site. That was kind of a put off for me.

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My friend just turned me onto bitcoins and I've read a bit about the three major exchanges, BTC China, Bitstamp and Mt. Gox. With the little I've read, Mt. Gox seems a little unstable; people are having trouble pulling their money out of it. So much so that they're backlogged like two weeks and you'd have to pay 5% to expedite the payout.

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When money is "idle" can't you just convert it to Bitcoins (instead of USD, ie) and then transport that Bitcoin token to any other "exchange" and withdraw it? Naturally there will be a fee for this, but are you tied to using Mt Gox? If so, I don't understand why. But admittedly, haven't spent much time researching this.

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I haven't done a lot of research into Bitcoin, but when I came across the "bitcoin big short" thread I did a quick google search.

I don't think Mt. Gox (and possibly most) exchanges allow/implement shorting selling. But CampBX did come up and it appears they do allow short selling with some restrictions/requirements. I doubt any exchange is going to allow naked shorts.

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  #6 (permalink)
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Big Mike View Post
When money is "idle" can't you just convert it to Bitcoins (instead of USD, ie) and then transport that Bitcoin token to any other "exchange" and withdraw it? Naturally there will be a fee for this, but are you tied to using Mt Gox? If so, I don't understand why. But admittedly, haven't spent much time researching this.

Mike

I was forced to do this in August. I haven't been following Gox of late but over the summer they froze all USD withdrawals and were not exactly transparent as to why, they cited backlog at their bank, then there was news of Gox's Dwolla account in the states being shut down because they neglected to register as money transmitter. I was uneasy about the whole situation and initiated a withdrawal request back in June, for 3 months I was trying to get my money out and for 3 months they gave the same B.S story. Because of the withdrawal restriction a 10%+ spread was created between Gox and the other exchanges, a quick check shows them at +12%, I had to finally bite the bullet, I converted to BTC and withdrew my cash at Camp BX, instant ~15% loss to get my money out when all said and done. I want to warn anyone that reads this, do not trust Gox, go with CampBX or Bitstamp.

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Mt. Gox is bankrupt

The Inside Story of Mt. Gox, Bitcoin's $460 Million Disaster | Wired Enterprise | Wired.com

Collapsed into bankruptcy last week — disappearance of $460 million, apparently stolen by hackers.

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Flexcoin goes down as well

Looks like you can add another site to the list

Flexcoin - Business Insider

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  #9 (permalink)
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Arkiteq View Post
I was forced to do this in August. I haven't been following Gox of late but over the summer they froze all USD withdrawals and were not exactly transparent as to why, they cited backlog at their bank, then there was news of Gox's Dwolla account in the states being shut down because they neglected to register as money transmitter. I was uneasy about the whole situation and initiated a withdrawal request back in June, for 3 months I was trying to get my money out and for 3 months they gave the same B.S story. Because of the withdrawal restriction a 10%+ spread was created between Gox and the other exchanges, a quick check shows them at +12%, I had to finally bite the bullet, I converted to BTC and withdrew my cash at Camp BX, instant ~15% loss to get my money out when all said and done. I want to warn anyone that reads this, do not trust Gox, go with CampBX or Bitstamp.

I really hope you all listened and didn't having anything in Gox when they shut down.

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  #10 (permalink)
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Kraken passes solvency audit


Kraken Passes Cryptographically Verifiable Proof of Reserves Audit
New exchange 'Kraken' passes solvency audit with >100% of reserve.

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