Bitcoins are officially donkdown

[Pooh]

I'm talking about Druff here, my friend. The guy who said stay away from Bitcoin from $2 to $1200 then all of a sudden thought it might be a good investment. A man so certain of his investment strategy that he bought 0.1 fucking Bitcoin. The guy who gives real estate investing advice yet has never owned a piece of real estate in his life. The man who tells every business owner how to run their business yet has never owned a successful business himself.

Druff is the type of guy who is so afraid of failure that he can't even stand himself. His biggest fear in life is having to enter the workforce and be productive once again. It's great for him that he doesn't need to work but I couldn't do it personally. In other words, Druff is the type of guy who needs to be in cash AKA the money market.

I'm not talking about you or I.

I love when people make idiotic statements about me, like the above, and have no clue what they're talking about.

Someone who is risk-averse wouldn't have played poker games wiith high-5-figure swings during the poker boom, often in spots where there were 5 pros and 1 donk at the table.

Did you bother asking why I bought 0.1 BTC? No. You just jumped to retarded assumptions about it.

I bought 0.1 BTC because the exchange I use requires a "cleared transaction" (which takes 30 days) before they up your limits to buy any sizable amount of coin. I want to be ready to buy a lot if I see a good "jump in" opportunity (and no, $800 is not that), so I bought a tiny amount just to establish my limits higher. I didn't care that $800 wasn't the ideal entry point, because I was risking a whopping $80 maximum on the whole thing.

Who said I never owned real estate? I simply told a few stories about times I could have bought but didn't, but never made any statements as to when (or if) I actually did buy.

The only thing you're correct about is the fact that I don't want to enter the workforce again, but that's because most jobs suck, as you are a slave to someone else's hours, deadlines, and projects. Sure, there are some wonderful, interesting, well-paying dream jobs out there, but they are few and far between. If I got a job that I truly enjoyed (such as running a legalized online poker room), I would be happy to do it, but most jobs are just a means to supporting yourself. How many people truly look forward to going to work? It's really more of something you have to do rather than should want to do. I do understand that certain people derive satisfaction from regular work, as they both feel productive and avoid boredom. I don't feel bored or unproductive without working. On the contrary, I am happy that I get to spend this much time with my son.

I've asked you before, Druff, whether you've owned real estate. You ignored my question which I've learned is a no from you. You clearly don't own in Vegas because somebody posted your apartment info once and now I assume you strickly live for free from being a five star. I'm willing to bet a nut you don't own the home you live in California. Am I right?

How about owning a successful business? You have no problems giving every other business advice on how to run. Put your money where your mouth is and lets see you do it yourself. DD and PFA don't strike me as being wildly successful.

Bitcoin? You're on radio telling others what a shitty investment it is from less than 5 bucks all the way to the top. Now it hits the top and you think its a good investment opportunity. LOL. Okay. Notice how it has never broken into new highs? Great investment advice.

Full disclosure Druff:

What's your deal with real estate?
How do you invest your money?
When are you going to start up a viable business?

You know my deal..you have my name and can easily research me so let's all hear about yours.

[Dan Druff]

Can we please not hijack this thread about how bitcoins are donkdown?


Which in case anyone hasnt noticed they totally are.

I agree, let's get back on topic.

The MtGox statement is very disturbing.

Dear MtGox Customers,

In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.

We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers. 



Our team will resolve this problem as soon as possible and will provide an update on Monday, February 10, 2014 (JST).



We deeply apologize for the inconvenience caused, and thank you for your kind support and considerations. 


Why pause ALL withdrawals? That doesn't even make any sense. If they're truly overwhelmed by them at the moment, why do you have to stop existing withdrawals to "obtain a clear technical view" on them?

That's like a busy restaurant with a huge line out the door for seating announcing that they are "pausing all food service, so we can get a handle on how long the line is".

How could stopping withdrawals, even temporarily, help the matter of a backlog in withdrawals? It will just make things worse.

I know that sonatine keeps guessing a DDoS is involved, but I haven't had much problem accessing MtGox, so why should this be affecting withdrawals?

I think they are either broke or cash-poor at the moment, and are looking for a way to stall.

It's very possible that they were operating like original Full Tilt -- keeping just enough cash on hand for expected withdrawals -- and then ran into a huge problem when something went wrong (the inability to collect new deposits). In Gox's case, I am guessing that the increased withdrawals simply exceeded their cash, and indeed they have run out of money to process them.

We will see.

If MtGox really does crash down, there likely will be a big BTC value crash, and I will monitor it and probably buy in when the inevitable recovery begins.

[DRK Star]

Here is what concerns me about MTGOX.


If you are ownership, and the entire market is talking about your issues, and your customers (at least a majority of them) are all talking about pulling their money out once things are working, what motivation does ownership have in keeping that business operating? If these guys are shady, they might be thinking, fuck it, everyone is just going to leave once we give them their access to their coins/money, lets just say there was a crash or hack, everything is gone, we are truly sorry, we never would do something like this to our account base who we love, and then just fuck everyone over and move to a country where they cant be prosecuted and live like hogs?

[Dan Druff]

I love when people make idiotic statements about me, like the above, and have no clue what they're talking about.

Someone who is risk-averse wouldn't have played poker games wiith high-5-figure swings during the poker boom, often in spots where there were 5 pros and 1 donk at the table.

Did you bother asking why I bought 0.1 BTC? No. You just jumped to retarded assumptions about it.

I bought 0.1 BTC because the exchange I use requires a "cleared transaction" (which takes 30 days) before they up your limits to buy any sizable amount of coin. I want to be ready to buy a lot if I see a good "jump in" opportunity (and no, $800 is not that), so I bought a tiny amount just to establish my limits higher. I didn't care that $800 wasn't the ideal entry point, because I was risking a whopping $80 maximum on the whole thing.

Who said I never owned real estate? I simply told a few stories about times I could have bought but didn't, but never made any statements as to when (or if) I actually did buy.

The only thing you're correct about is the fact that I don't want to enter the workforce again, but that's because most jobs suck, as you are a slave to someone else's hours, deadlines, and projects. Sure, there are some wonderful, interesting, well-paying dream jobs out there, but they are few and far between. If I got a job that I truly enjoyed (such as running a legalized online poker room), I would be happy to do it, but most jobs are just a means to supporting yourself. How many people truly look forward to going to work? It's really more of something you have to do rather than should want to do. I do understand that certain people derive satisfaction from regular work, as they both feel productive and avoid boredom. I don't feel bored or unproductive without working. On the contrary, I am happy that I get to spend this much time with my son.

I've asked you before, Druff, whether you've owned real estate. You ignored my question which I've learned is a no from you. You clearly don't own in Vegas because somebody posted your apartment info once and now I assume you strickly live for free from being a five star. I'm willing to bet a nut you don't own the home you live in California. Am I right?

How about owning a successful business? You have no problems giving every other business advice on how to run. Put your money where your mouth is and lets see you do it yourself. DD and PFA don't strike me as being wildly successful.

Bitcoin? You're on radio telling others what a shitty investment it is from less than 5 bucks all the way to the top. Now it hits the top and you think its a good investment opportunity. LOL. Okay. Notice how it has never broken into new highs? Great investment advice.

Full disclosure Druff:

What's your deal with real estate?
How do you invest your money?
When are you going to start up a viable business?

You know my deal..you have my name and can easily research me so let's all hear about yours.

This will be my last response in this thread. If you really want to continue discussing it, I will break these posts off and create a separate thread for this matter.

I am not going to give full disclosure for the same reason I talk about broadcasting radio from "secret locations". The radio "secret locations" are half a joke, but in reality I also don't like publicizing all of my personal business on the internet. Indeed, while I do have your full name, you haven't made it public to everyone else, and I think you (correctly) trust me not to give it out.

As far as running businesses, the sad truth is that most fail. DD and PFA were never businesses -- at least not for me. I was aware from the start that there was little money in either one. When you do start a business, there are tons of things you need to consider before spending a penny. Is there any need for the services you offer? What is the competition like? Is the competition likely to make it impossible for you to succeed? How are you going to market it, and how much money are you going to spend on such marketing?

Most of the business advice/opinion I have given on this forum involve the customer service aspect, which is very important. It's clearly just one aspect of a successful business, but poor customer service can sink a business even if you're doing everything else right. Too often business owners see themselves as kings of their little castle, and they run off regular customers because they dislike them personally. This is suicide for any small business, especially because it's not likely to be a one-time occurrence. Regardless, knowing how to provide great customer service doesn't equate to being able to start up a successful small business, because you still need the other aspects mentioned above.

[sonatine]

I know that sonatine keeps guessing a DDoS is involved, but I haven't had much problem accessing MtGox, so why should this be affecting withdrawals?

wat.


absolutely 100% never mentioned ddos.

my assertion is that they suffered a breach and are desperately trying to re-establish trusted infrastructure while assessing the extent of the breach, the extent/criticality/sensitivity of any exfiltrated data, and the integrity/validity of past transactions.

in fact its more or less the only scenario that explains why they would stand down critical operations for 5 straight days more or less.

[Dan Druff]

Here is what concerns me about MTGOX.


If you are ownership, and the entire market is talking about your issues, and your customers (at least a majority of them) are all talking about pulling their money out once things are working, what motivation does ownership have in keeping that business operating? If these guys are shady, they might be thinking, fuck it, everyone is just going to leave once we give them their access to their coins/money, lets just say there was a crash or hack, everything is gone, we are truly sorry, we never would do something like this to our account base who we love, and then just fuck everyone over and move to a country where they cant be prosecuted and live like hogs?

I have thought about this, too. However, if they quickly "resolve" this issue, most will probably forget about it and continue using Gox. The BTC community in general is extremely gullible, much moreso even than poker players. Remember that stupid "Poker by Proxy" scams, that was obvious to even the dumbest of poker forum posters? The victims were nearly all BTC people, many of whom thought it sounded great. You didn't need poker knowledge to see "scam" written all over it, either.

Bottom line is that Gox will continue having lots of customers if they can right the ship quickly. But yes, if months drag on and people can't withdraw, then obviously everyone will just want to get their cash and GTFO.

[Dan Druff]

I know that sonatine keeps guessing a DDoS is involved, but I haven't had much problem accessing MtGox, so why should this be affecting withdrawals?

wat.


absolutely 100% never mentioned ddos.

my assertion is that they suffered a breach and are desperately trying to re-establish trusted infrastructure while assessing the extent of the breach, the extent/criticality/sensitivity of any exfiltrated data, and the integrity/validity of past transactions.

in fact its more or less the only scenario that explains why they would stand down critical operations for 5 straight days more or less.

OK, maybe I remembered wrong.

But it's been a lot longer than 5 days.

They've pretty much been non-responsive for most of 2014, though it has gotten worse in the past 2 weeks.

[sonatine]

yeah i was just referring to the period where they basically stood down operations.

gox has always sucked dicks sporadically for processing times off and on because their architecture is apparently ludicrous, but what we are seeing is a virtual blackout in the last week or whatever.

[sonatine]

actually sorry i have definitely mentioned ddos in the past, and gox has often gotten ddos'd and its often caused them to go limp. but with regards to the downtime recently and the $30,000,000 in currency exchanges that are being black holed, to me that sounds like a breach, not a ddos.

[Pooh]

I've asked you before, Druff, whether you've owned real estate. You ignored my question which I've learned is a no from you. You clearly don't own in Vegas because somebody posted your apartment info once and now I assume you strickly live for free from being a five star. I'm willing to bet a nut you don't own the home you live in California. Am I right?

How about owning a successful business? You have no problems giving every other business advice on how to run. Put your money where your mouth is and lets see you do it yourself. DD and PFA don't strike me as being wildly successful.

Bitcoin? You're on radio telling others what a shitty investment it is from less than 5 bucks all the way to the top. Now it hits the top and you think its a good investment opportunity. LOL. Okay. Notice how it has never broken into new highs? Great investment advice.

Full disclosure Druff:

What's your deal with real estate?
How do you invest your money?
When are you going to start up a viable business?

You know my deal..you have my name and can easily research me so let's all hear about yours.

This will be my last response in this thread. If you really want to continue discussing it, I will break these posts off and create a separate thread for this matter.

I am not going to give full disclosure for the same reason I talk about broadcasting radio from "secret locations". The radio "secret locations" are half a joke, but in reality I also don't like publicizing all of my personal business on the internet. Indeed, while I do have your full name, you haven't made it public to everyone else, and I think you (correctly) trust me not to give it out.

As far as running businesses, the sad truth is that most fail. DD and PFA were never businesses -- at least not for me. I was aware from the start that there was little money in either one. When you do start a business, there are tons of things you need to consider before spending a penny. Is there any need for the services you offer? What is the competition like? Is the competition likely to make it impossible for you to succeed? How are you going to market it, and how much money are you going to spend on such marketing?

Most of the business advice/opinion I have given on this forum involve the customer service aspect, which is very important. It's clearly just one aspect of a successful business, but poor customer service can sink a business even if you're doing everything else right. Too often business owners see themselves as kings of their little castle, and they run off regular customers because they dislike them personally. This is suicide for any small business, especially because it's not likely to be a one-time occurrence. Regardless, knowing how to provide great customer service doesn't equate to being able to start up a successful small business, because you still need the other aspects mentioned above.

Ok I will drop it however you proved my point. I never asked for addresses because it's none of our business. There's no shame in being a lifelong renter.

As far as businesses are concerned....most restaurants fail. What I do will only fail if you are lazy and clueless. They say most businesses fail within five years. This is misleading because it includes businesses that have sold and most business owners sell before five years.

[JUSTIFIEDhomicide]

This will be my last response in this thread. If you really want to continue discussing it, I will break these posts off and create a separate thread for this matter.

I am not going to give full disclosure for the same reason I talk about broadcasting radio from "secret locations". The radio "secret locations" are half a joke, but in reality I also don't like publicizing all of my personal business on the internet. Indeed, while I do have your full name, you haven't made it public to everyone else, and I think you (correctly) trust me not to give it out.

As far as running businesses, the sad truth is that most fail. DD and PFA were never businesses -- at least not for me. I was aware from the start that there was little money in either one. When you do start a business, there are tons of things you need to consider before spending a penny. Is there any need for the services you offer? What is the competition like? Is the competition likely to make it impossible for you to succeed? How are you going to market it, and how much money are you going to spend on such marketing?

Most of the business advice/opinion I have given on this forum involve the customer service aspect, which is very important. It's clearly just one aspect of a successful business, but poor customer service can sink a business even if you're doing everything else right. Too often business owners see themselves as kings of their little castle, and they run off regular customers because they dislike them personally. This is suicide for any small business, especially because it's not likely to be a one-time occurrence. Regardless, knowing how to provide great customer service doesn't equate to being able to start up a successful small business, because you still need the other aspects mentioned above.

Ok I will drop it however you proved my point. I never asked for addresses because it's none of our business. There's no shame in being a lifelong renter.

As far as businesses are concerned....most restaurants fail. What I do will only fail if you are lazy and clueless. They say most businesses fail within five years. This is misleading because it includes businesses that have sold and most business owners sell before five years.

Do you mind telling us what you do? Genuinely curious as you seem very well off. If you don't want to share np. I would also take a pm...

[Salty_Aus]

Have they stopped the ability to transfer coins to another site? (if you can't transfer coins something is seriously wrong)

Yeah it is all pretty suspect. If they do fold right after the panic selling has stopped, is a great time to buy.

[Dan Druff]

Have they stopped the ability to transfer coins to another site? (if you can't transfer coins something is seriously wrong)

Yeah it is all pretty suspect. If they do fold right after the panic selling has stopped, is a great time to buy.

That's what I was wondering, too.

If you can transfer coins to another site, why not just do so and sell there?

[sonatine]

1) Transfers cost a %.

2) Gox offers highest value per BTC, so to transfer away, you eat the difference, which can be up to 15+% at any given time.

3) The price you get on your transfer depends on when its processed, not when you submit it. If you submit it today and it gets processed in 4 days, during which prices drop 50%, youre shit out of luck and you eat it.

4) The turnaround time to get a wallet turned up is about 5 seconds. The turnaround time to get an associated account provisioned to cash out bitcoins is about 30 days and requires more paperwork and documentation than it takes to buy an assault rifle in California.





Bitcoins! *jazz hands*

[sonatine]

Scroll back to where I describe how the highest values are on sites with the lowest service levels for more details.

[Salty_Aus]

Have they stopped the ability to transfer coins to another site? (if you can't transfer coins something is seriously wrong)

Yeah it is all pretty suspect. If they do fold right after the panic selling has stopped, is a great time to buy.

That's what I was wondering, too.

If you can transfer coins to another site, why not just do so and sell there?

I suspect they've also cancelled this, not just cash withdrawals.

[sonatine]

Salty_Aus: Transfers were immediate, plus the Gox price is less then other exchanges right now.


No, they were not always immediate, and Gox is less than the price of other exchanges because its imploding.


What is wrong with you?

[Salty_Aus]

Salty_Aus: Transfers were immediate, plus the Gox price is less then other exchanges right now.


No, they were not always immediate, and Gox is less than the price of other exchanges because its imploding.


What is wrong with you?

I can't help it, my mother dropped me as a baby.

Have you ever transferred coins to or from Mt Gox?
Bitcoin transfers were done immediately, it took 30 seconds.

That's exactly what I was referring to, the current situation at Mt Gox, prices have reached parity with other exchanges.
You say the big difference in price previously was because they were in trouble, now the price has reached some sort of equilibrium it's because they're imploding? (make your mind up)

[Salty_Aus]

Regardless, I do think something seriously wrong is going on at Mt Gox... I'd be extremely concerned if I had hard earnt money stuck on their site.

[Dan Druff]

Coinbase lets you sell right now for $719, while MtGox is at $664, so I have to think transferring there would be smart if possible.

And Coinbase is probably the most reputable of all the exchanges.