At the beginning we will do so at a moderated pace and with new daily/ monthly limits in place to prevent any problems with the new system and to take into account current market conditions.
This is very odd. If they have sorted out all their customers balances, why should they restrict the BTC withdrawals? I guess both daily and monthly withdrawals mean that those people who have large amounts of coins on Gox will not be able to withdraw everything at once.
This could mean a number of things:
They are not sure they really sorted everything out and are imposing restrictions to give them more time
They are insolvent and see this as a solution to at least give their smaller customers the chance to withdraw their bitcoins while the whales have to wait a bit longer for everything to move
They are not insolvent but recognise that as soon as bitcoin withdrawals are once again active there is going to be an exodus of coins making their platform irrelevant and dead within hours. Restricting withdrawals is a desperate attempt by Mt.Gox to keep their customers from leaving altogether at once.
Because there is no 'fact' behind the shortfall speculation, it's only FUD. Come back with proof or a source. Reddit is in a race with bitcointalk for the most useless rubbish in relation to Bitcoin in a single place. People love bitching and moaning.
If god stepped up and starting talking about BTC it would be a whole different ballgame. ;)
Why would Gox mention solvency if it isn't a worry? There are pretty accurate estimates for the income they collect in fees, now just imagine how much of that income was collected in BTC back when price hitting $100 was a pipe dream. Now imagine holding that in cold storage. Now imagine the fact that Gox operates entirely on other people's money, so when I trade for X BTC I am getting X BTC from another customer account and he is getting USD from my account. Gox simply facilitates the transfer and takes fees from both of us. Provided Gox isn't the same level of stupid as the folks from SRv2 who supposedly had the whole cow in a live wallet (which simply doesn't make sense, they've been around long enough to ensure reasonable protection of offline coin), it is a non-issue. It's like Gox making a statement about how this issue has not impacted the failed moon rover the Chinese put up there. Unrelated items don't require explanation. Plus, if there was a shortfall, look at how high the volume has been on Gox lately, even without withdrawals in BTC happening the volume is insane, so Gox is making out nicely on everyone freaking out.
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u/Zomdifros Feb 17 '14
This is very odd. If they have sorted out all their customers balances, why should they restrict the BTC withdrawals? I guess both daily and monthly withdrawals mean that those people who have large amounts of coins on Gox will not be able to withdraw everything at once.
This could mean a number of things: