Quote from: zyk on February 21, 2014, 10:59:01 AM

So oviously no panicked japanese selling GoxBTC ?

Let me hear the voices of reason to shut down the background noise :

Who´s BTC´s have been sold and are sold in ever increasing quanteties at MT. Gox at a discount of 90 % ?

No dreaming up of hoghwash can lead to another fact then:

Mt. Gox has been bankrupted intentionally and the shell is being left to the laywers !

http://bitcoinwisdom.com/markets/mtgox/btcjpy (pan out to 2hr or so)

There is more selling than buying, but there is still a lot of buying. And the chart doesnt show nationality of seller, though I'd say given the advantage of selling for JPY through Gox, any Japanese person is using Gox to withdraw and not any other service (because all other services have fees and delays to transfer to Japan whereas Gox is relatively simple, currently standing at 14 business days delay).

But again, you'd expect it to be more one-sided. I'd imagine that EVERYONE's btcs are being sold at Gox, sir. Not particularly the Japanese's, beyond the fact its currently the currency with the shortest withdrawal time.

Quote from: Rampion on February 21, 2014, 12:02:23 PM

Again, as its been said OVER and OVER in this thread:

this is not about Karpeles "running away" with customer funds. Betting on Gox's honesty is a pretty safe bet, as Gox has proven its integrity for years
this is about facts adding up and raising a lot of red flags: i) absurd explanations on unbelievable banking limits, which affect outgoing transfers only; ii) serious problems with LE ($6M seized) and other players (Coinlab - $6M gone) which resulted in loss of funds; iii) lack of transparency in their PR and possible incompetence in managing their business; iv) desperate moves to raise more and more fees (totally unjustified 5% "ransom fee" - 5% is a huge amount, folks; not halting trading when they have should; etc.)

Furthermore, numbers DO NOT LIE. The huge spread we have witnessed between Gox and the others comes for a reason. Sturle tried to convince us that he was making loads of money doing arbitrage, implying that the spread existed only because people is stupid and was not using the situation to their advantage because of fear, uncertainity and doubt. But let me tell you something: that's BS. Markets do not work that way. If there is a 20% arbitrage opportunity, which basically means "free money", arbitrageurs will take the opportunity and the gap will close almost instantly. If that doesn't happen, it is because it is simply not possible. I tried myself, for Christ sake, and I failed miserably because you cannot simply do arbitrage in such a volatile market if your funds are stuck on one of the ends FOR WEEKS.

The banking limits aren't unbelievable- if you live in Japan. Its standard bureaucracy. And the 5% is likely not a withdrawal at all, but a fiat to fiat transfer through a regular bank which charges them for it (though there is obviously a percentage in it for them as well). And when a bank is forced to submit reports on incoming transfers over $10k USD (in the US) to regulatory agencies, they also aren't allowed to tell the customer they are doing so (this is a fact). So EVERYTHING is a delay EVERYWHERE.

Also, about the numbers not lying, you pretty much answered that yourself. The arb gap would close- except no one has the capital to close that gap and funds are stuck in limbo for weeks. I was arbing as well (but successfully unlike you apparently), but only got to do it a few times before this shitstorm came up. Que sera sera.

Quote from: FrictionlessCoin on February 21, 2014, 12:41:08 PM

Quote from: Rampion on February 21, 2014, 12:02:23 PM

Furthermore, numbers DO NOT LIE. The huge spread we have witnessed between Gox and the others comes for a reason. Sturle tried to convince us that he was making loads of money doing arbitrage, implying that the spread existed only because people is stupid and was not using the situation to their advantage because of fear, uncertainity and doubt. But let me tell you something: that's BS. Markets do not work that way. If there is a 20% arbitrage opportunity, which basically means "free money", arbitrageurs will take the opportunity and the gap will close almost instantly. If that doesn't happen, it is because it is simply not possible. I tried myself, for Christ sake, and I failed miserably because you cannot simply do arbitrage in such a volatile market if your funds are stuck on one of the ends FOR WEEKS.

I think you fail to mention that it is entirely possible for MtGox to perform the arbitrage exclusively. Customers can't, but Mt.Gox certainly can.

Your assumption also that Mt.Gox price is based on an efficient market. It is not, it is a manipulated market than Mt.Gox can always choose to flood the market with fake BTC. Why would they do that? Well... arbitrage.

They can't legally arb themselves, and obviously they didn't (much?) otherwise there wouldnt be a gap. So... oh wait I just got trolled