The thing that delayed my recognition for so long, is the fact that these guys have so much money already - why would they need to steal more? Any credible ideas?
Yes, they are not stealing it.
They sold BTC that they did not have.
Simple explanation.
It explains why the crashed the market in April 2013.
It explains why for the longest time BTC has a higher USD premium that other exchanges.
Explain why right now BTC is 80% lower than other exchanges... this is a rigged up way to cover their shorts.
Unfortunately, they could be more short BTC than anyone can imagine.
Let's say you were in 2012 and had an exchange for some obscure crypto-currency like Bitcoin. What if you thought that Bitcoin could never possibly be worth more than $20. So when people come to your exchange, you sell them BTC that you don't have. Then one day in 2013, it rises from $10 to $240.... you panic... turn off all trading and crash the market. But the dip was too quick to cover your shorts, so for the longest time you try to cover... until you can't take it anymore and shut down all withdrawals.
Mt.Gox is short and are covering their shorts as we speak.