BTC Cashing Out... - GoFuckYourself.com

Webmaster Advertising · 06-21-2013, 09:01 AM

So I'm thinking at the end of this week, due to all the uncontrolled variables with BTC exchanges and such, we're going to cashout most of our bitcoin investments.

Things are starting to get a little to volatile for us right now to stay in the game, we've already made 3 times what we sunk in initially and with GOX having their USD withdrawals suspended for 2 weeks it making me uncomfortable with the potential future of this as a viable investment.

Anyone else planning on liquidating most of their BTC anytime soon?

AllAboutCams · 06-21-2013, 09:07 AM

No way

MtGox just posted this

Quote:

Dear Mt. Gox Customers and Bitcoiners,

The reaction since yesterday’s statement regarding the temporary suspension of U.S. dollar withdrawals has had mixed reactions, and raised more than a few questions about why we had to take this step right now. Rather than be subject to inaccurate speculation we’d like to clarify some points here. Due to pending matters we are unable to get into everything in great detail, though we’d certainly love to and are looking forward to the opportunity.

1) The problem with the U.S. withdrawals (and even other currencies for that matter) is that our bank can no longer handle the volume of withdrawals. They struggled in the last two months, and the increase due to the Dwolla separation has made it increasingly more difficult. The pressure we brought onto the bank’s resources finally gave in, and we are now working with them to find an alternative method (hence the suspension). We would have preferred to give notice if we were able to, but it was sudden for us as well.

2) We are now working with new banks and alternative methods for transmitting money to our customers. This does not mean we are stopping entirely within the next two weeks, but it will be slower than we would like. We are literally going to use our manpower to process withdrawals ourselves, manually. This will take more time, but we are dedicated to doing as many per day as possible. We announced a suspension in order to manage expectations while we deliver at a temporary reduced rate. Our goal is to have a new system set up in the next weeks with clarity for both the banks and for our customers.

3) Our previous release was rather vague, but for a reason. Mainly, we don't want to upset our bank! They do great work, but our kind of business is completely new to the banking industry. Processing international wires does not just involve pushing a button. It requires real manpower processing everything individually, even in this modern computer age. While Bitcoin's power lies in its ability to transfer fast and securely through software, the rest of the financial world does not operate like that (contrary to popular opinion). Money is surprisingly analog in many ways, and scarily digital in others.

4) Every customer’s funds are safe, sound, and accounted for. In fact, in our dealings with the Japanese financial regulators we have been assured that we are not under local pressure or suspicion and can operate as usual within normal legal frameworks.

5) Mt. Gox is certainly not a martyr, but it would be hard to argue that we aren’t "taking one for the team" as far as Bitcoin is concerned. We are a big target, and are absorbing the frustrations of Bitcoiners, regulators, banks, and a media that still doesn't quite understand what Bitcoin is. This is a job we are happy to fill, and not just because we are compensated for it. Our hope is that, once Bitcoin finds its place, we will be able to say that we made a difference in sorting it all out in the early days. New exchanges, business models, merchants, traders, and consumers are rising up to innovate and create a whole new way of doing business. A lot of lawyers are getting new cars in the meantime too.

6) As risky as it is to invoke the name of Litecoin (LTC???), we must apologize for not keeping everyone up to date. The fact is that the current situation means a continued delay, but for good reasons. We’re looking at July right now, though that depends on a few things. Mainly, we want to do things correctly from the beginning.

7) The new trading engine is finished, is smokin’ fast, and is currently undergoing bench tests. We’re looking forward to deploying it very soon.

While not the most in-depth update we'd like to give, we hope that it has at least clarified a few things. In the next few weeks we are planning to do another AMA on Reddit when we’ll hopefully be able to answer many more questions and also shed some light on what’s been going on at Mt. Gox these past months. Thank you for your patience and support.

dyna mo · 06-21-2013, 09:14 AM

it cracks me up what mtgox was originally designed to do and what it is trying to retask itslef to do now, no wonder it's the central clusterfuck for btc

DWB · 06-21-2013, 09:15 AM

Quote:

1) The problem with the U.S. withdrawals is that our bank can no longer handle the volume of withdrawals.

Sounds legit.

seeandsee · 06-21-2013, 10:43 AM

Bitcoins near closet?

I am still shitting shitcoins, and making fortune!

woj · 06-21-2013, 10:58 AM

volatile? it has been in the 100-130 range for the past month, as stable as it has ever been...

CaptainHowdy · 06-21-2013, 10:59 AM

Harmon · 06-21-2013, 11:05 AM

Don't say I didn't tell you so. The IRS doesn't recognize it as a form of currency? It's two sides of the coin.

If they do? Bank! ... if they don't? Worthless.

They don't

Webmaster Advertising · 06-21-2013, 01:02 PM

Quote:

Originally Posted by woj

volatile? it has been in the 100-130 range for the past month, as stable as it has ever been...

I was more referring to the exchanges and their banks suspending, closing accounts and other forms of cashing out.

I love the way the value is starting to go and how many dividends we're getting from our BTCO shares on asicminer-pt but unless we have an easy way to cash out, there just doesn't seem to be a reason to hold onto our assets in BTC right now.

We're def not liquidating everything we have, we'll leave enough in there so when the value goes up we'll make some devent profit but keeping over 10k in BTC value right now when the outlook is uncertain (as far as exchange those funds for USD) is just foolish.

dyna mo · 06-21-2013, 01:15 PM

Quote:

Originally Posted by Harmon

Don't say I didn't tell you so. The IRS doesn't recognize it as a form of currency? It's two sides of the coin.

If they do? Bank! ... if they don't? Worthless.

They don't

you told us so that webmaster advertising was going to cash out when mtgox released a statement that they are stopping us wires out for 2 weeks to install a new system?

you told us so that?

and the irs has to do nothing to do with that or the thread.

Harmon · 06-21-2013, 01:18 PM

Quote:

Originally Posted by dyna mo

you told us so that webmaster advertising was going to cash out when mtgox released a statement that they are stopping us wires out for 2 weeks to install a new system?

you told us so that?

and the irs has to do nothing to do with that or the thread.

Log out, faggot. Once again, you misinterpret everything you read.

Webmaster Advertising · 06-21-2013, 01:26 PM

Quote:

Originally Posted by dyna mo

you told us so that webmaster advertising was going to cash out when mtgox released a statement that they are stopping us wires out for 2 weeks to install a new system?

you told us so that?

and the irs has to do nothing to do with that or the thread.

People who are vehemently anti-btc will use anything they can to backup their unsound reasoning behind why they don't like or understand BTC

Bottom line is, I still have faith in BTC as a currency and as an investment but like any sound investment there comes a time when the potential risk, outweighs the potential gains.

10k pure profit isn't much on the grand scheme of things, but when we only initially invested $1k 3-4 months ago, that's a return that honestly we most likely will never see anywhere else and will aid us in our business development goals for the next few months.

Like I said a few moments ago, to keep it all invested into BTC and not at least withdraw as much as we can is a risk we are not willing to take given the current climate with exchanges losing or suspending their funding sources.

Its just good business.

dyna mo · 06-21-2013, 01:29 PM

Quote:

Originally Posted by Webmaster Advertising

People who are vehemently anti-btc will use anything they can to backup their unsound reasoning behind why they don't like or understand BTC

Bottom line is, I still have faith in BTC as a currency and as an investment but like any sound investment there comes a time when the potential risk, outweighs the potential gains.

10k pure profit isn't much on the grand scheme of things, but when we only initially invested $1k 3-4 months ago, that's a return that honestly we most likely will never see anywhere else and will aid us in our business development goals for the next few months.

Like I said a few moments ago, to keep it all invested into BTC and not at least withdraw as much as we can is a risk we are not willing to take given the current climate with exchanges losing or suspending their funding sources.

Its just good business.

oh, i'm with ya. it's decision time. not trying to be presumptous here by offering unsolicited advices is but one thing maybe is to split your risk amongst several exchanges?

prolly already thought of that but figured i'd throw it out there for convo

Webmaster Advertising · 06-21-2013, 01:32 PM

Quote:

Originally Posted by dyna mo

oh, i'm with ya. it's decision time. not trying to be presumptous here by offering unsolicited advices is but one thing maybe is to split your risk amongst several exchanges?

prolly already thought of that but figured i'd throw it out there for convo

Yeah we already do that, not one to keep all of my eggs in one basket.

I'm probably just being overly cautious but I'd rather that, than potentially lose the profits we're made riding free BTC shares, especially as the share value is still rising (for seemingly no reason at all lol)

There comes a time when we have to look at the financials and the risks and consider that we may be near the top of the share price gains, before it starts to drop and at least for the time being, take action based on that analysis.

Paul · 06-21-2013, 01:44 PM

Quote:

Originally Posted by DWB

Sounds legit.

Exactly!

I've read from a few sources Mt Gox is effectively operating like fraction reserve bank, anyone who trusts Mt Gox is an idiot. This is the same company who lied about being a Money Transmitting Service on their Dwolla application.

See Cig · 06-21-2013, 01:44 PM

want paypal for some?

Webmaster Advertising · 06-21-2013, 01:48 PM

Quote:

Originally Posted by See Cig

want paypal for some?

Once we've liquidated assets back into btc from shares sure

Paul · 06-21-2013, 02:01 PM

Quote:

Originally Posted by Webmaster Advertising

Once we've liquidated assets back into btc from shares sure

If you've made a 300% return I'd cash out

woj · 06-21-2013, 02:02 PM

Quote:

Originally Posted by Webmaster Advertising

Once we've liquidated assets back into btc from shares sure

what's the deal with the shares, do you have a link handy to some page that spells out exactly what the price is, dividend history, etc? or maybe just tell us? lets say you invest 1BTC, how much would you get back per month from that investment (from just dividends)?

Webmaster Advertising · 06-21-2013, 02:11 PM

Quote:

Originally Posted by woj

what's the deal with the shares, do you have a link handy to some page that spells out exactly what the price is, dividend history, etc? or maybe just tell us? lets say you invest 1BTC, how much would you get back per month from that investment (from just dividends)?

http://www.btct.co - That has all the info needed.

We're invested into ASICMINER-PT right now and it's been good to us.

Weekly dividends per share have ranged from 0.007 to 0.044 BTC per share owned for us and we bought when a single share was worth 1.12BTC.

- Jesus Christ - · 06-21-2013, 02:16 PM

Cashing out of ASICMINER is a stupid move.

Webmaster Advertising · 06-21-2013, 02:19 PM

Quote:

Originally Posted by - Jesus Christ -

Cashing out of ASICMINER is a stupid move.

Not if in a month or so there is no way to cash out... Like I said were not liquidating everything, probably around 75% of the shares we own, risk management, no other reason than that.

Holding onto 100+ BTC and potentially having no way to exchange them to USD is about as much use as taking $10k cash and setting fire to it.

dyna mo · 06-21-2013, 02:29 PM

isn't there really 2x+ the risk going through a pool? i've read of several pools that just close up, done.

Dead · 06-21-2013, 02:55 PM

I'm interested, please contact builtolast @ goggler mail.

Tyia!

Sunny Day · 06-21-2013, 05:22 PM

Bank can't handle the transactions? What backwater bank they use??

Truth is as I pointed out before MTGOX can't process withdrawals as they don't have enough cash. People bought Bitcoins at a few dollars and now MTGOX is having to buy them back at a lot more that they received. By stopping withdrawals, they hope new suckers will give them dollars.

If you think otherwise you're a damn idiot.

This has nothing to do with rather or not Bitcoins have any value. This has ONLY to do with MTGOX. But since MTGOX owns 80+% of the market.

AllAboutCams · 06-21-2013, 07:14 PM

Quote:

Originally Posted by dyna mo

isn't there really 2x+ the risk going through a pool? i've read of several pools that just close up, done.

I mine litecoins at 3.3Mh and set the payout to 3LTC so if the pool does go down im only really going to loose 3LTC

PromoterX · 06-21-2013, 10:49 PM

All the early adopters are cashing out... No big deal

PhoneSexKing · 06-21-2013, 11:30 PM

Quote:

Originally Posted by Webmaster Advertising

So I'm thinking at the end of this week, due to all the uncontrolled variables with BTC exchanges and such, we're going to cashout most of our bitcoin investments.

Check out https://www.nanaimogold.com/.

They are in Canada, but they'll happily cash you out and keep their mouth shut.

Quote:

Originally Posted by Webmaster Advertising

Anyone else planning on liquidating most of their BTC anytime soon?

Nope, I'll keep buying them up. I actually use them for business - steadily pay my affiliates with them 24/7.

Paul · 06-22-2013, 12:50 AM

Quote:

Originally Posted by Sunny Day

Bank can't handle the transactions? What backwater bank they use??

Truth is as I pointed out before MTGOX can't process withdrawals as they don't have enough cash. People bought Bitcoins at a few dollars and now MTGOX is having to buy them back at a lot more that they received. By stopping withdrawals, they hope new suckers will give them dollars.

If you think otherwise you're a damn idiot.

This has nothing to do with rather or not Bitcoins have any value. This has ONLY to do with MTGOX. But since MTGOX owns 80+% of the market.

Bingo!

Anyone from the EU who has made a SEPA transfer has waited over a month for the money to reach their account and that time period is increasing by the day. Mt Gox market share has been declining since the Dwolla incident so this is just the next step i.e. stopping withdrawals to tackle their liquidity issues.

Oracle Porn · 06-22-2013, 03:48 AM

If someone wants to sell their BTC please icq me.

adultmobile · 06-22-2013, 08:07 AM

Quote:

Originally Posted by Webmaster Advertising

http://www.btct.co - That has all the info needed.

This page (https://btct.co/) is currently offline. However, because the site uses CloudFlare's Always Online? technology you can continue to surf a snapshot of the site

The culdflare "snapshop" of the site it is a white page with text:

"Please try again in a few minutes"

Webmaster Advertising · 06-22-2013, 01:05 PM

Quote:

Originally Posted by adultmobile

This page (https://btct.co/) is currently offline. However, because the site uses CloudFlare's Always Online? technology you can continue to surf a snapshot of the site

The culdflare "snapshop" of the site it is a white page with text:

"Please try again in a few minutes"

Happens once every couple of months, its annoying as all hell but its back up now.

Share prices dropped slightly from last night but they'll bounce back within 24 hours or so.

jscott · 06-22-2013, 01:17 PM

Quote:

Originally Posted by PhoneSexKing

steadily pay my affiliates with them 24/7.

Oh man, i'd love if more sponsors paid in BTC

bitcoins

06-21-2013, 09:01 AM	#1
Webmaster Advertising So Fucking Banned Join Date: Sep 2003 Posts: 1,360	BTC Cashing Out... So I'm thinking at the end of this week, due to all the uncontrolled variables with BTC exchanges and such, we're going to cashout most of our bitcoin investments. Things are starting to get a little to volatile for us right now to stay in the game, we've already made 3 times what we sunk in initially and with GOX having their USD withdrawals suspended for 2 weeks it making me uncomfortable with the potential future of this as a viable investment. Anyone else planning on liquidating most of their BTC anytime soon?

06-21-2013, 10:43 AM	#5
seeandsee Check SIG! Industry Role: Join Date: Mar 2006 Location: Europe (Skype: gojkoas) Posts: 50,945	Bitcoins near closet? I am still shitting shitcoins, and making fortune! __________________ BUY MY SIG - 50$/Year Contact here

06-21-2013, 10:58 AM	#6
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	volatile? it has been in the 100-130 range for the past month, as stable as it has ever been... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

06-21-2013, 10:59 AM	#7
CaptainHowdy Too lazy to set a custom title Industry Role: Join Date: Dec 2004 Location: Happy in the dark. Posts: 93,350	__________________ "Tjeezers.cam wishes you a nice day”

06-21-2013, 11:05 AM	#8
Harmon ( ͡ʘ╭͜ʖ╮͡ʘ) Industry Role: Join Date: Mar 2004 Posts: 20,006	Don't say I didn't tell you so. The IRS doesn't recognize it as a form of currency? It's two sides of the coin. If they do? Bank! ... if they don't? Worthless. They don't __________________ [email protected]

06-21-2013, 09:14 AM	#3
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 64,779	it cracks me up what mtgox was originally designed to do and what it is trying to retask itslef to do now, no wonder it's the central clusterfuck for btc

06-21-2013, 01:44 PM	#16
See Cig Confirmed User Join Date: Jan 2005 Posts: 515	want paypal for some? __________________ See Sig

06-21-2013, 02:16 PM	#21
- Jesus Christ - Confirmed User Industry Role: Join Date: Mar 2003 Location: ::::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: ::::::\|\|\|\|\|\|\|\|\|\|\|\|:::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::::::::::::::: Posts: 7,197	Cashing out of ASICMINER is a stupid move. __________________ Amen

06-21-2013, 02:29 PM	#23
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 64,779	isn't there really 2x+ the risk going through a pool? i've read of several pools that just close up, done.

06-21-2013, 02:55 PM	#24
Dead They left the door open Industry Role: Join Date: Apr 2003 Posts: 4,458	I'm interested, please contact builtolast @ goggler mail. Tyia!

06-21-2013, 05:22 PM	#25
Sunny Day Confirmed User Industry Role: Join Date: Dec 2010 Posts: 1,406	Bitcoins Bank can't handle the transactions? What backwater bank they use?? Truth is as I pointed out before MTGOX can't process withdrawals as they don't have enough cash. People bought Bitcoins at a few dollars and now MTGOX is having to buy them back at a lot more that they received. By stopping withdrawals, they hope new suckers will give them dollars. If you think otherwise you're a damn idiot. This has nothing to do with rather or not Bitcoins have any value. This has ONLY to do with MTGOX. But since MTGOX owns 80+% of the market.

06-21-2013, 10:49 PM	#27
PromoterX Confirmed User Industry Role: Join Date: Sep 2010 Posts: 949	All the early adopters are cashing out... No big deal

06-22-2013, 03:48 AM	#30
Oracle Porn Affiliate Industry Role: Join Date: Oct 2002 Location: Icq: 94-399-723 Posts: 24,433	If someone wants to sell their BTC please icq me. __________________