[TomGullen]

Why anyone was using Gox in the first place confuses me. It's been having trouble for over a year now I think? Lots of warning signs, yet people continued to use them. If anyone had done cursory research before buying Bitcoin (and they should of) they would of read a wealth of horror stories and bad signs about MtGox.

It didn't even make sense to use them as a new user, the price of BTC was considerably more expensive than other exchanges!

I think in part it's caused by the media always refering to MtGox for price information as they have the longest historical data and inadvertently providing MtGox with a lot of free promotion.

I wonder how sites like eToro who allow you to trade Bitcoin pegged on MtGox price will be impacted if MtGox really is insolvent.

To me the simplest explanation for all the problems MtGox is suffering is that they are insolvent.

[peteretep]

> Why anyone was using Gox in the first place confuses me

Sell price was ~$100 more on MtGOX than on other exchanges. If you have ten bitcoins you want to sell, that's $1,000 more if you're willing to wait 6 weeks for MtGOX to send you your money.

[Mtinie]

I don't know anyone who has been able to pull USD out of Mt. Gox for months. The reason it was +$100/BTC on Gox vs. other exchanges was the people were paying a premium to get their current fiat holdings converted into something that they could pull out.

Now that avenue is apparently closed, too, so it will be interesting (to say the least) to see how this plays out.

[pmorici]

That's the thing though there was no evidence that they were sending anyone any money at least not in USD.