I feel that it is obviously definitely not a good time to buy Bitcoin as it is at a peak in a speculative bubble. But additionally the world's largest exchange of Bitcoin (the magic the gathering online exchange) isn't allowing anyone to cash out. You are put on a waiting list.
So to actually cash out you need to visit that one ATM in Vancouver, which gives you access to $1000/day if there's money in it. Or you need to sell your Bitcoin to someone or buy something with them.
I don't know if it's because I have given up coffee or what, but this post just rubbed me the wrong way for at least three reasons.
Mt.Gox is not the world's largest exchange: most would agree that BTC China is, and possibly Bitstamp is coming in second.
Mt.Gox is called Mt.Gox. It used to stand for Magic the Gathering Online Exchange. It does not anymore. Whatever your thoughts on the site, you have to at least give them the fact that you can no longer exchange MtG cards on the site, so that is no longer their market. They kept the name and pivoted what they do. If you can't handle people pivoting on HN of all places, good luck. Or maybe you're the kind of person that refers to LG as "that cheap ass Lucky Goldstar" too?
Finally, Mt.Gox is definitely experiencing delays for North American withdrawals, and to a lesser (?) extent Europe. However they're not 'not allowing' anyone to cash out. I have no doubt, for example, that in Japan it's all good... their problems are with their bank.
Anyway, hate on BTC and Mt.Gox for whatever reasons you want... but surely if your going to use reasons to persuade people away from something, you should at least use truth?
Mt.Gox doesn't stand for "Magic the Gathering Online Exchange"? Why are you saying I don't like LG? So when I said that when you try to withdraw funds you are prevented from doing so and put on a waiting list, that is correct?
Mt. Gox used to stand for that. It no longer does. There is a very distinct difference.
I didn't say that you didn't like LG, I asked if you still referred to it as Lucky Goldstar? My point was that LG used to stand for 'Lucky Goldstar'. Now, it is the actual name. QANTAS used to stand for 'Queensland and Northern Territory Aerial Services'. Now, it is the actual name. In the same vein, Mt. Gox used to stand for 'Magic the Gathering Online Exchange'. Now, it is the actual name.
Further to that, you referred to the site as 'the magic the gathering online exchange'. This is obviously not true anymore: it literally cannot be used to exchange MtG cards anymore. You cannot deny that they pivoted from exchanging MtG cards to exchanging Bitcoins, and calling it something that it obviously is not anymore is wrong.
Finally, when you said that "when you try to withdraw funds you are prevented from doing so and put on a waiting list" that is not correct. You are not prevented from doing so. Your request is processed and queued... just because that queue takes way too long for a lot of people doesn't mean it was prevented. Just like when I transfer money from one account to another and it is queued and processed over night doesn't mean it was prevented. Thankfully, however, that overnight queue is processed a lot faster than a transfer from Mt. Gox. But again, there was nothing stopping me from initiating it.
Also, just to add to what I said in my original reply, there are no doubt a lot of people in the world that are not having delayed processing at all... they just don't happen to live in the USA.
Don't get me wrong: I definitely think that there are issues with Mt. Gox in particular that are worrying. However, I would point to those things instead of mentioning things that actually aren't true. And when I point to them, I would point to them as problems with an exchange itself, as opposed to using those points to say "None of these are good reasons to buy Bitcoin".
I'm no currency expert, but if these exchanges aren't liquid enough and some of them queue up payouts like they do, wouldn't that contribute to a bubble in the price? More money going into the commodity and the outflow of money artificially limited? I get interested in buying in every now and again and am totally creeped out by the general shady nature of every exchange.
Mt.Gox is the main reason of the current raise in bitcoin price.
As Mt.Gox users have difficulty cashing out dollars, the only option they have is to convert those dollars to bitcoin (buy bitcoins on Mt Gox), or risk loosing all the money. At the same time spread they spread panic on forums, so a large quantity of people who have funds in MtGox in form of dollars, is currently trying to buy bitcoins on Mt. Gox, making the price raise.
That is also the reason Mt. Gox bitcoin price is much higher than other markets.
Whilst I agree with your last point (the cause for the spread between MtGox and other markets), I think it's unlikely it's driving the overall price.
It seems like the huge spike in Bitcoin trading in China (Btcchina just become the biggest exchange by trading volume) and the usual story of speculation is probably more likely.
Glad to hear good things about coinbase. I've been waiting for them to send the 2 small transactions to my bank-acct so they can verify it and I can buy bitcoins. I started the verification process on Tuesday. I also like their paper-wallet option so I don't have to worry about online hacks after buying the coins.
So to actually cash out you need to visit that one ATM in Vancouver, which gives you access to $1000/day if there's money in it. Or you need to sell your Bitcoin to someone or buy something with them.
None of these are good reasons to buy Bitcoin.