Bitcoin Forum

Mt.Gox, The World’s Largest Bitcoin Exchange to Acquire Bitomat.pl, Compensate Loss Of Bitcoins
https://www.mtgox.com/press_release_20110811.html


This is just awesome news.

I'd prefer there were many independent exchanges rather than too much consolidation - but kudos to Mt Gox nonetheless!

Bitcoin bailout... interesting.  should be bullish for the bitcoin price in the short term

And so the centralization of bitcoin continues.

And the decentralization.

https://bitcointalk.org/index.php?topic=35812.0

This is great news! At least the people will get their coins back.

I think it's good news....   as long as there are a few exchanges then you'll see innovation...  if there's only one then it's a problem.

Gox could really help the market out if they beef up man power and show that they're serious players, and not just a couple of dudes over in japan.

They do daily backup of their wallets to offsite location, both on site and remote, right?

At least that what I hope.

I am in the US, and I do believe my credentials, references and experience could put me in the category of a serious player. :-)

Which no one is using.

I am just guessing, but that could partial because of their, hm, "unique" design. It looks more like a toy website and not professional - way too much colors and unrelated images. I mean, they have a city falling down on the right side of the page. Not only is there no relation to bitcoins, it also helps me to feel uncomfortable on this site. Personally I really like the clean, professional looking design of Ruxum.

It's not a bailout when done with private money. It's just an acquisition between voluntary parties. Bailout is a terrible concept/term and is best reserved for the wretched government practice.

Every successful Bitcoin venture will increase "centralization" to a certain extent and there's nothing wrong with that. The great thing about Bitcoin is that centralization is not inherent - it's not structurally built into the system as with national banking systems and central banks, etc.

A free, decentralized market will necessarily coalesce around vendors of strength, as it should. To the extent those vendors start dissapointing customers, a dozen competitors are welcome to enter the market and try their hand.

Don't poo poo Mt. Gox's move here, I think it's both smart for them and a great relief to the btc community.

yep

when the government does it,it pisses me off, however when a private company does it with their own money, as long as it does not create a monopoly i could care less.

now to all the users who post mtgox make barely any income/profit need to back out with their tails between legs because backing up the value of 17,000 lost BTC takes balls of steel

steel i say

I agree.  This is a purchase of good will - not a bailout.

Mt Gox gets not just the good will from it's new Polish customers - but from the wider bitcoin community too.
It's a show of confidence and strength. Just good marketing really.

actually, eventually they will make money from this. they now have the #1 exchange + #3. i dont think it will take much more than a year for the bitomat portion of mtgox to make the money back.

This is a great news for the community in general. Looks like Mt Gox is slowly winning hearts and minds.

This is quite stupid. I agree to the purchase of the failed business and database at a hefty discount, and reimburse everyone up to 20 - 50BTC as a token of good faith. But cover the whole loss out-of pocket ? For some douche-bag's mistake ? What the hell !? Karma does not exist.

150.000$+ would be much better spent in improving their spartan site, opening markets in all major currencies, advertising bitcoin etc.

I imagine they've given this more than a cursory amount of thought... and they're probably not doing for reasons of "karma"

Hey smartass, ever thought that maybe the script bitomat.pl uses is way better than the magic the gathering exchange script mtgox uses and that was why they bought it?  ::)

http://esearch.oami.europa.eu/copla/trademark/data/010103646

^ Well, as long as MtGox allows us to use that name at least... ;)

Excellent!

FUCK YEAH, Bullish as all hell! Gox have really picked their game up lately:

• Acquisition of MtGoxLive
• YubiKey
• Kick ass android app that has to be tethered to your account before you can use it
• Improvement of the api
• Improvement of merchant services
• Redeemable vouchers

This news came out 5 hours ago...and the market is currently down...... wut? ???

Oh well, more BTC for meeeeeeeeeeeeeeeeeeeeee!

Great job Gox!

You've gotten a lot of shit on the forums (with good reason) but you've worked hard to restore your name and products. As a show of faith on my end I'm going to return to MtGox as my main exchange for the foreseeable future. Keep up the good work!

Great. Now I feel REALLY guilty for using another exchange for my last Bitcoin purchase  :'(

so far the bullish rally seems to be a drop of 12 cents. Which is pretty standard fluctuation on a given day.

On another note: is mtgox JPMorganChase 2.0?

Just wait. The news has not really gotten around yet. And it will take a few days for people to get their USD back into MtGox...

Wow!  Very nice, missed that thread, I wonder if anything will come of that.

I wonder how they will deal with people that had accounts on both sites using the same emails, and with different people that used the same username...

God. can we please stop the news from going any further? now we are dropped $1

I don't like Mtgox

First: I can't use it
Sec: It only uses the US Dollar as parameter.
Third: It's becoming the Bitcoin's Central Bank.

they now have 7 support people and will have 3 devs starting in September.  they already have the btc.to and mtgox mobile guys too.

no its not.  this was a GREAT and generous thing MT has done for the community.  this donation is coming from him to the 17000 btc owners. 

the market will create new exchanges to replace those lost very soon.

+1.  lol, i saw those early Youtube bashes of BTC you did!  saw the light, eh?

I see that we are on the second page of comments on this thread and nobody had noticed one major feature of this acquisition:

bitomat.pl banking relationship is in the SEPA zone.

Yes: http://www.nordea.com/Our+services/International+products+and+services/Cash+Management/SEPA+countries/1026012.html

But Mtgox already had SEPA support. In any case, Bitomat.pl responsibles are not working in the project as I know. Mtgox has not got any new account.

:o :o :o

You think I'm rawdog! :p

Nah, I ain't no Silver bug, I'm a hard liquor and btc bug!

Too bad those 17k bitcoins went into a oblivion never to be recovered.  Perfect time to make the purchase though, with BTC so weak against fiat currencies.