Bitcoin Forum

Hello Everyone
I created mtgox on a lark after reading about bitcoins last summer. It has been interesting and fun to do. I’m still very confident that bitcoins have a bright future. But to really make mtgox what it has the potential to be would require more time than I have right now. So I’ve decided to pass the torch to someone better able to take the site to the next level.
MagicalTux has already contributed a lot to the bitcoin community and in many ways he will be better at running the site than I was. He has much more experience with web programming, system administration and integrating with banks and other payment processors than I do.

Everything will still work the same as always for the time being. But expect a lot of positive changes after he takes over including:
Automatic (and free) funding from Euro accounts.
Automatic ACH deposit and withdrawal.
Margin trading.
Interface redesign.
Lifting the $1000 a day withdrawal limit.

Thanks to everyone that has supported mtgox so far. Can’t wait to see BTC hit $10!

I can still be reached on the forum as "jed" or through fivegrinder.com

It was a pleasure working with you

Can it be expected to remain up and doing business as usual?

Hi everyone,

For information, mtgox issues can still be sent to the usual email address, no problem there.

Considering the recent activity around mtgox, this might not have been the best time, but I believe this'll work out. Other issues that will be adressed in priority includes providing a legal context around mtgox (legal stuff such as terms of services). This will include strong privacy policies, and the required policies so problems do not get out of hand, and increases in security (ability to limit withdraws via a sms validation, for example).

Anyway the goal is to keep mtgox up and running as it is right now, while adding missing features and ensuring it will last. For information mtgox is not directly managed by me, but by my own company, which will hire some staff to get mtgox improved.

Should you have any question you can send mails to info@mtgox.com or contact me on IRC (nick: MagicalTux) and I'll make sure to answer anything you need. If there's too many question I may add a FAQ about this.

How much was this site sold for?

And what happened to the 45k blocked ?

That's probably one of the most difficult questions to answer. Of course the agreement is confidential, however one thing I can say is that Jed is still looking over us for now and that I am engaged to continue and improve mtgox for the best of the whole community.

This issue is still being investigated. I'll contact Baron myself to find a resolution over this issue.

This sounds good to me. Free EUR transfers are a big perk since that's the fiat I mostly use anyway, and clear TOS is a big step forward. I've been worried about how things have been going lately to the point of withdrawing my funds from Mt Gox, but if this turns out the way it looks, I think I'll feel comfortable doing business on the exchange again.

For what I understand, the blocked funds are part of the deal ?

Excellent!  And good luck on your ongoing ventures, Jed.  Thanks for all your hard work on Mt. Gox!

Sounds like there are lots of goodies coming up. Thanks to mtgox for his great job so far and welcome to MagicalTux :) Will be interesting to follow the progress, especially the legal part.

The issue is part of mtgox. The situation is a bit suspicious and it may take some time to find out exactly what happened, but it will be addressed in priority.

And thank you Jed for all you've done for Bitcoin, and for the prompt and helpful support you've always given me.

MtGox is working??
Sent money from Paxum account to paxum@mtgox.com and did not get funds on account...

In what legal regime do you lay your head at night? Serve the site from? Hold your bank accounts? Are you now, or do you plan to incorporate? To what arm of the FATF are you expected to report? Do you intend to file a promise there?

believe the new owner is in japan if he's the same guy running kalyhost

which is not good considering epic disaster

Radioactive bitcoins!

Adding support for Yen would be nice.

epic disaster can strike everywhere... Plus I think Kalyhost has their servers spread around the globe.

Hmm Tux hasn't been on since the 16th hope you're ok Tux!

Edit: I was looking at his local time lol today is the 16th nvm

He was active two days ago, which is a good sign


Name:   MagicalTux
Posts:   48 (0.372 per day)
Respect:   0
Position:   Newbie
Date Registered:   November 07, 2010, 02:44:21 am
Last Active:   March 14, 2011, 07:57:23 pm

He might be restricted online due to the power quotas.

In any case, Mtgox trading is very lame and prices are falling, potentially at least for another test of 0.8 $

You know what, for what it's worth, I would leave money in MtGox if I weren't afraid of losing it there (getting shutdown, hackers, whatever).  That fear (to the extent of hackers) developed the moment I saw my MtGox password in my URL bar and discovered that the password change feature meant anyone who could read my e-mail could get into my account anytime, then heard about dictionary attacks and exploits of LRUSD.  While Jed has been highly responsive to me, I can't shake the feeling that the place is just that secure and that proper controls are in place.  Jed is a great guy, but he's only one guy, and (based on the litte things I mentioned) I can't assume he is experienced in being seriously attacked by financially motivated people.  I know I'm not, that's why my BTC stays offline.

If I had money in MtGox I would be helping to stabilize the buy side.  It can't be just me thinking this way.

I feel that if BTC were to drop a bunch, I'd wire something to MtGox and make a nice buy and then try to withdraw it quickly and stash it in an offline wallet.  Maybe others would too.  If it drops below 0.80, I doubt it'll stay there for long.  If my faith meter in MtGox were much higher, the money would already be there in the form of outstanding buy orders.

basically we need a much more secure exchange.  We also need multiple exchanges to compete on features and provide more liquidty/access to the market.  I have been espousing BTC to financial types but they will require a much more secure trading platform.  Maybe magicaltux can do it.  Otherwise we'll have to count on open source community to invent something that a lot of people can run. 

https://bitcoinusa.com/ is not it but a good sign of things to come.   

positive changes indeed.

This post was created at 9:36:39 AM on a Sunday, local time in Japan.

Mt Gox's Twitter account was created on March 3, 2011: http://twopcharts.com/tweets/mtgox

3 year old post guys!

:P

Man this post shouldn be deleted so that people wont have they hopes up.

Ah 3 years, man so many stuff has changed since then. For sure they are no longer so chatty to talk about they plans ;)

I saw the title and I was like probably another theorist or another poor pump and dump attempt, then I started reading the OP post and just when I got to the word in the first sentence under the post date I saw that the thread/post is from 2011 how the hell can someone bump a thread this old without even noticing the date. lol!

But anyway RIP MT.Gox 2011-2014 you've goxed many people, and please don't come back and rise like a pheonix or rather use a revive magic card.....

It's sad how, because of their actions, the term "goxxed" is a bad thing and how Mark K has ruined his reputation in the cryptocurrency community.  Nobody will trust that guy with their money again...  Especially when it's also been shown by a french news agency that Mark was accused of computer fraud back in France.  He mentions it in his own block post from February 2002: http://blog.magicaltux.net/2006/02/12/pensees-nocturnes/


 :-[

That was a long read, you sure it's him? and if that the case, he does really have some psychological issues....

called it!!

So Mt. Gox is changing hand again ;)

This time from MK to new group of investors led by an ex-JPM

its an old thread ;)   when gox purchased by MK

Yup ...I know ...u probably missed the inner meaning of what I said.

yeh got that :D read  fast and missed that lol

if new investors show up then the people who lost their bitcoins at mtgox may get at least some partial returns!

Mark is such a piece of shit.

He also was contracted to develop a website for a guy in 2010.  He never did any of the work, but did take all of the guy's money (thousands of Euros). Which also fucked up the guy's business since it got delayed so long.

I wouldn't be surprised if Mark himself just plain stole everyone's money.

http://www.cryptocoinsnews.com/news/exclusive-tibanne-co-ltd-sentenced-2013-mark-karpeless-lies-new/2014/03/03 (http://www.cryptocoinsnews.com/news/exclusive-tibanne-co-ltd-sentenced-2013-mark-karpeless-lies-new/2014/03/03)