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Author Topic: Does Mt. Gox have enough cash on hand to cover massive USD withdrawals?  (Read 1823 times)
Slimquick
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June 08, 2011, 02:09:51 AM
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Hi:

If you numerous people wanted to convert BitCoins to dollars when the boom takes a dive–does Mt. Gox have enough cash on hand to pay everybody? Moreover, if I wanted to withdrawal $10,000 worth of BitCoins and put the cash back in my Dwolla account, what percentage would Mt. Gox take?

I sincerely appreciate the information. Thank you.

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DamienBlack
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June 08, 2011, 02:13:26 AM
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Unless mt gox has wrongly used the cash that has come in for something else, they have the cash. When you sell, you aren't selling to mt gox, you are selling to a buyer that put that much money in. So the money is there.

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Dude65535
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June 08, 2011, 02:14:08 AM
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Mt.Gox does not buy bitcoin it just facilitates trades between people. Considering how much he is making on the per trade fee, I doubt he would risk that by messing around with the deposits.

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Maged
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June 08, 2011, 02:23:05 AM
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Hi:

If you numerous people wanted to convert BitCoins to dollars when the boom takes a dive–does Mt. Gox have enough cash on hand to pay everybody?
No. Cash is regularly transferred from the various ways of getting money on MtGox to their bank in Japan. However, he does keep all of the deposits on reserve, so it could be sent out after a few days.

Moreover, if I wanted to withdrawal $10,000 worth of BitCoins and put the cash back in my Dwolla account, what percentage would Mt. Gox take?

I sincerely appreciate the information. Thank you.
First off, unless you've contacted MagicalTux with your personal information (I don't remember what's needed, sorry), you'll be limited to withdrawing $1000/day and $10,000/month due to anti-money-laundering laws. Otherwise, it's the standard fees. (0.67% to convert BTC to USD then 25 cents to withdraw)

justhree
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June 08, 2011, 02:34:36 AM
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Hi:

If you numerous people wanted to convert BitCoins to dollars when the boom takes a dive–does Mt. Gox have enough cash on hand to pay everybody? Moreover, if I wanted to withdrawal $10,000 worth of BitCoins and put the cash back in my Dwolla account, what percentage would Mt. Gox take?

I sincerely appreciate the information. Thank you.

Has been question exist same as this in other time. Mt. Gox say if take out much big: you scam, you cheat you liar. Say ´investigate´, say ´freeze money´, never give back! Before other thing has exist looks like same:

http://forum.bitcoin.org/index.php?PHPSESSID=96aa3f3e1335749ec95f7d0af1024da6&topic=3712.0
Durr
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June 08, 2011, 02:43:39 AM
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Mt.Gox does not buy bitcoin it just facilitates trades between people. Considering how much he is making on the per trade fee, I doubt he would risk that by messing around with the deposits.

MtGox has a Bitcoin Wallet as big as the whole ask volume of the exchange
Vice versa it should have all the cash in a bank account for the bidders.

Infact it's quite possible they will be doing naked short selling at one point in time if they don't get shutdown by gov.

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jago25_98
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February 23, 2014, 04:58:49 AM
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bump.

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Dirty.

In your face,

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keithers
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February 23, 2014, 06:19:50 AM
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In theory, they should have enough cash on hand, plus cash reserves.  This is a major factor in why people are obviously worried that Gox has misused the funds and now dont have enough liquidity to process user withdrawals.
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