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Author Topic: Mt.Gox out of money  (Read 1702 times)
Bastet
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January 24, 2013, 05:24:06 PM
 #21

Here is how MtGox works: They make a cut off every buy/sell transaction.  That's how every exchanges make money.

When you withdraw $, MtGox pays you from it's holding accounts.  That $ got there either by your deposits or the sale of your BTC.  MtGox doesn't pay anyone unless someone else ponies up the $ or the BTC.

When you withdraw BTC, they are yours so MtGox gives them back to you.  MtGox doesn't pay anything.

Now if MtGox operating expenses outpaces their revenue, then they might have to dip into the holding accounts, but that would be a very bad way of doing business.  I'm sure they make enough profit on every transaction to pay everything and then some.  If they didn't, they'd just increase their cut to make more $.
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finkleshnorts
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January 24, 2013, 05:27:38 PM
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It cracks me up that such a successful business originally sold anime trading cards. I'm glad someone brought that up before I did. So funny.
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January 24, 2013, 08:10:42 PM
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People always come up with these scare stories. Why? Because they are afraid of change.
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January 24, 2013, 09:22:32 PM
 #24

It cracks me up that such a successful business originally sold anime trading cards. I'm glad someone brought that up before I did. So funny.

The business has changed owner twice since the days of selling cards. The software has been rewritten from scratch. The brand name, and a handful of original customers from back in 2010, is all that remains.

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finkleshnorts
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January 24, 2013, 11:50:49 PM
 #25

Totally didn't know that! Thanks.
sbrzol
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January 25, 2013, 08:46:14 AM
 #26

It cracks me up that such a successful business originally sold anime trading cards. I'm glad someone brought that up before I did. So funny.

The business has changed owner twice since the days of selling cards. The software has been rewritten from scratch. The brand name, and a handful of original customers from back in 2010, is all that remains.


start a new topic,  this topic is "Mt.Gox out of money"
tarrant_01
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January 26, 2013, 09:15:41 PM
 #27

I was just trying to email for an update on my withdraw and I received:

Quote
Delivery to the following recipient failed permanently:

     info@mtgox.com

Technical details of permanent failure:
Google tried to deliver your message, but it was rejected by the server for the recipient domain mtgox.zendesk.com by mail.pod-1.int.zendesk.com. [184.106.12.189].

The error that the other server returned was:
550 relay not permitted

1P95gCUCw3Tjb7yyoYtW3ARZZQyTpFgk6H
robot_boy
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January 26, 2013, 10:07:21 PM
 #28

The idea of an exchange running out of money seems a bit odd to me. The way I understand their operation they either collect fees, which means they get paid no matter what. Or they buy lower than they sell getting the value from the mark up. Either way as long as there is action on the market they make money. I doubt that there is any shortage of action on the market and a major player like them is unlikely to have cash flow problems at this point, so it is not even that likely that a run could be produced on either side of things. It does seem like it would be more of an attempt by someone to scare flighty customers away from them and on to other exchanges. I would not put too much stock into the claim. Also, on a somewhat unrelated note. Thank you for the explination about where the name came from. That was neat and I did not know that.
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January 27, 2013, 12:35:43 AM
 #29

It cracks me up that such a successful business originally sold anime trading cards. I'm glad someone brought that up before I did. So funny.

MTG is neither anime or trading cards. It's a fantasy collectible card game. trading cards are not a game.

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