Petition for MtGox to Reduce Exposure to Loss

[kiba]

Mt. Gox. should find ways to make money and maintain emergency reserve. We are thankful for being able to trade on such a liquid market. However, it is unacceptable that Mt. Gox. can easily go bankrupt, thus losing one of the easiest way to purchase and sell bitcoins in the bitcoin economy.


Signed...sincerely,

Mt. Gox. customers and traders.


~Kiba.

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[S3052]

I support it.

[kiba]

I support it.

How big is this market? Is this exposure something like... 1k usd/day?

Valerius

For the last few days, it's a lot more than a 1K USD a day.

I supposed you could call it double-backed up reserve banking for no exposure exchange practice?

Or should it be doubled back exchange?

Or is there already a term for this?

[BioMike]

I don't use MtGox, but the website says:

Mt. Gox charges no fee and is free to use. Donate a few BTC to help keep it that way: 1EuMa4dhfCK8ikgQ4emB7geSBgWK2cEdBG

Why not use that?

[kiba]

I don't use MtGox, but the website says:

Mt. Gox charges no fee and is free to use. Donate a few BTC to help keep it that way: 1EuMa4dhfCK8ikgQ4emB7geSBgWK2cEdBG

Why not use that?

I was planning to donate but I have problem with compiling bitcoin. I will donate soon.


However, people do not have incentive to donate to mtgox. IF they could, they want to keep as much of their profit as possible. This meant that mtgox essentially rely on the few suckers who do donate. Second of all, even if they did, it will probably not be sufficient to cover the volume that mtgox experienced everyday.

[kiba]

I don't use MtGox, but the website says:

Mt. Gox charges no fee and is free to use. Donate a few BTC to help keep it that way: 1EuMa4dhfCK8ikgQ4emB7geSBgWK2cEdBG

Why not use that?

I was planning to donate but I have problem with compiling bitcoin. I will donate soon.

However, people do not have incentive to donate to mtgox. IF they could, they want to keep as much of their profit as possible. This meant that mtgox essentially rely on the few suckers who do donate. Second of all, even if they did, it will probably not be sufficient to cover the volume that mtgox experienced everyday.

I can`t understand why people are asking for donations to who are doing > 1k daily...

Valerius.

I don't understand.

[Anonymous]

I would be more than happy if mt gox charged a small transaction fee on every trade.

[jorgen]

I would be more than happy if mt gox charged a small transaction fee on every trade.

Absolutely agree

[Dybbuk]

It might be possible that a transaction fee could slow down the scammers, or at least encourage them to try some other method.  Isn't it?

[kiba]

It might be possible that a transaction fee could slow down the scammers, or at least encourage them to try some other method.  Isn't it?

No, I don't think so. All it does is make scammers' selling of bitcoins less profitable.

[caveden]

No, I don't think so. All it does is make scammers' selling of bitcoins less profitable.

As well as honest traders!

I don't know why you are asking for them to make their service worse to all of us.
If they really need more money to survive, they will demand it. While they are doing it for free, we should all be thankful.
Donate them if you will - as I think I'll do - but don't ask them to charge fees! Come on! 

[kiba]

No, I don't think so. All it does is make scammers' selling of bitcoins less profitable.

As well as honest traders!

I don't know why you are asking for them to make their service worse to all of us.
If they really need more money to survive, they will demand it. While they are doing it for free, we should all be thankful.
Donate them if you will - as I think I'll do - but don't ask them to charge fees! Come on! 

I don't want mtgox to get shut down. I also don't think donation will be enough to prevent a shutdown.

[GeorgeH]

No, I don't think so. All it does is make scammers' selling of bitcoins less profitable.

As well as honest traders!

I don't know why you are asking for them to make their service worse to all of us.
If they really need more money to survive, they will demand it. While they are doing it for free, we should all be thankful.
Donate them if you will - as I think I'll do - but don't ask them to charge fees! Come on! 

The idea is if we pay them money, they'll have enough funds saved up to stand through any onslaughts of scammers that hit us. Security is worth a small transaction fee!

[caveden]

I don't want mtgox to get shut down. I also don't think donation will be enough to prevent a shutdown.

I bet that nobody wants that less than MtGox owners themselves... relax, they'll do whatever they need/can.

[caveden]

The idea is if we pay them money, they'll have enough funds saved up to stand through any onslaughts of scammers that hit us. Security is worth a small transaction fee!

Yeah, but let's not forget that by making profit they might attract the attention of the government/IRS, which can hit much stronger than any scammer.

[mpkomara]

I bet that nobody wants that less than MtGox owners themselves... relax, they'll do whatever they need/can.

I don't think the owners of Mtgox have much invested in the exchange.  They run it on donations, they do it in their spare time and I have the hunch they might one day just retreat back into online gaming.  The site wasn't even originally designed for the exchange of bitcoins, you know.

[kiba]

My petition still stand.

[FreeMoney]

How do the major exchanges make money, surely not a charge on ever trade, right? That would kill spreads and liquidity, no? I absolutely think mtgox should monetize somehow, but anything seems better than a per trade charge. One time fee, monthly fee, deposit or withdrwal charge, advertisers, there are plenty of options. It just seems to me keeping the market as tight and liquid as possible needs to be a top priority.

[Anonymous]

Mt Gox could install adsense . They could also sell banner advertising to other bitcoin businesses. It might help support the market indirectly rather than interfere with the liquidity. 

[jgarzik]

How do the major exchanges make money, surely not a charge on ever trade, right? That would kill spreads and liquidity, no? I absolutely think mtgox should monetize somehow, but anything seems better than a per trade charge. One time fee, monthly fee, deposit or withdrwal charge, advertisers, there are plenty of options. It just seems to me keeping the market as tight and liquid as possible needs to be a top priority.

What's wrong with a per-trade charge?

1 BTC/trade is nothing...