[ANN] Mt.Gox & Coinlab Announce Strategic Partnership to Bolster US/CA Presence

[Mt.Gox_Alex]

https://mtgox.com/press_release_20130228.html

TOKYO, JAPAN - February 28, 2013
      
Dear customers,
      
Mt. Gox, the owner of the world’s dominant Bitcoin exchange, announced today that they have selected CoinLab as their exclusive partner in the United States and Canada. As of March 29, all US and Canadian customers currently transacting with Mt.Gox will transact through CoinLab, Inc.
      
"This move will bring local product delivery, liquidity and customer service to a huge group of Bitcoin fanatics," said CEO of CoinLab, Peter Vessenes. "We're excited by, and awed at the responsibility we have caring for our over 100,000 new customers and over a half-billion dollars in annualized trade volume."
      
Mt.Gox will continue to provide back-end exchange clearing services, and transition over handling of customer accounts, deposits, withdrawals, and other functions to CoinLab's US-based team.
      
"This should be a huge win for everyone -- faster deposit and withdrawal times, easier-to-reach customer service, and better access for United States financial markets, market makers and liquidity providers" said Mark Karpeles, Managing Director of Mt.Gox.
      
CoinLab plans for the customer base? "Service, Service, Service. Oh, and also, Liquidity, Liquidity, Liquidity," said Vessenes. "Also, we're planning on launching some pro trading tools; we have some samples up for comment and review ahead of launch at http://coinlab.com/liquidity."
      
Mt. Gox is the world's largest Bitcoin exchange, providing at least 80% of global bitcoin trading volume. It resides in Shibuya, Tokyo, Japan.
CoinLab is the world's first US Venture-backed Bitcoin Company; it was funded in April 2012 by a group of progressive investors, including Tim Draper, Roger Ver, and Geoff Entress.   

Regards
Mt.Gox Co. Ltd Team.

Mt.Gox Contact press@mtgox.com
Coinlab Contact Peter J. Vessenes, 855-LAB-COIN, peter@coinlab.com

[🏰 TradeFortress 🏰]

A bit late prehaps?

I don't really see anything wrong with this - it's still the same mt gox code, it's just that funds are now in the US.

[MPOE-PR]

Lol mkay.

Coinbase is still a scam.

[TheButterZone]

Lol mkay.

Coinbase is still a scam.

Coinlab=Coinbase=Ycombinator?

[Severian]

Coinbase is still a scam.

It can't be! They love it on reddit! Reddit's too smart to be conned.

/s

[DeathAndTaxes]

Coinbase is still a scam

Coinbase =/= CoinLab

[MPOE-PR]

Coinbase is still a scam

Coinbase =/= CoinLab

Sure, in the sense Kraken is not PPT.

[ArticMine]

Some questions from a Canadian perspective. https://bitcointalk.org/index.php?topic=147439.msg1569314#msg1569314

[Monster Tent]

Essentially anyone depositing coins at mt gox will have no idea that their coins are being lent out to wall street wankers in the US.

[repentance]

Essentially anyone depositing coins at mt gox will have no idea that their coins are being lent out to wall street wankers in the US.

They have no idea now whether their coins are being lent out. 

[Phinnaeus Gage]

"We're excited by, and awed at the responsibility we have caring for our over 100,000 new customers..."

I need to get my head wrapped around this. This implies that Mt. Gox may have over a quarter of million unique customers, 100K of which (all unique) are US and Canadians. This blows my mind.

It truly reads 100K new customers and not 100K new accounts, for there is a big difference between the two statements. Remember the email dump? That consists of over 60K accounts, many, many, many of which were multiply accounts by the same users.

[repentance]

"We're excited by, and awed at the responsibility we have caring for our over 100,000 new customers..."

I need to get my head wrapped around this. This implies that Mt. Gox may have over a quarter of million unique customers, 100K of which (all unique) are US and Canadians. This blows my mind.

It truly reads 100K new customers and not 100K new accounts, for there is a big difference between the two statements. Remember the email dump? That consists of over 60K accounts, many, many, many of which were multiply accounts by the same users.

If memory serves me correctly, MtGox ToS limits you to one personal and one business account per customer without prior approval.  I suspect that there are a lot of inactive accounts in among that 100,000.  I suspect that many people ignore that provision, too.

The email dump was a long time ago.  I have no problem imagining that the number of MtGox accounts has increased dramatically since then.

[Mt.Gox_Alex]

"We're excited by, and awed at the responsibility we have caring for our over 100,000 new customers..."

I need to get my head wrapped around this. This implies that Mt. Gox may have over a quarter of million unique customers, 100K of which (all unique) are US and Canadians. This blows my mind.

It truly reads 100K new customers and not 100K new accounts, for there is a big difference between the two statements. Remember the email dump? That consists of over 60K accounts, many, many, many of which were multiply accounts by the same users.

If memory serves me correctly, MtGox ToS limits you to one personal and one business account per customer without prior approval.  I suspect that there are a lot of inactive accounts in among that 100,000.  I suspect that many people ignore that provision, too.

The email dump was a long time ago.  I have no problem imagining that the number of MtGox accounts has increased dramatically since then.

It is true that out TOS limits you to one personal account... There is indeed some inactive accounts but fortunately for us not so many. And as for today we have 311850 customers (over 100k in the US)

[repentance]

And as for today we have 311850 customers (over 100k in the US)

Interesting.  That implies that although the USD transactions account for much of MtGox volume, the majority of MtGox customers are located outside the US.

[Phinnaeus Gage]

And as for today we have 311850 customers (over 100k in the US)

Interesting.  That implies that although the USD transactions account for much of MtGox volume, the majority of MtGox customers are located outside the US.

And when you break it down further, it equates to each customer having ~15 BTC each or less, assuming 622,000 total bitcoiners. I guess about $5M cap is something to be in awe about.

I am impressed with the 311K figure regardless of what each/any have on account. It's possible there's a million bitcoiners in the wild, considering a rough extrapolation.

[MPOE-PR]

And when you break it down further, it equates to each customer having ~15 BTC each or less, assuming 622,000 total bitcoiners. I guess about $5M cap is something to be in awe about.

I am impressed with the 311K figure regardless of what each/any have on account. It's possible there's a million bitcoiners in the wild, considering a rough extrapolation.

Don't break it down any further than that or who knows what dirty secrets you might discover. Like you know, that the difference between pre-hack MtGox (when they had an imaginary account credited with half the Bitcoin in circulation that somebody gained access to) and the post-hack MtGox is limited to better security for the fake self-trading account.

[Phinnaeus Gage]

And when you break it down further, it equates to each customer having ~15 BTC each or less, assuming 622,000 total bitcoiners. I guess about $5M cap is something to be in awe about.

I am impressed with the 311K figure regardless of what each/any have on account. It's possible there's a million bitcoiners in the wild, considering a rough extrapolation.

Don't break it down any further than that or who knows what dirty secrets you might discover. Like you know, that the difference between pre-hack MtGox (when they had an imaginary account credited with half the Bitcoin in circulation that somebody gained access to) and the post-hack MtGox is limited to better security for the fake self-trading account.

And one of those accounts consists of Bitcoinica's coins of which is not supposed to be touched.

[Monster Tent]

And when you break it down further, it equates to each customer having ~15 BTC each or less, assuming 622,000 total bitcoiners. I guess about $5M cap is something to be in awe about.

I am impressed with the 311K figure regardless of what each/any have on account. It's possible there's a million bitcoiners in the wild, considering a rough extrapolation.

Don't break it down any further than that or who knows what dirty secrets you might discover. Like you know, that the difference between pre-hack MtGox (when they had an imaginary account credited with half the Bitcoin in circulation that somebody gained access to) and the post-hack MtGox is limited to better security for the fake self-trading account.

And one of those accounts consists of Bitcoinica's coins of which is not supposed to be touched.

Tihan Seale is also a coinlab investor so in effect the company he is invested in will hold the coins hes trying to get back at bitcoinica. I wonder who will agree to transfer the bitcoinica coins 

[Phinnaeus Gage]

And when you break it down further, it equates to each customer having ~15 BTC each or less, assuming 622,000 total bitcoiners. I guess about $5M cap is something to be in awe about.

I am impressed with the 311K figure regardless of what each/any have on account. It's possible there's a million bitcoiners in the wild, considering a rough extrapolation.

Don't break it down any further than that or who knows what dirty secrets you might discover. Like you know, that the difference between pre-hack MtGox (when they had an imaginary account credited with half the Bitcoin in circulation that somebody gained access to) and the post-hack MtGox is limited to better security for the fake self-trading account.

And one of those accounts consists of Bitcoinica's coins of which is not supposed to be touched.

Tihan Seale is also a coinlab investor so in effect the company he is invested in will hold the coins hes trying to get back at bitcoinica. I wonder who will agree to transfer the bitcoinica coins 

Bingo! https://www.youtube.com/watch?v=v_6KuYtc0Z8  55M+ views can't be wrong.

[MPOE-PR]

Tihan Seale is also a coinlab investor so in effect the company he is invested in will hold the coins hes trying to get back at bitcoinica. I wonder who will agree to transfer the bitcoinica coins 

Heh.