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Author Topic: MtGox Fractional Reserve Status  (Read 2109 times)
kiba
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December 10, 2010, 09:31:35 PM
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So how much money is recovered after the paypal crash? If we all withdraw money, can MtGox guarantee no bank run?

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Bimmerhead
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December 10, 2010, 09:33:43 PM
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Interesting question.  Excuse me while I just....be back.... in a .... sec.....

There. Yes, what is the possibility of a bank run, please?
davout
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December 10, 2010, 09:36:27 PM
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You guys seriously expecting an accurate answer ?

S3052
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December 10, 2010, 09:38:51 PM
 #4

while I can't speak for MtGox personally, he confirmed me that his situation is very solid.

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MoonShadow
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December 10, 2010, 09:39:00 PM
 #5

50% of all quoted statistics are made up on the spot.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
mtgox
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December 10, 2010, 09:40:53 PM
 #6

Paypal is only holding $5,000 now.

> If we all withdraw money, can MtGox guarantee no bank run
If everyone withdraws their money that is the definition of a bank run so I suppose there would be one if there is one.
I think you are asking will I cover the missing $5k. Yes I am covering it.

kiba
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December 10, 2010, 09:50:45 PM
 #7

Usually, when a bank run happens, it cause the bank to collapse.

Bimmerhead
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December 10, 2010, 09:52:41 PM
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Usually, when a bank run happens, it cause the bank to collapse.

That's because most banks don't have your money.  They've gone and given it to some fellow with no job and a new semi in Riverside.
nanotube
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December 12, 2010, 08:12:44 AM
 #9

Usually, when a bank run happens, it cause the bank to collapse.

since mtgox promises to cover the paypal held funds (and i, for one, trust his promise), this would not happen with a run on mtgox.

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