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Author Topic: Mt. Gox should pay interest for currently jammed dollars  (Read 873 times)
Mittlyle
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June 25, 2011, 08:18:19 AM
 #1

The title speaks for itself. Mt.Gox has our money that has not been retriavable becouse they messed up. Therefore they should pay interest during the shutdown for every $ balance at least, but maybe even for BTC. Obviously this is the only real way they can compensate the economical loss that has resulted in not having access to ones funds. In addition, snatching 0.65% from all trades should result in balance from which it is very easy to fund this, so they should be more than happy to do this. All mambo-jambo compensation they promised is giving discount from future services, not redeeming for past mistakes.

Edit: I'm talking about paying interest for the downtime of Mt.Gox. I think somebody inferred this post as Gox should constantly pay interest like a bank, which is complete absurdity. I changed topic name to make things clearer.
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wolftaur
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June 25, 2011, 08:39:34 AM
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It's an interesting idea, though a problematic one. I, personally, would rather they spent their profits on hiring more personnel, paying for a security audit, things like that ... The problem, too, with interest is ... What rate?

If you go by the rate most banks are giving on savings accounts right now, they could probably afford it but it'd amount to pretty much nil for most users. If someone argues they should go by, say, standard credit card interest because maybe someone couldn't easily pay their MasterCard bill on time ... That might be more than they could cover, realistically speaking.

I'm as frustrated as a lot of people -- I only had a portion of my coins there, I moved them to sell a few for more GPUs, then didn't have the opportunity thanks to my net connection dying before the transfer confirmed, and while I wouldn't have been destroyed if the coins had been stolen, it's been very irritating to wait this long to even find out that, yeah, my coins are still in my account there. But as far as compensation goes? I'd like to see them improve. A lot of people won't trust them after this, no matter what they do or don't do, or whether or not they pay out. If they reinvest into improvements instead of compensating us for perceived or actual losses, they're more likely to be good competition for other exchanges, which in turn pushes those exchanges to improve... and that benefits us all a lot more in the long run than a piddly week's worth of 1.5% APR.

By the way, if you were upset over $5,000, a week's worth of 1.5% APR means you get $1.56. Not a lot of money. Though if you multiply that around a lot of users and capital, and that could be the cost of a security audit or another programmer or a trio of customer service reps right there.

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June 25, 2011, 08:41:19 AM
 #3

But because Bitcoin is a currency with deflation, the interest rate should be negative. Mtgox should grab at least 5% of bitcoins to compensate for deflation.

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kwukduck
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June 25, 2011, 08:47:27 AM
 #4

Lol gox would be the last one to even consider that...

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wolftaur
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June 25, 2011, 08:56:32 AM
 #5

But because Bitcoin is a currency with deflation, the interest rate should be negative. Mtgox should grab at least 5% of bitcoins to compensate for deflation.

Maybe that's why their trade fees were so high. Smiley

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Mittlyle
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June 25, 2011, 10:42:10 AM
 #6

To be precise, my point is that interest should be paid only for the period Mt.Gox has been down due to the hack (if there was any confusion). And yes, the interest for period of time this short is nearly nothing. But I think legally it's the correct way to proceed.

Oh, but let's be serious. This might take long time before we see our money (despite claims) so I think it's good to discuss about this beforehand.
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