MtGox Problem

[xavier]

So, as we know, MtGox is apparently 80% of bitcoin trading volume.

MtGox is based in Japan - and holds client money with a Japanese bank.

According to many, Japan is in a very precarious economic situation. For example - Kyle Bass, a famous hedge fund manager who predicted 2008 mortgage crisis - sees a complete default in Japan in next 18 months.
http://www.youtube.com/watch?feature=player_embedded&v=gJfvLADP3HE

Has anybody thought of what could happen to thousands of $$ of MtGox customer deposits if this occured? Will customer deposits be protected?

This posting is for benefit of clients of MtGox, I am not affiliated with MtGox.

[chriswilmer]

Mt.Gox handles much less than 80% these days:

http://bitcoincharts.com/charts/volumepie/

Still significant though.

[dwolfman]

Doesn't matter to me any more.

Why?

I took my money elsewhere, and will never touch Mt Gox again.  Too many problems (legal, site issues, DDOS, etc). 

[kokojie]

Mt.Gox handles much less than 80% these days:

http://bitcoincharts.com/charts/volumepie/

Still significant though.

Yep, much less, also that chart doesn't include every other exchange such as bter.com, I often use bter.com to trade my BTC into CNY, the volume is pretty significant there.

[Stampbit]

Whats wrong with gox?

[dwolfman]

Whats wrong with gox?

Biggest one is there is no easy/cheap way for people in the USA (like me) to move USD in/out in small amounts like I'd be doing (less than $100).  And that is a result of their legal issues, like what happened recently (seizing of Mt Gox's Dwolla account by US Gov's DHS).

Next is how they are always getting DDOSed, causing the interface to get flaky or not work at all.

So I consider it too risky to have anything to do with Mt Gox any more.

[legitnick]

I dont believe the 80% of market claim by mtgox. Maybe they used to, but definitly not anymore. Many people use other exchanges.

[Pangia]

MTGOX SUSPENDING USD WITHDRAWALS!!!

https://mtgox.com/press_release_20130620.html

[bigdude]

MTGOX SUSPENDING USD WITHDRAWALS!!!

https://mtgox.com/press_release_20130620.html

Yup, probably accounts for the $10 difference now between mtgox and bitstamp

[xavier]

I wish a new exchange would appear that can be as safe as MtGox , but avoid all of these stupid problems.

[greyhawk]

Laffo @ safe as MtGox.

Have you not seen the dozens of "My money was stolen from MtGox" threads in the last weeks?

[MPOE-PR]

I wish a new exchange would appear that can be as safe as MtGox , but avoid all of these stupid problems.

Possibly the funniest post on Bitcointalk.

[kokojie]

I wish a new exchange would appear that can be as safe as MtGox , but avoid all of these stupid problems.

what? you are talking about "I lost all my customer's email and unsalted password database mtgox?"