Someone Buy Out MTGOX Please!

[usscfounder]

In the Age of corporate buyouts and takeovers, you would think that someone would have bought out MTGOX already!

The company's incompetence is staggering, with blunder after corporate blunder.

I could not even make it all the way through the ridiculous press release here:

https://www.facebook.com/MtGox/posts/484532824964463

All they offer is excuse after excuse...

Overload of your IT infrastructure and poor banking logistics is no excuse. It just means a lack of vision on your part. Anyone with half a brain could have seen where crypto was going.

I have seen less complex deals take place on wall street in a shorter amount of time than that which you have had to fix all of these problems.

I have also seen way more complex infrastructure implementation/provisioning in shorter amount of time.

As for MTGOX; I beg with all my heart for someone on Wall Street to please BUY OUT THIS COMPANY!

[syn999]

lol wall street buy mt gox?

[Big Toe]

Yes... this is what we need.

[Big Toe]

lol wall street buy mt gox?

Lol over 1,000 posts 80 activity, love it

[grue]

...or switch to a competing exchange instead of sitting on your hands.

[acoindr]

The company's incompetence is staggering...

It's always easier to criticize than do. Where is your track record for being a huge pillar of support in the billion dollar Bitcoin ecosystem with your competence, dealing with unending security worries, local govt pressure, foreign govt pressure, user pressure, scams, lawsuits, user incompetence, user complaints, system upgrades, technical problems, competition, employee problems, normal problems, partner/bank problems and who knows what else?

[Remember remember the 5th of November]

...or switch to a competing exchange instead of sitting on your hands.

I would suggest BitStamp, but who'd want there, where it has Ripple built-in and has working SEPA, right? I mean people want to wait a lot, and do various verification procedures just to torture themselves.

[usscfounder]

The company's incompetence is staggering...

It's always easier to criticize than do. Where is your track record for being a huge pillar of support in the billion dollar Bitcoin ecosystem with your competence, dealing with unending security worries, local govt pressure, foreign govt pressure, user pressure, scams, lawsuits, user incompetence, user complaints, system upgrades, technical problems, competition, employee problems, normal problems, partner/bank problems and who knows what else?

In case you didn't know, its called business.

I have worked on Wall Street. I have also worked for companies like PriceWaterHouse and Thompson.

I will admit that most companies have a growth path that takes time. MTGOX has grown substantially and has probably bitten off more than they could chew.

If you cant handle the heat get out of the kitchen.  

MTGOX needs to be run by a more professional, more experienced company that can handle those types of pressures.  

[acoindr]

MTGOX needs to be run by a more professional, more experienced company that can handle those types of pressures.  

You mean a company like Sony maybe? After all Sony is a multinational conglomerate corporation ranked 87th on the 2012 list of Fortune Global 500.

Sony Hacked Again; 25 Million Entertainment Users’ Info at Risk

Hackers may have stolen the personal information of 24.6 million Sony Online Entertainment users, the company said on Monday. More than 20,000 credit card and bank account numbers were also put at risk. This is in addition to the recent leak of over 70 million accounts from Sony’s PlayStation Network and Qriocity services.

[syn999]

The company's incompetence is staggering...

It's always easier to criticize than do. Where is your track record for being a huge pillar of support in the billion dollar Bitcoin ecosystem with your competence, dealing with unending security worries, local govt pressure, foreign govt pressure, user pressure, scams, lawsuits, user incompetence, user complaints, system upgrades, technical problems, competition, employee problems, normal problems, partner/bank problems and who knows what else?

In case you didn't know, its called business.

I have worked on Wall Street. I have also worked for companies like PriceWaterHouse and Thompson.

I will admit that most companies have a growth path that takes time. MTGOX has grown substantially and has probably bitten off more than they could chew.

If you cant handle the heat get out of the kitchen.  

MTGOX needs to be run by a more professional, more experienced company that can handle those types of pressures.  

why would they sell the company to a bunch new people?
theyr making money
no matter how bad their tech or service like you said
they still got most customers
you can switch exchange if you like?

[usscfounder]

The company's incompetence is staggering...

It's always easier to criticize than do. Where is your track record for being a huge pillar of support in the billion dollar Bitcoin ecosystem with your competence, dealing with unending security worries, local govt pressure, foreign govt pressure, user pressure, scams, lawsuits, user incompetence, user complaints, system upgrades, technical problems, competition, employee problems, normal problems, partner/bank problems and who knows what else?

In case you didn't know, its called business.

I have worked on Wall Street. I have also worked for companies like PriceWaterHouse and Thompson.

I will admit that most companies have a growth path that takes time. MTGOX has grown substantially and has probably bitten off more than they could chew.

If you cant handle the heat get out of the kitchen.  

MTGOX needs to be run by a more professional, more experienced company that can handle those types of pressures.  

why would they sell the company to a bunch new people?
theyr making money
no matter how bad their tech or service like you said
they still got most customers
you can switch exchange if you like?

Let's get real here for all of you that keep saying switch to another exchange.  Quit pretending that you don't know that MTGOX handles over 80% of all Bitcoin trades, OK?

If there was another exchange for people to switch to I am sure that they would.

Don't say BTC-e either.  BTC-e is a nice site but they have some issues. There is a reason why MTGOX has such a large market share. There is no one who can come close to competing with them.

As good as they are, that does not excuse the incompetence on their part.

Do like what most technology startups do and SELL.

[syn999]

yes, i know they handle most of the trades and thats the point.
they earn 80% of the fee
why would they sell?unless they can get more profit by selling the exchange
and why would someone from wall street buy the exchange if they wont make a profit?

[usscfounder]

My guess is that the only reason MTGOX wont sell is that they are waiting for an IPO.

I guess we all have to suffer until then...

[freedomno1]

Thank goodness for other exchanges 

[legitnick]

I hate mtgox. A bunch of scammers, who nearly destroyed the bitcoin market during the crash when they stopped allowing withdraws.

[BitOmni]

If you would want someone or some company to buy out MTGOX, which one would you choose? as an ideal candidate?

In the Age of corporate buyouts and takeovers, you would think that someone would have bought out MTGOX already!

The company's incompetence is staggering, with blunder after corporate blunder.

I could not even make it all the way through the ridiculous press release here:

https://www.facebook.com/MtGox/posts/484532824964463

All they offer is excuse after excuse...

Overload of your IT infrastructure and poor banking logistics is no excuse. It just means a lack of vision on your part. Anyone with half a brain could have seen where crypto was going.

I have seen less complex deals take place on wall street in a shorter amount of time than that which you have had to fix all of these problems.

I have also seen way more complex infrastructure implementation/provisioning in shorter amount of time.

As for MTGOX; I beg with all my heart for someone on Wall Street to please BUY OUT THIS COMPANY!

[Factory]

MTGOX will not be bought out. Any serious competitor will just build a better system from the ground up that has less hiccups, handle far greater volume, and have a far more enjoyable UI.

[xavier]

There is no point buying out mtgox. They do not offer anything worth buying.


The latest excuse.... well it's not an excuse. It's a bluff. There is no technical problem. There is a regulatory problem with dealing in US dollars.

[dwolfman]

Could care less if they got bought out or not, since I quit MtGox over a month ago.  Happily using CampBX ever since. 

I'm also not likely to ever go back and try it again when they get their supposedly improved engine online.

[Liquid]

Because you know exactly what a global company built on an experimental business model is, and how its suppose to run

The only people in the world right now that know how to run Mt gox is the people at Mt gox !

I'm sorry but its easy to criticize but you have absolutely no understanding of the complexity that mt gox has to deal with here on a global scale.

Personally i don't understand all the hate surrounding Mt gox its not like they hold everyones coins like BFL, you have a choice not to use them 

[freedomno1]

As for MTGOX; I beg with all my heart for someone on Wall Street to please BUY OUT THIS COMPANY!

Gordon Gecko should get right on it or a Wizard

[bluemeanie1]

did you know that it originally stood for : Magic The Gathering Online eXchange?

[eleuthria]

They practically were being bought out by Coinlab [selling off 80%+ of their customers], til they even screwed that up and ended getting sued instead.

[bigdude]

Why would anyone buy MtGox

Legal dramas with coinlab, seized funds at Dwolla, bad reputation and even hate amongst the community.

If anyone buys MtGox, they would be walking into a mine field.

The reputation, could be fixed with time if they do a great job.

The liability due to legal dramas is another matter ... who would want to walk into an $80 million lawsuit drama?

Better to build from scratch.

[jimbobway]

Because you know exactly what a global company built on an experimental business model is, and how its suppose to run

The only people in the world right now that know how to run Mt gox is the people at Mt gox !

I'm sorry but its easy to criticize but you have absolutely no understanding of the complexity that mt gox has to deal with here on a global scale.

Personally i don't understand all the hate surrounding Mt gox its not like they hold everyones coins like BFL, you have a choice not to use them 

+1

Im sick and tired of people criticizing, yelling, and screaming.  OP is clueless.

[QuestionAuthority]

They practically were being bought out by Coinlab [selling off 80%+ of their customers], til they even screwed that up and ended getting sued instead.

Where do you get that number? Are you saying 80% of MtGox users are in the United States?

[idee2013]

In the Age of corporate buyouts and takeovers, you would think that someone would have bought out MTGOX already!

The company's incompetence is staggering, with blunder after corporate blunder.

I could not even make it all the way through the ridiculous press release here:

https://www.facebook.com/MtGox/posts/484532824964463

All they offer is excuse after excuse...

Overload of your IT infrastructure and poor banking logistics is no excuse. It just means a lack of vision on your part. Anyone with half a brain could have seen where crypto was going.

I have seen less complex deals take place on wall street in a shorter amount of time than that which you have had to fix all of these problems.

I have also seen way more complex infrastructure implementation/provisioning in shorter amount of time.

As for MTGOX; I beg with all my heart for someone on Wall Street to please BUY OUT THIS COMPANY!

this issues are not new at btc exchanges. bitcoin-24.com had the same problems because that a normal bank accounts.

[DoomDumas]

Dont know if it as been reported in the bitcointalk forum, but this has been posted today in the "Agora Financial's 5 minutes forcast" : http://5minforecast.agorafinancial.com/look-what-came-out-of-the-shadows/
I like their newletter, and they are know to be right most of the time.  Their tought are'nt mainstream, and they often get the "doomsayer" tag from other financial media.

this part is in the 2:45 section !

"You can bet Bitcoin will be next," Wired reader Sammy Jenkins predicted in the comments section exactly 24 days ago.

"If Bitcoins become a good way to avoid government surveillance of your financial transactions," another Wired reader, wiredog, quotes The Daily Beast's Megan McArdle, "then governments will find a way to choke off those entry points so that Bitcoins become very illiquid, indeed."

These readers were discussing an article on last month's crackdown on Liberty Reserve, a Costa Rica-based digital currency service billing itself as the "oldest, safest and most popular payment processor, serving millions all around the world."

"The service," Wired writes, "was allegedly favored by cybercriminals and mules who participated in a recent $45 million coordinated bank heist that involved laundering cash that was drained from two Middle Eastern banks via ATMs around the world."

The founder, Arthur Budovsky, along with six employees, was indicted in the United States in what investigators call the largest international money-laundering case ever prosecuted.


We bring this up a month later in light of recent developments coming from the Bitcoin block...

"The world's best-known Bitcoin exchange," Wired writes by way of update, "stopped paying out customers in U.S. dollars on June 20."

For the next two weeks, Mt. Gox is suspending all U.S. dollar withdrawals... making the Bitcoin illiquidity prediction passed on by "wiredog" last month stick out in our minds.

The issue? According to Mt. Gox's Thomas Glucksmann-Smith, it has to do with "processing the sheer volume through our banks in Japan, which is causing a delay," he relayed through email.

"But," Wired notes, "the Japanese company has fallen afoul of regulators and is clearly under pressure in the U.S."

If you recall, it was only a month ago that the Department of Homeland Security froze a Wells Fargo account that Mt. Gox had been using to transfer U.S. dollars.

Two theories abound in the Bitcoin blogosphere: government conspiracy against the crypto-currency... or we truly are witnessing an unprecedented global rush into Bitcoin.

Time will tell....

[MPOE-PR]

In the Age of corporate buyouts and takeovers, you would think that someone would have bought out MTGOX already!

May 15 19:38:18 <Enky>   kerpeles finally going to jail:)
May 15 19:39:27 <Enky>   Effect of non compliance with MSB State License in the USA?
May 15 19:39:27 <Enky>   - Failure to comply with US State money services licensing requirements could result in up to five years in prison and a fine up to $250,000...for each violation. The specifics can be found in 18 USC 1960 "Prohibition of Unlicensed Money Transmitting Businesses":
May 15 19:40:01 <kakobrekla>   ya but he is a frenchie in japan
May 15 19:40:02 <mircea_popescu>   Enky im sure they're going to tack wire fraud in there somewhere
May 15 19:40:05 <inhies>   ...each violation
May 15 19:40:07 <inhies>   ouch
May 15 19:40:10 <mircea_popescu>   plus conspiracy seeing how that'd be darn easy to prove
May 15 19:40:11 <Enky>   wire fraud is up to 20 yrs of jail
May 15 19:40:41 <KRS-1>   I believe conspiracy is hard to prove.
May 15 19:40:51 <mircea_popescu>   Enky any one person still waiting for their funds could testify for that. such as https://bitcointalk.org/index.php?topic=179586.msg2155341#msg2155341
May 15 19:41:04 <mircea_popescu>   KRS-1 conspiracy is the easiest to prove, are you kidding ?
May 15 19:41:22 <maximian>   He's probably in big shit. Japan does enforce U.S. judgements.
May 15 19:41:40 <ThickAsThieves>   so can anyone weigh in as to whether CampBx might suffer the same fate?
May 15 19:41:49 <mircea_popescu>   maximian he's in one of those positions where his only practical way is finding someone bigger to rat on
May 15 19:41:53 <inhies>   im sure it probably could
May 15 19:41:57 <ThickAsThieves>   is there a way to look up if they are properly licensed etc
May 15 19:42:00 <mircea_popescu>   luckily most of the larger players had enough sense to listen and gtfo
May 15 19:42:03 <inhies>   is anyone aware of any US exchnages that are 100% legal?
May 15 19:42:07 <mircea_popescu>   if any didn't... well...
May 15 19:42:13 <maximian>   It's his name on the registration documents though
May 15 19:42:38 <mircea_popescu>   ThickAsThieves afaik the only properly licensed exchange was bitcoion=-central
May 15 19:42:39 <mircea_popescu>   it sunk.
May 15 19:42:52 <kakobrekla>   i dont think legal btc in states is even possible
May 15 19:42:56 <maximian>   Maybe he'll get a suspended sentence if he's lucky, but he'll probably have to resign from mt. gox
May 15 19:43:05 <Enky>   he will sell it
May 15 19:43:09 <mircea_popescu>   nobody will buy.
May 15 19:43:18 <Enky>   the customer base could be interesting
May 15 19:43:18 <ThickAsThieves>   it must be possible
May 15 19:43:22 <mircea_popescu>   he has nothing to sell. his engine is a laughingstock, his brand name is like enron's
May 15 19:43:24 <ThickAsThieves>   people deal in currencies all the time
May 15 19:43:25 <mircea_popescu>   too late for him now.
May 15 19:43:39 <ThickAsThieves>   and cash as well
May 15 19:43:45 <mircea_popescu>   ThickAsThieves people. not retarded children with neckbeards. people.

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