How to apply pressure to Mt. Gox to pay up.

[btcton]

I'm not sure I would use MtGox either way...

[mgio]

all of these options are probably more expensive then paying 5-10% over market for BTC (where market is an exchange other then gox) and selling them on another exchange

Yeah. These options would cost more (in time and money) instead of cancelling the withdrawal, buying BTC and selling it elsewhere.

Depends on how much money is stuck up there.
I have $20k trying to transfer out. 10% of that is $2k, that is a lot of money.

I know someone who has $1 million waiting to transfer out...

[OhShei8e]

I'm actually quite surprised at the backlash in this thread. I'd like to think of the OP's post as an "interest guage" to what could be done not necessarily a definitive answer as to how to handle the current Mt. Gox situation.

The main thing here is doing something. It doesn't matter if you have made astronomical profit or not, Mt. Gox doesn't have the right to be handling things in the way they are.

Of course, they have the right, definitely. Maybe you all should just take a look at Goxs business conditions:

To the extent permitted by law, Mt. Gox will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered is caused by a breach of these Terms by Mt. Gox.

You like to apply pressure on Gox as a savings bank. But this is ridiculous and no judge will share this view with you. Is a high risk investment and currently Gox can only transfer 1 Milllion per week. It has taken months to get all the money to Gox, and it will take at least as long to get it out. Deal with it!

[31337157]

I'm actually quite surprised at the backlash in this thread. I'd like to think of the OP's post as an "interest guage" to what could be done not necessarily a definitive answer as to how to handle the current Mt. Gox situation.

The main thing here is doing something. It doesn't matter if you have made astronomical profit or not, Mt. Gox doesn't have the right to be handling things in the way they are.

Of course, they have the right, definitely. Maybe you all should just take a look at Goxs business conditions:

To the extent permitted by law, Mt. Gox will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered is caused by a breach of these Terms by Mt. Gox.

You like to apply pressure on Gox as a savings bank. But this is ridiculous and no judge will share this view with you. Is a high risk investment and currently Gox can only transfer 1 Milllion per week. It has taken months to get all the money to Gox, and it will take at least as long to get it out. Deal with it!

I think you are missing the point here. You are free to have your views, but not everyone is in favor of the "sit around and take it" method that you preach.

The situation with Gox is turning into negligence and they are completely masking any obstacles or issues they may have currently run into. As you can see on the boards, no one has a clue as to what is going on with Gox whether good or bad. It sounds like from the responses so far, you may be in the minority here and while you keep screaming "deal with it", others are choosing to take action.

[Pale Phoenix]

Don't bother with that OhShei persona, he/she is obviously used to conversing with dimwits.

It seems to me that this "hiatus" is long past simple negligence and fast approaching something much worse. I hope I'm wrong because it's going to harm Bitcoin adoption in the short-medium term, but Gox isn't exactly helping Bitcoin's image as it is.

A question for those with money still in limbo... why haven't you canceled your withdrawal, converted to BTC, and got the hell out of there? A class action lawsuit is a pipe dream, and the rest of the options are far more expensive than just moving on while you still can.

[smoothie]

Don't bother with that OhShei persona, he/she is obviously used to conversing with dimwits.

It seems to me that this "hiatus" is long past simple negligence and fast approaching something much worse. I hope I'm wrong because it's going to harm Bitcoin adoption in the short-medium term, but Gox isn't exactly helping Bitcoin's image as it is.

A question for those with money still in limbo... why haven't you canceled your withdrawal, converted to BTC, and got the hell out of there? A class action lawsuit is a pipe dream, and the rest of the options are far more expensive than just moving on while you still can.

+1

[Nagle]

Of course, they have the right, definitely. Maybe you all should just take a look at Goxs business conditions:

To the extent permitted by law, Mt. Gox will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered is caused by a breach of these Terms by Mt. Gox.

That won't help Mt. Gox.  The Japan Consumer Contract Act voids such clauses:

Section 2 Nullity of Consumer Contract Clauses
Article 8 (Nullity of Clauses which Exempt a Business Operator from Liability for Damages)

(1) The following clauses of a consumer contract are void.
(i) Clauses which totally exclude a business operator from liability to compensate damages to a consumer arising from the business operator 's default.

(ii) Clauses which partially exclude a business operator from liability to compensate damages to a consumer arising from the business operator 's default (such default shall be limited to cases where same arises due to the intentional act or gross negligence on the part of the business operator, the business operator's representative or employee).
...

Read the full text at the link.  Japan law doesn't allow clauses like the one Mt. Gox uses.

Note another term in the Mt. Gox agreement:

Mt. Gox represents and warrants that:
...
it will hold all monetary sums and all Bitcoins deposited by each Member in its Account, in that Member's name as registered in their Account details, and on such Member's behalf.

That's an obligation to segregate customer assets from Mt. Gox's own assets.  It's also a requirement of the Japan Payment Services Act, which is enforced by the Japan Financial Services Agency.

So Mt. Gox cannot get off the hook with some disclaimer in their terms of service.

[Nagle]

I know someone who has $1 million waiting to transfer out...

And they don't have some combination of lawyers, debt collectors, Japan FSA investigators, and goons banging on Mt. Gox's door in Shibuya?