Mt. Gox - Oct 15...demand official update

[Alpaca Bob]

Nobody wants MtGox to die.

But it would be good for everybody - arguably including MtGox, if the exchanges get distributed. Much like the actual markets perhaps, have at least a big one on each continent, and then one in each country as well.

MtGox should be the Nikkei. Perhaps Wall Street even. But not the Vatican. (So I guess everything has been going great actually, lately.)

Not enough overall volume for this to be effective. The result will instead be a fracturing of volume to such low levels that manipulation, including price fixing, is easier.

How would that be easier? Arbitragers would surely take care of the situation, no?

I do agree that it might be a bit to soon for this to become reality though.

[bernard75]

OMG, i just got a living sign from them in the form of an emergency message.
OFC its concerning they fucked up trading engine, so no need to panic.

[Totscha]

OMG, i just got a living sign from them in the form of an emergency message.
OFC its concerning they fucked up trading engine, so no need to panic.

BTC-E troll box is full of speculation this means they are migrating to Midas and possibly even implementing LTC.

LTC IPO is under way and fontas is getting loads of marriage prposals

[chungenhung]

If people are still trying to dodge the 5% cost overhead and have been waiting for 4-12 weeks and still no joy

Dont they think its time to look at the risk that they are engaging in and just take the 5% hit as a life lesson

Shit... things happen I would get out of gox ASAP .......SR Gone..... GOX GONE ... has a nice ring to it ??

Problem is... even with me paying their 5% extra cost, they still wouldn't send the money.
I am thinking they will announce a 100% extra cost.

[gnix72]

And he's still standing. 

How do you know that? There hasn't been seen hide nor hair nor a peep heard from him for the last 5 months.

This is the entire essence of my point.  GIVE US THE INFO BRO.  The sheep says...silence is baa-aaa-aaa-aaad.

Trust is earned, not given.  You earn our trust by communicating and being straight with us.  Covering up bad news, delaying bad news, saying things are coming soon when they aren't does not engender trust.  In business, trust is the most important commodity.  If you can't trust someone, you absolutely can't do business with them.

[tvbcof]

This is the entire essence of my point.  GIVE US THE INFO BRO.  The sheep says...silence is baa-aaa-aaa-aaad.

Trust is earned, not given.  You earn our trust by communicating and being straight with us.  Covering up bad news, delaying bad news, saying things are coming soon when they aren't does not engender trust.  In business, trust is the most important commodity.  If you can't trust someone, you absolutely can't do business with them.

I would not say 'absolutely'.  One can be effectively forced into a relationship by lack of options.

You know the story about being chased by a bear.  You don't have to run faster than the bear; only faster than the other guy.  In terms of communications (and the super-set encompassing general honesty and decency) Bitcoin related businesses seem to pretty much universally epitomize the meme of 'FAIL!'  It's hard to know why but I suspect that it is a reflection of the general makeup of all of the participants in the ecosystem.

Perhaps a genuine cooperative structure would work for something like a Bitcoin exchange.  At least then there would be, one would hope, a legitimate and legal justification for distributing clear and truthful information to the userbase associated with the various problems which may pop up.

[bobsmoke]

FYI : i am still waiting my withdraw from 6th August...

[papamoi]

hi

someone have think about a class action against mtgox?

[sturle]

someone have think about a class action against mtgox?

I don't know if there is such thing as a class action in Japan. If you are going there to sue them, why don't you make a Japanese bank account and withdraw your funds while you are there?

[papamoi]

someone have think about a class action against mtgox?

I don't know if there is such thing as a class action in Japan. If you are going there to sue them, why don't you make a Japanese bank account and withdraw your funds while you are there?

who said they are able to make withdraw in local bank?

[sturle]

someone have think about a class action against mtgox?

I don't know if there is such thing as a class action in Japan. If you are going there to sue them, why don't you make a Japanese bank account and withdraw your funds while you are there?

who said they are able to make withdraw in local bank?

Withdrawal of JPY to a Japanese account takes about 2 business days.  Many people can confirm this.

[papamoi]

so the account should be in japan?

if you have a yen account outside japan it s not working?

[sturle]

so the account should be in japan?

if you have a yen account outside japan it s not working?

Correct.

[fattypig]

We need someone to go Japan and open an account

[sturle]

We need someone to go Japan and open an account

Many people have.  You may have noticed the increasing JPY volume on MtGox with corresponding volume increase on other exchanges.  People with Japanese bank accounts make good money on arbitrage.

[papamoi]

hi guys

foreign company accounts can be opened easily in japan or not?

[greyhawk]

hi guys

foreign company accounts can be opened easily in japan or not?

Sure. If you're a resident in Japan.

[TheButterZone]

We need someone to go Japan and open an account

Many people have.  You may have noticed the increasing JPY volume on MtGox with corresponding volume increase on other exchanges.  People with Japanese bank accounts make good money on arbitrage.

Oct13 19:12:31 mtgox             0.0101 @   144.99998    USD
Oct13 19:13:14 mtgox             0.0162 @ 13,908.586      JPY

13908.586 Japanese Yen equals
141.228 US Dollar

[sturle]

We need someone to go Japan and open an account

Many people have.  You may have noticed the increasing JPY volume on MtGox with corresponding volume increase on other exchanges.  People with Japanese bank accounts make good money on arbitrage.

Oct13 19:12:31 mtgox             0.0101 @   144.99998    USD
Oct13 19:13:14 mtgox             0.0162 @ 13,908.586      JPY

13908.586 Japanese Yen equals
141.228 US Dollar

13908.586 equals 141.4634 USD according to the last currency rates from ECB.  MtGox takes a 2.5% currency conversion fee when selling in one currency to a bid in another (this is transparent to the user, JPY sellers see the price as 13908.586 JPY), and 13908.586 + 2.5% converted to USD is exactly 144.99998 USD.  Fits perfectly.

[bernard75]

Gox JPN is actually 99% supported by Gox themselves, so they can keep up with the withdraw requests.