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Author Topic: Mt. Gox acquires Bitomat.pl - consumer protection in the free market!  (Read 3775 times)
julz
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August 11, 2011, 11:58:43 AM
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Mt.Gox, The World’s Largest Bitcoin Exchange to Acquire Bitomat.pl, Compensate Loss Of Bitcoins
https://www.mtgox.com/press_release_20110811.html


This is just awesome news.

I'd prefer there were many independent exchanges rather than too much consolidation - but kudos to Mt Gox nonetheless!


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August 11, 2011, 12:05:48 PM
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Bitcoin bailout... interesting.  should be bullish for the bitcoin price in the short term

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August 11, 2011, 12:09:37 PM
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And so the centralization of bitcoin continues.

NOT a member of the so called ''Bitcoin Foundation''. Choose Independence!

Donate to the BitKitty Foundation instead! -> 1Fd4yLneGmxRHnPi6WCMC2hAMzaWvDePF9 <-
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August 11, 2011, 12:34:08 PM
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And so the centralization of bitcoin continues.

And the decentralization.

https://bitcointalk.org/index.php?topic=35812.0
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August 11, 2011, 12:39:41 PM
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This is great news! At least the people will get their coins back.



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August 11, 2011, 12:42:26 PM
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This is great news! At least the people will get their coins back.




I think it's good news....   as long as there are a few exchanges then you'll see innovation...  if there's only one then it's a problem.


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August 11, 2011, 01:04:31 PM
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August 11, 2011, 01:07:36 PM
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Gox could really help the market out if they beef up man power and show that they're serious players, and not just a couple of dudes over in japan.
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August 11, 2011, 01:12:41 PM
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They do daily backup of their wallets to offsite location, both on site and remote, right?

At least that what I hope.

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August 11, 2011, 01:19:15 PM
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Gox could really help the market out if they beef up man power and show that they're serious players, and not just a couple of dudes over in japan.

I am in the US, and I do believe my credentials, references and experience could put me in the category of a serious player. :-)

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August 11, 2011, 01:21:59 PM
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And so the centralization of bitcoin continues.

And the decentralization.

https://bitcointalk.org/index.php?topic=35812.0

Which no one is using.

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aq
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August 11, 2011, 01:49:57 PM
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I am just guessing, but that could partial because of their, hm, "unique" design. It looks more like a toy website and not professional - way too much colors and unrelated images. I mean, they have a city falling down on the right side of the page. Not only is there no relation to bitcoins, it also helps me to feel uncomfortable on this site. Personally I really like the clean, professional looking design of Ruxum.
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August 11, 2011, 01:53:45 PM
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Bitcoin bailout... interesting.  should be bullish for the bitcoin price in the short term

It's not a bailout when done with private money. It's just an acquisition between voluntary parties. Bailout is a terrible concept/term and is best reserved for the wretched government practice.
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August 11, 2011, 01:57:29 PM
 #14

And so the centralization of bitcoin continues.

Every successful Bitcoin venture will increase "centralization" to a certain extent and there's nothing wrong with that. The great thing about Bitcoin is that centralization is not inherent - it's not structurally built into the system as with national banking systems and central banks, etc.

A free, decentralized market will necessarily coalesce around vendors of strength, as it should. To the extent those vendors start dissapointing customers, a dozen competitors are welcome to enter the market and try their hand.

Don't poo poo Mt. Gox's move here, I think it's both smart for them and a great relief to the btc community.
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August 11, 2011, 01:57:43 PM
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Bitcoin bailout... interesting.  should be bullish for the bitcoin price in the short term

It's not a bailout when done with private money. It's just an acquisition between voluntary parties. Bailout is a terrible concept/term and is best reserved for the wretched government practice.

yep

when the government does it,it pisses me off, however when a private company does it with their own money, as long as it does not create a monopoly i could care less.

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August 11, 2011, 02:31:59 PM
 #16

now to all the users who post mtgox make barely any income/profit need to back out with their tails between legs because backing up the value of 17,000 lost BTC takes balls of steel

steel i say

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August 11, 2011, 02:44:09 PM
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Bitcoin bailout... interesting.  should be bullish for the bitcoin price in the short term

It's not a bailout when done with private money. It's just an acquisition between voluntary parties. Bailout is a terrible concept/term and is best reserved for the wretched government practice.

I agree.  This is a purchase of good will - not a bailout.

Mt Gox gets not just the good will from it's new Polish customers - but from the wider bitcoin community too.
It's a show of confidence and strength. Just good marketing really.

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ctoon6
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August 11, 2011, 02:54:42 PM
 #18

Bitcoin bailout... interesting.  should be bullish for the bitcoin price in the short term

It's not a bailout when done with private money. It's just an acquisition between voluntary parties. Bailout is a terrible concept/term and is best reserved for the wretched government practice.

I agree.  This is a purchase of good will - not a bailout.

Mt Gox gets not just the good will from it's new Polish customers - but from the wider bitcoin community too.
It's a show of confidence and strength. Just good marketing really.


actually, eventually they will make money from this. they now have the #1 exchange + #3. i dont think it will take much more than a year for the bitomat portion of mtgox to make the money back.

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August 11, 2011, 03:12:22 PM
 #19

This is a great news for the community in general. Looks like Mt Gox is slowly winning hearts and minds.
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August 11, 2011, 03:41:34 PM
 #20

This is quite stupid. I agree to the purchase of the failed business and database at a hefty discount, and reimburse everyone up to 20 - 50BTC as a token of good faith. But cover the whole loss out-of pocket ? For some douche-bag's mistake ? What the hell !? Karma does not exist.

150.000$+ would be much better spent in improving their spartan site, opening markets in all major currencies, advertising bitcoin etc.


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