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Author Topic: Full Blown MtGox Audit - Get Ready To participate. Starting Sept 25th  (Read 3835 times)
allten
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September 11, 2011, 10:22:59 PM
 #1

I would like to hope that MtGox has been 100% trustworthy with the BitCoin market.
However, we bitcoiners should never assume, but hold every exchange accountable
from time to time.

I'm calling (proposing) all traders to take a break from mtGox starting Sept 25th
for a period of two weeks. In that time, withdraw all bitcoin and other money
depositing it into the next exchange of your choice. Or you could trade on various
exchanges which I do (not all eggs in one basket).

I will be withdrawing all my funds from mtgox during this period. If all funds are
available to all those who withdrew and there's no evidence of manipulation in
the mean-time then I will be happy to have the majority of my trading to
continue to occur on their platform.

Please join with me! For the long term health of bitcoin.
Please help announce this audit on all other forums and bitcoin related sites.
I have nothing against MtGox and I hope they succeed.
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September 11, 2011, 10:27:16 PM
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I'm calling (proposing) all traders to take a break from mtGox starting Sept 25th
for a period of two weeks. In that time, withdraw all bitcoin and other money
depositing it into the next exchange of your choice. Or you could trade on various
exchanges which I do (not all eggs in one basket).

I will be withdrawing all my funds from mtgox during this period. If all funds are
available to all those who withdrew and there's no evidence of manipulation in
the mean-time then I will be happy to have the majority of my trading to
continue to occur on their platform.


What makes you think that MtGox will waive the withdrawal limits in order for people to do this?  Expecting a business to forego two weeks of revenue is a pretty big ask.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
geek-trader
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September 11, 2011, 10:31:27 PM
 #3

I don't understand the reasoning behind this.  Why would I do this?

MtGox has been great for Bitcoin.  Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt.  Unless, of course, you work for another exchange and are trying to screw your main competition.  Then it's an evil stunt.

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September 11, 2011, 10:44:12 PM
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He wants to make sure mtgox isn't doing any fractional reserve banking.
Gandlaf
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September 11, 2011, 11:02:43 PM
 #5

He wants to make sure mtgox isn't doing any fractional reserve banking.

And he kind of has a point, it´s not like it is the first time for questions of this kind to appear about Mark/MtGox, more like the 4th or 5th round. Just because he´s "the last man standing" amongst major early bitcoin businesses doesn´t mean he shoud be excempted from scrunity, quite the contrary.
Though I don´t really see an audit happening. It´s been proposed before, it will be shouted down by the fanboys again.

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September 11, 2011, 11:03:03 PM
 #6

I would like to hope that MtGox has been 100% trustworthy with the BitCoin market.
However, we bitcoiners should never assume, but hold every exchange accountable
from time to time.

I'm calling (proposing) all traders to take a break from mtGox starting Sept 25th
for a period of two weeks. In that time, withdraw all bitcoin and other money
depositing it into the next exchange of your choice. Or you could trade on various
exchanges which I do (not all eggs in one basket).

I will be withdrawing all my funds from mtgox during this period. If all funds are
available to all those who withdrew and there's no evidence of manipulation in
the mean-time then I will be happy to have the majority of my trading to
continue to occur on their platform.

Please join with me! For the long term health of bitcoin.
Please help announce this audit on all other forums and bitcoin related sites.
I have nothing against MtGox and I hope they succeed.

LOL!  what a lame brained suggestion.  the trolls are back in force precisely b/c they're panicking about the huge reversal UP in price today.  your handlers are gonna fire you if you don't get the price back down.

for your information, i've moved large amounts of money thru mtgox with NEVER a problem or a penny missing.  Mark Karpeles is trustworthy and honest and has donated loads of bit coins to help the bit coin economy. you're just trying to start a run.  lame.
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September 11, 2011, 11:05:54 PM
 #7

This is oddly reminiscent of those "don't buy gas on XX/XX/20XX" chain emails.

Mousepotato
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September 11, 2011, 11:07:51 PM
 #8

Didn´t take long for the fanboys to comment. As I said, it´s pointless raising valid questions about Mark/Mtgox, you´ll just get shouted down.

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September 11, 2011, 11:08:55 PM
 #9

An audit is not that unreasonable... I write payroll processing software for a living, and my customers demand audits.

This sort of audit is something I have to pay for.  But of course it makes my services more attractive, so it's a worthwhile investment.

Generally the way it works is an auditor flies in and does his thing, asks for records, asks to inspect certain things, and asks for statements on what controls are in place.  His product is a written opinion as to whether or not we're properly implementing the controls we say we're implementing, as well as a description of what those controls are.  Ours comes out to like 50 pages.  His product is called a "SAS 70 Type II audit".  The auditor has to be a CPA.

Want to put a burr under MtGox?  Persuade his competition to get and publish a SAS 70 type II or equivalent.  They cost maybe $10-$25k to get.  I can offer referrals.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
allten
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September 11, 2011, 11:12:22 PM
 #10


What makes you think that MtGox will waive the withdrawal limits in order for people to do this?  Expecting a business to forego two weeks of revenue is a pretty big ask.

That's why the proposed audit is a period of two weeks. Plenty of time for withdrawals.

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September 11, 2011, 11:14:27 PM
 #11


What makes you think that MtGox will waive the withdrawal limits in order for people to do this?  Expecting a business to forego two weeks of revenue is a pretty big ask.

That's why the proposed audit is a period of two weeks. Plenty of time for withdrawals.



can we please shut down Bank of America for 2wks since i think they should undergo a third party audit in light of the loads of evidence they're hiding all sorts of losses on their balance sheet, not to mention off balance sheets?  

this will give everyone plenty of time to make USD withdrawals to find out if their money is really there.
allten
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September 11, 2011, 11:17:00 PM
 #12

I don't understand the reasoning behind this.  Why would I do this?

MtGox has been great for Bitcoin.  Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt.  Unless, of course, you work for another exchange and are trying to screw your main competition.  Then it's an evil stunt.

If you think it is stupid, then please do not participate.
No, I do not work for another exchange. I just want honest markets.
We shouldn't just assume they are honest, but test them from time to time (Hold them accountable).
If I was mtGox, I would fully embrace and encourage this audit and be glad it was happening.
Sure, they would loose some short-term revenue, but the long term effect would ensure that they remain #1.
allten
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September 11, 2011, 11:20:38 PM
 #13

He wants to make sure mtgox isn't doing any fractional reserve banking.

Thank You. Fractional Reserve Banking is a very huge deal to me.
And should be to all.
If there is any fractional reserve banking going on within an exchange then it should be made known to the public.
That way the free markets could choose to avoid them if they see it as an issue.
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September 11, 2011, 11:22:43 PM
 #14

I don't understand the reasoning behind this.  Why would I do this?

MtGox has been great for Bitcoin.  Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt.  Unless, of course, you work for another exchange and are trying to screw your main competition.  Then it's an evil stunt.

If you think it is stupid, then please do not participate.
No, I do not work for another exchange. I just want honest markets.
We shouldn't just assume they are honest, but test them from time to time (Hold them accountable).
If I was mtGox, I would fully embrace and encourage this audit and be glad it was happening.
Sure, they would loose some short-term revenue, but the long term effect would ensure that they remain #1.

if you truly were just concerned about transparency and open markets instead of trying to inflict harm on the main btc exchange, you would lobby Mark to undergo an audit thru more traditional means such as mobilizing a petition or contacting him directly to move in a more constructive direction.

by recommending a full on bank run withdrawal you betray your true motivation which is to try and harm mtgox irreparably and to try and harm the btc community. 
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September 11, 2011, 11:23:23 PM
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How is that a valid counterargument?

can we please shut down Bank of America for 2wks since i think they should undergo a third party audit in light of the loads of evidence they're hiding all sorts of losses on their balance sheet, not to mention off balance sheets?  

this will give everyone plenty of time to make USD withdrawals to find out if their money is really there.

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September 11, 2011, 11:24:43 PM
 #16

How is that a valid counterargument?

can we please shut down Bank of America for 2wks since i think they should undergo a third party audit in light of the loads of evidence they're hiding all sorts of losses on their balance sheet, not to mention off balance sheets?  

this will give everyone plenty of time to make USD withdrawals to find out if their money is really there.

it isn't.  its actually as stupid a recommendation as his is for mtgox.

how about that bet btw?
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September 11, 2011, 11:24:50 PM
 #17

He wants to make sure mtgox isn't doing any fractional reserve banking.

Thank You. Fractional Reserve Banking is a very huge deal to me.
And should be to all.
If there is any fractional reserve banking going on within an exchange then it should be made known to the public.
That way the free markets could choose to avoid them if they see it as an issue.

How about just doing your due dilligence? There is a search function in this forum after all... Have a look and make up your mind. But this thread isn´t going to go anywhere, the "important" voices clearly are against you.

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allten
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September 11, 2011, 11:28:58 PM
 #18

I don't understand the reasoning behind this.  Why would I do this?

MtGox has been great for Bitcoin.  Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt.  Unless, of course, you work for another exchange and are trying to screw your main competition.  Then it's an evil stunt.

If you think it is stupid, then please do not participate.
No, I do not work for another exchange. I just want honest markets.
We shouldn't just assume they are honest, but test them from time to time (Hold them accountable).
If I was mtGox, I would fully embrace and encourage this audit and be glad it was happening.
Sure, they would loose some short-term revenue, but the long term effect would ensure that they remain #1.

if you truly were just concerned about transparency and open markets instead of trying to inflict harm on the main btc exchange, you would lobby Mark to undergo an audit thru more traditional means such as mobilizing a petition or contacting him directly to move in a more constructive direction.

by recommending a full on bank run withdrawal you betray your true motivation which is to try and harm mtgox irreparably and to try and harm the btc community. 

I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.
geek-trader
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September 11, 2011, 11:33:17 PM
 #19


I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.

You are advocating a bank run on his company.  Why in the world would he find you as a friend?  If I were him I would want to punch you in the face.

You come in with 14 posts and are already advocating the destruction of one of bitcoin's main pillars.  Why would anyone treat you as a friend?

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cypherdoc
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September 11, 2011, 11:33:30 PM
 #20

I don't understand the reasoning behind this.  Why would I do this?

MtGox has been great for Bitcoin.  Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt.  Unless, of course, you work for another exchange and are trying to screw your main competition.  Then it's an evil stunt.

If you think it is stupid, then please do not participate.
No, I do not work for another exchange. I just want honest markets.
We shouldn't just assume they are honest, but test them from time to time (Hold them accountable).
If I was mtGox, I would fully embrace and encourage this audit and be glad it was happening.
Sure, they would loose some short-term revenue, but the long term effect would ensure that they remain #1.

if you truly were just concerned about transparency and open markets instead of trying to inflict harm on the main btc exchange, you would lobby Mark to undergo an audit thru more traditional means such as mobilizing a petition or contacting him directly to move in a more constructive direction.

by recommending a full on bank run withdrawal you betray your true motivation which is to try and harm mtgox irreparably and to try and harm the btc community. 

I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.

well then if you're sincere, you would go about this an entirely different way.  your methods betray your motives.
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