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Author Topic: MtGox and bitcoiners then, MtGox and bitcoiners now  (Read 982 times)
EhVedadoOAnonimato
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October 05, 2011, 08:38:35 AM
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Many months ago, when MtGox was still a one man show, its operator spotted an obvious thief trying to cash out money he had stolen from another MtGox account. Jed (MtGox creator, who after sold it to MagicalTux) froze the account of such thief, and started an investigation that after a while became public. The thief created an account on this forum and started his protest here:

https://bitcointalk.org/index.php?topic=3712.0
A summary may be found on the OP of this thread: https://bitcointalk.org/index.php?topic=4065.0

Baron was very likely a thief, as those topics indicate. But nevertheless, if you just navigate through them, you'll realize the amount of concern such attitude of Jed brought. People knew that it could set dangerous precedents, and some, even on the strong evidences of Baron's guilty, said that MtGox should not have blocked his account. It was not up to him to make justice, mainly due to the dangers such thing would imply.

Today, MtGox is randomly doing the exact same thing, in a much larger scale. People's accounts are being blocked based on unknown "suspicious activity", and, as claimed by MtGox support, their money will not be returned if they don't comply with MtGox arbitrary demands, which, afaik, were not agreed upon before such money was sent to MtGox. They are behaving worse than Paypal does, because paypal at least makes you agree that your money may be frozen randomly like that, before you give them the money - and no, I'm not making a compliment to paypal.

But the greatest difference from then and now, is that now, even the actions being much more outrageous, there's barely any reaction on these forums, or, more important, in markets. Yes, those directly concerned are complaining, but it seems everybody else just find it normal that an exchange freeze people's money like that. Months ago, that would completely ruin MtGox business. Today, that doesn't even scratch their volumes. What has happened to bitcoiners? Is this "mainstream" we've hit? Bitcoiners no longer have the sense of Justice (and danger) they once had?

Should I be happy that the largest bitcoin related institution is behaving just like, if not worse, the main financial institutions bitcoin was supposed to change? Is that the "sign of bitcoin evolution" - becoming almost as bad as everything else?
Maybe, but I'm not happy or comfortable with this. And it isn't MtGox actions that worry me the most... it's the lack of action of bitcoiners towards that.
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October 05, 2011, 09:30:54 AM
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back then, there was a.) no advance warning that the exchange would do  that and, b.) little or no alternative

vote with your feet
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October 05, 2011, 09:36:54 AM
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Hello EhVedadoOAnonimato,

If users do not want to submit their personal identifications and documentations to unfreeze their accounts, they may do so. Please be aware that we will eventually return all funds to the users whose accounts are frozen, but the date of revival is still undetermined.

Mt.Gox : The Leading International Bitcoin Exchange.
Mt.Gox Merchant Solutions : https://mtgox.com/merchant
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October 05, 2011, 11:27:52 AM
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Hello EhVedadoOAnonimato,

If users do not want to submit their personal identifications and documentations to unfreeze their accounts, they may do so. Please be aware that we will eventually return all funds to the users whose accounts are frozen, but the date of revival is still undetermined.
What about the people who HAVE submitted their personal identifications and documentations?  Have any of them had their accounts unfrozen?  It has been 2 weeks for me and still you have not provided an ETA as to when it will be unfrozen, nor do we see many on this forum saying their accounts have been unfrozen.

What is going on at mtgox? 

Auroracoin forum: http://auroraspjall.is/   Auroracoin-enabled Q&A: https://spurt.is/
AuroracoinLocal: https://www.skiptum.is/   Auroracoin twitter tipping: http://auroratip.auroracoin.io/#/
EhVedadoOAnonimato
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October 05, 2011, 12:11:05 PM
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If users do not want to submit their personal identifications and documentations to unfreeze their accounts, they may do so. Please be aware that we will eventually return all funds to the users whose accounts are frozen, but the date of revival is still undetermined.

That's good news. At least you're being ethic and respecting your costumers, if you really give back their money. Now you're at the same level of Paypal: randomly freezing people's account, but with previous agreement.

I don't really condemn you for that because I imagine that an institution that deals with the amount of money you do probably will end up threatened by governments, and forced to disrespect people's privacy. Paypal was funded by a famous libertarian, but that didn't prevent it from becoming what it did. It doesn't surprise me MtGox will be forced to follow the same path. By giving a chance of leaving to those who want to keep their privacy, you show some sense of ethics. Sorry for the hard words in case I had offended you.


And now, to bitcoiners: if you care about your privacy (and IMHO you should), don't buy/sell bitcoins in major exchanges who are so vulnerable to governments. "He who sacrifices freedom for security deserves neither", once said a wise man.
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