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Author Topic: MTGOX Public Audit - would solve everything.....  (Read 1228 times)
ex-trader
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February 21, 2014, 09:36:32 AM
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So here's a proposal to solve all the current issues with pricing.

All the chaos around MTGox is caused not because of the delays in the sending in cash/BTC, but because there is an underlying serious concern that they don't have all the cash/coins that they are supposed to own on behalf of customers.

This 'concern' is killing their business and hurting Bitcoin.

If they wished to resolve both, it would be a very simple task to appoint a proper auditor with real credibility and accountability (like a PwC etc) to produce a report stating that all the customer cash/coins existed (with no need to publish the actual numbers). If I was involved in running MTGox I'd be doing this right now, since credibility in finance is everything. This could be done in a matter of days/weeks and would save MTGoxs credibility and restore faith in the overall BTC market.

I suggest that MTGox get on with this for their own sake and for that of Bitcoin.

MTGox is a firm trading hundreds of millions of USD and making millions of USD of profits, it needs to be run like a professional finance/trading business and show the world with transparency.

Fear is a destroyer of finance/trading businesses (I've seen it first hand). Fear is dispelled with truth.

Of course if the truth is being kept secret for a reason............
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grifferz
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February 21, 2014, 09:40:07 AM
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Of course if the truth is being kept secret for a reason............
When Karpeles was asked point blank by WSJ if MtGox is solvent, his reply was that it was confidential. If he doesn't feel he can answer that simple question, I do not think he will be agreeing to any sort of audit any time soon.

He obviously has better things to do like move himself to a location where none of his customers can confront him. To him this is even more important than fixing the technical issues at MtGox.
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February 21, 2014, 09:43:40 AM
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Do you honestly think a company as shady as MTGOX would ever let themselves get audited?
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February 21, 2014, 09:47:51 AM
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Obviously MtGox does not have the BTC/Fiat they should. Otherwise they wouldnt shoot themselves in the head by moving their office to a PO.Box, freezing withdrawals, never allowing audits, keeping secrecy about everything inside MtGox, etc.

It is like the film "The Wolf of New York". However this should be named "The Wolf of Tokyo".
Bitcoin is still unregulated, then the biggest scammers are everywhere where bitcoins are handled. Now, obviously, MtGox is one of the biggest scammers out there. I wont be surprised if in 3years there is a Hollywood film about MtGox and their lavish partying, drugs, luxuries, and inside jokes about how easy it is to steal from the morons that trust them their funds.

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February 21, 2014, 10:17:06 AM
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Mark refuses to give  any information  on its solvency and financial situation.

There must be some reason for him to act like this, we don't know what it is, but everything happened in the past few weeks are indicating that they are insolvent and preparing to run with the funds.
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February 21, 2014, 10:35:01 AM
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Mark refuses to give  any information  on its solvency and financial situation.

There must be some reason for him to act like this, we don't know what it is, but everything happened in the past few weeks are indicating that they are insolvent and preparing to run with the funds.


And we have to agree there are no MtGox clients with a couple of millions trapped in there because nobody is taking legal actions against this "company".

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February 21, 2014, 12:09:50 PM
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there isn't anything left to audit Roll Eyes
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February 21, 2014, 12:16:38 PM
 #8

Like MAGIC, if the Mt Gox btc value drops to $1. Mark can easily show you that everyone's coins are covered and secure.


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