Help MtGox

[Moebius327]

There has been a lot of tension surrounding the MtGox situation these past days and a lot of posts are being made about the situation, not many of them very positive or constructive. And while it is understandable where most messages directed at MtGox come from I don't think the way we, as the community, are treating it is very helpful.

I believe everyone involved would like to see this situation defused in a way that leaves everyone standing on their feet. It doesn't have to be a knock-out battle where either the community or MtGox takes a devastating hit.

So my question is: what can we do to help mtgox? Can we help?

[bananas]

The implosion of mtgox is the only solution, sorry for being destructive but mtgox historically made severe mistakes and engaged in suspicious activity. It just have to die, they don't deserve another chance. For the people still there, only them can help themselves.

[Aditya]

Ohh please help them... deposit more fiat & bitcoin.

[Moebius327]

The implosion of mtgox is the only solution, sorry for being destructive but mtgox historically made severe mistakes and engaged in suspicious activity. It just have to die, they don't deserve another chance. For the people still there, only them can help themselves.

It seems you were not around in 2011.

http://www.dailytech.com/Inside+the+MegaHack+of+Bitcoin+the+Full+Story/article21942.htm

[bananas]

The implosion of mtgox is the only solution, sorry for being destructive but mtgox historically made severe mistakes and engaged in suspicious activity. It just have to die, they don't deserve another chance. For the people still there, only them can help themselves.

It seems you were not around in 2011.

http://www.dailytech.com/Inside+the+MegaHack+of+Bitcoin+the+Full+Story/article21942.htm

thanks for supporting my view

[Rannasha]

The implosion of mtgox is the only solution, sorry for being destructive but mtgox historically made severe mistakes and engaged in suspicious activity. It just have to die, they don't deserve another chance. For the people still there, only them can help themselves.

It seems you were not around in 2011.

http://www.dailytech.com/Inside+the+MegaHack+of+Bitcoin+the+Full+Story/article21942.htm

Times have changed. MtGox is no longer an asset to this community. It's time for it to die.

[Nagle]

So my question is: what can we do to help mtgox?

Someone with good banking connections could make it possible for Mt. Gox to deposit money in, say, Mitsubishi UFJ Bank (which is the parent of Union Bank in the US) and then, in one day, do all the wire transfers needed to return all owed US dollar funds. No more US dollar "withdrawal queue".

All Mt. Gox would have to do is deposit the money and provide a list of the recipients and amounts. Mt. Gox might need to be guided through the work flow for this. This is a routine operation. This is what big commercial banks do.

If, of course, Mt. Gox had the money.

[smoothie]

I would not help them.

They have basically painted themselves into a corner.

There are consequences for actions...there likely will be no bail outs here.

[DynamicDK]

Mt. Gox has been very important for the growth of bitcoin, and cryptocurrencies in general.  They have my gratitude and respect for what they have done in the past.

However, at this point in time, they are in over their heads.  It is quite obvious that they were not prepared to truthfully deal with the reality of regulations (which is why they had their accounts frozen in the US), and as a whole, the entire company does not seem to be up to par in terms of professionalism.  That is fine, and there would be no ill will toward them if they would just bow out gracefully.  Fix the issues, give people their money, and shut down.  That is what must happen.  They have lost the trust of the community, and if they stay around, they are only serving as a stain on the entire idea of bitcoin.

If they are interested in helping bitcoin continue to grow, this is what they should do.  They have made a lot of money over the years, and hopefully have not lost all of it.  Whatever is left, they should take and move on to a new project.  Something that is less in the spotlight, but could benefit bitcoin, and themselves.

[gnix72]

JUST SAY NO to Mt. Gox.  The best decision I ever made was leaving their exchange.

Unfortunately, their power to screw me seems able to extend past even having my money there.

Mt. Gox must die...NOW.  The sooner the better so we can get on with our lives.  Karpeles is a kid and an idiot, at a minimum he should put someone in charge who knows what the hell they are doing (i.e. not him).

This isn't personal, it's a business, and they suck at it.  What happens to businesses who suck?  They go out of business.

https://i.imgur.com/W92QjLn.png

[OgNasty]

I didn't think it was possible for an established business to leave so much BTC in their hot wallet that it bankrupts them.  This was either laziness, incompetence, or both.  I think losing gox will be bad for BTC, especially if people aren't repaid.  I don't understand how the current pricing wouldn't allow for gox to arbitrage and make so much money that they could remain solvent, especially after all the fees they just pocketed.  Not to mention if they were really in a tight bind, they could launch LTC trading and try to suck some more money into their system that way.  From the outside, it looks like they are just simply sitting on their thumbs.  I truly hope this is only because gox is taking advantage of the panic sellers to arbitrage their way back into solvency.  I mean, with people selling their BTC so low and being willing to trade it for real BTC at such a huge discount, how could gox not be making an absolute killing right now?

[DynamicDK]

I didn't think it was possible for an established business to leave so much BTC in their hot wallet that it bankrupts them.  This was either laziness, incompetence, or both.  I think losing gox will be bad for BTC, especially if people aren't repaid.  I don't understand how the current pricing wouldn't allow for gox to arbitrage and make so much money that they could remain solvent, especially after all the fees they just pocketed.  Not to mention if they were really in a tight bind, they could launch LTC trading and try to suck some more money into their system that way.  From the outside, it looks like they are just simply sitting on their thumbs.  I truly hope this is only because gox is taking advantage of the panic sellers to arbitrage their way back into solvency.  I mean, with people selling their BTC so low and being willing to trade it for real BTC at such a huge discount, how could gox not be making an absolute killing right now?

Yeah, I've wondered the same...I've actually been wondering if they are not staying silent to give some friends with a lot of fiat time to get cash in, for a fee, to buy cheap coins they cannot afford.

Arbitrage their current fiat holdings to BTC at low rate, collect fees in fiat from investor friends, then reopen with bitcoin withdrawals (but not fiat yet).  Wait on price to go up, sell off coins, open fiat withdrawals, and they are back in the black.

I am pretty confident that would be highly illegal though.  I'm not sure what the Japanese laws are like, but it seems likely it is illegal there too.

[gnix72]

They are staying silent because they are completely incapable of communicating.  This is the principle reason that I left them.  We will never understand what they are doing, because they will never tell us.

When there is no communication, there is no trust.  When there is no trust, customers leave.  When customers leave, you go out of business.

Basic shit...that they have always, and will always, fail at.  The only reason they still exist is that they were first and are coasting on momentum.

Everyone needs to pull out of Gox right now.  Yes it will suck.  Yes people will lose money, but the body will survive.  Recovery can't begin until you eliminate the infection.

[dynodog]

I would love to help gox if I could.  I think you have the right idea because what so many in the bitcoin community fail to understand is how the implosion of gox will look to those OUTSIDE the bitcoin community.  Remember that all of us have already drank the kool-aid:  we are already believers.  Those OUTSIDE the bitcoin community are intrigued, amused, curious and cautious about bitcoin.  They MAY even be THINKING ABOUT BUYING SOME.  Companies MAY be thinking about transacting business in bitcoin. 

That curiosity will be turned to fear and disgust when they find out that many people were cheated out of a lot of money.  So many on here have zero business sense or vision as to how negative the impact will be.  It's still ok right now as no one has officially been cheated out of their money or bitcoin.   That will all change if gox fails.  If the bitcoin community does not grow, that means bitcoin fails.

In my opinion, this is a critical juncture in the life of bitcoin.  Yes, we're all sick of mtgox and wish it would go away.  That won't bother the outside community, but finding out that people were cheated by this massive exchange sure as hell will.  They will turn their backs on bitcoin.  If mtgox survives, the massive adoption that appeared on the horizon may actually materialize with companies like amazon and others signing on, and the price of bitcoin exploding higher.

 

[MPOE-PR]

So my question is: what can we do to help mtgox? Can we help?

If you want to help the incompetent, those established as incapable, the liars, the posturers, and the vain, stop imagining that a third party stepping in is "help". It's enabling, it's face-saving, it's a childish unwillingness to accept the basic facts of life, and it does not belong in bitcoin.

[windjc]

There has been a lot of tension surrounding the MtGox situation these past days and a lot of posts are being made about the situation, not many of them very positive or constructive. And while it is understandable where most messages directed at MtGox come from I don't think the way we, as the community, are treating it is very helpful.

I believe everyone involved would like to see this situation defused in a way that leaves everyone standing on their feet. It doesn't have to be a knock-out battle where either the community or MtGox takes a devastating hit.

So my question is: what can we do to help mtgox? Can we help?

I'm with ya.   I've changed my tune over the past few days as I myself had let some of the silly shit being said in IRC and on here affect my thought process.   I guess the only way I can help with gox is by stating what is the obvious.   They are still working on the issue as some have pointed out, Mark has been seen in Tokyo going into the office by protesters, they have established K.K's in Japan with employees and other services.  If the employees had the feeling they were not going to get paid, or what have you, I'm sure there would be someone on the forums spilling the beans.   They are still sending out payments to creditors, even one of the protesters received his fiat withdrawal here in Japan.   As well, they are still taking deposits as I myself dumped some in on Friday.  Both of these facts alone would make it illegal for them under Japanese law to continue doing business in such a manner knowing they were insolvent.  

I'm going to tend to believe them again for the time being until there is a rock solid reason not to.   I'm done drinking the FUD spread by others who've never stepped foot in this country.

All excellent points.

[repentance]

As well, they are still taking deposits as I myself dumped some in on Friday.  Both of these facts alone would make it illegal for them under Japanese law to continue doing business in such a manner knowing they were insolvent.  

Lulz.  Not only do companies continue trading while insolvent all the time despite it being illegal, MtGox has already been found to have breached laws relating to operating in other nations - operating as a financial services provider in France without appropriating licensing and operating as a money transmitter in the US without appropriate licensing.

Do you really think the ongoing problem of MtGox not processing withdrawals in a timely manner doesn't already harm Bitcoin?  That's not an issue they're going to resolve any time soon.  They go through "banking partners" faster than most people go through underwear and the outcome is always the same - at some point they either get dumped by the "partners" or restrictions are placed on their account slowing withdrawals to a crawl.

Do you really think that the authorities aren't going to go trawling through MtGox looking for other instances of it being used in relation to illegal activity now that it's been established it was being used by people connected to SR (MtGox isn't mentioned by name in the Shrem complaint, but the exchange referenced in the complaint has bank accounts in Japan and Poland, which makes clear that it's MtGox)?

If Bitcoin itself is severely harmed by the failure of MtGox then perhaps Bitcoin isn't the cryptocurrency of the future and it's better that Bitcoin itself fail early so that it can be replaced by something more robust which is less driven by speculation.  For the most part, it's not people using Bitcoin as a payment protocol who are going to be harmed if MtGox fails but those who are seeking to increase their wealth.

[severance26]

Oh lordy. The trolling.

You could apply for a job at Tibanne, though you probably don't live in Japan, do ya? I imagine they are having trouble finding employees. They don't have the time to file the paperwork to sponsor someone for a visa, nor the inclination to get them a place to live, etc. Each one is a time-consuming process here, haha. So they are stuck with the oddballs living in Tokyo. I'm sure there are a few good coders there but at this point, who wants to work for Mt. Gox?

Oh you could try to beat the trolls down. Bitcoin is like the wild west, you know? Rumors carry more weight than fact. This forum actually gets quoted on not just CoinDesk (which hates Gox hahahaha), but I've seen this forum quoted on CCNMoney! Would you believe it?! Lots of people lurk here. Many people read into the FUD posted as if it were fact. There is no reliable news source for the bitcoin world. Just unreliable ones.

What's happening at Gox with fiat and btc withdrawals both, its unfortunate. Well its downright bad. People wants heads to roll. But take out the FUD, do you think Gox should be trading at 1/6 of Bitstamp? Or maybe the masses are all mashing F5 on CoinDesk. Its 6pm in Tokyo, oh god, oh god, why hasn't Gox posted an update yet?

My recommendation to you, don't feed the trolls, and try to talk sense into those who can have sense talken into them.

[igorr]

States protects the MtGox crooks !
Now someone tells me someone if this conspiracy theory or not ?

http://www.coindesk.com/japanese-police-shut-down-protest-gox/