Coinbase Statement

[vpitcher07]

http://blog.coinbase.com/post/77766809700/joint-statement-regarding-the-insolvency-of-mtgox

[notig]

so why are they doing this before mt gox announces something?

[vpitcher07]

I'd say it's pretty obvious what's happening at Gox.... This is to keep people from freaking out.

[btbrae]

The following industry leaders stand by this statement:

Fred Ehrsam — Co-founder of Coinbase

Jesse Powell — CEO of Kraken

Nejc Kodrič — CEO of Bitstamp.net

Bobby Lee — CEO of BTC China

Nicolas Cary — CEO of Blockchain.info

Jeremy Allaire — CEO of Circle

It is now obvious what has happened for me. Oh well.

[pungopete468]

Amazing.

This is the type of message that all of the exchanges need to post up immediately...

[repentance]

Given that some of those are people you would have expected to be involved in putting together a rescue package if one was going to be forthcoming, Gox has pretty much been thrown to the wolves (and deservedly so).

[vpitcher07]

Given that some of those are people you would have expected to be involved in putting together a rescue package if one was going to be forthcoming, Gox has pretty much been thrown to the wolves (and deservedly so).

Pretty much called Gox a joke to the public. While I know i'm going to wake up tomorrow to some sub $400 BTC,  in the long run this was the right choice.

[relb]

they removed bold here: "The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox."

and on the last paragraph they removed bold sentence:

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers.  Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.  It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.

pretty bold statement lol

*edit - and now the gox site is blank in case you haven't seen it yet

[vpitcher07]

they removed bold here: "The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox."

and on the last paragraph they removed bold sentence:

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers.  Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.  It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.

pretty bold statement lol

*edit - and now the gox site is blank in case you haven't seen it yet

Oh this is  getting juicy.....Gox to release a statement soon I'd imagine..

[hellscabane]

Wow, this is a very strong sentiment to hold and frankly it's what the Bitcoin community needs. Mt. Gox is so 2011, there have been many better, brighter, and more honest companies that have come into existence since that time. Before, Mt. Gox kinda defined BTC, now it's anything but that and it's good to start shedding that past.

[vpitcher07]

they removed bold here: "The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox."

and on the last paragraph they removed bold sentence:

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers.  Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.  It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.

pretty bold statement lol

*edit - and now the gox site is blank in case you haven't seen it yet

Oh this is  getting juicy.....Gox to release a statement soon I'd imagine..

or just leave a blank website up and run away....

[ChuckBuck]

Great job sticking together for the major heads of the cryptocurrency industry.

We all just have to weather this FUD shitstorm, rebound, and move on from Gox's shadow.  Gox may have been first, but it's proven without a doubt to be the worst online exchange.

[hellscabane]

they removed bold here: "The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox."

and on the last paragraph they removed bold sentence:

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers.  Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.  It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.

pretty bold statement lol

*edit - and now the gox site is blank in case you haven't seen it yet

Oh this is  getting juicy.....Gox to release a statement soon I'd imagine..

or just leave a blank website up and run away....

+1

Gox has only been full of empty promises. Kinda like some people in my life. And frankly I don't need any of them. And as a community we don't need Gox.

[andyatcrux]

+1, fuck Gox.

[keithers]

Wow, all the heavy hitters coming out at once. "John doe" of BTC-E did not join in...

[dab]

Oh man. I lost .6 btc in there On one point it's like "only .6 btc." On the other point it's like "That was all my btc left ".

Oh well. Time to try mining with my gpu again till I can afford to invest in some kind of miner. :x

[keithers]

I wonder if Gox will even make a statement at this point? They deleted all Twitter posts, and with the website supposedly being down, what channel will they use to make an announcement, Myspace?

[dab]

I wonder if Gox will even make a statement at this point? They deleted all Twitter posts, and with the website supposedly being down, what channel will they use to make an announcement, Myspace?

My bet is they'll relaunch on GeoCities.

[quone17]

What if fix doesn't say anything now?  You just assume they're never coming back?  Time to hire the lawyers!!

[bananas]

That's a nice statement from relevant people, i feel safer in the BTC world after reading that.