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Author Topic: A message to MtGox  (Read 649 times)
wingding
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July 12, 2013, 07:52:16 PM
 #1

Dear MtGox
Given the recent suspension of withdrawals, your customers deserves a better explanation than what you have given us so far. You have claimed:
1. The problem is related to USD withdrawals
This is obviously not correct, since transfers in other currencies also are put at hold.
2. The problem is due to increased volume of transactions
Hard to believe since volumes of trade were 3-4 times larger in March to May.

In light of this, your press releases are only creating increased uncertainty rather than being reassuring.

I see 2 probable causes for the hiatus:
1. You are short on cash
If this is the case it means that you have spent client's money on operations. That is of course a serious problem for your customers, but could in conclusion become even more serious for MtGox - if not fixed. I would however expect that you can fix it, since MtGox are without doubt an interesting company for new investors.

2. You have troubles with the banks or regulatory authorities.
If so, your customer base would be cooperative and patient. And banks can for sure create troubles for bitcoin if they desire, but they can not steal the client's money.
...........
Maybe it is both, or something else. But we are only left to speculate. And the worst thing now is the lack of reliable and trustworthy information from the company. Given the key role MtGox have for the bitcoin economy, the whole community would benefit from a more open style of communication from you.
............
If you support this message please give a reply to keep it up there

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July 12, 2013, 08:04:54 PM
 #2

But we are only left to speculate.

They spent the money playing with Bitcoin price, IMHO.
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July 12, 2013, 08:54:48 PM
 #3

back in april may they didn't have to deal with as much KYC AML as they do now
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