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Question: Should Mt. Gox specify how clients' funds are being stored/invested?
No, it's a business, they have their reasons - 10 (12.2%)
They should disclose the percentage of funds they lend out - 29 (35.4%)
They should disclose their exact investment portfolio - 43 (52.4%)
Total Voters: 82

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Author Topic: Mt. Gox - are you doing "fractional reserve"?  (Read 4247 times)
zhalox
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July 26, 2012, 02:03:46 PM
 #21

Sometimes I wonder if Mt. Gox is like Bitcoin's version of the Federal Reserve, or that Mark Karpeles is actually Ben Bernanke...  Shocked  lol just kidding  Wink Cheesy Grin

But seriously though, I still think Mt. Gox has too much power - we really need to get more volume on other exchanges, like https://bitfloor.com Cool

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vayvanne
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March 07, 2014, 02:22:30 AM
 #22

Consider this post an appeal to Mt. Gox to reveal whether they are fractional reserve or not.

Given the current lending rates, it is likely that everyone holding a significant amount of BTC is lending some of it out. What are Mt. Gox (and other entities, but let's start with the biggest) doing with clients' money? (USD + BTC)

Do Mt. Gox invest a certain fraction of customer funds? What fraction? On what investments?

If you agree that at least the fraction of the invested vs liquid funds should be exposed, show your support by voting.

(If Mt. Gox ever commented about this issue, feel free to redirect this post to that comment)

We do not offer any kind of lending at this point. We are considering allowing people to have "saving accounts" managed by one of our financially-licensed subsidiaries at some point, which would come with some kind of interest rate, but we haven't been able yet to find any company willing to help with insuring and recovering bitcoin debts.

Anyway should it happen, it will be a voluntary process that will require acceptation of specific terms of services first. For more details you can read our current terms of service:
Quote
Mt. Gox represents and warrants that [...] it will hold all monetary sums and all Bitcoins deposited by each Member in its Account, in that Member's name as registered in their Account details, and on such Member's behalf.
It will be interesting to research the messages history of this mega rat.
itsunderstood
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March 07, 2014, 08:46:43 AM
 #23

epic threadbounce.  wow.

edit

No, it's a business, they have their reasons    - 10 (12.8%)
They should disclose the percentage of funds they lend out    - 28 (35.9%)
They should disclose their exact investment portfolio    - 40 (51.3%)

Check out my prescient ATS thread from 2008: "Windows XP: End the Cyberwar, Open the Code Now!" http://www.abovetopsecret.com/forum/thread411978/pg1
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March 07, 2014, 09:30:34 AM
 #24


We do not offer any kind of lending at this point. We are considering allowing people to have "saving accounts" managed by one of our financially-licensed subsidiaries at some point, which would come with some kind of interest rate, but we haven't been able yet to find any company willing to help with insuring and recovering bitcoin debts.

Anyway should it happen, it will be a voluntary process that will require acceptation of specific terms of services first. For more details you can read our current terms of service:
Quote
Mt. Gox represents and warrants that [...] it will hold all monetary sums and all Bitcoins deposited by each Member in its Account, in that Member's name as registered in their Account details, and on such Member's behalf.
It will be interesting to research the messages history of this mega rat.

Yeah, don't forget to save all his message before he start deleting like MtGox Twitter.

Bitrated user: adit.
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