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Question: Should MT. GOX Have an independent audit?
Yes - 28 (77.8%)
No - 8 (22.2%)
Total Voters: 35

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Author Topic: [POLL] Should MT. GOX Have an independent audit?  (Read 762 times)
smoothie
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July 14, 2012, 12:58:57 AM
 #1

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July 14, 2012, 01:10:32 AM
 #2

Didnt they have one already?
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July 14, 2012, 01:52:43 AM
 #3

I'd like to see this happen but I'm not supporting forcing them to do anything. It's up to the consumer to chose another service provider if they aren't happy with their current one.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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July 14, 2012, 01:57:54 AM
 #4

I'd like to see this happen but I'm not supporting forcing them to do anything. It's up to the consumer to chose another service provider if they aren't happy with their current one.

The first exchange that does offer independent audits every 6 months is gong to clean up if people value it.

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July 14, 2012, 05:07:25 AM
 #5

The first exchange that does offer independent audits every 6 months is gong to clean up if people value it.

Fixed that for you.

Personally I'd love to see this as well but atm I also believe that the costs would be close to if not ruinous for any of the exchanges including Mt Gox.

casascius
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July 14, 2012, 05:15:45 AM
 #6

I own a payroll business that gets an annual audit.  It costs under $20k/year.  The extra business we get as a result of it makes it worth every single penny - it's the high rollers that care the most about this.

Those who don't value an audit either deserve to lose their money, or playing with a small enough sum that would be no big deal to lose.

Mt.Gox won't do it.  They refuse.  That's fine.  Anyone else running a business who would like to see what having an audit does for you, contact me if you need help finding a suitable auditor.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
Mt.Gox Support
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July 14, 2012, 06:18:58 AM
 #7

Mt.Gox won't do it.  They refuse.  

You really like reporting false claims in order to discredit us.

We never been against it and we have been thinking about it sine a long time. Now the problem here is that you have your mind wrapped around the US and have apparently a lot of difficulties to understand that we are not a US company and that we are based in Japan with different set of rules. Also since we are working on a global scale, such audit will be EXTREMELY difficult, long and expensive, a cost that goes FAR beyond what you are used to deal with on your local scale.

Now, WE HAVE BEEN AUDITED in Japan by a JAPANESE COMPANY and we already provide you with the LINK of the Japanese company that audited us (link available on this forum). This audit was for us a FRIST step, and we are moving as fast as we can on this matter. Bottom line : it will come at some point.
Another aspect that have already been discuss here on the forum : in Japan (Remember we are based in Japan) our accounting is done by a third and neutral party that is required to alert the authorities of any wrong doing.

Also we have publish early this year quite a lot of information about our company (these informations are still available on our website) something that NO ONE forced us to do and that NO OTHER BITCOIN Companies have ever yet done (And I am not including Exchange). Sure we are late for our 2nd edition and I m frankly the first frustrated about it, but IT WILL COME.

Mt.Gox : The Leading International Bitcoin Exchange.
Mt.Gox Merchant Solutions : https://mtgox.com/merchant
casascius
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July 14, 2012, 03:17:00 PM
 #8

As I understand it, the audit you are talking about does not offer any assertion that MtGox has the funds (including BTC) to back all customer balances. Nor is there a published audit report that can be obtained by an average MtGox customer at anything less than an exorbitant fee- there is merely a listing on a website that indicates "yes, was audited".  Please prove me wrong. This is what we as your customer base care about.

My desire to audit this particular point has nothing to do with being US centric, my suggestion of a US auditor simply reflects my knowledge that yes, there really exists auditors who can and will do this for a reasonable fee AND allow you to publish the report at no charge, and that it shouldn't matter what country the auditor is from so long as the scope of the audit includes verifying OUR BALANCES ARE THERE.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
BCB
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July 14, 2012, 03:23:58 PM
 #9

Of course they should have an audit.  But who is going to stop using Mt. Gox if they don't have an audit?  That is the bigger question. Any investment is based on your assessment of the risk involved.  With Mt. Gox volume approaching 50K  there are clearly a lot of traders who  are putting their faith in Gox without an audit.
casascius
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July 14, 2012, 03:35:07 PM
 #10

The question Gox should ask themselves is who will -start- using Gox if they get an audit?

This is all I need to ask myself to know whether I need one for my business.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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