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Author Topic: DeBeers' Law: Every time Mt. Gox makes a profit from fees...  (Read 880 times)
LuciusDeBeers
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August 02, 2012, 09:42:58 PM
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DeBeers' Law: Every time Mt. Gox makes a profit from fees, the value of Bitcoin goes up.

Mt. Gox has a perpetual incentive to ensure Bitcoin is relevant through the fees it collects. The more support you give Gox, the more support it can give Bitcoin. It only raises the system higher and higher.

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August 02, 2012, 09:46:13 PM
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I sure hope MtGox makes good money through fees.  If they ever had to raise their fees to ensure their business remained sustainable, I'd be behind them 100%.

I have genuinely had the fear that they are short on cash (despite the fact I have no balance with them).  I don't want them to be short on cash.  I am relieved to see that people aren't complaining about slow withdrawals in the forums as of lately (that I have noticed), and I sincerely hope that if they ever were short on cash, the rise in the BTC price (not to mention the recent bump in trading) pulls them out of it.

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 or hardware wallets instead.
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August 02, 2012, 09:51:23 PM
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I sure hope MtGox makes good money through fees.  If they ever had to raise their fees to ensure their business remained sustainable, I'd be behind them 100%.

I have genuinely had the fear that they are short on cash (despite the fact I have no balance with them).  I don't want them to be short on cash.  I am relieved to see that people aren't complaining about slow withdrawals in the forums as of lately (that I have noticed), and I sincerely hope that if they ever were short on cash, the rise in the BTC price (not to mention the recent bump in trading) pulls them out of it.

are you still having trouble getting your money out?
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August 02, 2012, 09:59:19 PM
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are you still having trouble getting your money out?

No, but I haven't had money in there for quite a while.  That would change if they would do things to satisfy me that controls and measures were in place to minimize my risk.  I am very risk-conservative, and haven't lost anything to hacks or fraud, and would prefer to keep it that way.

I regularly kept a MtGox USD balance but don't anymore and haven't for several months.  The main reason is due to my assessment of their credibility when it comes to the answers they give about withdrawal delays and getting an external audit.

I would keep decent USD in MtGox both to take advantage of dips and to offset my own BTC-selling activity if they were willing to take reasonable actions to earn my confidence in them.

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 or hardware wallets instead.
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August 02, 2012, 10:03:06 PM
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are you still having trouble getting your money out?

No, but I haven't had money in there for quite a while.  That would change if they would do things to satisfy me that controls and measures were in place to minimize my risk.  I am very risk-conservative, and haven't lost anything to hacks or fraud, and would prefer to keep it that way.

I regularly kept a MtGox USD balance but don't anymore and haven't for several months.  The main reason is due to my assessment of their credibility when it comes to the answers they give about withdrawal delays and getting an external audit.

I would keep decent USD in MtGox both to take advantage of dips and to offset my own BTC-selling activity if they were willing to take reasonable actions to earn my confidence in them.

glad to hear you got it out eventually.  yeah, Mark is quite the conundrum. he's purposely evasive, even secretive, but i've never had any money lost or stolen.  i've never kept any balances there either for more than a coupla days.
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August 02, 2012, 10:15:09 PM
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Mark has previously stated they keep their fees as they collect them - 50% USD and 50% BTC. I'm curious to know if they've sold any BTC to obtain operating costs. Mark also said they do (or at least were planning to) re-invest all their profits into costs which help ensure the long-term success of bitcoin (he mentioned lawyers, for instance).

And I concur with the others, more disclosure from MtGox (and of course other exchanges) is exactly what's needed for increased confidence, which is what attracts bigger investors to bitcoin.

Releasing the Financial report in January was a great move, but I think it was Adam who said they dropped the ball on that because they've been busy with other things like keeping their bank relations and withdrawals running smoothly.

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August 02, 2012, 10:29:44 PM
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glad to hear you got it out eventually.  yeah, Mark is quite the conundrum. he's purposely evasive, even secretive, but i've never had any money lost or stolen.  i've never kept any balances there either for more than a coupla days.

If you, I, and more others had a willingness to leave a relatively permanent balance there, the MtGoxLast price would be supported by far more bids, and there would be faster action to take advantage of big dumps.  All of this would be good for BTC as a whole.

Meanwhile, there would be far more asks to keep the temperature from rising too fast and temper the volatility.

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 or hardware wallets instead.
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