Mt.Gox's tweets are all gone • Hacker News Board

Re: Mt.Gox's tweets are all gone

#61

Post by Renaud » Mon, Feb 24, 2014, 1:26 PM UTC

frade33 wrote: post #39

grabs popcorn I am an asian, therefore my comment shouldn't be taken as racial. The moment I realized, Mt.Gox was an asian enterprise, (based in asia) I became wary of them, and put them on my least priority. I want people to transact their wealth/money only with those companies, which are located in countries, which have good repute for accountability and have strong judicial system. I don't mean, Japan is not one o…

I'm not Asian but I live in Hong Kong and I never had this impression. Most countries look at Bitcoin with some interest and suspicion.

I don't think that being Asian gives you super powers just like being Westerner gives me any more insight about the financial stability of Western countries.

If you know something specific about laws or business practices in Japan that may shed a light on the whole issue then feel free to enlighten us.

I would say though that your trust in Western institutions is a bit misplaced. Enron lost billions and ruined lives. You could say that some of the culprits are in prison but that's poor consolation for those who lost everything. More recently, the whole of the banking industry almost collapsed under the weight of its own greed and malpractices, bringing down with it whole countries and forcing tax payers to foot the bill to prop up these honorable institutions.

Re: Mt.Gox's tweets are all gone

#62

Post by beedogs » Mon, Feb 24, 2014, 1:28 PM UTC

relax, they're just pivoting and will relaunch next week as an RPG card trading exchange.

Re: Mt.Gox's tweets are all gone

#63

Post by mcv » Mon, Feb 24, 2014, 1:34 PM UTC

blazespin wrote: post #41

verroq wrote: post #27

IMHO, this is a ruse. Only Gox knows if they are going under or not. By playing up the trend of bad news, they are forcing down the prices of Gox BTC which they can buy up at extremely generous prices. The more they make it look like they are screwed, the cheaper people will sell. Thus they can keep this facade up for months. As long as they don't go under, they profit.

It's also possible they're not doing this out of greed but as a way to actually rescue their company. They may owe a lot of money and the only way they can make it through this without going under is by buying all the bitcoin back at a low value. The question is, how far do they go, and how much of the retained earnings do they commit to rescuing the company and how much of these retained earnings have already found…

That's still dishonest if they hold other people's bitcoins hostage so they have no recourse but to sell them to Mt Gox at low value. Their customers are at their mercy, and they're taking full advantage of that.

Re: Mt.Gox's tweets are all gone

#64

Post by steven2012 » Mon, Feb 24, 2014, 1:42 PM UTC

Are these the actions of a company that intends to stay in business? I would hazard a guess that the answer to that question is "No." Who would be foolish enough to keep their money with mtgox after 3 weeks of silence, and now with them seemingly erasing their footprint off the Internet? Even the worst businessperson would know their actions are jeopardizing their viability as a business.

So, based on that assumption that they know they will no longer be in business, you need to decide, are they going to make their users whole before shutting down, or not? Again, I would hazard a guess that the high-probability answer is that they will not make their users whole. If they had enough money, it would seem that knowing they are going to go out of business, the best thing to do is make their customers whole and close up shop.

The fact they aren't do this, to me, suggests they are attempting to protect themselves. If my guess is correct, then it suggests that they don't have enough money and are trying to figure out how best to save themselves from being sued or worse.

Re: Mt.Gox's tweets are all gone

#65

Post by 650REDHAIR » Mon, Feb 24, 2014, 2:01 PM UTC

vinchuco wrote: post #7

Initially read this as: Mt.Gox tweets "all gone"

I was having flappy bird flashbacks when I read the title.

I wonder if any MtGox customers have filed a lawsuit yet?

Re: Mt.Gox's tweets are all gone

#66

Post by sspiff » Mon, Feb 24, 2014, 2:10 PM UTC

steven2012 wrote: post #64

Are these the actions of a company that intends to stay in business? I would hazard a guess that the answer to that question is "No." Who would be foolish enough to keep their money with mtgox after 3 weeks of silence, and now with them seemingly erasing their footprint off the Internet? Even the worst businessperson would know their actions are jeopardizing their viability as a business. So, based on that assumption…

I withdrew my money a couple of weeks ago to a European bank account, shortly before the news of their issues broke. It wasn't a fortune but it was a large enough amount to care about. Still hasn't made it onto my account. I doubt it ever will at this point.

Re: Mt.Gox's tweets are all gone

#67

Post by DanBC » Mon, Feb 24, 2014, 2:17 PM UTC

zmk_ wrote: post #57

DanBC wrote: post #55

Earlier quoted context omitted.

There comes a point where incompetence is indistinguishable from malice. MtGox has had so many incidents that they would have faced sanctions in a regulated market. But then the people giving money to MtGox should have seen just how flaky MtGox was. It is sad and frustrating that this happened. I kind of want bitcoin to take off. And I especially want to avoid saying "told you so" because that's just being a dick.

It is easy to say these things in hindsight. A year ago Mt. Gox was the paragon of the 'industry'.

No way. A year ago there were plenty of articles about the latest MtGox hacking or whatever.

Re: Mt.Gox's tweets are all gone

#68

Post by pille » Mon, Feb 24, 2014, 2:30 PM UTC

sspiff wrote: post #66

steven2012 wrote: post #64

Are these the actions of a company that intends to stay in business? I would hazard a guess that the answer to that question is "No." Who would be foolish enough to keep their money with mtgox after 3 weeks of silence, and now with them seemingly erasing their footprint off the Internet? Even the worst businessperson would know their actions are jeopardizing their viability as a business. So, based on that assumption…

I withdrew my money a couple of weeks ago to a European bank account, shortly before the news of their issues broke. It wasn't a fortune but it was a large enough amount to care about. Still hasn't made it onto my account. I doubt it ever will at this point.

There is hope. I ordered a SEPA withdrawal around New Year's Day, and received the deposit a few days ago. It was a very pleasant surprise to see the funds actually show up.

Re: Mt.Gox's tweets are all gone

#69

Post by ebbv » Mon, Feb 24, 2014, 2:33 PM UTC

About 6 months ago (when Mt Gox had some other issues with people's money) I said:

> If you trusted a company that started out trading Magic: the Gathering cards with a significant amount of your money, you probably need the lesson you are going to learn from this.

https://news.ycombinator.com/item?id=6264666

And was mocked/dismissed. It's disheartening to me the blind spot that otherwise intelligent people have when it comes to BitCoin and BitCoin related businesses.

Re: Mt.Gox's tweets are all gone

#70

Post by scottcanoni » Mon, Feb 24, 2014, 2:34 PM UTC

sspiff wrote: post #66

steven2012 wrote: post #64

Are these the actions of a company that intends to stay in business? I would hazard a guess that the answer to that question is "No." Who would be foolish enough to keep their money with mtgox after 3 weeks of silence, and now with them seemingly erasing their footprint off the Internet? Even the worst businessperson would know their actions are jeopardizing their viability as a business. So, based on that assumption…

I withdrew my money a couple of weeks ago to a European bank account, shortly before the news of their issues broke. It wasn't a fortune but it was a large enough amount to care about. Still hasn't made it onto my account. I doubt it ever will at this point.

I have been waiting since October for a transfer of USD to my bank account for an amount that I had sold 1 BTC for USD. I have had an open support ticket with them for 3 months now and they have held my money hostage.

Just last week when the price of BTC was lower than what I had sold mt BTC for, I asked them to cancel the withdrawal and credit my account. I then proceeded to purchase back more BTC than I had sold originally over 4 months ago.

Unfortunately my BTC is still held hostage until they reinstate BTC withdrawals but their support has confirmed that I will be able to withdraw my BTC.