Full Blown MtGox Audit - Get Ready To participate. Starting Sept 25th - page 3.

cypherdoc

legendary

Activity: 1764

Merit: 1002

Quote from: allten on September 11, 2011, 06:12:22 PM

Quote from: repentance on September 11, 2011, 05:27:16 PM

What makes you think that MtGox will waive the withdrawal limits in order for people to do this? Expecting a business to forego two weeks of revenue is a pretty big ask.

That's why the proposed audit is a period of two weeks. Plenty of time for withdrawals.

can we please shut down Bank of America for 2wks since i think they should undergo a third party audit in light of the loads of evidence they're hiding all sorts of losses on their balance sheet, not to mention off balance sheets?

this will give everyone plenty of time to make USD withdrawals to find out if their money is really there.

allten

sr. member

Activity: 455

Merit: 250

You Don't Bitcoin 'till You Mint Coin

Quote from: repentance on September 11, 2011, 05:27:16 PM

What makes you think that MtGox will waive the withdrawal limits in order for people to do this? Expecting a business to forego two weeks of revenue is a pretty big ask.

That's why the proposed audit is a period of two weeks. Plenty of time for withdrawals.

casascius

vip

Activity: 1386

Merit: 1140

The Casascius 1oz 10BTC Silver Round (w/ Gold B)

An audit is not that unreasonable... I write payroll processing software for a living, and my customers demand audits.

This sort of audit is something I have to pay for. But of course it makes my services more attractive, so it's a worthwhile investment.

Generally the way it works is an auditor flies in and does his thing, asks for records, asks to inspect certain things, and asks for statements on what controls are in place. His product is a written opinion as to whether or not we're properly implementing the controls we say we're implementing, as well as a description of what those controls are. Ours comes out to like 50 pages. His product is called a "SAS 70 Type II audit". The auditor has to be a CPA.

Want to put a burr under MtGox? Persuade his competition to get and publish a SAS 70 type II or equivalent. They cost maybe $10-$25k to get. I can offer referrals.

Gandlaf

newbie

Activity: 59

Merit: 0

Didn´t take long for the fanboys to comment. As I said, it´s pointless raising valid questions about Mark/Mtgox, you´ll just get shouted down.

Mousepotato

hero member

Activity: 896

Merit: 1000

Seal Cub Clubbing Club

This is oddly reminiscent of those "don't buy gas on XX/XX/20XX" chain emails.

cypherdoc

legendary

Activity: 1764

Merit: 1002

Quote from: allten on September 11, 2011, 05:22:59 PM

I would like to hope that MtGox has been 100% trustworthy with the BitCoin market.
However, we bitcoiners should never assume, but hold every exchange accountable
from time to time.

I'm calling (proposing) all traders to take a break from mtGox starting Sept 25th
for a period of two weeks. In that time, withdraw all bitcoin and other money
depositing it into the next exchange of your choice. Or you could trade on various
exchanges which I do (not all eggs in one basket).

I will be withdrawing all my funds from mtgox during this period. If all funds are
available to all those who withdrew and there's no evidence of manipulation in
the mean-time then I will be happy to have the majority of my trading to
continue to occur on their platform.

Please join with me! For the long term health of bitcoin.
Please help announce this audit on all other forums and bitcoin related sites.
I have nothing against MtGox and I hope they succeed.

LOL! what a lame brained suggestion. the trolls are back in force precisely b/c they're panicking about the huge reversal UP in price today. your handlers are gonna fire you if you don't get the price back down.

for your information, i've moved large amounts of money thru mtgox with NEVER a problem or a penny missing. Mark Karpeles is trustworthy and honest and has donated loads of bit coins to help the bit coin economy. you're just trying to start a run. lame.

Gandlaf

newbie

Activity: 59

Merit: 0

Quote from: gw4tt on September 11, 2011, 05:44:12 PM

He wants to make sure mtgox isn't doing any fractional reserve banking.

And he kind of has a point, it´s not like it is the first time for questions of this kind to appear about Mark/MtGox, more like the 4th or 5th round. Just because he´s "the last man standing" amongst major early bitcoin businesses doesn´t mean he shoud be excempted from scrunity, quite the contrary.
Though I don´t really see an audit happening. It´s been proposed before, it will be shouted down by the fanboys again.

gw4tt

full member

Activity: 126

Merit: 100

He wants to make sure mtgox isn't doing any fractional reserve banking.

geek-trader

sr. member

Activity: 294

Merit: 250

I don't understand the reasoning behind this. Why would I do this?

MtGox has been great for Bitcoin. Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt. Unless, of course, you work for another exchange and are trying to screw your main competition. Then it's an evil stunt.

repentance

hero member

Activity: 868

Merit: 1000

Quote from: allten on September 11, 2011, 05:22:59 PM

I'm calling (proposing) all traders to take a break from mtGox starting Sept 25th
for a period of two weeks. In that time, withdraw all bitcoin and other money
depositing it into the next exchange of your choice. Or you could trade on various
exchanges which I do (not all eggs in one basket).

I will be withdrawing all my funds from mtgox during this period. If all funds are
available to all those who withdrew and there's no evidence of manipulation in
the mean-time then I will be happy to have the majority of my trading to
continue to occur on their platform.

What makes you think that MtGox will waive the withdrawal limits in order for people to do this? Expecting a business to forego two weeks of revenue is a pretty big ask.

allten

sr. member

Activity: 455

Merit: 250

You Don't Bitcoin 'till You Mint Coin

I would like to hope that MtGox has been 100% trustworthy with the BitCoin market.
However, we bitcoiners should never assume, but hold every exchange accountable
from time to time.

I'm calling (proposing) all traders to take a break from mtGox starting Sept 25th
for a period of two weeks. In that time, withdraw all bitcoin and other money
depositing it into the next exchange of your choice. Or you could trade on various
exchanges which I do (not all eggs in one basket).

I will be withdrawing all my funds from mtgox during this period. If all funds are
available to all those who withdrew and there's no evidence of manipulation in
the mean-time then I will be happy to have the majority of my trading to
continue to occur on their platform.

Please join with me! For the long term health of bitcoin.
Please help announce this audit on all other forums and bitcoin related sites.
I have nothing against MtGox and I hope they succeed.

Topic: Full Blown MtGox Audit - Get Ready To participate. Starting Sept 25th - page 3. (Read 4432 times)