Yes. Mtgox used to be a MTG site for people to trade cards, but now is a bitcoin exchange. Oh how times change....
Haha. From nerdy to nerdier.
Topic: How does Mt.Gox work? (Read 1053 times)
Haha. From nerdy to nerdier.
Yes. Mtgox used to be a MTG site for people to trade cards, but now is a bitcoin exchange. Oh how times change....
Hi All,
I'm just wondering how Mt.Gox (and other brokerage sites) actually work? Do they have actual branches of their banks or is it like a separate company that holds a bank account and sets up a database of users to transfer funds to separately? I know Mt Gox's bank is in Japan but is the company also hosted there. Just very confused with regard to security and how they're set up to make all this happen without any pressure from banks or governments. So how does something like Mt Gox actually get set up? Still researching a ton about BTC in general and have a lot of questions but this one was kind of nagging me.
I'm just wondering how Mt.Gox (and other brokerage sites) actually work? Do they have actual branches of their banks or is it like a separate company that holds a bank account and sets up a database of users to transfer funds to separately? I know Mt Gox's bank is in Japan but is the company also hosted there. Just very confused with regard to security and how they're set up to make all this happen without any pressure from banks or governments. So how does something like Mt Gox actually get set up? Still researching a ton about BTC in general and have a lot of questions but this one was kind of nagging me.
Actually, MtGox is more than just Japan.
Our head office is located in Tokyo (in Shibuya), and we have branches all around the world. For example for European deposits, we have a bank account in Poland held by MtGox Poland.
We comply as much as possible with local regulations in countries where we are present, and always look for opportunities to make our activity more compliant. In Japan we discussed with the FSA ( http://www.fsa.go.jp/ ) and were told that our activity is fine as it is now. We are also working with authorities in Europe and US to ensure our activity is in line with local regulations.
Hey, is it true that Mt.Gox originally stood for "Magic the gathering online exchange"?
Hi All,
I'm just wondering how Mt.Gox (and other brokerage sites) actually work? Do they have actual branches of their banks or is it like a separate company that holds a bank account and sets up a database of users to transfer funds to separately? I know Mt Gox's bank is in Japan but is the company also hosted there. Just very confused with regard to security and how they're set up to make all this happen without any pressure from banks or governments. So how does something like Mt Gox actually get set up? Still researching a ton about BTC in general and have a lot of questions but this one was kind of nagging me.
I'm just wondering how Mt.Gox (and other brokerage sites) actually work? Do they have actual branches of their banks or is it like a separate company that holds a bank account and sets up a database of users to transfer funds to separately? I know Mt Gox's bank is in Japan but is the company also hosted there. Just very confused with regard to security and how they're set up to make all this happen without any pressure from banks or governments. So how does something like Mt Gox actually get set up? Still researching a ton about BTC in general and have a lot of questions but this one was kind of nagging me.
Actually, MtGox is more than just Japan.
Our head office is located in Tokyo (in Shibuya), and we have branches all around the world. For example for European deposits, we have a bank account in Poland held by MtGox Poland.
We comply as much as possible with local regulations in countries where we are present, and always look for opportunities to make our activity more compliant. In Japan we discussed with the FSA ( http://www.fsa.go.jp/ ) and were told that our activity is fine as it is now. We are also working with authorities in Europe and US to ensure our activity is in line with local regulations.
Very cool, thanks for replying.
So for every account that signs up, you have a separate database (with the merchant account number like MTG12X45459 or whatever) that you transfer the incoming bank funds to?
Also for instance if all deposits go to the Japan bank - doesn't it cost you money to pay out in USD - or are all your accounts foreign currency accounts? Just wondering how you avoid all the fees (or is it simply built into your .6% and 1000yen fee)?
Hi All,
I'm just wondering how Mt.Gox (and other brokerage sites) actually work? Do they have actual branches of their banks or is it like a separate company that holds a bank account and sets up a database of users to transfer funds to separately? I know Mt Gox's bank is in Japan but is the company also hosted there. Just very confused with regard to security and how they're set up to make all this happen without any pressure from banks or governments. So how does something like Mt Gox actually get set up? Still researching a ton about BTC in general and have a lot of questions but this one was kind of nagging me.
I'm just wondering how Mt.Gox (and other brokerage sites) actually work? Do they have actual branches of their banks or is it like a separate company that holds a bank account and sets up a database of users to transfer funds to separately? I know Mt Gox's bank is in Japan but is the company also hosted there. Just very confused with regard to security and how they're set up to make all this happen without any pressure from banks or governments. So how does something like Mt Gox actually get set up? Still researching a ton about BTC in general and have a lot of questions but this one was kind of nagging me.
Actually, MtGox is more than just Japan.
Our head office is located in Tokyo (in Shibuya), and we have branches all around the world. For example for European deposits, we have a bank account in Poland held by MtGox Poland.
We comply as much as possible with local regulations in countries where we are present, and always look for opportunities to make our activity more compliant. In Japan we discussed with the FSA ( http://www.fsa.go.jp/ ) and were told that our activity is fine as it is now. We are also working with authorities in Europe and US to ensure our activity is in line with local regulations.
Hi All,
I'm just wondering how Mt.Gox (and other brokerage sites) actually work? Do they have actual branches of their banks or is it like a separate company that holds a bank account and sets up a database of users to transfer funds to separately? I know Mt Gox's bank is in Japan but is the company also hosted there. Just very confused with regard to security and how they're set up to make all this happen without any pressure from banks or governments. So how does something like Mt Gox actually get set up? Still researching a ton about BTC in general and have a lot of questions but this one was kind of nagging me.
I'm just wondering how Mt.Gox (and other brokerage sites) actually work? Do they have actual branches of their banks or is it like a separate company that holds a bank account and sets up a database of users to transfer funds to separately? I know Mt Gox's bank is in Japan but is the company also hosted there. Just very confused with regard to security and how they're set up to make all this happen without any pressure from banks or governments. So how does something like Mt Gox actually get set up? Still researching a ton about BTC in general and have a lot of questions but this one was kind of nagging me.
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