Topic: MtGox is stealing your coins (Read 460 times)
I think that MtGox is the worst thing to happen to cryptos in general. I just lost about 20 000$ because MtGox can't even process simple bitcoin withdrawals in time.
When your buy order is executed, the chances are it's executed in parts and those parts can be pretty small, down to one satoshi (happens very often).
For example, if there is one satoshi left to buy, mtgox will buy it for you and then, since their fee can not be smaller than one satoshi they take it as a fee. That means you paid to buy this satoshi and you will get nothing, so mtgox just simply steals it.
In case of 0.6% fee, the minimum amount that must be cancelled because mtgox can't assure the fee to be 0.6% is 167 satoshi. Instead, this amount will be bought and your actual fee for it will rise from 0.6% for 167 sat to 100% for one sat.
Considering how many trades are done on mtgox per day it's quite a big total amount and considering the raising price of coin it might take a few bucks out of your wallet every day too.
Since my questions about this issue were ignored on mtgox irc channel and in support ticket, I post it here at least to let people know about it.
For example, if there is one satoshi left to buy, mtgox will buy it for you and then, since their fee can not be smaller than one satoshi they take it as a fee. That means you paid to buy this satoshi and you will get nothing, so mtgox just simply steals it.
In case of 0.6% fee, the minimum amount that must be cancelled because mtgox can't assure the fee to be 0.6% is 167 satoshi. Instead, this amount will be bought and your actual fee for it will rise from 0.6% for 167 sat to 100% for one sat.
Considering how many trades are done on mtgox per day it's quite a big total amount and considering the raising price of coin it might take a few bucks out of your wallet every day too.
Since my questions about this issue were ignored on mtgox irc channel and in support ticket, I post it here at least to let people know about it.
Jump to: