Topic: MTGOX Ponzi? (Read 2942 times)
It is not even close to ponzi in any way. With this way of thinking any bad investment or bad business would be ponzi
Mt Gox, had phantom deposits for at least a year manipulating the price $100 higher.
Also its not a suprise to most people on this forum, that Mt.Gox was failing unless people werent really reading on updates with peoples concerns.
They even had to sell personal data to off-set the company a bit. And thats barely helping them out.
Also its not a suprise to most people on this forum, that Mt.Gox was failing unless people werent really reading on updates with peoples concerns.
They even had to sell personal data to off-set the company a bit. And thats barely helping them out.
Yes probably a ponzi scheme: http://www.theguardian.com/technology/2014/mar/10/mtgox-bitcoin-database-leaked-online-as-hackers-crowdsource-clues
You registered just to spread FUD?Oh my...
Yes probably a ponzi scheme: http://www.theguardian.com/technology/2014/mar/10/mtgox-bitcoin-database-leaked-online-as-hackers-crowdsource-clues
been waiting for my MTGOX Bitcoin withdrawal.
Wanted to give this a bump based on the current situation.
So what are your thoughts folks?
My thoughts are lol @ you bunch retards, for not having been there when it was decided in April, for not knowing in May that it was decided in April, for not reading between the lines in March that it's going to be decided in April and for not having fucking read the plain text back in June about how you should stfu, disregard everything else and fucking revere what I say like the holy gospels.
That about sums it up.
what happened in April to cause this?
So what are your thoughts folks?
Blind panic. As always. People will switch exchange. From bad to worse. And then they come back with the "I will never use ***" statement.
In reality it is often hard to distinguish between a full Ponzi or just incompetence. Maybe they just made some honest mistakes - then wanted to cover them and got even deeper into it and now don't know how to get out.
That's very likely. Brokers speculating with customer funds have destroyed major financial firms many times. Drexel Burnham Lambert, Lehman Brothers, and recently, MF Global, all went bust for that reason. And Gox has about 1/1,000,000 the level of "competency" even those firms had.
In reality it is often hard to distinguish between a full Ponzi or just incompetence. Maybe they just made some honest mistakes - then wanted to cover them and got even deeper into it and now don't know how to get out.
That's very likely. Brokers speculating with customer funds have destroyed major financial firms many times. Drexel Burnham Lambert, Lehman Brothers, and recently, MF Global, all went bust for that reason. 
I think FIAT is a Ponzi scheme. I voted "no" though because MTGox are incompetent and I don't feel they are intentionally scamming people.
So what are your thoughts folks?
My thoughts are lol @ you bunch retards, for not having been there when it was decided in April, for not knowing in May that it was decided in April, for not reading between the lines in March that it's going to be decided in April and for not having fucking read the plain text back in June about how you should stfu, disregard everything else and fucking revere what I say like the holy gospels.
That about sums it up.
I think that wells fargo account was not the only bank account they had, they LOST a lot of 1 and 0s on a computer server...
They might have only partially covered reserves (= they have less funds than the total user balances) but this is NOT falling into the definition of a ponzi scheme (= paying interest from deposits of new/existing users instead of whatever else you claim to do).
Please get your definitions straight!
Please get your definitions straight!
I don't think it meets any definition of a ponzi. Maybe I'm missing something, in what way is it like a ponzi scheme?
Waiting for my SEPA for over 2 months now.
Support doesn't respond.
I consider my money to be lost...
Support doesn't respond.
I consider my money to be lost...
Hi Magnet,
If they do ever respond, my suggestion is to request a cancellation of the transfer, purchase BTC, transfer them to another exchange (BitStamp was the exchange I used, my account was verified one day after I opened it and once verified I did not have a withdrawal limit) and withdraw.
I would hit up MTGOX on their FaceBook page as well as their Twitter account to find out why they won't respond to your inquiries.
Good Luck.
Waiting for my SEPA for over 2 months now.
Support doesn't respond.
I consider my money to be lost...
Support doesn't respond.
I consider my money to be lost...
A sufficiently advanced level of incompetence is indistinguishable from malice
In reality it is often hard to distinguish between a full Ponzi or just incompetence. Maybe they just made some honest mistakes - then wanted to cover them and got even deeper into it and now don't know how to get out.
No, otherwise they won't give bitcoins and instantly deliver them.
They are just incompetent.
They are just incompetent.
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