[ExI] Bitcoin - Mt.Gox

[Gordon]

Brent Allsop <brent.allsop at canonizer.com> wrote:


>And, where do you guys buy your Bitcoins, where do you hold them


My first three purchases were at Mt. Gox. Since then I've made a couple of more at Coinbase. I store them now in my local wallet.

Mirco:

> Albeit the seizures of Dwolla e WF accounts were serious they do not put
> the solvency of MtGox in danger. 


Do we know this for a fact? Has Mt. Gox released any information about its finances? I haven't seen any.

> Anyway, if people is in a hurry to get their fiat money, my

> understanding is MtGox allow them to request a expedited withdrawal that
> is manually processed by their bank and cost 5% of the sum transmitted.


A 5% cost to get access to one's own USD in a timely fashion seems exorbitant to me. My experience with Coinbase has been much better, and I'm not even fully verified there.

> So I'm optimist with Bitcoin just because I see the previous system

> collapsing.

I'm optimistic, too, but staying away from Mt. Gox for now. Here is an interesting article about Mt. Gox, its problems, and the spread vs other exchanges:

How Bitcoin Spreads [at Mt. Gox] Violate a Fundamental Economic Law

http://www.forbes.com/fdc/welcome_mjx.shtml


Gordon
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