Post
Topic
Board Bitcoin Discussion
Re: I'm Kevin, here's my side.
by
DamienBlack
on 20/06/2011, 21:25:38 UTC
+ Mt Gox has clearly made several times more revenue (through trading fees) than this incident would cost them to completely absorb.

I have no idea if you are who you so you are. I also agree that it is highly improbably that a single user was storing so many bitcoins on mt gox. However, this statement is not true. You are claiming that Mt Gox has already made millions of dollars and could absorb this loss without going under and taking the entire bitcoin economy with them.

No, I'm not claiming that they could have millions of dollars. But I am claiming that they've made many hundreds or thousands of bitcoins per day. Take the public volume, times their fee, and make a wild guess at how much is moving on the dark pool to add on top of that. If they don't have enough in BTC to cover the entirety of this, they're doing something very very wrong.



They aren't making "hundreds or thousands of bitcoins a day". The volume is usually around $300,000 USD. Times .013 is 3900 dollars. Or about 260 bitcoins a day. That isn't enough.