I mean imagine if in 1970s someone had said...
I bet some jackass was saying that

If Mtgox (clients) have a combined sum of 1,000,000 BTC and you transfer 1 BTC from your account to another MtGox account holder then MtGox clients still have a combined sum of 1,000,000 BTC. There is no need to EVER record a block chain tx.
Ok I'm putting it together. If they take in 1k BTC in the form of 1k centralized clientside transactions, then they can add a single 1k BTC transaction to the blockchain, and all of the transaction data is owned by the third party, and does not appear on the blockchain. I think that's a terrible application of Bitcoin tbh.
Disclaimer: hopefully that made sense. I broke open a bottle of port, LBV 2005 so while the above made sense I can't guarantee it will make sense to anyone else.
To alcohol! The cause of... and solution to... all of life's problems
― Matt Groening