Post
Topic
Board Service Discussion
Re: irc Chat with KARPELES(MtGox) from today 25th Feb
by
jml
on 26/02/2014, 05:54:47 UTC
After reading the supposed interview, it is still somewhat elusive replies from the questions asked and does not give concrete answers. From all excuses given, Karpeles not only has destroyed my confidence in Mt.Gox, but has also destroyed my confidence  and raised a question if any website hosting private keys should be trusted by customers who put in their bitcoins or any other alt coin. I was trading with Mt.Gox because I have been having problems with banks - namely Barclays - as I had my account frozen when trading with localbitcoins.com from August 2013. Not a very good experience if you pay bills with one account I might add.

Although I am grieving at a loss of several bitcoins as a small investment and tried to help my partner to get into bitcoins by making a small investment into MtGox. I feel we have lost out on those bitcoins that ended up in MtGox for trading purposes as banking in UK hates bitcoin trading like the plague. However, I do trust in how the bitcoin protocol works and read the transaction malleability issue. Despite criticisms that MtGox programming skill were amateurish, I will never again put my trust and coins for trading at an exchange or keep a large quantity of bitcoins in hot wallets, no matter what the Bitcoin Foundation say, Roger Ver, or other notable industry expert in Bitcoin say in this regard. It is how the saying goes as I am myself a Computer Science researcher, "no system is safe".
In the end, bitcoin is an unregulated technology where the individual is at risk of losing bitcoins and transactions are one way only with the impossibility of recovery if theft occurs.
With the advent of the Gox.com crisis re-branding document, in my view, no matter if they change an image brand, domain name or trading platform, Gox.com is still the same underneath; unregulated and risky if insolvency issues arise. I might be wrong if Karpeles manages to pull out some magic out of his hat and I recover most of my bitcoins I put into my account, but I feel that this issue has been dragging a long way with white lies and withdrawal issues which is reminiscent of fraud tactics in delaying the victim that they will soon get their money.

IMO we need less risky means (local buyers and sellers) of bitcoin exchanges that are located overseas or at least, attempt to have some regulation on exchanges to insure the holder from insolvency issues.

Some ideas to buy/sell without electronic exchanges within the UK.

- Installation of more bitcoin ATM's.
- Locals within a community in hosting bitcoin trading within events such as pubs, café's or market stalls if allowed.

If you have ideas to kickstart something in the UK, give me a shout.