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mtgox acts like a central authority. basically all these trades were happening in mysql database within the exchange between internal accounts, there were no ac
by lubos 15y ago
mtgox acts like a central authority. basically all these trades were happening in mysql database within the exchange between internal accounts, there were no actual bitcoin transactions.
- anigbrowl 15y agomtgox acts like a central authority Goodbye frying pan, hello fire.
- wmf 15y agoBut if you bought a bunch of BTC at $0.01 and then withdrew them, Mt.Gox should have irreversibly sent that over the real Bitcoin network.
- weavejester 15y agoIt sounds as if Mt. Gox managed to shut things down before anyone could do that.
- kristofferR 15y agoYeah, but my guess is that not many people managed to withdraw them because of the stability problems the site had/have. Mt.Gox will probably have some losses, but not that high I think.
- mehwoot 15y agoThis exactly. People _could_ have withdrawn a bunch, but mostly that didn't happen.
- lubos 15y agothere is daily limit though. you can only withdraw up to 80 BTC a day.
- jyu 15y agoWhat source are you getting this 80 BTC / day withdrawal limit from?
- Astrohacker 15y agoDue to some US law, they restrict withdrawals to $1000/day. That includes bitcoins. Presumably, they do that to make sure they are well within the law.